Card & Party Store (Cash & Carry) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03338435 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2018

for

Card & Party Store (Cash & Carry)

Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P B Wood

Mrs M L Wood

Mr N B Brooks

Mr J O'Boyle

SECRETARY:

Mr J O'Boyle

REGISTERED OFFICE:

574 Manchester Road

Blackford Bridge

Bury

Lancashire

BL9 9SW

REGISTERED NUMBER:

03338435 (England and Wales)

ACCOUNTANTS:

DonnellyBentley Limited

Chartered Accountants

Hazlemere

70 Chorley New Road

Bolton

Lancashire

BL1 4BY

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

1,394,827

307,947

1,394,828

307,948

CURRENT ASSETS

Stocks

833,307

764,546

Debtors

445,513

576,595

Cash at bank

32,186

36,160

1,311,006

1,377,301

CREDITORS

Amounts falling due within one year

1,062,814

953,040

NET CURRENT ASSETS

248,192

424,261

TOTAL ASSETS LESS CURRENT LIABILITIES

1,643,020

732,209

CREDITORS

Amounts falling due after more than one year

6

(970,000

)

-

PROVISIONS FOR LIABILITIES

9

-

(5,122

)

NET ASSETS

673,020

727,087

CAPITAL AND RESERVES

Called up share capital

10

610,661

610,661

Profit and loss account -

non-distributable

11

-

107,497

Retained earnings

62,359

8,929

SHAREHOLDERS' FUNDS

673,020

727,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Profit and Loss Account and an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 15 October 2018 and were signed on its behalf by:

Mr P B Wood - Director

1.	STATUTORY INFORMATION

Card & Party Store (Cash & Carry) Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 1997, is stated at

cost.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Leasehold improvements

-

20% on cost

Long leasehold property

-

Over the respective lease agreement

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Freehold property

Freehold property is shown at the most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2017 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

and 30 June 2018

1

NET BOOK VALUE

At 30 June 2018

1

At 30 June 2017

1

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

631,895

Additions

1,375,326

Disposals

(340,048

)

At 30 June 2018

1,667,173

DEPRECIATION

At 1 July 2017

323,948

Charge for year

12,637

Eliminated on disposal

(64,239

)

At 30 June 2018

272,346

NET BOOK VALUE

At 30 June 2018

1,394,827

At 30 June 2017

307,947

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable otherwise than by instalments

Mortgage

970,000

-

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

39,736

43,096

Between one and five years

57,037

105,172

96,773

148,268

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

168,472

304,581

Bank loans

-

2,405

168,472

306,986

.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Capital Allowances in excess

of depreciation

-

5,122

-

5,122

Deferred

tax

£

Balance at 1 July 2017

5,122

Balance at 30 June 2018

5,122

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

610,661

Ordinary

1

610,661

610,661

11.

RESERVES

Profit

and loss

account -

non-distributable

£

At 1 July 2017

107,497

Amount written off on disposal

of freehold property

(107,497

)

At 30 June 2018

-

12.	CONTINGENT LIABILITIES

The company has guaranteed various lease commitments of its associated company Card Express

Limited. Should these guarantees be called upon, the company would be committed to paying the

following amounts relating to leases :

£

£

2018

2017

Within one year

207,834

207,834

Between one and five years

698,902

754,670

In more than five years

70,789

173,356

977,525

942,612

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £91,350 (2017 - £121,800) were paid to the directors .

Creditors - amounts falling due within one year includes £145,138 (2017 - £5,020) due to Mr P B

Wood.

Mr P B Wood has given a personal guarantee to secure the company's long term mortgage of

£970,000.