Rushstamps (Retail) Ltd - Limited company accounts 11.7

REGISTERED NUMBER: 01949347 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 October 2014

for

RUSHSTAMPS (RETAIL) LTD

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

A M Grant Esq

Mrs C L Grant

E J Friedman Esq

Mrs S J Brunsdon

SECRETARY:

Mrs C L Grant

REGISTERED OFFICE:

Prospect House

50 Leigh Road

Eastleigh

Hampshire

SO50 9DT

REGISTERED NUMBER:

01949347 (England and Wales)

ACCOUNTANTS:

Walji & Co Private Clients Limited

Prospect House

50 Leigh Road

Eastleigh

Hampshire

SO50 9DT

The directors present their report with the financial statements of the company for the year ended 31 October 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Philatelic Dealers.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2013 to the

date of this report.

A M Grant Esq

Mrs C L Grant

E J Friedman Esq

Mrs S J Brunsdon

A M Grant Esq and Mrs C L Grant have an interest in 21st Century Stamps Limited, the ultimate parent

company.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

A M Grant Esq - Director

23 July 2015

TURNOVER

1,224,468

1,357,926

Cost of sales

738,317

752,341

GROSS PROFIT

486,151

605,585

Administrative expenses

508,920

495,960

OPERATING (LOSS)/PROFIT

2

(22,769

)

109,625

Interest receivable and similar income

59

62

(22,710

)

109,687

Interest payable and similar charges

-

43

(LOSS)/PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

(22,710

)

109,644

Tax on (loss)/profit on ordinary
activities

3

(4,422

)

21,779

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(18,288

)

87,865

FIXED ASSETS

Tangible assets

5

13,093

15,525

CURRENT ASSETS

Stocks

245,398

201,825

Debtors

6

13,834

8,756

Cash at bank and in hand

66,424

141,508

325,656

352,089

CREDITORS

Amounts falling due within one year

7

296,886

265,084

NET CURRENT ASSETS

28,770

87,005

TOTAL ASSETS LESS CURRENT
LIABILITIES

41,863

102,530

PROVISIONS FOR LIABILITIES

8

2,136

2,515

NET ASSETS

39,727

100,015

CAPITAL AND RESERVES

Called up share capital

9

100

Profit and loss account

10

39,627

99,915

SHAREHOLDERS' FUNDS

39,727

100,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 23 July 2015 and were signed on its
behalf by:

A M Grant Esq - Director

E J Friedman Esq - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

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

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2013 - operating profit) is stated after charging:

31.10.14

31.10.13

£

Depreciation - owned assets

2,432

2,925

Foreign exchange differences

1,493

276

Directors' remuneration

147,993

145,426

3.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss on ordinary activities for the year was as follows:

31.10.14

31.10.13

£

Current tax:

UK corporation tax

(4,043

)

22,403

Deferred tax

(379

)

(624

)

Tax on (loss)/profit on ordinary activities

(4,422

)

21,779

4.

DIVIDENDS

31.10.14

31.10.13

£

Ordinary shares of £1 each

Interim

42,000

40,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 November 2013

and 31 October 2014

98,174

5,542

103,716

DEPRECIATION

At 1 November 2013

83,233

4,958

88,191

Charge for year

2,240

192

2,432

At 31 October 2014

85,473

5,150

90,623

NET BOOK VALUE

At 31 October 2014

12,701

392

13,093

At 31 October 2013

14,941

584

15,525

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.14

31.10.13

£

Trade debtors

9,524

8,489

Corporation Tax Refundable

4,043

-

Prepayments

267

13,834

8,756

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.14

31.10.13

£

Bank loans and overdrafts

29,309

9,186

Trade creditors

236,085

204,131

Tax

-

22,403

Social security and other taxes

8,159

7,958

VAT

11,921

19,874

Other creditors

10,250

487

Accrued expenses

1,162

1,045

296,886

265,084

8.	PROVISIONS FOR LIABILITIES

31.10.14

31.10.13

£

Deferred tax

2,136

2,515

Deferred

tax

£

Balance at 1 November 2013

2,515

Provided during year

(379

)

Decrease in provision

Increase in provision

Balance at 31 October 2014

2,136

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.14

31.10.13

value:

£

100

Ordinary

£1

100

10.

RESERVES

Profit

and loss

account

£

At 1 November 2013

99,915

Deficit for the year

(18,288

)

Dividends

(42,000

)

At 31 October 2014

39,627

11.	ULTIMATE PARENT COMPANY

21st Century Stamps Limited is regarded by the directors as being the company's ultimate parent

company.

Rushstamps (Retail) Limited is a 100% wholly owned subsidiary.

12.	RELATED PARTY DISCLOSURES

21st Century Stamps Limited

A company in which A and C Grant are directors and shareholders

Purchased consultancy services during the year amounting to £36,000 (2013 - £30,000) from the

parent company.

Dividends of £42,000 were paid to the parent company.