Company Registration No. 06848970 (England and Wales)
KARSTEN SCHUBERT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
KARSTEN SCHUBERT LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
KARSTEN SCHUBERT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KARSTEN SCHUBERT LIMITED FOR THE YEAR ENDED 31 MARCH 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Karsten Schubert Limited for the year ended 31 March 2019 set out on pages to 5 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of
the Company
, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of
the Company
and state those matters that we have agreed to state to the Board of Directors of
the Company
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company
and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that
the Company
has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of
the Company
. You consider that
the Company
is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of
the Company
. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Simpson Wreford LLP
23 December 2019
Chartered Accountants
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
KARSTEN SCHUBERT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
2,267
Current assets
Stocks
1,026,994
1,072,092
Debtors
4
134,226
719,125
Cash at bank and in hand
3,254
23,289
1,164,474
1,814,506
Creditors: amounts falling due within one year
5
(734,922)
(1,207,405)
Net current assets
429,552
607,101
Total assets less current liabilities
429,552
609,368
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
429,452
609,268
Total equity
429,552
609,368
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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 23 December 2019 and are signed on its behalf by:
T G Rowland
Director
Company Registration No. 06848970
KARSTEN SCHUBERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Karsten Schubert Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
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
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:
Land and buildings Leasehold
5 years straight line
Fixtures, fittings & equipment
25% on cost
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
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).
1.5
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.
1.6
Cash at bank and in hand
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.
KARSTEN SCHUBERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2018 - 3).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
61,393
5,986
67,379
Disposals
-
(2,179)
(2,179)
At 31 March 2019
61,393
3,807
65,200
Depreciation and impairment
At 1 April 2018
60,079
5,033
65,112
Depreciation charged in the year
1,314
953
2,267
Transfers
-
(2,179)
(2,179)
At 31 March 2019
61,393
3,807
65,200
Carrying amount
At 31 March 2019
-
-
-
At 31 March 2018
1,314
953
2,267
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
77,342
673,336
Other debtors
56,884
45,789
134,226
719,125
KARSTEN SCHUBERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
258,308
887,392
Taxation and social security
24,258
23,964
Other creditors
452,356
296,049
734,922
1,207,405
Other creditors include a loan from the director of £348,499 (2018 - £192,584 ). No interest is paid on the loan, which is repayable on demand.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Control
The ultimate parent company is KAS Fine Art Limited. Ultimate control is held by K A Schubert who is the director and sole shareholder of the parent company.