ACCOUNTS - Final Accounts

CONQUER PROMOTIONAL SOLUTIONS LIMITED - Company Information

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Registered number: 04505503

CONQUER PROMOTIONAL SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

CONQUER PROMOTIONAL SOLUTIONS LIMITED

COMPANY INFORMATION

Director	I J Bryant


Registered number	04505503


Registered office	Conquer House
	Unit 2A
	Gaymers Way
	North Walsham
	Norfolk
	NR28 0AN


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

CONQUER PROMOTIONAL SOLUTIONS LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 11

CONQUER PROMOTIONAL SOLUTIONS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CONQUER PROMOTIONAL SOLUTIONS LIMITED
FOR THE YEAR ENDED 31 AUGUST 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 Conquer Promotional Solutions Limited for the year ended 31 August 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Conquer Promotional Solutions Limited in accordance with the terms of our engagement letter dated 20 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Conquer Promotional Solutions Limited and state those matters that we have agreed to state to the director of Conquer Promotional Solutions Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Conquer Promotional Solutions Limited and its director for our work or for this report.

It is your duty to ensure that Conquer Promotional Solutions 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 or loss of Conquer Promotional Solutions Limited. You consider that Conquer Promotional Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Conquer Promotional Solutions 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

16 April 2018

Page 1

CONQUER PROMOTIONAL SOLUTIONS LIMITED

REGISTERED NUMBER: 04505503

BALANCE SHEET

AS AT 31 AUGUST 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		6,619		3,756
			6,619		3,756
Current assets
Stocks	6	50,848		52,356
Debtors: amounts falling due within one year	7	42,361		41,200
Cash at bank and in hand		9,157		5,050
		102,366		98,606
Creditors: amounts falling due within one year	8	(58,176)		(51,345)
Net current assets			44,190		47,261
Total assets less current liabilities			50,809		51,017
Provisions for liabilities
Deferred tax		(1,257)		(751)
			(1,257)		(751)
Net assets			49,552		50,266

Capital and reserves
Called up share capital	100	100
Profit and loss account	49,452	50,166
	49,552	50,266

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.

Page 2

CONQUER PROMOTIONAL SOLUTIONS LIMITED

REGISTERED NUMBER: 04505503

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2018.

................................................

I J Bryant

Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

1.	General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is Conquer House, Unit 2A Gaymers Way, North Walsham, Norwich, NR28 0AN.
The company's principle activity is that of production & sale of merchandise.

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 financial statements for the year ended 31 August 2017 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 September 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 31 August 2016.
The principle accounting policies adopted in the preparation of the financial statements are set out below, remain unchanged from the previous year and have been consistently applied within the same accounts.

The following principal accounting policies have been applied:

Page 4

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.5

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.

2.6

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.

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

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.

2.9

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 5 (2016 - 5).

Page 7

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 September 2016	124,256
	At 31 August 2017	124,256
	Amortisation
	At 1 September 2016	124,256
	At 31 August 2017	124,256
	Net book value
	At 31 August 2017	-
	At 31 August 2016	-

Page 8

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

5.	Tangible fixed assets

		Plant & machinery
		£
	Cost or valuation
	At 1 September 2016	19,766
	Additions	5,069
	At 31 August 2017	24,835
	Depreciation
	At 1 September 2016	16,010
	Charge for the year on owned assets	2,206
	At 31 August 2017	18,216
	Net book value
	At 31 August 2017	6,619
	At 31 August 2016	3,756

6.	Stocks
		2017	2016
		£	£

Raw materials	50,848	52,356
	50,848	52,356

Page 9

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Debtors

					2017	2016
					£	£


Factored debts	41,229	39,992
Prepayments and accrued income	1,132	1,208
	42,361	41,200

The company has entered into an agreement whereby debts are financed with recourse of a fixed monetary amount. The finance company has a fixed and floating charge over the company's assets. Seperate presentation has been used in these financial statements.
Discounting charges are recognised in the profit and loss account on an accruals basis.

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

Trade creditors	14,832	16,425
Corporation tax	11,587	9,500
Other taxation and social security	6,863	4,032
Proceeds of factored debts	6,363	16,631
Other creditors	16,402	2,280
Accruals and deferred income	2,129	2,477
	58,176	51,345

9.Director's personal guarantees

The director has provided a personal guarantee in respect of the bank overdraft.

10.	Related party transactions
	As at 31 August 2017, the company owed £16,402(2016 - £2,280) to the director. This loan is included in other creditors due within one year in note 8 to the financial statements and is repayable on demand. During the year, the director received dividends of £50,500 (2016 - £18,000).

Page 10

CONQUER PROMOTIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

11.	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.

Page 11