Strawberry Hill House Trading Services Limited - Period Ending 2016-12-31

Registration number: 07880487 (England and Wales)

Strawberry Hill House Trading Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Strawberry Hill House Trading Services Limited

Contents

Company Information	1
Directors' Report	2
Statement of Income and Retained Earnings	3
Balance Sheet	4
Notes to the Financial Statements	5 to 8

Strawberry Hill House Trading Services Limited

Company Information

Directors	T R Smith M R Snodin

Registered office

268 Waldergrave Road Twickenham Middlesex TW1 4ST

Accountants

Harmer Slater Limited 79 High Street Teddington Middlesex TW11 8HG

Page 1

Strawberry Hill House Trading Services Limited

Directors' Report for the Year Ended 31 December 2016

The Directors present their report and the financial statements for the year ended 31 December 2016.

Directors of the Company

The directors who held office during the year and up to the date of approval of these financial statements were as follows:

T R Smith

M R Snodin

Principal activity

The principal activity of the company is that of the trading company of Strawberry Hill House which includes gift shop sales, events and hire. The company is a wholly owned subsidiary of, and is required to donate its profit to, The Strawberry Hill Trust.

Small companies provision statement

The directors have taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved by the Board on 26 September 2017 and signed on its behalf by:

.........................................
T R Smith
Director

Page 2

Strawberry Hill House Trading Services Limited

Statement of Income and Retained Earnings
for the Year Ended 31 December 2016

	Note	2016  £	2015  £
Turnover		147,157	151,259
Cost of sales		(49,413)	(40,248)
Gross profit		97,744	111,011
Administrative expenses		(49,445)	(49,286)
Donations to The Strawberry Hill Trust		(48,299)	(61,725)
Operating profit/(loss)		-	-
Profit/(loss) before tax	4	-	-
Profit/(loss) for the financial year		-	-
Retained earnings brought forward		-	-
Retained earnings carried forward		-	-

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 3

Strawberry Hill House Trading Services Limited

(Registration number: 07880487)
Balance Sheet as at 31 December 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	5	7,188	8,391
Current assets
Stock	6	46,833	56,011
Debtors	7	961	3,526
Cash at bank and in hand		18,821	1,740
		66,615	61,277
Creditors: Amounts falling due within one year	8	(73,703)	(69,568)
Net current liabilities		(7,088)	(8,291)
Net assets		100	100
Capital and reserves
Called up share capital		100	100
Total equity		100	100

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements were approved and authorised for issue by the Board on 26 September 2017 and signed on its behalf by:
 

.........................................

T R Smith

Director

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 4

Strawberry Hill House Trading Services Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

1	General information

Strawberry Hill House Trading Services Limited ("the company") is a private company limited by share capital incorporated in the England and Wales under the Companies Act.

The address of its registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the Director's Report on page 2.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company's operations are dependent on its parent company, The Strawberry Hill Trust, continuing to manage Strawberry Hill House. The directors believe this will continue for the forseeable future and these financial statements have therefore been prepared on a going concern basis.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) Section 1A and in accordance with the Companies Act 2006. There were no material departures from that standard.

These are the first financial statements to be prepared under FRS 102 Section 1A. Adoption of FRS 102 requires that the comparative figures and opening balance sheet be restated in accordance with this standard. The company is therefore considered to have transitioned from previously extant UK GAAP to FRS 102 on 1 January 2015. An explanation of how the transition to FRS 102 has affected the reported financial position and financial performance is given in note 3.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Judgements and key sources of estimation uncertainty

In the opinion of the directors there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for goods sold and services rendered in the ordinary course of the Company’s activities and is shown net of value added tax, returns and discounts. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Page 5

Strawberry Hill House Trading Services Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:

Asset class	Depreciation method and rate
Shop equipment	10% on cost
Equipment, fixtures and fittings	10% on cost

Stock

Stock is stated at the lower of cost and estimated net realisable value (selling price less costs to sell). Cost is determined using the first-in, first-out (FIFO) method.

Stocks are assessed for impairment and, if stocks are impaired, the carrying amount is reduced to its net realisable value and any impairment loss is recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash comprises cash on hand and held at bank.

Trade creditors

Trade creditors are obligations to pay for goods acquired or services received acquired in the ordinary course of business. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss as they fall due over the period of the lease.

Page 6

Strawberry Hill House Trading Services Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)

2	Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing such instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2015 - 2).

4	Profit before tax

Arrived at after charging/(crediting)

	2016  £	2015  £
Depreciation expense	1,203	1,203

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost
At 1 January 2016	7,765	4,261	12,026
At 31 December 2016	7,765	4,261	12,026
Depreciation
At 1 January 2016	3,107	528	3,635
Charge for the year	777	426	1,203
At 31 December 2016	3,884	954	4,838
Carrying amount
At 31 December 2016	3,881	3,307	7,188
At 31 December 2015	4,658	3,733	8,391

Page 7

Strawberry Hill House Trading Services Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)

6

Stock

	2016  £	2015  £
Stock	46,833	56,011

7

Debtors

	2016  £	2015  £
Trade debtors	-	2,708
Other debtors	961	818
Total current trade and other debtors	961	3,526

8

Creditors

	Note	2016  £	2015  £
Due within one year
Trade creditors		1,313	9,504
Taxation and social security		1,236	6,233
Other creditors		71,154	53,831
		73,703	69,568

9	Related party transactions

The company operates the gift shop and organises hirings and events on behalf of its parent company.

10	Transition to FRS 102

These are the first financial statements to be prepared under FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. The last financial statements prepared under previously extant UK GAAP were for the year ended 31 December 2015. However, adoption of FRS 102 requires the comparative figures disclosed in the financial statements to be in line with this standard. The company is therefore considered to have transitioned from previously extant UK GAAP to FRS 102 on 1 January 2015.

As a consequence of the adoption of FRS 102, there has been no effect on accounting policies. In addition, the transition has had no effect on the company's reported financial position and financial performance.

Page 8