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Registered number: 8608755
CAMBERS COUNTRY STORES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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CAMBERS COUNTRY STORES LIMITED
REGISTERED NUMBER: 8608755
BALANCE SHEET
AS AT 31 MARCH 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
 Page 1
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CAMBERS COUNTRY STORES LIMITED
REGISTERED NUMBER: 8608755
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2017
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr R J Cartwright
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The notes on pages 3 to 12 form part of these financial statements.
Page 2
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Cambers Country Stores Limited (company number 8608755) is a private limited company, limited by shares, incorporated in England and Wales, with its registered office at Ryton Farm, Ryton, Shrewsbury, Shropshire, SY5 7LY. The Company's principal place of business is at Harley, Shrewsbury, Shropshire, SY5 6LN.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
·the Company has transferred the significant risks and rewards of ownership to the buyer;
·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
·the amount of revenue can be measured reliably;
·it is probable that the Company will receive the consideration due under the transaction; and
·the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 3
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Freehold property and property improvements
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Fixtures, fittings and office equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Page 4
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.
All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.
Page 5
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 9 (2016 - 10).
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Page 6
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Page 7
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Freehold property and property improvements
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Fixtures, fittings and office equipment
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 8
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to parent company
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Loan from R J & J A Cartwright
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured loans
The bank loans are secured against the Freehold Property owned by the Company, and against 102.36 acres of land owned jointly between Mr R J Cartwright (director and shareholder) and Mrs J A Cartwright (director and shareholder), up to a limit of £200,000.
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Page 9
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 10
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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There are no financial assets or liabilities measured at fair value through the profit and loss account as at 31 March 2017 or 31 March 2016.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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13.Directors' personal guarantees
Mr R J Cartwright (director and shareholder) and Mrs J A Cartwright (director and shareholder) have jointly provided a guarantee to the Company. The Company's borrowings are secured against 102.36 acres of land owned jointly by Mr & Mrs Cartwright, up to a limit of £200,000.
Page 11
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CAMBERS COUNTRY STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Related party transactions
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During the year, the Company operated a loan account with its parent Company, 3JC Limited. Shown within creditors due within one year is the outstanding loan balance as at 31 March 2017, which totalled £127,271 (2016 - £124,533). The maximum amount due at any time during the year was £127,271. Cambers Country Stores Limited loaned an additional £2,738 from 3JC Limited during the year, and made no loan repayments. There are no fixed repayment terms for this loan as it is repayable on demand. Interest has been charged at a rate of 0% per annum.
The Company also operated a loan account with the unincorporated business, RJ & JA Cartwright, a Partnership in which the Directors of Cambers Country Stores Limited are Partners. Shown within creditors due within one year is the outstanding loan balance as at 31 March 2017, which totalled £353 (2016 - £16). The maximum amount due at any time during the year was £353. Cambers Country Stores Limited loaned an additional £337 from RJ & JA Cartwright during the year, and made no loan repayments. There are no fixed repayment terms for this loan as it is repayable on demand. Interest has been charged at a rate of 0% per annum.
Within trade debtors is an amount receivable from 3JC Limited for the sum of £700 (2016 - £NIL). Also within trade debtors is an amount receivable from RJ & JA Cartwright for the sum of £2,286 (2016 - £1,294).
Within trade creditors is an amount payable to the RJ & JA Cartwright Partnership for the sum of £16,298 (2016 - £2,498). Also within trade creditors is an amount payable to 3JC Limited for the sum of £14,792.
During the year, the Company purchased goods for re-sale from the RJ & JA Cartwright Partnership for the sum of £41,201 (2016 - £36,676), and sold goods to the Partnership amounting to £9,474 (2016 - £7,711).
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The Company is under the control of its parent Company, 3JC Limited. The registered office of the parent Company is Ryton Farm, Ryton, Shrewsbury, Shropshire, SY5 7LY.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 12
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