The Present Finder Ltd - Period Ending 2016-12-31
The Present Finder Ltd - Period Ending 2016-12-31
Company registration number:
for the Year Ended
The Present Finder Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
The Present Finder Ltd
(Registration number: 04074570)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Deferred tax liabilities |
(10,261) |
(9,419) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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Page 1
The Present Finder Ltd
(Registration number: 04074570)
Balance Sheet as at 31 December 2016
For the financial 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.
Directors' responsibilities:
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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 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. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
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.
This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. No restatements were required to the prior year as a result of transition.
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.
These financial statements are presented in Sterling (£).
Turnover 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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover is recognised when the goods are physically delivered to the customer.
Page 3
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Tangible assets
Tangible assets are stated at cost less accumulated depreciation.
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold land and buildings |
Straight line over remainder of lease expiring in May 2021 |
Furniture, fittings and equipment |
Straight line over 3 and 4 years |
Motor vehicles |
25% reducing balance |
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.
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 debtor.
Stocks
Stock of goods for resale are stated at the lower of cost and estimated selling price less costs to complete and sell. 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 less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Other stocks represent value of catalogues in hand at the year end and are stated at cost.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Page 4
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Tangible assets |
Short leasehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
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- |
- |
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Disposals |
- |
( |
( |
( |
At 31 December 2016 |
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- |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2016 |
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- |
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Carrying amount |
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At 31 December 2016 |
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- |
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At 31 December 2015 |
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Stocks |
2016 |
2015 |
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Goods for resale |
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Other stocks |
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Page 6
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Debtors |
2016 |
2015 |
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Trade debtors |
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Corporation tax |
- |
20,486 |
Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
19 |
- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 7
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
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- |
2016 |
2015 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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Bank borrowings
The bank borrowings are secured by a fixed and floating charge over the company's assets.
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Business premises - The amount payable in less than one year is £24,180, with the remainder of the lease, £80,600, payable within one to five years.
Plant and machinery - The amount payable in less than one year is £1,096 with the remainder of the leases, £1,230, payable within one to five years.
Page 8
The Present Finder Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2016
Related party transactions |
Summary of transactions with key management
The directors have given a personal guarantee to West Dorset District Council in respect of the lease of Unit A2 South Western Business Park. Please refer to note 9 for amounts remaining payable on the lease.
During the year the directors maintained an interest free loan with the company. The directors have agreed that £70,000 of the loan will not be repayable until 6 March 2018 and therefore this element is included within creditors, amounts falling due after more than one year on the balance sheet. The remainder of the loan is repayable on demand. At the balance sheet date the amount due to M and F C Ashley-Miller was £117,498 (2015 - £47,498).
The directors received no remuneration during the year.
Page 9