Old Timers Limited - Period Ending 2017-03-31

Old Timers Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 07173315

Old Timers Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Old Timers Limited

Company Information

Directors

G T E Sloan R C Skinner

Registered office

Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Accountants

Francis Clark LLP Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Page 1

Old Timers Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	18,792	24,292
Tangible assets	5	87,799	100,271
		106,591	124,563
Current assets
Stocks		11,722	7,965
Debtors	6	24,987	17,996
Cash at bank and in hand		8,435	5,552
		45,144	31,513
Creditors: Amounts falling due within one year	7	(152,281)	(146,743)
Net current liabilities		(107,137)	(115,230)
Net (liabilities)/assets		(546)	9,333
Capital and reserves
Called up share capital		100	100
Profit and loss account		(646)	9,233
Total equity		(546)	9,333

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

Page 2

Old Timers Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 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 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 delivered 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 has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 December 2017 and signed on its behalf by:
 

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

R C Skinner

Director

Company Registration Number: 07173315

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

Page 3

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Vantage Point
Woodwater Park
Pynes Hill
Exeter
EX2 5FD

The principal place of business is:
Little Castle Street
Exeter
EX4 3PX

These financial statements were authorised for issue by the Board on 7 December 2017.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Going concern

The company is dependent on its directors and fellow group companies for financial support. The directors are monitoring cash flow requirements closely and are satisfied that the company will be able to continue to operate within facilities currently available to it. Although no formal guarantees or arrangements are in place, there are no indications that support currently provided will be withdrawn within 12 months of the approval of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Page 4

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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
Leasehold Property	Over the term of the lease
Plant & Machinery	15% reducing balance
Fixtures & Fittings	15% reducing balance

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

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 selling costs.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	55,000	55,000
At 31 March 2017	55,000	55,000
Amortisation
At 1 April 2016	30,708	30,708
Amortisation charge	5,500	5,500
At 31 March 2017	36,208	36,208
Carrying amount
At 31 March 2017	18,792	18,792
At 31 March 2016	24,292	24,292

Page 6

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2017

5	Tangible assets

	Leasehold property £	Fixtures and fittings  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2016	120,297	20,015	38,829	179,141
At 31 March 2017	120,297	20,015	38,829	179,141
Depreciation
At 1 April 2016	47,017	10,544	21,309	78,870
Charge for the year	8,421	1,421	2,630	12,472
At 31 March 2017	55,438	11,965	23,939	91,342
Carrying amount
At 31 March 2017	64,859	8,050	14,890	87,799
At 31 March 2016	73,280	9,471	17,520	100,271

6

Debtors

	2017  £	2016  £
Amounts due from group undertakings	10,000	10,000
Prepayments	14,987	7,996
	24,987	17,996

Page 7

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2017

7

Creditors

	2017  £	2016  £
Due within one year
Trade creditors	22,072	16,044
Amounts due to group undertakings	123,080	123,980
Social security and other taxes	4,513	3,777
Accrued expenses	2,616	2,942
	152,281	146,743

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £29,341 (2016 - £28,907).

10	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Skinner Sloan Limited.

 

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