Judith Goss Florists Limited Filleted accounts for Companies House (small and micro)

JUDITH GOSS FLORISTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04799399

Judith Goss Florists Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2017

Judith Goss Florists Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		3,504	5,845

Current assets

Stocks		2,400	2,500
Debtors	7	14,210	24,260
Cash at bank and in hand		6,995	–
		--------	--------
		23,605	26,760

Creditors: amounts falling due within one year	8	38,234		30,074
		--------		--------
Net current liabilities			14,629	3,314
			--------	-------
Total assets less current liabilities			( 11,125)	2,531

Provisions

Taxation including deferred tax	441	881
	--------	-------
Net (liabilities)/assets	( 11,566)	1,650
	--------	-------

Judith Goss Florists Limited

Statement of Financial Position (continued)

31 December 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	200	200
Profit and loss account	( 11,766)	1,450
	--------	-------
Shareholders (deficit)/funds	( 11,566)	1,650
	--------	-------

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.

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 .

These financial statements were approved by the board of directors and authorised for issue on 26 September 2018 , and are signed on behalf of the board by:

Mrs J Goss	Mr S J Goss
Director	Director

Company registration number: 04799399

Judith Goss Florists 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 with company number 04799399 . The address of the registered office is Bridge House, 14 Bridge Street, Taunton, Somerset, TA1 1UB.

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.

Going concern

The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In the opinion of the directors this basis is appropriate notwithstanding accumulated losses of £11,766 and the financial position of the company at the balance sheet date which shows net liabilities of £11,566. During the year the company continued to receive financial support from the directors and shareholders of the company which enabled the company to maintain its financial position. The directors and shareholders have confirmed that it is their intention to continue to provide financial support to the company to enable it to maintain its trading capability for the foreseeable future and preserve the longer term commercial potential of the company's assets. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable in respect of retail florist sales during the year, exclusive of Value Added Tax.

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.

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:

Leasehold Improvements	-	10% straight line
Motor Vehicles	-	10% straight line
Equipment	-	10% straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 5 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1 January 2017 and 31 December 2017	36,000
	--------
Amortisation
At 1 January 2017 and 31 December 2017	36,000
	--------
Carrying amount
At 31 December 2017	–
	--------
At 31 December 2016	–
	--------

6. Tangible assets

Leasehold improvements	Motor vehicles	Equipment	Total
£	£	£	£

Cost
At 1 January 2017 and 31 December 2017	27,097	24,253	19,485	70,835
	--------	--------	--------	--------
Depreciation
At 1 January 2017	27,097	20,828	17,065	64,990
Charge for the year	–	1,499	842	2,341
	--------	--------	--------	--------
At 31 December 2017	27,097	22,327	17,907	67,331
	--------	--------	--------	--------
Carrying amount
At 31 December 2017	–	1,926	1,578	3,504
	--------	--------	--------	--------
At 31 December 2016	–	3,425	2,420	5,845
	--------	--------	--------	--------

7. Debtors

	2017	2016
	£	£

Trade debtors	12,251	15,699
Other debtors	1,959	8,561
	--------	--------
	14,210	24,260
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	–	3,322
Trade creditors	12,398	16,064
Social security and other taxes	5,572	6,833
Staff pension contributions	584	677
Other creditors	19,680	3,178
	--------	--------
	38,234	30,074
	--------	--------

9. Directors' advances, credits and guarantees

During the year the company made loans to a director of the company Mr S J Goss . The loans were repayable to the company on demand and a summary of the loan advances and repayments is shown below. Interest amounting to £6 (2016: £353) was charged on the loans during the year at a rate of 3% per annum (2016: rate of 3% per annum).

		2017
		£
	Opening balance	5,440
	Loan advances	5,806
	Loan repayments	(10,481)
	Business expenses paid by director	(771)
	Interest charged on overdrawn balances	6
		--------
		–
		--------

10. Related party transactions

During the year the company received loans from S J Goss who is a director and joint shareholder of the company. The loans were repayable to the company on demand and the balance outstanding on the loans at the end of the year was £13,799 (2016: £nil). No interest was charged on the loans during the year (2016: £nil). Other than transactions disclosed in note 8 Directors' advances, credits and guarantees, no other transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.