ANDREW WAUGH JEWELLERY LIMITED - Filleted accounts

ANDREW WAUGH JEWELLERY LIMITED - Filleted accounts

ANDREW WAUGH JEWELLERY LIMITED - Company Information

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Registered number
02294714
ANDREW WAUGH JEWELLERY LIMITED
Filleted Accounts
31 January 2017
ANDREW WAUGH JEWELLERY LIMITED
Registered number: 02294714
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 3,296 4,186
Current assets
Stocks 188,370 207,289
Debtors 4 6,787 5,855
Cash at bank and in hand 402 27
195,559 213,171
Creditors: amounts falling due within one year 5 (104,593) (122,360)
Net current assets 90,966 90,811
Total assets less current liabilities 94,262 94,997
Creditors: amounts falling due after more than one year 6 (39,017) (24,581)
Provisions for liabilities (659) (722)
Net assets 54,586 69,694
Capital and reserves
Called up share capital 101 101
Profit and loss account 54,485 69,593
Shareholders' funds 54,586 69,694
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Waugh
Director
Approved by the board on 31 October 2017
ANDREW WAUGH JEWELLERY LIMITED
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 25% reducing balance
Fixtures & Fittings 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Office Equipment Fixtures & Fittings Total
£ £ £
Cost
At 1 February 2016 14,361 34,672 49,033
At 31 January 2017 14,361 34,672 49,033
Depreciation
At 1 February 2016 13,313 31,534 44,847
Charge for the year 262 628 890
At 31 January 2017 13,575 32,162 45,737
Net book value
At 31 January 2017 786 2,510 3,296
At 31 January 2016 1,048 3,138 4,186
4 Debtors 2017 2016
£ £
Other debtors 6,787 5,855
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 40,631 33,427
Trade creditors 18,221 34,152
Corporation tax 2,000 -
Other taxes and social security costs 5,454 5,925
Other creditors 38,287 48,856
104,593 122,360
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 39,017 24,581
7 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 79,648 58,088
Bank loans are secured over the assets of the company
8 Other information
ANDREW WAUGH JEWELLERY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
34/35 Hatton Garden
Holborn
London
EC1N 8DY
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