Books Express Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07662964 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

Books Express Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

J G Evans

D G Evans

M A Evans

REGISTERED OFFICE:

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

REGISTERED NUMBER:

07662964 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Intangible assets

4

24,000

32,000

Tangible assets

5

396,015

270,639

420,015

302,639

CURRENT ASSETS

Stocks

17,244

19,456

Debtors

6

13,815

25,991

Cash at bank

19

-

31,078

45,447

CREDITORS

Amounts falling due within one year

7

371,189

219,102

NET CURRENT LIABILITIES

(340,111

)

(173,655

)

TOTAL ASSETS LESS CURRENT LIABILITIES

79,904

128,984

PROVISIONS FOR LIABILITIES

8

4,906

2,964

NET ASSETS

74,998

126,020

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

74,898

125,920

SHAREHOLDERS' FUNDS

74,998

126,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 21 June 2019 and were signed on its behalf by:

J G Evans - Director

1.	STATUTORY INFORMATION

Books Express Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue from the sale of goods is only recognised when they have been delivered.

Goodwill

Goodwill being the amount in relation to the aquisition of a business via incorporation in 2011 and is being

amortised evenly over its estimated useful life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Freehold property is being depreciated to its estimated residual value of £195,300 at a rate of 4% per annum on a

straight line basis over its estimated useful life of twenty five years.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making

due allowance for obsolete and slow moving items. The cost of inventories includes all costs of purchase, costs

of conversion and other costs incurred in bringing the inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant

risk of change in value.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measure at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

80,000

AMORTISATION

At 1 October 2017

48,000

Amortisation for year

8,000

At 30 September 2018

56,000

NET BOOK VALUE

At 30 September 2018

24,000

At 30 September 2017

32,000

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 October 2017

253,040

38,061

15,869

306,970

Additions

137,564

4,238

-

141,802

At 30 September 2018

390,604

42,299

15,869

448,772

DEPRECIATION

At 1 October 2017

12,599

19,765

3,967

36,331

Charge for year

7,812

5,638

2,976

16,426

At 30 September 2018

20,411

25,403

6,943

52,757

NET BOOK VALUE

At 30 September 2018

370,193

16,896

8,926

396,015

At 30 September 2017

240,441

18,296

11,902

270,639

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

8,715

15,589

VAT

5,100

10,402

13,815

25,991

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans and overdrafts

-

4,682

Trade creditors

50,917

21,966

Taxation

6,395

14,423

Social security and other taxes

112

-

Other creditors

53,660

-

Directors' current accounts

257,230

175,806

Accrued expenses

2,875

2,225

371,189

219,102

8.	PROVISIONS FOR LIABILITIES

30.9.18

30.9.17

£

£

Deferred tax

Accelerated capital allowances

4,906

2,964

Deferred

tax

£

Balance at 1 October 2017

2,964

Provided during year

1,942

Balance at 30 September 2018

4,906

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.18

30.9.17

value:

£

£

100

Ordinary

£1

100

100

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J G Evans.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Books Express Limited for the year ended 30 September 2018 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Books Express Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Books Express Limited and state those matters that we have agreed to state to the Board of Directors of Books Express Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Books Express Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Books Express Limited 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 profit of Books Express Limited. You consider that Books Express Limited 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 Books Express Limited. 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.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

21 June 2019