Richard Cook (Furnishers) Limited - Period Ending 2019-03-31

Richard Cook (Furnishers) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 04510823

Richard Cook (Furnishers) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Richard Cook (Furnishers) Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	5	3,163	14,452
Current assets
Stocks		-	127,501
Debtors	6	128,570	144,802
Cash at bank and in hand		132,482	282,084
		261,052	554,387
Creditors: Amounts falling due within one year	7	(30,562)	(153,079)
Net current assets		230,490	401,308
Total assets less current liabilities		233,653	415,760
Provisions for liabilities		(538)	(2,457)
Net assets		233,115	413,303
Capital and reserves
Called up share capital	8	1,000	1,000
Profit and loss account		232,115	412,303
Total equity		233,115	413,303

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Richard Cook (Furnishers) Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 July 2019
 

......................................... Mr R E E Nunn Director

Company Registration Number: 04510823

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
21-24 Killigrew Street
Falmouth
Cornwall
TR11 3PN

These financial statements were authorised for issue by the director on 26 July 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and discounts.

The company recognises revenue at the point of sale in the shop.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2018 - 13).

Page 5

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Intangible assets

	Goodwill  £
Cost or valuation
At 1 April 2018	180,000
At 31 March 2019	180,000
Amortisation
At 1 April 2018	180,000
At 31 March 2019	180,000
Carrying amount
At 31 March 2019	-

5	Tangible assets

	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 April 2018	35,543	79,832	115,375
Disposals	(28,044)	(79,832)	(107,876)
At 31 March 2019	7,499	-	7,499
Depreciation
At 1 April 2018	29,265	71,658	100,923
Charge for the year	1,055	-	1,055
Eliminated on disposal	(25,984)	(71,658)	(97,642)
At 31 March 2019	4,336	-	4,336
Carrying amount
At 31 March 2019	3,163	-	3,163
At 31 March 2018	6,278	8,174	14,452

Page 6

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Debtors

	2019  £	2018  £
Trade debtors	2,500	21,272
Other debtors	126,070	113,059
Prepayments	-	10,471
	128,570	144,802

7

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Trade creditors	121	51,668
Social security and other taxes	9,258	27,842
Other creditors	-	189
Accrued expenses	21,183	6,698
Corporation tax	-	36,368
Payments on account	-	30,314
	30,562	153,079

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

Page 7

Richard Cook (Furnishers) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

9	Related party transactions

Advances to directors

2019	At 1 April 2018 £	Advances to director £	Repayments by director £	At 31 March 2019 £
Directors Loan Account	(85,276)	2,735	(2,334)	(84,875)

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
Directors Loan Account	314	151,449	(237,038)	(85,276)

No interest has been charged to the director's loan account.

Page 8