Registration number:
The Terrace Exeter Limited
for the Period from 30 September 2016 to 30 April 2017
1 Colleton Crescent
Exeter
Devon
EX2 4DG
The Terrace Exeter Limited
(Registration number: 10106642)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Terrace Exeter Limited
(Registration number: 10106642)
Company Information
Directors |
Mr S Keough Mr M J Hill Mrs A T Hill |
Registered office |
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Accountants |
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Page 1 |
The Terrace Exeter Limited
(Registration number: 10106642)
Balance Sheet as at 30 April 2017
Note |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
The Terrace Exeter Limited
(Registration number: 10106642)
Balance Sheet as at 30 April 2017
For the financial period ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr S Keough
Director
Page 3 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
General information |
The company is a private company limited by share capital incorporated in the United Kingdom.
The address of its registered office is:
The principal place of business is:
19, Higher Market Guildhall
Queen Street
Exeter
Devon
EX4 3FB
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has net liabilities. The company will continue to have the support of the directors and in their opinion the company will be able to pay its liabilities as they fall due.
Accordingly, the directors believe that the company can continue as a going concern and the accounts have been prepared on this basis.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Improvements |
10% straight line |
Fixtures and fittings |
10% straight line |
Office equipment |
33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Separately acquired brandings are shown at historical cost.
Intangible assets relating to branding have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Branding |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 6 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 7 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Intangible assets |
Branding |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 April 2017 |
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Amortisation |
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Amortisation charge |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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Tangible assets |
Leasehold property improvements |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 April 2017 |
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Depreciation |
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Charge for the |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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Included within the net book value of land and buildings above is £744,862 in respect of long leasehold land and buildings.
Page 8 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Investments |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 April 2017 |
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Stocks |
2017 |
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Other stocks |
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Debtors |
Note |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Prepayments and accrued income |
7,203 |
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Total current trade and other debtors |
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Page 9 |
The Terrace Exeter Limited
(Registration number: 10106642)
Notes to the Financial Statements for the Period from 30 September 2016 to 30 April 2017
Creditors |
Note |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
40,603 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Creditors falling due within one year includes bank borrowings of £50,750, bank overdrafts of £141,381 and finance leases of £14,514, on which security has been given by the company.
Page 10 |