Company Registration No. 04283175 (England and Wales)
ROSEVEARS FURNISHERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ROSEVEARS FURNISHERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ROSEVEARS FURNISHERS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,250
11,000
Tangible assets
4
905,869
942,532
914,119
953,532
Current assets
Stocks
305,240
302,478
Debtors
5
56,639
42,519
Cash at bank and in hand
161,434
198,775
523,313
543,772
Creditors: amounts falling due within one year
6
(114,698)
(127,924)
Net current assets
408,615
415,848
Total assets less current liabilities
1,322,734
1,369,380
Creditors: amounts falling due after more than one year
7
(70,423)
(83,161)
Provisions for liabilities
(12,764)
(14,950)
Net assets
1,239,547
1,271,269
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,238,547
1,270,269
Total equity
1,239,547
1,271,269
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 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
ROSEVEARS FURNISHERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2019 and are signed on its behalf by:
R J Rosevear, Esq
Director
Company Registration No. 04283175
ROSEVEARS FURNISHERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Rosevears Furnishers Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
51 Fore Street, Bugle, St Austell, Cornwall, PL26 8PA.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
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.
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:
Freehold buildings
2% per annum on the straight line method
Fixtures, fittings & equipment
15% and 33.3% per annum on the reducing balance method and 2% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ROSEVEARS FURNISHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
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.
1.8
Debtors and creditors receivable/ payable within one year
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 other administrative expenses.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 11).
ROSEVEARS FURNISHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2017 and 30 September 2018
55,000
Amortisation and impairment
At 1 October 2017
44,000
Amortisation charged for the year
2,750
At 30 September 2018
46,750
Carrying amount
At 30 September 2018
8,250
At 30 September 2017
11,000
4
Tangible fixed assets
Freehold buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2017
1,039,127
193,018
112,261
1,344,406
Additions
-
1,000
-
1,000
At 30 September 2018
1,039,127
194,018
112,261
1,345,406
Depreciation and impairment
At 1 October 2017
207,808
122,922
71,144
401,874
Depreciation charged in the year
20,783
6,601
10,279
37,663
At 30 September 2018
228,591
129,523
81,423
439,537
Carrying amount
At 30 September 2018
810,536
64,495
30,838
905,869
At 30 September 2017
831,319
70,096
41,117
942,532
Freehold land and buildings with a carrying amount of £810,536 (2017 - £831,319) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
ROSEVEARS FURNISHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
45,970
31,480
Other debtors
10,669
11,039
56,639
42,519
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans (secured)
12,649
12,278
Trade creditors
31,775
28,138
Corporation tax
23,017
33,161
Other taxation and social security
24,846
28,400
Other creditors
22,411
25,947
114,698
127,924
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans (secured)
70,423
83,161
The loan is secured on the property held by Rosevears Furnishers Ltd.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
18,000
33,000
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
ROSEVEARS FURNISHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R J Rosevear
-
892
5,500
(5,500)
892
Mr G D Rosevear
-
2,000
5,000
(5,000)
2,000
2,892
10,500
(10,500)
2,892
These are interest free loans to the directors which are repayable on demand.