|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
CALICO INTERIORS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
CALICO INTERIORS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 8 |
|
Chartered Certified Accountants' Report | 9 |
CALICO INTERIORS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Shelton House |
Coningsby Street |
Hereford |
Herefordshire |
HR1 2DY |
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
BALANCE SHEET |
31 MARCH 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Profit and loss reserve - non distributable | 10 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
BALANCE SHEET - continued |
31 MARCH 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
1. | STATUTORY INFORMATION |
|
Calico Interiors Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with |
FRS 102 (Section 1A). The date of transition is 1 April 2015. |
|
The transition to FRS 102 (Section 1A) has resulted in a small number of changes in accounting policies to those |
used previously. |
|
The nature of these changes and their impact on opening equity and profit for the comparative period are |
explained in note 12. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Turnover represents the fair value of goods sold and services provided under contracts with customers to the |
extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a |
service is incomplete at the period end, turnover represents the value of the service provided to that date based |
on an appropriate proportion of the total expected consideration at completion. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
|
Depreciation is provided at the following annual rates in order to write off the cost of each asset less its estimated |
residual value over its estimated useful life, or, if held under a finance lease, over the lease term, whichever is the |
shorter. |
|
Leasehold property improvements | - 5% on reducing balance |
Plant and machinery | - 25% on reducing balance |
Furniture, fittings and equipment | - 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
|
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making |
due allowance for obsolete and slow moving items. |
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the |
contractual provisions of the financial instrument. |
|
Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
administrative expenses. |
|
Bank loans are initially recognised at the transaction price including transaction costs. Subsequent to initial |
recognition, loans are stated at amortised cost using the effective interest rate method, less impairment. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
|
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. |
|
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. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
Charge for year |
|
|
|
At 31 March 2017 |
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
At 31 March 2016 |
|
|
|
|
The net book value of tangible fixed assets includes £ 19,860 (2016 - £ 26,481 ) in respect of assets held under |
hire purchase contracts. |
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
and 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
|
Fair value at 31 March 2017 is represented by: |
|
£ |
Valuation in 2015 | 168,021 |
Cost | 81,979 |
250,000 |
|
If investment property had not been revalued it would have been included at the following historical cost: |
|
2017 | 2016 |
£ | £ |
Cost | 81,979 | 81,979 |
Aggregate depreciation | (18,040 | ) | (16,400 | ) |
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
5. | INVESTMENT PROPERTY - continued |
|
Investment property was valued on an open market freehold basis on 31 March 2017 by one of the directors, Mrs |
P Nash, based on a previous professional valuation deemed to still be appropriate. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Hire purchase contracts | 17,126 | 26,487 |
|
|
|
The bank borrowing is secured by a legal mortgage and debenture over the company's assets. |
Net obligations under hire purchase contracts are secured on individual assets financed by such agreements. |
CALICO INTERIORS LIMITED (REGISTERED NUMBER: 03531160) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
10. | RESERVES |
Profit |
and loss |
reserve - |
non |
distributable |
£ |
At 1 April 2016 |
|
Transfer from profit and loss | 1,955 |
|
At 31 March 2017 |
|
|
This non-distributable reserve relates to unrealised gains less attributable deferred tax, on investment property |
carried at fair value, transferred from profit and loss reserve. |
|
11. | OTHER FINANCIAL COMMITMENTS |
|
At 31 March 2017, the company had total commitments under non-cancellable operating leases over the |
remaining life of those leases of £27,554 (2016 - £6,881). |
|
12. | FIRST YEAR ADOPTION |
|
Transition disclosures |
Deferred Tax - FRS 102 (Section 1A), adopts a 'timing differences plus' approach, which requires deferred tax to |
be provided on Investment Properties carried at Fair Value, provision was not required prior to the adoption of |
FRS 102. The effect on the previously reported financial statements is shown below. |
|
Reconciliation of Capital and Reserves: |
At | At |
1 April | 31 March |
2015 | 2016 |
|
(Transition
Date) |
|
£ | £ |
Capital and reserves (as previously stated) | 227,271 | 236,575 |
|
Deferred tax provision on revaluation of investment property | (24,521 | ) | (24,144 | ) |
|
Capital and reserves (as restated) | 202,750 | 212,431 |
|
|
Reconciliation of profit for the year ended 31 March 2016: |
£ |
Profit on ordinary activities after taxation and for the financial year (as previously
stated) |
|
52,304 |
|
Change in deferred tax provision on investment property revaluation | 377 |
|
Profit on ordinary activities after taxation and for the financial year (as restated) | 52,681 |
|
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CALICO INTERIORS LIMITED |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements |
and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Calico Interiors Limited for the year ended 31 March 2017 which comprise the Profit and Loss |
Account, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
|
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
|
This report is made solely to the Board of Directors of Calico Interiors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Calico Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Calico Interiors Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Calico Interiors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Calico Interiors Limited. You consider that Calico Interiors Limited is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Calico Interiors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Certified Accountants |
Shelton House |
Coningsby Street |
Hereford |
Herefordshire |
HR1 2DY |
|
|
|