Registered number: 01471387
ANDERSON & SHEPPARD LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 JANUARY 2019
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ANDERSON & SHEPPARD LIMITED
Company Information
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Chartered Accountants & Statutory Auditor
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ANDERSON & SHEPPARD LIMITED
Contents
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Notes to the financial statements
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ANDERSON & SHEPPARD LIMITED
Registered number:
01471387
Balance sheet
As at
31 January 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The
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 the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the profit and loss accounts in accordance with provisions applicable to companies subject to the small companies' regime.
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ANDERSON & SHEPPARD LIMITED
Registered number:
01471387
Balance sheet
(continued)
As at
31 January 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
12 July 2019
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The notes on pages 3 to 10 form part of these financial statements.
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
Anderson & Sheppard Limited is a private company limited by share capital, incorporated in England and Wales, registration number 01471387. The address of the registered office is 32 Old Burlington Street, London, W15 3AT.
The principal activity for the company during the year was that of bespoke tailoring and selling ready to wear trousers, knitwear and accessories.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of turnover can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of turnover can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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over the life of the lease
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33% straight line per annum
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33% straight line per annum
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33% straight line per annum
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
2.
Accounting policies (continued)
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Financial instruments (continued)
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impairment loss is recognised in the Profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
2.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the profit and loss account using the effective interest method
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
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The average monthly number of employees, including directors, during the year was
30
(2018 -
31
)
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Charge for the year on owned assets
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
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Raw materials and consumables
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Finished goods and goods for resale
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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ANDERSON & SHEPPARD LIMITED
Notes to the financial statements
For the Year Ended 31 January 2019
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Allotted, called up and fully paid
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200 Ordinary shares of £1 -
each
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Commitments under operating leases
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At 31 January 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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Amounts owed to group undertakings (see note 9) represent a loan from Anderson & Sheppard Holdings Limited, the ultimate controlling party. The loan is subject to interest at 2.5% per annum (of which £21,250 (2018: £21,250) was paid in the year) and is repayable by 30 September 2020.
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The ultimate parent company is considered to be Anderson & Sheppard Holdings Limted, a company incorporated in the Isle of Man.
The auditor's report on the financial statements for the year ended 31 January 2019 was unqualified.
The audit report was signed on
12 July 2019
by
Andrew Burch
(Senior statutory auditor) on behalf of
Sayers Butterworth LLP
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