Augustus Brandt Antiques International Limited Filleted accounts for Companies House (small and micro)

Augustus Brandt Antiques International Limited Filleted accounts for Companies House (small and micro)

AUGUSTUS BRANDT ANTIQUES INTERNATIONAL LIMITED - Company Information

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Company Registration Number: 06524638
Augustus Brandt Antiques International Limited
Filleted Unaudited Financial Statements
31 March 2018
Augustus Brandt Antiques International Limited
Statement of Financial Position
31 March 2018
31 Mar 18
31 Dec 16
Note
£
£
£
Fixed Assets
Tangible assets
5
20,616
41,495
Current Assets
Stocks
1,224,658
1,297,577
Debtors
6
38,593
14,715
Cash at bank and in hand
14,682
44,258
------------
------------
1,277,933
1,356,550
Creditors: amounts falling due within one year
7
1,639,734
1,483,705
------------
------------
Net Current Liabilities
361,801
127,155
---------
---------
Total Assets Less Current Liabilities
( 341,185)
( 85,660)
Creditors: amounts falling due after more than one year
8
964,842
929,540
------------
------------
Net Liabilities
( 1,306,027)
( 1,015,200)
------------
------------
Capital and Reserves
Called up share capital
9
120
120
Share premium account
265,610
265,610
Profit and loss account
( 1,571,757)
( 1,280,930)
------------
------------
Shareholders Deficit
( 1,306,027)
( 1,015,200)
------------
------------
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 period ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Augustus Brandt Antiques International Limited
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:
N. Jones
Director
Company registration number: 06524638
Augustus Brandt Antiques International Limited
Notes to the Financial Statements
Period from 1st January 2017 to 31st 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 Martlet House, E1 , Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ.
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.
Reporting Period
The comparative amounts presented in the financial statements (including related notes) are not entirely comparable with the current period amounts since the current reporting period covers 15 months. The accounting reference date was changed for administrative purposes.
Going Concern
The company is dependent on the continued support of the former director K M M Al Tajir, in its ability to continue as a going concern. The former director K M M Al Tajir has provided the company with loans without any formal repayment terms and has confirmed that the loans will not be repaid until the company has sufficient funds in place to do so. On this basis the director considers that it is appropriate for the financial statements to be prepared on a going concern basis.
Revenue Recognition
Turnover represents the fair value of goods and services provided, excluding value added tax, during the year.
Income Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
Over 3 years
Fixtures and fittings
-
25% reducing balance basis per annum
Motor vehicles
-
20% reducing balance basis per annum
Office equipment
-
33.33% straight line basis per annum
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.
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.
4. Employee Numbers
The average number of persons employed by the company during the period amounted to 8 (2016: 11 ).
5. Tangible Assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st January 2017
38,535
36,610
8,995
16,032
100,172
Additions
–
3,715
–
2,675
6,390
Disposals
–
–
( 8,995)
–
( 8,995)
--------
--------
-------
--------
---------
At 31st March 2018
38,535
40,325
–
18,707
97,567
--------
--------
-------
--------
---------
Depreciation
At 1st January 2017
21,971
15,384
7,620
13,702
58,677
Charge for the period
16,564
6,943
–
2,387
25,894
Disposals
–
–
( 7,620)
–
( 7,620)
--------
--------
-------
--------
---------
At 31st March 2018
38,535
22,327
–
16,089
76,951
--------
--------
-------
--------
---------
Carrying amount
At 31st March 2018
–
17,998
–
2,618
20,616
--------
--------
-------
--------
---------
At 31st December 2016
16,564
21,226
1,375
2,330
41,495
--------
--------
-------
--------
---------
6. Debtors
31 Mar 18
31 Dec 16
£
£
Trade debtors
13,626
1,794
Other debtors
24,967
12,921
--------
--------
38,593
14,715
--------
--------
7. Creditors: amounts falling due within one year
31 Mar 18
31 Dec 16
£
£
Trade creditors
120,260
82,619
Social security and other taxes
8,767
9,312
Other creditors
1,510,707
1,391,774
------------
------------
1,639,734
1,483,705
------------
------------
8. Creditors: amounts falling due after more than one year
31 Mar 18
31 Dec 16
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
469,738
456,311
Preference shares
350,000
350,000
Other creditors
145,104
123,229
---------
---------
964,842
929,540
---------
---------
At the balance sheet date the company has an outstanding liability of £145,104 (2016: £123,229) to the holders of the preference shares.
9. Called Up Share Capital
Issued, called up and fully paid
31 Mar 18
31 Dec 16
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
120
120
120
120
----
----
----
----
Amounts presented in liabilities:
Preference shares of £ 1 each
350,000
350,000
350,000
350,000
---------
---------
---------
---------
There are two classes of shares in issue. The ordinary shares are voting shares and carry full voting and dividend rights after the payment of the preferential dividend. The preference shares carry a dividend of 5% per annum, payable half-yearly in arrears. The dividend rights are cumulative. The preference shares carry no votes at meetings unless the dividend thereon is in arrears or the business of the meeting includes a resolution varying, modifying, altering or abrogating any of the rights, privileges, limitations or restrictions attached to them. On a winding up of the company the preference shareholders have a right to receive, in preference to payments to ordinary shareholders, £1 per share plus any accrued dividend.
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 18
31 Dec 16
£
£
Not later than 1 year
72,000
72,000
Later than 1 year and not later than 5 years
288,000
288,000
Later than 5 years
732,000
822,000
------------
------------
1,092,000
1,182,000
------------
------------
11. Related Party Transactions
The company is held in a small group, in which the former director K M M Al Tajir has a material interest. The company is controlled by Pound Street Trading Limited , the company's immediate parent company within the group structure. Pound Street Trading Limited has provided the company with a long term loan, the amount outstanding at the balance sheet date was £ 469,738 (2016: £ 456,311 ). Interest of £13,427 (2016: £10,861) has been charged at the official Bank of England base rate plus a commercial margin of 2%. During the year the company was provided with loans on an interest free basis from companies outside the group structure, in which the director K M M Al Tajir has a material interest. The loans outstanding at the balance sheet date totalled £1,366,188 (2016: £1,243,935).
12. Controlling Party
The ultimate parent company is Pound Street Trading Limited , a company incorporated in the British Virgin Islands.