Michael Stevens Heirlooms Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09492407 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

MICHAEL STEVENS HEIRLOOMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M M Stevens

J J Stevens

REGISTERED OFFICE:

30 New Road

Brighton

East Sussex

BN1 1BN

BUSINESS ADDRESS:

7 Wendale Drive

PEACEHAVEN

East Sussex

BN10 8NX

REGISTERED NUMBER:

09492407 (England and Wales)

ACCOUNTANTS:

Hilton Sharp & Clarke Limited

30 New Road

Brighton

East Sussex

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CURRENT ASSETS

Stocks

4

316,680

352,000

Debtors

5

77,930

129,624

Cash at bank

180,571

60,429

575,181

542,053

CREDITORS

Amounts falling due within one year

6

184,664

190,430

NET CURRENT ASSETS

390,517

351,623

TOTAL ASSETS LESS CURRENT LIABILITIES

390,517

351,623

CAPITAL AND RESERVES

Called up share capital

7

1

1

Share premium

281,460

281,460

Retained earnings

109,056

70,162

SHAREHOLDERS' FUNDS

390,517

351,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 December 2017 and were signed on its behalf by:

M M Stevens - Director

1.	STATUTORY INFORMATION

Michael Stevens Heirlooms Ltd is a private company, limited by shares, registered in England and Wales. The company's

registered number, registered office address and primary place of business can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents invoiced sales of goods excluding VAT.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.

STOCKS

2017

2016

£

£

Stocks

316,680

352,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

126,400

Other debtors

77,930

-

VAT

-

3,224

77,930

129,624

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

9,724

17,566

VAT

1,170

-

Directors' current accounts

171,129

170,564

Accruals and deferred income

2,641

2,300

184,664

190,430

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

Ordinary

0.0111p

1

1

8.	FIRST YEAR ADOPTION

These are the company’s first set of financial statements prepared in accordance with FRS 102.

The transition to FRS 102 Section 1A occurred on 16 March 2015 with the end of the comparative period being 31 March

2016. There have been no changes to accounting policies nor to any balances in the financial statements.