Company Registration No. 08647804 (England and Wales)
A P BRANDS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2017
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Herts
AL1 3SE
A P BRANDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
A P BRANDS LIMITED
BALANCE SHEET
AS AT 29 AUGUST 2017
29 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,000
-
Tangible assets
4
685
608
Current assets
Debtors
5
193,692
83,646
Cash at bank and in hand
75,495
48,408
269,187
132,054
Creditors: amounts falling due within one year
6
(153,415)
(115,188)
Net current assets
115,772
16,866
Total assets less current liabilities
156,457
17,474
Capital and reserves
Called up share capital
7
2
2
Share premium account
455,121
219,814
Profit and loss reserves
(298,666)
(202,342)
Total equity
156,457
17,474
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 Period ended 29 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 Period 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 29 August 2018 and are signed on its behalf by:
Mr T Lock
Director
Company Registration No. 08647804
A P BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2017
- 2 -
1
Accounting policies
Company information
A P Brands Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
23 Ely Gardens, Tonbridge, Kent, TN10 4NZ.
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 Period ended 29 August 2017
are the
first
financial statements of A P Brands 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 31 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
The accounting period was reduced by 1 day to 29th August 2017.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives
.
1.5
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.
A P BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
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
33% Straight line
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
.
1.6
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).
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
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 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.
A P BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
3
Intangible fixed assets
Intellectual Property
£
Cost
At 31 August 2016
-
Additions
50,000
At 29 August 2017
50,000
Amortisation and impairment
At 31 August 2016
-
Amortisation charged for the Period
10,000
At 29 August 2017
10,000
Carrying amount
At 29 August 2017
40,000
At 30 August 2016
-
A P BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2017
3
Intangible fixed assets
(Continued)
- 5 -
The intangible asses relates to the purchase of intellectual property rights.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 August 2016
1,657
Additions
931
At 29 August 2017
2,588
Depreciation and impairment
At 31 August 2016
1,049
Depreciation charged in the Period
854
At 29 August 2017
1,903
Carrying amount
At 29 August 2017
685
At 30 August 2016
608
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
193,692
83,646
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
97,705
84,369
Other taxation and social security
23,850
27,243
Other creditors
31,860
3,576
153,415
115,188
A P BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2017
- 6 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
202,953 Ordinary of 0.00001p each
2
2
2
2
Reconciliation of movements during the Period:
Number
At 31 August 2016
189,600
Issue of fully paid shares
13,353
At 29 August 2017
202,953