ACCOUNTS - Final Accounts

SAXEVILLE MARKET LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueonline retail salesfalse2016-07-01 09628722 2016-07-01 2017-06-30 09628722 2015-06-08 2016-06-30 09628722 2017-06-30 09628722 2016-06-30 09628722 c:Director1 2016-07-01 2017-06-30 09628722 d:CurrentFinancialInstruments 2017-06-30 09628722 d:CurrentFinancialInstruments 2016-06-30 09628722 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 09628722 d:CurrentFinancialInstruments d:WithinOneYear 2016-06-30 09628722 d:ShareCapital 2017-06-30 09628722 d:ShareCapital 2016-06-30 09628722 d:RetainedEarningsAccumulatedLosses 2017-06-30 09628722 d:RetainedEarningsAccumulatedLosses 2016-06-30 09628722 c:FRS102 2016-07-01 2017-06-30 09628722 c:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-30 09628722 c:FullAccounts 2016-07-01 2017-06-30 09628722 c:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 iso4217:GBP xbrli:pure

Registered number: 09628722

SAXEVILLE MARKET LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

SAXEVILLE MARKET LIMITED

REGISTERED NUMBER: 09628722

BALANCE SHEET

AS AT 30 JUNE 2017

		2017		2016
Note		£		£


Current assets
Stocks	4	26,664		4,579
Debtors: amounts falling due within one year	5	2,833		5,416
Cash at bank and in hand		727		-
		30,224		9,995
Creditors: amounts falling due within one year	6	(34,824)		(6,250)
Net current (liabilities)/assets			(4,600)		3,745
Total assets less current liabilities			(4,600)		3,745

Net (liabilities)/assets			(4,600)		3,745

Capital and reserves
Called up share capital	1	1
Profit and loss account	(4,601)	3,744
	(4,600)	3,745

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2018.

Mr S Downs

Director

The notes on pages 2 to 4 form part of these financial statements.

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SAXEVILLE MARKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

1.	General information

Saxeville Market Limited ("the Company") operates as an online retailer. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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SAXEVILLE MARKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings, cash and cash equivalents and all other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'Administrative expenses'.

2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including the director, during the year was 1 (2016 - 1).

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SAXEVILLE MARKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

4.	Stocks
		2017	2016
		£	£

Finished goods and goods for resale	26,664	4,579
	26,664	4,579

Debtors

					2017	2016
					£	£


Trade debtors	1,685	1,431
Other debtors	936	3,773
Prepayments and accrued income	212	212
	2,833	5,416

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	-	936
Other taxation and social security	641	586
Other creditors	34,183	4,728
	34,824	6,250

7.	Related party transactions
	Transactions with key management personnel At the year end, the company owed the director £4,753 (2016 - £4,728).

First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss. This is the first year that the company has presented its accounts under FRS 102. The last financial statements under the UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102 was 1 July 2015.

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