Little Hulton News & Booze Ltd
Little Hulton News & Booze Ltd
Registered number: 04949093
Unaudited Financial Statements
For The Year Ended 31 December 2016
Advantage ATO
Chartered Certified Accountants
136 Elliott Street
Tyldesley
Greater Manchester
M29 8FJ
Little Hulton News & Booze Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2016
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4—11 |
Little Hulton News & Booze Ltd
Balance Sheet
As at
31 December 2016
Balance Sheet
Registered number:
04949093
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
31 December 2016 | Period to 31 December 2015 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 7 |
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Tangible Assets | 8 |
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CURRENT ASSETS | |||||
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 11 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 12 |
( |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 15 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS | 12,345 | 14,104 | |||
Page 1
Little Hulton News & Booze Ltd
Balance Sheet (continued)
As at
31 December 2016
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 4 to 11 form part of these financial statements.
Page 2
Little Hulton News & Booze Ltd
Statement of Changes in Equity
For The Year Ended 31 December 2016
Statement of Changes in Equity
Share Capital | Profit & Loss Account | Total | |
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£ | £ | £ | |
As at 1 December 2015 |
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11,478 |
Profit for the period and total comprehensive income | - |
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22,626 |
Dividends paid | - | (20,000) | (20,000) |
As at 31 December 2015 and 1 January 2016 |
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14,104 |
Loss for the year and total comprehensive income | - |
( |
(1,759) |
As at |
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12,345 |
Page 3
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 December 2016
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
At the balance sheet date the company had net current liabilities. The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of over the counter goods supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives as disclosed below.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
1.8.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial lnstruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.9.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11.
Basic financial assets and liabilities
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities, including trade and other payables that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.12.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Wages and salaries |
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Social security costs |
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Page 5
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
31 December 2016 | Period to 31 December 2015 | ||
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Office and administration |
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Sales, marketing and distribution |
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5.
Interest Payable
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Bank loans and overdrafts |
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Finance charges payable under finance leases and hire purchase contracts |
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7.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at |
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As at |
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Amortisation | |||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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Page 6
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
8.
Tangible Assets
Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at |
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Additions |
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Disposals |
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( |
( |
( |
As at |
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Depreciation | ||||
As at |
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Provided during the period |
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Disposals |
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( |
( |
As at |
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Net Book Value | ||||
As at |
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As at |
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Plant & Machinery |
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Fixtures & Fittings |
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9.
Stocks
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Stock - finished goods |
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Page 7
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
10.
Debtors
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Due within one year | |||
Prepayments and accrued income |
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Corporation tax recoverable assets |
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VAT | - |
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11.
Creditors: Amounts Falling Due Within One Year
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Other taxes and social security |
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VAT |
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- | |
Accruals and deferred income |
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Directors' loan accounts |
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12.
Creditors: Amounts Falling Due After More Than One Year
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Page 8
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
Secured Creditors
Net obligations under finance lease and hire purchase agreements are secured over the asset to which they relate.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Of the creditors falling due within and after more than one year the following amounts are secured.
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts | 33,143 | - |
13.
Obligations Under Finance Leases and Hire Purchase
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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Between one and five years |
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14.
Deferred Taxation
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
As at |
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Deferred taxation |
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Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 9
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
16.
Other Commitments
Operating lease payments represent rentals payable by the company for the premises it operates out of. Leases are negotiated for an average of five year and rentals are fixed for an average of five years.
At the end of the period the company had minimum lease payments under non-cancellable leases as follows:
Land and buildings | ||
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31 December 2016 | Period to 31 December 2015 | |
£ | £ | |
Leases due to expire | ||
Within 1 year | 9,000 | 9,000 |
Between 1 and 5 years | 36,000 | 36,000 |
After 5 years | 77,250 | 81,000 |
122,250 | 126,000 | |
17.
Transactions With and Loans to Directors
Included within creditors are the following loans to directors:
As at |
Amounts advanced | Amounts repaid | As at |
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£ | £ | £ | £ | |
Mr Gary Taylor |
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Mr Michael Fisher |
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The above loan is unsecured, interest free and repayable on demand.
18.
Dividends
31 December 2016 | Period to 31 December 2015 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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- | 20,000 | ||
Page 10
Little Hulton News & Booze Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
19.
Controlling Party
The company's controlling parties are Mr Gary Taylor and Mr Michael Fisher by virtue of their combined ownership of 100% of the issued share capital in the company.
20.
General Information
Little Hulton News & Booze Ltd Registered number 04949093 is a limited by shares company incorporated in England & Wales. The Registered Office is 136 Elliott Street, Tyldesley, Manchester, M29 8FJ.
Page 11