The Posh Trading Company Ltd 31/10/2018 iXBRL

THE POSH TRADING COMPANY LTD - Company Information

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Company registration number: 08760295

The Posh Trading Company Ltd

Unaudited filleted financial statements

31 October 2018

The Posh Trading Company Ltd

Contents

Statement of financial position

Notes to the financial statements

The Posh Trading Company Ltd

Statement of financial position

31 October 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	12,193		14,198
Tangible assets	6	1,892		3,784
		_______		_______
			14,085		17,982

Current assets
Stocks		64,323		48,249
Debtors	7	42,045		42,849
Cash at bank and in hand		782		2,758
		_______		_______
		107,150		93,856
Creditors: amounts falling due
within one year	8	( 843,569)		( 709,372)
		_______		_______
Net current liabilities			( 736,419)		( 615,516)
			_______		_______
Total assets less current liabilities			( 722,334)		( 597,534)

			_______		_______
Net liabilities			( 722,334)		( 597,534)
			_______		_______

Capital and reserves
Called up share capital			200		200
Profit and loss account			( 722,534)		( 597,734)
			_______		_______
Shareholders deficit			( 722,334)		( 597,534)
			_______		_______

For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 25 July 2019 , and are signed on behalf of the board by:

Ms S C Ward

Director

Company registration number: 08760295

The Posh Trading Company Ltd

Notes to the financial statements

Year ended 31 October 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 Suite 12 Quayside Lodge, William Morris Way, Fulham, London, SW6 2UZ.

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 31 October 2018 the company had excess liabilities over assets totalling £722,334. The company is dependent upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on the going concern basis.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

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:


Patents	-	10 %	straight line

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:


Fittings fixtures and equipment	-	20 %	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.

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.

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.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 1 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 November 2017 and 31 October 2018	20,046	20,046
	_______	_______
Amortisation
At 1 November 2017	5,848	5,848
Charge for the year	2,005	2,005
	_______	_______
At 31 October 2018	7,853	7,853
	_______	_______
Carrying amount
At 31 October 2018	12,193	12,193
	_______	_______
At 31 October 2017	14,198	14,198
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 November 2017 and 31 October 2018	9,459	9,459
	_______	_______
Depreciation
At 1 November 2017	5,675	5,675
Charge for the year	1,892	1,892
	_______	_______
At 31 October 2018	7,567	7,567
	_______	_______
Carrying amount
At 31 October 2018	1,892	1,892
	_______	_______
At 31 October 2017	3,784	3,784
	_______	_______

7. Debtors

	2018	2017
	£	£
Trade debtors	7,388	6,091
Other debtors	34,657	36,758
	_______	_______
	42,045	42,849
	_______	_______

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	9	-
Trade creditors	7,195	14,045
Amounts owed to group undertakings and undertakings in which the company has a participating interest	820,167	693,743
Other creditors	16,198	1,584
	_______	_______
	843,569	709,372
	_______	_______

9. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Ms S C Ward	1,042	( 15,740)	( 14,698)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Ms S C Ward	-	1,042	1,042
		_______	_______	_______

10. Related party transactions

During the year the company purchased consultancy services totalling £7,500 (2017: £30,000) from K Ward a daughter of the director. At 31 October 2018 the company owed £820,166 (2017 - £693,743) to Sarah Ward Associates Limited the company's parent company.