false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-02-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
36,004
167,707
xbrli:pure
xbrli:shares
iso4217:GBP
03916925
2016-02-01
2016-10-31
03916925
2016-10-31
03916925
2016-01-31
03916925
2015-02-01
2016-01-31
03916925
2016-01-31
03916925
core:NetGoodwill
2016-02-01
2016-10-31
03916925
core:LandBuildings
2016-02-01
2016-10-31
03916925
core:PlantMachinery
2016-02-01
2016-10-31
03916925
core:FurnitureFittings
2016-02-01
2016-10-31
03916925
bus:RegisteredOffice
2016-02-01
2016-10-31
03916925
bus:Director4
2016-02-01
2016-10-31
03916925
bus:Director5
2016-02-01
2016-10-31
03916925
bus:Director1
2016-02-01
2016-10-31
03916925
core:WithinOneYear
2016-10-31
03916925
core:WithinOneYear
2016-01-31
03916925
core:RetainedEarningsAccumulatedLosses
2016-02-01
2016-10-31
03916925
core:RetainedEarningsAccumulatedLosses
2015-02-01
2016-01-31
03916925
core:RetainedEarningsAccumulatedLosses
2016-01-31
03916925
core:RetainedEarningsAccumulatedLosses
2015-01-31
03916925
core:RetainedEarningsAccumulatedLosses
2016-10-31
03916925
core:RetainedEarningsAccumulatedLosses
2016-01-31
03916925
core:ShareCapital
2016-10-31
03916925
core:ShareCapital
2016-01-31
03916925
core:CostValuation
core:Non-currentFinancialInstruments
2016-10-31
03916925
core:Non-currentFinancialInstruments
2016-10-31
03916925
bus:FRS102
2016-02-01
2016-10-31
03916925
bus:AuditExempt-NoAccountantsReport
2016-02-01
2016-10-31
03916925
bus:AbridgedAccounts
2016-02-01
2016-10-31
03916925
bus:SmallCompaniesRegimeForAccounts
2016-02-01
2016-10-31
03916925
bus:PrivateLimitedCompanyLtd
2016-02-01
2016-10-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of E & C GORAN LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 October 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03916925
Unaudited Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Period from 1 February 2016 to 31 October 2016
Abridged statement of income and retained earnings
|
2
|
|
|
Abridged statement of financial position
|
3
|
|
|
Notes to the abridged financial statements
|
5
|
|
|
Period from 1 February 2016 to 31 October 2016
The directors present their report and the unaudited abridged financial statements of the company for the period ended
31 October 2016
.
Directors
The directors who served the company during the period were as follows:
Mrs C A Goran
|
|
Mr E A Goran
|
|
|
|
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 9 to the abridged financial statements.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
23 August 2017
and signed on behalf of the board by:
Registered office:
|
2 Peterwood Way
|
Croydon
|
England
|
CR0 4UQ
|
|
Abridged Statement of Income and Retained Earnings
|
|
Period from 1 February 2016 to 31 October 2016
|
Period from
|
|
|
1 Feb 16 to
|
Year to
|
|
31 Oct 16
|
31 Jan 16
|
Note
|
£
|
£
|
Gross profit
|
406,043
|
527,101
|
|
|
|
Administrative expenses
|
363,707
|
315,504
|
|
---------
|
---------
|
Operating profit
|
42,336
|
211,597
|
|
|
|
Other interest receivable and similar income
|
–
|
52
|
|
|
---------
|
---------
|
Profit before taxation
|
5
|
42,336
|
211,649
|
|
|
|
|
Tax on profit
|
6,332
|
43,942
|
|
--------
|
---------
|
Profit for the financial period and total comprehensive income
|
36,004
|
167,707
|
|
--------
|
---------
|
|
|
|
Dividends paid and payable
|
(
22,250)
|
(
80,000)
|
|
|
|
Retained earnings at the start of the period
|
559,192
|
471,485
|
|
---------
|
---------
|
Retained earnings at the end of the period
|
572,946
|
559,192
|
|
---------
|
---------
|
|
|
|
All the activities of the company are from continuing operations.
Abridged Statement of Financial Position
|
|
31 October 2016
|
31 Oct 16
|
31 Jan 16
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
7
|
|
46,555
|
450,459
|
Investments
|
8
|
|
1,600
|
1,600
|
|
|
--------
|
---------
|
|
|
48,155
|
452,059
|
|
|
|
|
|
Current assets
Stocks
|
61,490
|
|
62,735
|
Debtors
|
577,421
|
|
142,016
|
Cash at bank and in hand
|
34,179
|
|
64,865
|
|
---------
|
|
---------
|
|
673,090
|
|
269,616
|
|
|
|
|
Creditors: amounts falling due within one year
|
139,248
|
|
151,531
|
|
---------
|
|
---------
|
Net current assets
|
|
533,842
|
118,085
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
581,997
|
570,144
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
8,951
|
10,852
|
|
|
---------
|
---------
|
Net assets
|
|
573,046
|
559,292
|
|
|
---------
|
---------
|
|
|
|
|
Abridged Statement of Financial Position (continued)
|
|
31 October 2016
|
31 Oct 16
|
31 Jan 16
|
Note
|
£
|
£
|
£
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
572,946
|
559,192
|
|
|
---------
|
---------
|
Members funds
|
|
573,046
|
559,292
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 August 2017
, and are signed on behalf of the board by:
Company registration number:
03916925
Notes to the Abridged Financial Statements
|
|
Period from 1 February 2016 to 31 October 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Peterwood Way, Croydon, CR0 4UQ, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
20% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold land and buildings
|
-
|
2% straight line
|
|
Plant and machinery
|
-
|
20% straight line
|
|
Fixtures and fittings
|
-
|
20% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Debtors
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the company during the period, including the directors, amounted to
13
(2016:
13
).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
Period from
|
|
|
1 Feb 16 to
|
Year to
|
|
31 Oct 16
|
31 Jan 16
|
|
£
|
£
|
Depreciation of tangible assets
|
10,802
|
25,427
|
|
--------
|
--------
|
|
|
|
6.
Intangible assets
|
£
|
Cost
|
|
At 1 February 2016 and 31 October 2016
|
7,999
|
|
-------
|
Amortisation
|
|
At 1 February 2016 and 31 October 2016
|
7,999
|
|
-------
|
Carrying amount
|
|
At 31 October 2016
|
–
|
|
-------
|
|
|
7.
Tangible assets
|
£
|
Cost
|
|
At 1 February 2016
|
567,989
|
Disposals
|
(
395,626)
|
|
---------
|
At 31 October 2016
|
172,363
|
|
---------
|
Depreciation
|
|
At 1 February 2016
|
117,530
|
Charge for the period
|
10,802
|
Disposals
|
(
2,524)
|
|
---------
|
At 31 October 2016
|
125,808
|
|
---------
|
Carrying amount
|
|
At 31 October 2016
|
46,555
|
|
---------
|
At 31 January 2016
|
450,459
|
|
---------
|
|
|
8.
Investments
|
£
|
Cost
|
|
At 1 February 2016 and 31 October 2016
|
1,600
|
|
-------
|
Impairment
|
|
At 1 February 2016 and 31 October 2016
|
–
|
|
-------
|
Carrying amount
|
|
At 31 October 2016
|
1,600
|
|
-------
|
|
|
9.
Events after the end of the reporting period
Mr. E.A. Goran and Mrs. C.A. Goran resigned as directors on 1 November 2016. On the same day, they sold their entire shareholding in the company to Day Lewis Plc, a company in which the current directors, Mr J C Patel Junior and Mr K C Patel Junior have a material interest.
10.
Related party transactions
The company was under the control of Mr. E.A. Goran and Mrs. C.A. Goran, who were the directors and owned 100% of the share capital, throughout the current and previous period. At the balance sheet date the company owed £Nil (2016 £2,126) to the directors of the company. Dividends of £22,250 (2016 £80,000) were paid to the directors.
11.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.