OXHOUSE COUNTRY STORE LTD Filleted accounts for Companies House (small and micro)

OXHOUSE COUNTRY STORE LTD Filleted accounts for Companies House (small and micro)

OXHOUSE COUNTRY STORE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08118723
OXHOUSE COUNTRY STORE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2018
OXHOUSE COUNTRY STORE LTD
FINANCIAL STATEMENTS
PERIOD FROM 1 OCTOBER 2016 TO 31 MARCH 2018
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
OXHOUSE COUNTRY STORE LTD
STATEMENT OF FINANCIAL POSITION
31 March 2018
31 Mar 18
30 Sep 16
Note
£
£
Fixed assets
Tangible assets
5
–
22,064
Current assets
Stocks
100,000
220,555
Debtors
6
1,237
25,063
Cash at bank and in hand
19,480
9,424
---------
---------
120,717
255,042
Creditors: amounts falling due within one year
7
( 44,486)
( 136,746)
---------
---------
Net current assets
76,231
118,296
--------
---------
Total assets less current liabilities
76,231
140,360
Creditors: amounts falling due after more than one year
8
( 150,000)
( 150,000)
Provisions
–
( 4,413)
---------
---------
Net liabilities
( 73,769)
( 14,053)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 73,770)
( 14,054)
--------
--------
Shareholders deficit
( 73,769)
( 14,053)
--------
--------
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 income and retained earnings has not been delivered.
For the period 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 financial statements for the period 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 .
OXHOUSE COUNTRY STORE LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:
Mr A Burton
Director
Company registration number: 08118723
OXHOUSE COUNTRY STORE LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 OCTOBER 2016 TO 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vernon Road, Stoke-on-Trent, Staffordshire, ST4 2QY. The principal activity of the company during the year was that of the retail of outdoor clothing and fo otwear.
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. 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. The directors consider this to be appropriate as they have expressed their willingness to support the business for the foreseeable future.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets. (ii) Bad debt provision The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Fixture & Fittings
-
20% reducing balance
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Particulars of employees
The average number of persons employed by the company during the period amounted to 8 (2016: 7 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 October 2016
45,585
Additions
422
Disposals
( 46,007)
--------
At 31 March 2018
–
--------
Depreciation
At 1 October 2016
23,521
Charge for the period
6,746
Disposals
( 30,267)
--------
At 31 March 2018
–
--------
Carrying amount
At 31 March 2018
–
--------
At 30 September 2016
22,064
--------
6. Debtors
31 Mar 18
30 Sep 16
£
£
Trade debtors
649
14,030
Amounts owed by group undertakings and undertakings in which the company has a participating interest
584
219
Other debtors
4
10,814
-------
--------
1,237
25,063
-------
--------
7. Creditors: amounts falling due within one year
31 Mar 18
30 Sep 16
£
£
Trade creditors
4,197
87,673
Social security and other taxes
9,620
4,175
Other creditors
30,669
44,898
--------
---------
44,486
136,746
--------
---------
8. Creditors: amounts falling due after more than one year
31 Mar 18
30 Sep 16
£
£
Other creditors
150,000
150,000
---------
---------
9. Events after the end of the reporting period
There were no material events up to the date of approval of the financial statements by the board.
10. Related party transactions
Transactions with directors are under normal market conditions and/or are not material.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.