Company Registration No. 04652398 (England and Wales)
KATE NEGUS SADDLERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
KATE NEGUS SADDLERY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KATE NEGUS SADDLERY LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,744
7,138
Current assets
Stocks
65,049
57,912
Debtors
4
5,710
2,974
Cash at bank and in hand
5,628
8,217
76,387
69,103
Creditors: amounts falling due within one year
5
(194,297)
(170,791)
Net current liabilities
(117,910)
(101,688)
Total assets less current liabilities
(96,166)
(94,550)
Capital and reserves
Called up share capital
6
10
10
Profit and loss reserves
(96,176)
(94,560)
Total equity
(96,166)
(94,550)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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
and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and signed by the director and authorised for issue on 6 September 2019
Mrs J K Andrews
Director
Company Registration No. 04652398
KATE NEGUS SADDLERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Kate Negus Saddlery Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
17 Market Place, Devizes, Wiltshire, SN10 1BA.
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Plant, fixtures, fittings and equipment
25% of the net book value on a reducing balance basis
Motor vehicles
25% of the net book value on a reducing balance basis
Website
33.3% of the value on a straight line basis
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
.
1.4
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.
KATE NEGUS SADDLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
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.
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.
Financial assets classified as receivable within one year are not amortised.
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.
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.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
KATE NEGUS SADDLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
3
Tangible fixed assets
Plant, fixtures, fittings and equipment
Motor vehicles
Website
Total
£
£
£
£
Cost
At 1 April 2018
30,421
-
4,500
34,921
Additions
4,040
23,842
-
27,882
Disposals
(19,078)
-
-
(19,078)
At 31 March 2019
15,383
23,842
4,500
43,725
Depreciation and impairment
At 1 April 2018
24,783
-
3,000
27,783
Depreciation charged in the year
1,288
5,960
1,500
8,748
Eliminated in respect of disposals
(14,550)
-
-
(14,550)
At 31 March 2019
11,521
5,960
4,500
21,981
Carrying amount
At 31 March 2019
3,862
17,882
-
21,744
At 31 March 2018
5,638
-
1,500
7,138
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
19
333
Other debtors
5,691
2,641
5,710
2,974
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,566
7,415
Taxation and social security
-
655
Other creditors
191,731
162,721
194,297
170,791
KATE NEGUS SADDLERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10