Birdham Stores Limited 31/05/2018 iXBRL


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Statement of consent to prepare abridged financial statements
All of the members of Birdham Stores Limited have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 05060686
Birdham Stores Limited
Unaudited filleted abridged financial statements
31 May 2018
Birdham Stores Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Birdham Stores Limited
Directors and other information
Directors Depen Chudasama
Dilip D Chudasama
Secretary Depen Chudasama
Company number 05060686
Registered office Main Road
Birdham
Chichester
West Sussex
PO20 7HU
Birdham Stores Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 68,163 79,519
Tangible assets 6 68,418 76,713
Investments 7 1,500 1,500
_______ _______
138,081 157,732
Current assets
Stocks 72,354 66,658
Debtors 8 1,363 4,211
Cash at bank and in hand 584,775 542,997
_______ _______
658,492 613,866
Creditors: amounts falling due
within one year 9 ( 192,073) ( 202,126)
_______ _______
Net current assets 466,419 411,740
_______ _______
Total assets less current liabilities 604,500 569,472
Creditors: amounts falling due
after more than one year 10 ( 185,096) ( 204,750)
Provisions for liabilities ( 7,176) ( 8,941)
_______ _______
Net assets 412,228 355,781
_______ _______
Capital and reserves
Called up share capital 11 126 126
Other reserve 74 74
Profit and loss account 412,028 355,581
_______ _______
Shareholders funds 412,228 355,781
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2019 , and are signed on behalf of the board by:
Depen Chudasama
Director
Company registration number: 05060686
Birdham Stores Limited
Statement of changes in equity
Year ended 31 May 2018
Called up share capital Other reserve Profit and loss account Total
£ £ £ £
At 1 June 2016 126 74 271,684 271,884
Profit for the year 162,892 162,892
_______ _______ _______ _______
Total comprehensive income for the year - - 162,892 162,892
Dividends paid and payable ( 78,995) ( 78,995)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 78,995) ( 78,995)
_______ _______ _______ _______
At 31 May 2017 and 1 June 2017 126 74 355,581 355,781
Profit for the year 108,167 108,167
_______ _______ _______ _______
Total comprehensive income for the year - - 108,167 108,167
Dividends paid and payable ( 51,720) ( 51,720)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 51,720) ( 51,720)
_______ _______ _______ _______
At 31 May 2018 126 74 412,028 412,228
_______ _______ _______ _______
Birdham Stores Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Main Road, Birdham, Chichester, West Sussex, PO20 7HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. 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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2017 and 31 May 2018 227,135 227,135
_______ _______
Amortisation
At 1 June 2017 147,616 147,616
Charge for the year 11,356 11,356
_______ _______
At 31 May 2018 158,972 158,972
_______ _______
Carrying amount
At 31 May 2018 68,163 68,163
_______ _______
At 31 May 2017 79,519 79,519
_______ _______
6. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 June 2017 25,259 343,612 368,871
Additions - 6,098 6,098
_______ _______ _______
At 31 May 2018 25,259 349,710 374,969
_______ _______ _______
Depreciation
At 1 June 2017 22,940 269,218 292,158
Charge for the year 2,319 12,074 14,393
_______ _______ _______
At 31 May 2018 25,259 281,292 306,551
_______ _______ _______
Carrying amount
At 31 May 2018 - 68,418 68,418
_______ _______ _______
At 31 May 2017 2,319 74,394 76,713
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 June 2017 and 31 May 2018 1,500 1,500
_______ _______
Impairment
At 1 June 2017 and 31 May 2018 - -
_______ _______
Carrying amount
At 31 May 2018 1,500 1,500
_______ _______
At 31 May 2017 1,500 1,500
_______ _______
8. Debtors
2018 2017
£ £
Trade debtors 672 2,147
Other debtors 691 2,064
_______ _______
1,363 4,211
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 36,007 17,252
Trade creditors 76,382 82,550
Corporation tax 25,903 41,680
Social security and other taxes 10,318 1,154
Director loan accounts 39,228 37,098
Other creditors - 22,392
_______ _______
192,073 202,126
_______ _______
10. Creditors: amounts falling due after more than one year
2018 2017
£ £
Secured bank loans 185,096 204,750
_______ _______
The bank loan is secured by a fixed and floating charge over the company's assets.
11. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary share shares of £ 1.00 each 126 126 126 126
_______ _______ _______ _______
12. Directors advances, credits and guarantees
At the end of the year, the company owed £39,228 (2017 - £37,098) to Depen Chudasama who is a director of the company.
13. Related party transactions
In accordance to a lease dated 27th May 2004, the company paid annual rent of £45,000 (2017 - £45,000) to Depen Chudasama who owns the freehold premises.
14. Controlling party
During the year the company was controlled by Depen Chudasama who is a director and shareholder of the company.