Steevenson Wines Limited - Period Ending 2018-02-28
Steevenson Wines Limited - Period Ending 2018-02-28
Year Ended
Registration number:
Steevenson Wines Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Steevenson Wines Limited
Balance Sheet
28 February 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
2,000 |
2,000 |
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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 (liabilities)/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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Steevenson Wines Limited
Balance Sheet
28 February 2018
For the financial year ending 28 February 2018 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
C P C Steevenson
Director
Company Registration Number: 04789235
Page 2 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
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.
Going concern
Notwithstanding current liabilities of £11,272, the directors believe the company is able to meet its liabilities as they fall due and the directors have agreed not to repay their loans if this will impact on the going concern of the company. The financial statements have therefore been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of value added tax and trade discounts.
The company recognises revenue when goods are physically delivered to the customers, at which point an invoice is raised.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Page 3 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Land and Buildings |
15 years straight line |
Furniture, fittings and equipment |
8 and 3 years straight line |
Motor vehicles |
25% reducing balance |
Goodwill
Purchased goodwill is capitalised and amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
straight line over 20 years |
Investments
Investments in shares are included at fair value unless this cannot be measured reliably, in which case they are included at cost less impairment.
Page 4 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2017 |
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At 28 February 2018 |
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Amortisation |
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At 1 March 2017 |
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Amortisation charge |
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At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
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At 28 February 2017 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2017 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 28 February 2018 |
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Depreciation |
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At 1 March 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
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At 28 February 2017 |
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Page 6 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
2,000 |
2,000 |
At 28 February 2018 |
2,000 |
2,000 |
Impairment |
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Carrying amount |
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At 28 February 2018 |
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2,000 |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
- |
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Prepayments |
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- |
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Page 7 |
Steevenson Wines Limited
Notes to the Financial Statements
Year Ended 28 February 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase |
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- |
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2018 |
2017 |
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Loans and borrowings due after one year |
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Hire purchase |
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- |
Bank borrowings are secured by a charge on assets owned by the shareholders. The hire purchase liabilities were secured on the asset concerned.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 8 |