Nottingham Stamp Centre Limited Company Accounts

NOTTINGHAM STAMP CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09620685

Nottingham Stamp Centre Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2017

Nottingham Stamp Centre Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	10

Nottingham Stamp Centre Limited

Officers and Professional Advisers

The board of directors	Mr DK Hardy
	Mrs AJ Hardy

Registered office	3 Wollaton Street
	Nottingham
	NG1 5FW

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Royal Bank of Scotland
	189 Bramcote Lane
	Wollaton
	Nottingham
	NG8 2QJ

Nottingham Stamp Centre Limited

Statement of Financial Position

30 June 2017

	2017	2016
Note	£	£

Fixed assets

Intangible assets	4	72,000	81,000
Tangible assets	5	3,502	4,670
		---------	---------
		75,502	85,670

Current assets

Stocks		42,000	48,000
Debtors	6	3,286	7,263
Cash at bank and in hand		3,137	3,154
		---------	---------
		48,423	58,417

Creditors: amounts falling due within one year	7	107,465	134,399
		----------	----------
Net current liabilities		59,042	75,982
		---------	---------
Total assets less current liabilities		16,460	9,688

Provisions	700	934
	---------	-------
Net assets	15,760	8,754
	---------	-------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		15,660	8,654
		---------	-------
Members funds		15,760	8,754
		---------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Nottingham Stamp Centre Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 23 March 2018 , and are signed on behalf of the board by:

Mr DK Hardy

Director

Company registration number: 09620685

Nottingham Stamp Centre Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Wollaton Street, Nottingham, NG1 5FW.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

The stock valuation has been estimated by the directors in the light of the existing stocks and gross profits obtained.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 2 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 July 2016 and 30 June 2017	90,000
	---------
Amortisation
At 1 July 2016	9,000
Charge for the year	9,000
	---------
At 30 June 2017	18,000
	---------
Carrying amount
At 30 June 2017	72,000
	---------
At 30 June 2016	81,000
	---------

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2016 and 30 June 2017	5,000	1,331	6,331
	-------	-------	-------
Depreciation
At 1 July 2016	1,354	307	1,661
Charge for the year	912	256	1,168
	-------	-------	-------
At 30 June 2017	2,266	563	2,829
	-------	-------	-------
Carrying amount
At 30 June 2017	2,734	768	3,502
	-------	-------	-------
At 30 June 2016	3,646	1,024	4,670
	-------	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	2,136	1,232
Other debtors	1,150	6,031
	-------	-------
	3,286	7,263
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	5,879	9,259
Corporation tax	1,954	1,886
Social security and other taxes	735	–
Other creditors	98,897	123,254
	----------	----------
	107,465	134,399
	----------	----------

8. Called up share capital

Issued, called up and fully paid

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

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	6,900	6,900
Later than 1 year and not later than 5 years	13,800	20,700
	---------	---------
	20,700	27,600
	---------	---------

10. Directors' advances, credits and guarantees

At the statement of financial position date £98,664 (2016: £122,797) was owed to the directors in their directors loan account. This amount is unsecured, interest free and repayable on demand.

Nottingham Stamp Centre Limited

Management Information

Year ended 30 June 2017

The following pages do not form part of the financial statements.

Nottingham Stamp Centre Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Nottingham Stamp Centre Limited

Year ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nottingham Stamp Centre Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Nottingham Stamp Centre Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Nottingham Stamp Centre Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nottingham Stamp Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nottingham Stamp Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nottingham Stamp Centre Limited. You consider that Nottingham Stamp Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Nottingham Stamp Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Swandec Chartered Accountants

550 Valley Road Basford Nottingham NG5 1JJ

23 March 2018