Audentior Ito Limited - Period Ending 2017-02-28
Audentior Ito Limited - Period Ending 2017-02-28
Registration number:
Audentior Ito Limited
trading as
for the Period from 1 April 2016 to 28 February 2017
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
Audentior Ito Limited
trading as Metro Stores Coalville
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Audentior Ito Limited
trading as Metro Stores Coalville
Company Information
Directors |
Mr R K Joshi Mrs D Sharma |
Company secretary |
Mrs D Sharma |
Registered office |
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Accountants |
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Page 1 |
Audentior Ito Limited
trading as Metro Stores Coalville
(Registration number: 07839112)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
13,000 |
- |
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Current assets |
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Stocks |
24,838 |
35,939 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
Audentior Ito Limited
trading as Metro Stores Coalville
(Registration number: 07839112)
Balance Sheet as at 28 February 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.
Approved and authorised by the
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Page 3 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales registration number: 07839112.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 presentation currency is £ sterling.
Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Page 5 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Property, plant and equipment acquired under hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 28 February 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 31 March 2016 |
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Page 6 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Tangible assets |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 28 February 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the period |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 31 March 2016 |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
13,000 |
13,000 |
At 28 February 2017 |
13,000 |
13,000 |
Impairment |
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Carrying amount |
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At 28 February 2017 |
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13,000 |
Stocks |
2017 |
2016 |
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Stock |
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Page 7 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Debtors |
2017 |
2016 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured of £9,432 (2016 - £9,651).
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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187,470 |
54,405 |
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £46,470 (2016 - £54,405).
Page 8 |
Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Director loans |
43,871 |
203,678 |
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2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Director loans |
141,000 |
- |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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13,028 |
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13,028 |
Transition to FRS 102 |
There were no transition adjustments to be made.
Page 9 |