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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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G. H. FRITH (BODELWYDDAN) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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FOR |
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G. H. FRITH (BODELWYDDAN) LIMITED |
G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 2 | to | 6 |
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G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2019 |
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31.5.19 | 31.5.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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1. | STATUTORY INFORMATION |
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The company is a private company limited by shares, registered in England and Wales. The address |
of the registered office is Kaydon House, Kinmel Park, Bodelwyddan, Denbighshire, LL18 5TY. The |
principal activity of the company is the retail of rugs. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
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Key sources of estimation uncertainty |
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Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely |
equal the related actual outcome. The key assumptions and other sources of estimation uncertainty |
that have a significant risk of causing a material adjustment to the carrying amounts of assets and |
liabilities within the next financial year are as follows: |
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As described in the accounting policies of the financial statements, depreciation of tangible fixed |
assets has been based on estimated useful lives and residual values deemed appropriate by the |
directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. |
Revisions take in to account actual asset lives and residual values as evidenced by disposals during |
current and prior accounting periods |
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Revenue recognition |
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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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. |
G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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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. |
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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. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the |
contractual provisions of the instrument. |
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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. |
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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. |
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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. |
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Corporation tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, 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 statement of financial position date. |
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G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position 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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Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The |
aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a |
straight-line basis. |
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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. |
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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. |
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Employee Benefits |
The company provides a range of benefits to employees. Short term benefits, including holiday pay, |
are recognised as an expense in the profit and loss account in the period in which they are incurred. |
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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. |
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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. |
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Going concern |
The financial statements have been prepared on the going concern basis which assumes that the |
company will continue to trade for the foreseeable future, and continue to receive the support from the |
company directors. |
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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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G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2018 |
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Additions |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Amounts owed by group undertakings are unsecured and interest free with no fixed repayment date. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Trade creditors |
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Tax |
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VAT | 21,235 | 11,385 |
Other creditors |
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Directors' loan accounts | 30,000 | 30,000 |
Accrued expenses |
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Amounts owed to group undertakings are unsecured and interest free with no fixed repayment date. |
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Debenture dated 18 August 2010 in favour of Natwest Bank Plc incorporating a fixed and floating |
charge over all assets present and future. |
G. H. FRITH (BODELWYDDAN) LIMITED (REGISTERED NUMBER: 06911352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.19 | 31.5.18 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | RELATED PARTY DISCLOSURES |
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Details of the transactions between fellow group companies have not been disclosed in line with |
paragraph 33.1A of FRS102. |
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During the year transactions took place between the company and its directors: |
£30,000 was due to the directors at the start and end of the year. |
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9. | EVENTS AFTER THE REPORTING PERIOD |
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There were no significant events up to the date of approval of the financial statements by the Board. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Anchin Rugs Limited, a company incorporated in England and Wales. |
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11. | GOING CONCERN |
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The directors' have reviewed the company's trading and cashflow position and have provided |
assurances that they will continue to provide support to the company in order that it may continue its |
activities, as hitherto. Consequently the director's are of the opinion that the financial statements |
should be prepared on a going concern basis. |