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Unaudited Financial Statements |
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for the Year Ended 31 May 2020 |
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for |
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Ancient Mariner Furniture Co. Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2020 |
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for |
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Ancient Mariner Furniture Co. Limited |
Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Contents of the Financial Statements |
for the year ended 31 May 2020 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ancient Mariner Furniture Co. Limited |
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Company Information |
for the year ended 31 May 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
22-28 Willow Street |
Accrington |
Lancashire |
BB5 1LP |
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BANKERS: |
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8-14 Darwen Street |
Blackburn |
Lancashire |
BB2 2BZ |
Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Abridged Balance Sheet |
31 May 2020 |
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31/5/20 | 31/5/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Abridged Balance Sheet - continued |
31 May 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Notes to the Financial Statements |
for the year ended 31 May 2020 |
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1. | STATUTORY INFORMATION |
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Ancient Mariner Furniture Co. Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Ancient Mariner Furniture Co. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The company sells furniture via the internet, through their own website and via other online retailers. They also sell to the general public through other retail stores. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit card or on credit accounts. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Website | - |
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Investment property |
The freehold property is an investment property, but is held at cost, or previous valuation, less depreciation. The directors consider that it is not cost beneficial to obtain professional valuations solely for accounting purposes. This is a breach of the Financial Reporting Standard 102. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. |
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. |
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Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 June 2019 |
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Additions |
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Disposals | ( |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 June 2019 | 23,990 |
Additions | 25,250 |
At 31 May 2020 | 49,240 |
DEPRECIATION |
At 1 June 2019 | 10,496 |
Charge for year | 9,687 |
At 31 May 2020 | 20,183 |
NET BOOK VALUE |
At 31 May 2020 | 29,057 |
At 31 May 2019 | 13,494 |
Ancient Mariner Furniture Co. Limited (Registered number: 03057451) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2020 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2019 |
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Disposals | ( |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 | 5,808 |
Eliminated on disposal | (5,808 | ) |
At 31 May 2020 | - |
NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/5/20 | 31/5/19 |
£ | £ |
Hire purchase contracts | 21,389 | 11,850 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/20 | 31/5/19 |
value: | £ | £ |
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A Ordinary | £1 | 50 | 50 |
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B Ordinary | £1 | 33 | 33 |
33 | C Ordinary | £1 | 33 | 33 |
34 | D Ordinary | £1 | 34 | 34 |
150 | 150 |