ACCOUNTS - Final Accounts

THETFORD GUNS & COUNTRY CLOTHING LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-07-312017-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueretail of guns, ammunition and country clothingfalse2016-08-01 06834080 2016-08-01 2017-07-31 06834080 2017-07-31 06834080 2016-07-31 06834080 c:Director1 2016-08-01 2017-07-31 06834080 c:Director2 2016-08-01 2017-07-31 06834080 c:RegisteredOffice 2016-08-01 2017-07-31 06834080 d:PlantMachinery 2016-08-01 2017-07-31 06834080 d:PlantMachinery 2017-07-31 06834080 d:PlantMachinery 2016-07-31 06834080 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 06834080 d:FurnitureFittings 2016-08-01 2017-07-31 06834080 d:FurnitureFittings 2017-07-31 06834080 d:FurnitureFittings 2016-07-31 06834080 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 06834080 d:OfficeEquipment 2016-08-01 2017-07-31 06834080 d:OfficeEquipment 2017-07-31 06834080 d:OfficeEquipment 2016-07-31 06834080 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 06834080 d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 06834080 d:CurrentFinancialInstruments 2017-07-31 06834080 d:CurrentFinancialInstruments 2016-07-31 06834080 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 06834080 d:CurrentFinancialInstruments d:WithinOneYear 2016-07-31 06834080 d:ShareCapital 2017-07-31 06834080 d:ShareCapital 2016-07-31 06834080 d:RetainedEarningsAccumulatedLosses 2017-07-31 06834080 d:RetainedEarningsAccumulatedLosses 2016-07-31 06834080 c:FRS102 2016-08-01 2017-07-31 06834080 c:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 06834080 c:FullAccounts 2016-08-01 2017-07-31 06834080 c:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 06834080 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-08-01 2017-07-31 06834080 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-07-31 06834080 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-07-31 iso4217:GBP

Registered number: 06834080

THETFORD GUNS & COUNTRY CLOTHING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

THETFORD GUNS & COUNTRY CLOTHING LIMITED

COMPANY INFORMATION

Directors	M J Blake
	C A Blake


Registered number	06834080


Registered office	Unit 2
	Brunel Way
	Thetford
	Norfolk
	IP24 1HP


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

THETFORD GUNS & COUNTRY CLOTHING LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THETFORD GUNS & COUNTRY CLOTHING LIMITED
FOR THE YEAR ENDED 31 JULY 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 Thetford Guns & Country Clothing Limited for the year ended 31 July 2017 which comprise 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 Board of directors of Thetford Guns & Country Clothing Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Thetford Guns & Country Clothing Limited and state those matters that we have agreed to state to the Board of directors of Thetford Guns & Country Clothing Limited, as a body, 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 Thetford Guns & Country Clothing Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Thetford Guns & Country Clothing 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 Thetford Guns & Country Clothing Limited. You consider that Thetford Guns & Country Clothing 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 Thetford Guns & Country Clothing 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

30 April 2018

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

REGISTERED NUMBER: 06834080

BALANCE SHEET

AS AT 31 JULY 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		4,229		5,637
			4,229		5,637
Current assets
Stocks	5	190,323		189,259
Debtors: amounts falling due within one year	6	12,960		5,631
Cash at bank and in hand		95,461		101,274
		298,744		296,164
Creditors: amounts falling due within one year	7	(143,142)		(152,001)
Net current assets			155,602		144,163
Total assets less current liabilities			159,831		149,800
Provisions for liabilities
Deferred tax		(803)		(1,127)
			(803)		(1,127)
Net assets			159,028		148,673

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	158,028	147,673
	159,028	148,673

The directors consider 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 directors acknowledge their 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.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

REGISTERED NUMBER: 06834080

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ C A Blake	................................................ M J Blake
Director	Director

Date: 27 April 2018	Date:27 April 2018

The notes on pages 4 to 9 form part of these financial statements.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 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 Unit 2, Brunel Way, Thetford, Norfolk, IP24 1HP.
The company's principal activity is the retail of guns, ammunition and country clothing.

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 July 2017 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 August 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 31 July 2016.
The principal 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.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

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.

Rendering of services

Revenue 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 revenue 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

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.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.3

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 and machinery	-	25% Reducing Balance
Fixtures and fittings	-	25% Reducing Balance
Office equipment	-	25% Reducing Balance

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.

2.4

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 outbasis.
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.

2.5

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.

2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instrument 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.

Page 6

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

2.10

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 2 (2016 - 2).

Page 7

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2016	5,604	5,385	3,709	14,698
At 31 July 2017	5,604	5,385	3,709	14,698
Depreciation
At 1 August 2016	4,226	3,441	1,394	9,061
Charge for the year on owned assets	344	486	579	1,409
At 31 July 2017	4,570	3,927	1,973	10,470
Net book value
At 31 July 2017	1,034	1,458	1,736	4,228
At 31 July 2016	1,378	1,944	2,315	5,637

5.	Stocks
		2017	2016
		£	£

Raw materials and consumables	190,323	189,259
	190,323	189,259

Debtors

					2017	2016
					£	£


Trade debtors	12,731	5,414
Prepayments and accrued income	229	217
	12,960	5,631

Page 8

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

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

Trade creditors	39,013	40,187
Corporation tax	6,717	14,325
Other taxation and social security	3,548	3,148
Other creditors	92,134	92,675
Accruals and deferred income	1,730	1,666
	143,142	152,001

8.	Prior year adjustment

A prior year adjustment was made relating to one of the directors loan account balance to align the comparative figure to creditors due within one year in accordance with FRS102 accounting standards. As such, 2016 creditors due within one year have increased by £61,320 and 2016 creditors due in more than one year have decreased by £61,320.
The above adjustment has not affected the retained earnings amount brought forward from 2016.

9.	Related party transactions
	As at 31 July 2017 the directors were owed £92,132 (2016: £92,674) by the company, as included within other creditors note 7. The loans are interest free and repayable on demand. Dividends totalling £16,000 (2016: £18,000 ) were paid to the directors during the year.

10.	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 9