Foot & Co (UK) Limited Company Accounts

FOOT & CO (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4750692

Foot & Co (UK) Limited

Filleted Unaudited Financial Statements

30 April 2017

Foot & Co (UK) Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Foot & Co (UK) Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	4	211	316
Tangible assets	5	649	763
Investments	6	263,629	288,981
		---------	---------
		264,489	290,060

Current assets

Debtors	7	530,000	481,526
Cash at bank and in hand		10,250	18,888
		---------	---------
		540,250	500,414

Creditors: amounts falling due within one year	8	53,508		620
		---------		---------
Net current assets			486,742	499,794
			---------	---------
Total assets less current liabilities			751,231	789,854
			---------	---------
Net assets			751,231	789,854
			---------	---------

Foot & Co (UK) Limited

Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Revaluation reserve	57,536	57,536
Profit and loss account	693,595	732,218
	---------	---------
Members funds	751,231	789,854
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 July 2017 , and are signed on behalf of the board by:

Mr M Foot	Mrs L Foot
Director	Director

Company registration number: 4750692

Foot & Co (UK) Limited

Statement of Changes in Equity

Year ended 30 April 2017

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£
At 1 May 2015	5	57,536	782,310	839,851

Loss for the year			( 3,592)	( 3,592)
	----	--------	---------	---------
Total comprehensive income for the year	–	–	( 3,592)	( 3,592)

Issue of shares	95	–	–	95
Dividends paid and payable	–	–	( 46,500)	( 46,500)
	----	--------	---------	---------
Total investments by and distributions to owners	95	–	( 46,500)	( 46,405)

At 30 April 2016	100	57,536	732,218	789,854

Profit for the year			13,877	13,877
	----	--------	---------	---------
Total comprehensive income for the year	–	–	13,877	13,877

Dividends paid and payable	–	–	( 52,500)	( 52,500)
	----	----	--------	--------
Total investments by and distributions to owners	–	–	( 52,500)	( 52,500)

	----	--------	---------	---------
At 30 April 2017	100	57,536	693,595	751,231
	----	--------	---------	---------

Foot & Co (UK) Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 69 Boscombe Overcliff Drive, Bournemouth, BH5 2EJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Goodwill
	£
Cost
At 1 May 2016 and 30 Apr 2017	5,300
	-------
Amortisation
At 1 May 2016	4,984
Charge for the year	105
	-------
At 30 April 2017	5,089
	-------
Carrying amount
At 30 April 2017	211
	-------
At 30 April 2016	316
	-------

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 May 2016 and 30 Apr 2017	6,039	6,039
	-------	-------
Depreciation
At 1 May 2016	5,276	5,276
Charge for the year	114	114
	-------	-------
At 30 April 2017	5,390	5,390
	-------	-------
Carrying amount
At 30 April 2017	649	649
	-------	-------
At 30 April 2016	763	763
	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 May 2016	288,981
Revaluations	14,648
Transfers	( 40,000)
	---------
At 30 April 2017	263,629
	---------
Impairment
At 1 May 2016 and 30 Apr 2017	–
	---------

Carrying amount
At 30 April 2017	263,629
	---------
At 30 April 2016	288,981
	---------

7. Debtors

	2017	2016
	£	£
Other debtors	530,000	481,526
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	–	20
Other creditors	53,508	600
	--------	----
	53,508	620
	--------	----

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Foot	43,232	20,352	( 85,800)	( 22,216)
Mrs L Foot	35,794	27,792	( 94,200)	( 30,614)
	--------	--------	---------	--------
	79,026	48,144	( 180,000)	( 52,830)
	--------	--------	---------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Foot	( 904)	63,797	( 19,660)	43,233
Mrs L Foot	( 905)	63,798	( 27,100)	35,793
	-------	---------	--------	--------
	( 1,809)	127,595	( 46,760)	79,026
	-------	---------	--------	--------

10. Related party transactions

(a) Mr M Foot and Mrs L Foot Directors/shareholders (b) Overdrawn Director's Loan at 01 May 2016 which was repaid in July 2016. (c) Balance at 30 April 2017 was £52,830.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

Reconciliation of equity

	1 May 2015			30 April 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	550,801	–	550,801	–	290,060	290,060
Current assets	291,479	–	291,479	–	500,414	500,414
Creditors: amounts falling due within one year	( 2,429)	–	( 2,429)	–	( 620)	( 620)
	---------	----	---------	----	---------	---------
Net current assets	289,050	–	289,050	–	499,794	499,794
	---------	----	---------	----	---------	---------
Total assets less current liabilities	839,851	–	839,851	–	789,854	789,854

	---------	----	---------	----	---------	---------
Net assets	839,851	–	839,851	–	789,854	789,854
	---------	----	---------	----	---------	---------

	---------	----	---------	----	---------	---------
Capital and reserves	839,851	–	839,851	–	789,854	789,854
	---------	----	---------	----	---------	---------