Edmunds & Clarke Furniture Limited - Period Ending 2017-03-31

Edmunds & Clarke Furniture Limited - Period Ending 2017-03-31


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Registration number: 09287743

Edmunds & Clarke Furniture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

Edmunds & Clarke Furniture Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Edmunds & Clarke Furniture Limited

Company Information

Directors

S Clarke

P Edmunds

H J Clarke

I E D Edmunds

Registered office

59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Edmunds & Clarke Furniture Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edmunds & Clarke Furniture Limited for the year ended 31 March 2017 as set out on pages 3 to 7 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

It is your duty to ensure that Edmunds & Clarke Furniture Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Edmunds & Clarke Furniture Limited. You consider that Edmunds & Clarke Furniture 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 accounts of Edmunds & Clarke Furniture 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 accounts.

......................................

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

7 August 2017

 

Edmunds & Clarke Furniture Limited

(Registration number: 09287743)
Balance Sheet as at 31 March 2017

Note

2017

2016

Fixed assets

 

Tangible assets

4

58,078

52,257

Current assets

 

Stocks

5

108,370

98,683

Debtors

6

18,766

12,549

Cash at bank and in hand

 

47,895

122,308

 

175,031

233,540

Creditors: Amounts falling due within one year

7

(206,047)

(265,113)

Net current liabilities

 

(31,016)

(31,573)

Total assets less current liabilities

 

27,062

20,684

Provisions for liabilities

(5,076)

(1,811)

Net assets

 

21,986

18,873

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

21,886

18,773

Total equity

 

21,986

18,873

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 August 2017 and signed on its behalf by:
 

.........................................

S Clarke

Director

 

Edmunds & Clarke Furniture Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

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

The address of its registered office is:
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB
United Kingdom

The principal place of business is:
1A Barton Road
Bury St Edmunds
Suffolk
IP32 7BE

These financial statements were authorised for issue by the Board on 7 August 2017.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold property

10 years straight line

Furniture, fittings and equipment

33% straight line

Motor vehicles

25% reducing balance

Other property, plant and equipment

25% reducing balance

 

Edmunds & Clarke Furniture Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 4).

 

Edmunds & Clarke Furniture Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Tangible assets

Land and buildings

Furniture, fittings and equipment

Motor vehicles

Other property, plant and equipment

Total

Cost or valuation

At 1 April 2016

29,619

1,157

38,110

735

69,621

Additions

-

1,060

22,690

267

24,017

Disposals

-

-

(3,420)

-

(3,420)

At 31 March 2017

29,619

2,217

57,380

1,002

90,218

Depreciation

At 1 April 2016

4,497

726

11,910

231

17,364

Charge for the period

3,373

642

11,636

194

15,845

Eliminated on disposal

-

-

(1,069)

-

(1,069)

At 31 March 2017

7,870

1,368

22,477

425

32,140

Carrying amount

At 31 March 2017

21,749

849

34,903

577

58,078

At 31 March 2016

25,122

431

26,200

504

52,257

Included within the net book value of land and buildings above is £21,749 (2016 - £25,122) in respect of short leasehold land and buildings.
 

 

Edmunds & Clarke Furniture Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Stocks

2017

2016

Finished goods and goods for resale

108,370

98,683

6

Debtors

2017

2016

Trade debtors

5,368

199

Other debtors

13,398

12,350

Total current trade and other debtors

18,766

12,549

7

Creditors

2017

2016

Due within one year

Trade creditors

4,372

8,629

Taxation and social security

31,423

50,757

Other creditors

170,252

205,727

206,047

265,113

8

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £32,055 (2016 - £57,055).

9

Transition to FRS 102

This is the first year in which the financial statements have been prepared under FRS 102. The transition to FRS 102 has not involved any changes to the company’s accounting policies and has not therefore had any effects on its reported financial position and financial performance.