Company Registration No. 02891938 (England and Wales)
SUMMERILL & BISHOP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SUMMERILL & BISHOP LIMITED
COMPANY INFORMATION
Directors
Mr O S Bishop
Mr S L Bishop
Mrs M J Summerill
Ms L J Alan
(Appointed 31 January 2018)
Company number
02891938
Registered office
100 Portland Road
London
W11 4LQ
Accountants
HJS Chartered Accountants
12-14 Carlton Place
Southampton
Hampshire
England
SO15 2EA
SUMMERILL & BISHOP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SUMMERILL & BISHOP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,738
22,354
Tangible assets
4
5,805
11,951
Current assets
Stocks
154,722
149,594
Debtors
5
23,016
8,685
Cash at bank and in hand
73,898
65,733
251,636
224,012
Creditors: amounts falling due within one year
6
(159,807)
(99,232)
Net current assets
91,829
124,780
Total assets less current liabilities
111,372
159,085
Creditors: amounts falling due after more than one year
7
(817,000)
(544,000)
Net liabilities
(705,628)
(384,915)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(705,728)
(385,015)
Total equity
(705,628)
(384,915)
SUMMERILL & BISHOP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 14 June 2018 and are signed on its behalf by:
Mr S L Bishop
Director
Company Registration No. 02891938
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Summerill & Bishop Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
100 Portland Road, London, W11 4LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
the
goods
and services
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Shop and Web sales
Sales of goods from the shop or via the website are recognised at the point of sale
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Cookery School and Bespoke services
Turnover from the school is recognised as the services are provided to clients.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software 33.33% Straight Line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
33.33% Straight line
Computer equipment
33.33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
Tangible fixed assets are reviewed annually by the directors for impairment. Any impairment is taken to the profit and loss account.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
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 company after deducting all of its liabilities.
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2016 - 11
).
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Intangible fixed assets
Software 33.33% Straight Line
£
Cost
At 1 January 2017
26,610
Additions - internally developed
350
At 31 December 2017
26,960
Amortisation and impairment
At 1 January 2017
4,256
Amortisation charged for the year
8,966
At 31 December 2017
13,222
Carrying amount
At 31 December 2017
13,738
At 31 December 2016
22,354
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2017
11,679
5,493
6,742
23,914
Additions
-
903
2,507
3,410
At 31 December 2017
11,679
6,396
9,249
27,324
Depreciation and impairment
At 1 January 2017
6,994
2,399
2,570
11,963
Depreciation charged in the year
4,685
1,981
2,890
9,556
At 31 December 2017
11,679
4,380
5,460
21,519
Carrying amount
At 31 December 2017
-
2,016
3,789
5,805
At 31 December 2016
4,686
3,093
4,172
11,951
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
387
485
Other debtors
10,243
5,638
Prepayments and accrued income
12,386
2,562
23,016
8,685
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
80,268
51,085
Other taxation and social security
48,672
35,341
Other creditors
13,503
4,126
Accruals and deferred income
17,364
8,680
159,807
99,232
7
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Other borrowings
817,000
544,000
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
SUMMERILL & BISHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
9
Related party transactions
Mr O S Bishop
- Director and shareholder
At the balance sheet date the company owed the director, Mr O S Bishop £100,000 (2016: £100,000
).
Mrs N Bishop
- Wife of Mr O S Bishop
At the balance sheet date the company owed the related party, Mrs N Bishop £12,000 (2016: £12,000
).
Mr S L Bishop
- Director and shareholder
At the balance sheet date the company owed the director, Mr S L Bishop £708,724 (2016: £420,000
)
Mr J Summerill
- Husband of Mrs M J Summerill
A the balance sheet date the company owed the related party, Mr J Summerill, £5,000
(2016: £Nil)