W._FOULSHAM_&_CO._LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

W. Foulsham & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2016 are the first financial statements of W. Foulsham & Co. Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's total liabilities exceeded its total assets by £147,972.

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.

If the company was unable to continue obtaining sufficient funding to enable it to pay its debt as they fell due, it would be unable to continue trading and adjustment would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might rise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.

Turnover represents the amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, that are classified as debt, are 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The company operates a money purchase (defined contribution) pension scheme. Contribution made to the scheme are charged to the profit and loss account in the period in which they relate. These contributions are invested separately from the company's assets.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Preference shares

Redeemable preference shares are classified as liabilities in accordance with Section 22 (liabilities and equities). The preference dividend is charged in arriving at the interest cost in the profit and loss account.

The average monthly number of persons (including directors) employed by the company during the year was 3 (2015 - 3).

The company is control by Mr B A R Belasco who owns 80.56% of the issued share capital.

Included in other creditors is the directors' current account balance of £11,568 (2015: £25,304) as at the balance sheet date.

Included in other creditors is an amount due to W. Foulsham & Co. Funded Unapproved Retirement Benefit Scheme of £5,808 (2015: £7,008).

Included in other creditors is an amount due to Askdaisy Dot Net Limited of £5,596 (2015: £6,976), which Mrs H E Belasco is the sole shareholder.

Included in other creditors is an amount due to Strathearn Publishing Limited of £29,805 (2015: £27,983), which is also controlled by Mr B A R Belasco and Mrs H E Belasco.

The 4% redeemable preference shares were previously classed as equity under previous UK GAAP. On transition to FRS 102, the redeemable preference shares are now classed as a liability in accordance with Section 22 (liabilities and equity) as they are redeemable and carry a right to a return which is non-discretionary.