Company Registration No. 01023609 (England and Wales)
CANONBURY ANTIQUES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
Taylor Associates
Chartered Accountants
CANONBURY ANTIQUES LIMITED
COMPANY INFORMATION
Directors
M M Worster
P E Worster
Secretary
Mr M M Worster
Company number
01023609
Registered office
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
Accountants
Taylor Associates
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
CANONBURY ANTIQUES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CANONBURY ANTIQUES LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,303
23,433
Investment properties
4
2,700,000
2,700,000
2,720,303
2,723,433
Current assets
Stocks
980,925
909,700
Debtors
5
73,414
81,852
Cash at bank and in hand
-
307
1,054,339
991,859
Creditors: amounts falling due within one year
6
(858,453)
(743,140)
Net current assets
195,886
248,719
Total assets less current liabilities
2,916,189
2,972,152
Creditors: amounts falling due after more than one year
7
(159,042)
(235,229)
Provisions for liabilities
(481,765)
(490,042)
Net assets
2,275,382
2,246,881
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,275,282
2,246,781
Total equity
2,275,382
2,246,881
CANONBURY ANTIQUES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
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 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 8 November 2017 and are signed on its behalf by:
M M Worster
P E Worster
Director
Director
Company Registration No. 01023609
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
Canonbury Antiques Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.
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.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Canonbury Antiques Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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:
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
1.6
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.
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.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
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 and bank loans
are
initially recognised at transaction
price
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 5 -
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 August 2016
88,998
Additions
3,000
At 31 July 2017
91,998
Depreciation and impairment
At 1 August 2016
65,565
Depreciation charged in the year
6,130
At 31 July 2017
71,695
Carrying amount
At 31 July 2017
20,303
At 31 July 2016
23,433
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Motor vehicles
12,341
16,455
12,341
16,455
Depreciation charge for the year in respect of leased assets
4,114
12,798
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
4
Investment property
2017
£
Fair value
At 1 August 2016 and 31 July 2017
2,700,000
The director have considered the position as at 31 July 2017 and belive there has no material change in fair value of the properties.
On an historical cost basis these would have been included at an original cost of £419,639 (2016: £419,639).
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
48,913
60,055
Other debtors
24,501
21,797
73,414
81,852
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
140,777
128,706
Trade creditors
297,951
344,292
Corporation tax
5,411
1,841
Other taxation and social security
29,015
182
Other creditors
385,299
268,119
858,453
743,140
The bank overdraft and the bank loans are secured by way of a charge on the freehold land and buildings at both 174 Westbourne Grove and 1 Church Street, London.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
159,042
227,470
Other creditors
-
7,759
159,042
235,229
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 8 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 August
31 July
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
2,756,068
2,733,625
Adjustments arising from transition to FRS 102:
Deferred tax adjustment on fair value
1
(489,207)
(486,744)
Equity reported under FRS 102
2,266,861
2,246,881
Reconciliation of loss for the financial period
2016
Notes
£
Loss as reported under previous UK GAAP
(3,443)
Adjustments arising from transition to FRS 102:
Deferred tax adjustment on fair value
1
2,463
Loss reported under FRS 102
(980)
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