V.J. Collett Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01020641 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st August 2017

for

V.J. COLLETT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Collett

J E Collett

SECRETARY:

M J Collett

REGISTERED OFFICE:

Lansdowne Garage

Bourton-on-the-Water

Gloucestershire

GL54 2HQ

REGISTERED NUMBER:

01020641 (England and Wales)

ACCOUNTANTS:

Davies Mayers Barnett

Pillar House

113/115 Bath Road

Cheltenham

Gloucestershire

GL53 7LS

FIXED ASSETS

Tangible assets

5

365,576

369,449

CURRENT ASSETS

Stocks

173,171

180,182

Debtors

6

42,951

39,799

Cash in hand

94

42

216,216

220,023

CREDITORS

Amounts falling due within one year

7

(171,506

)

(165,820

)

NET CURRENT ASSETS

44,710

54,203

TOTAL ASSETS LESS CURRENT LIABILITIES

410,286

423,652

PROVISIONS FOR LIABILITIES

(4,000

)

(5,390

)

NET ASSETS

406,286

418,262

CAPITAL AND RESERVES

Called up share capital

4,002

4,002

Revaluation reserve

177,413

177,413

Retained earnings

224,871

236,847

SHAREHOLDERS' FUNDS

406,286

418,262

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 8th November 2017 and were signed on its behalf by:

J E Collett - Director

M J Collett - Director

1.	STATUTORY INFORMATION

V.J. Collett Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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. Details of adjustments made on transition to FRS 102 are disclosed in the First Year Adoption note.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, under the historical cost basis except for the

modification to a fair value basis where specified.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment

losses.

Cost includes purchase cost and other costs directly attributable to making the asset capable of operating as

intended.

Stocks

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

moving items.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the

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

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the

balance sheet date.

Current and deferred tax are determined using tax rates and laws that have been enacted or substantively enacted by

the balance sheet date.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from

impairment are recognised in profit or loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated

and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment

loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a

revaluation decrease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they

are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it

is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably

estimated.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st September 2016

and 31st August 2017

340,000

97,451

437,451

DEPRECIATION

At 1st September 2016

-

68,002

68,002

Charge for year

-

3,873

3,873

At 31st August 2017

-

71,875

71,875

NET BOOK VALUE

At 31st August 2017

340,000

25,576

365,576

At 31st August 2016

340,000

29,449

369,449

Included in cost or valuation of land and buildings is freehold land of £ 65,000 (2016 - £ 65,000 ) which is not

depreciated.

Cost or valuation at 31st August 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2012

177,413

-

177,413

Cost

162,587

97,451

260,038

340,000

97,451

437,451

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

162,587

162,587

Value of land in freehold land and buildings

65,000

65,000

Freehold land and buildings were valued on an open market basis on 1st July 2012 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

24,453

21,973

Other debtors

18,498

17,826

42,951

39,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

67,604

52,365

Trade creditors

43,252

52,023

Taxation and social security

38,307

42,224

Other creditors

22,343

19,208

171,506

165,820

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

67,604

52,365

The bank hold a first legal mortgage dated 8th September 1989 over the freehold property. They also have an

unscheduled mortgage debenture dated 8th May 1980 incorporating a fixed and floating charge over all current and

future assets of the company.

9.	OTHER FINANCIAL COMMITMENTS

As at 31st August 2017 the company had total guarantees, contingencies and commitments of £Nil (2016: £Nil).

10.	FIRST YEAR ADOPTION

This year is the first year the company has presented its results under FRS 102. The last financial statements

prepared under the previous UK GAAP were for the period ended 31st August 2016. The date of transition to FRS

102 was 1st September 2015. No material adjustments have been noted on transition to FRS 102.