Old Timers Limited - Period Ending 2018-03-31

Old Timers Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 07173315

Old Timers Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Old Timers Limited

Company Information

Directors

G T E Sloan R C Skinner

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

Old Timers Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	13,292	18,792
Tangible assets	5	75,938	87,799
		89,230	106,591
Current assets
Stocks		10,570	11,722
Debtors	6	26,174	24,987
Cash at bank and in hand		57,215	8,435
		93,959	45,144
Creditors: Amounts falling due within one year	7	(130,829)	(152,281)
Net current liabilities		(36,870)	(107,137)
Net assets/(liabilities)		52,360	(546)
Capital and reserves
Called up share capital		100	100
Profit and loss account		52,260	(646)
Total equity		52,360	(546)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Old Timers Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2018 and signed on its behalf by:
 

......................................... R C Skinner Director

Company Registration Number: 07173315

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Little Castle Street
Exeter
EX4 3PX

These financial statements were authorised for issue by the Board on 27 September 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

The turnover shown in the Profit and Loss Account represents takings received during the period, exclusive of Value Added Tax.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	Over the term of the lease

Page 4

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Plant & Machinery	15% reducing balance
Fixtures & Fittings	15% reducing balance

Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors (includes intercompany loans);
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 5).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	55,000	55,000
At 31 March 2018	55,000	55,000
Amortisation
At 1 April 2017	36,208	36,208
Amortisation charge	5,500	5,500
At 31 March 2018	41,708	41,708
Carrying amount
At 31 March 2018	13,292	13,292
At 31 March 2017	18,792	18,792

Page 6

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2018

5	Tangible assets

	Leasehold property £	Fixtures and fittings  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2017	120,297	20,015	38,829	179,141
At 31 March 2018	120,297	20,015	38,829	179,141
Depreciation
At 1 April 2017	55,438	11,965	23,939	91,342
Charge for the year	8,421	1,207	2,233	11,861
At 31 March 2018	63,859	13,172	26,172	103,203
Carrying amount
At 31 March 2018	56,438	6,843	12,657	75,938
At 31 March 2017	64,859	8,050	14,890	87,799

6

Debtors

	2018  £	2017  £
Amounts due from group undertakings	10,000	10,000
Prepayments	16,174	14,987
	26,174	24,987

Page 7

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	19,523	22,072
Amounts due to group undertakings	102,680	123,080
Social security and other taxes	5,907	4,513
Other creditors	2,719	2,616
	130,829	152,281

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £305,138 (2017 - £334,478).

This falls due as follows:

	2018  £	2017  £
Not later than one year	7,424	7,070
Later than one year and not later than five years	125,358	119,390
Later than five years	172,356	208,019
	305,138	334,479

Page 8