Essex Memorials Limited Company Accounts

ESSEX MEMORIALS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04604917

Essex Memorials Limited

Filleted Unaudited Financial Statements

31 December 2017

Essex Memorials Limited

Financial Statements

Year ended 31 December 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Essex Memorials Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	11,875	15,833
Tangible assets	6	30,236	38,396
		--------	--------
		42,111	54,229

Current assets

Stocks		5,000	5,000
Debtors	7	130,324	142,039
Cash at bank and in hand		7,889	8,976
		---------	---------
		143,213	156,015

Creditors: amounts falling due within one year	8	7,288		16,243
		---------		---------
Net current assets			135,925	139,772
			---------	---------
Total assets less current liabilities			178,036	194,001

Creditors: amounts falling due after more than one year	9	6,781	10,656
		---------	---------
Net assets		171,255	183,345
		---------	---------

Capital and reserves

Called up share capital	10	1	1
Capital redemption reserve		1	1
Profit and loss account		171,253	183,343
		---------	---------
Shareholders funds		171,255	183,345
		---------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Essex Memorials Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 28 March 2018 , and are signed on behalf of the board by:

Mr P J King
Director

Company registration number: 04604917

Essex Memorials Limited

Notes to the Financial Statements

Year ended 31 December 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 6 Corporation Road, Chelmsford, Essex, CM1 2AR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. 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.

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	-	`Over 20 years`

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.

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:

Leasehold property	-	4% straight line
Plant and machinery	-	`10% - 25% Straight Line`
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Average number of employees

During the year the average number of employees was 1 (2016: 1) which consisted of the director only.

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2017 and 31 December 2017	50,000
	--------
Amortisation
At 1 January 2017	34,167
Charge for the year	3,958
	--------
At 31 December 2017	38,125
	--------
Carrying amount
At 31 December 2017	11,875
	--------
At 31 December 2016	15,833
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2017	62,846	1,359	850	40,468	105,523
Additions	–	500	–	–	500
	--------	-------	----	--------	---------
At 31 December 2017	62,846	1,859	850	40,468	106,023
	--------	-------	----	--------	---------
Depreciation
At 1 January 2017	48,306	530	818	17,473	67,127
Charge for the year	2,514	390	8	5,748	8,660
	--------	-------	----	--------	---------
At 31 December 2017	50,820	920	826	23,221	75,787
	--------	-------	----	--------	---------
Carrying amount
At 31 December 2017	12,026	939	24	17,247	30,236
	--------	-------	----	--------	---------
At 31 December 2016	14,540	829	32	22,995	38,396
	--------	-------	----	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	1,558	11,335
Amounts due from related undertakings	`128,766`	`130,675`
Other debtors	–	29
	---------	---------
	130,324	142,039
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	718	10,408
Accruals and deferred income	1,760	1,960
Social security and other taxes	935	–
Obligations under finance leases and hire purchase contracts	3,875	3,875
	-------	--------
	7,288	16,243
	-------	--------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	6,781	10,656
	-------	--------

10. Called up share capital

Issued, called up and fully paid

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

11. Related party transactions

At the year end the company was owed £128,766 (2016: £130,675) by PJK Funeral Directors Limited, a company in which Mr P J King is a director and sole shareholder.