Fred Stevens Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02818626 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

FRED STEVENS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J J Baker MBIE, DIP.FD, MBIFD

D J Melsome

SECRETARY:

D J Melsome

REGISTERED OFFICE:

Newmarket Road

Nailsworth

Gloucestershire

GL6

ODQ

REGISTERED NUMBER:

02818626 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

6,442

11,594

Tangible assets

5

193,961

220,925

200,403

232,519

CURRENT ASSETS

Stocks

3,740

1,980

Debtors

6

22,980

43,850

Cash at bank and in hand

90,230

41,852

116,950

87,682

CREDITORS

Amounts falling due within one year

7

123,790

114,243

NET CURRENT LIABILITIES

(6,840

)

(26,561

)

TOTAL ASSETS LESS CURRENT LIABILITIES

193,563

205,958

PROVISIONS FOR LIABILITIES

22,006

23,364

NET ASSETS

171,557

182,594

CAPITAL AND RESERVES

Called up share capital

150,360

150,360

Retained earnings

21,197

32,234

SHAREHOLDERS' FUNDS

171,557

182,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 January 2019 and were signed on its behalf by:

J J Baker MBIE, DIP.FD, MBIFD - Director

1.	STATUTORY INFORMATION

Fred Stevens Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision 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 as modified by the revaluation of certain assets.

Going concern

The director has considered the risks and issues concerning the company and it's activities and no

material uncertainties that may cast significant doubt about the company's ability of the company to

continue as a going concern have been identified by the directors.

Turnover

Revenue represents the invoiced value of goods sold and services provided during the period, stated

net of Value Added Tax.

Revenue from the principal activity of funeral services is recognised when the service and goods have

been provided and all obligations to the customers have been fulfilled, unless management has doubts

as to the recoverability of fees.

Goodwill

Goodwill purchased in December 1999 is being amortised over 20 years. Because of local and family

connections, well established funeral directors have traditionally attracted significant goodwill values,

more recently enhanced with an increasing use of pre-paid funeral plans. The directors are of the

opinion that the goodwill purchased in December 1999 has a useful economic life of over 20 years and

that, since that date, the current value increasingly exceeds the net book value.

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.

Leasehold property

-

5% on cost

Furniture and equipment

-

at varying rates on cost

Motor vehicles

-

at varying rates on cost

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 Income Statement,

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.

Pension costs

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in

FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective

interest method.

Employees and directors

The average number of employees referred to in note 3 has been calculated in accordance with

Section 411 of the Companies Act 2006. For disclosure purposes the term employee in this instance

includes all persons carrying out day to day operational duties on behalf of the company and therefore

covers employees, workers and directors. Inclusion in the figure above does not entitle any workers to

employment benefits that would be enjoyed by an employee to which they are not ordinarily entitled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

103,057

AMORTISATION

At 1 September 2017

91,463

Amortisation for year

5,152

At 31 August 2018

96,615

NET BOOK VALUE

At 31 August 2018

6,442

At 31 August 2017

11,594

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

and

Motor

property

equipment

vehicles

Totals

£

£

£

£

COST

At 1 September 2017

1,898

113,929

275,571

391,398

Additions

-

437

-

437

At 31 August 2018

1,898

114,366

275,571

391,835

DEPRECIATION

At 1 September 2017

1,644

54,705

114,124

170,473

Charge for year

95

7,089

20,217

27,401

At 31 August 2018

1,739

61,794

134,341

197,874

NET BOOK VALUE

At 31 August 2018

159

52,572

141,230

193,961

At 31 August 2017

254

59,224

161,447

220,925

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

19,256

32,635

Other debtors

-

6,609

Income Tax recoverable

(1,377

)

(764

)

Prepayments

5,101

5,370

22,980

43,850

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

5,600

4,627

Social security and other taxes

3,292

2,498

Peoples Pension

350

-

Pre-paid funerals

12,602

12,132

Pre-paid disbursements

9,930

9,151

Directors' loan accounts

92,016

85,835

123,790

114,243

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 August 2018 the company owed J J Baker £59,430 (31 August 2017: 55,120). Interest is paid on

the loans at 7.75% pa and there are no fixed repayment terms.

At 31 August 2018 the company owed D J Melsome £32,586 (31 August 2017: 30,715). Interest is paid

on the loans at 7.75% pa and there are no fixed repayment terms.