The Present Finder Ltd - Period Ending 2017-10-31
The Present Finder Ltd - Period Ending 2017-10-31
Company registration number:
for the Period from 1 January 2017 to
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 October 2017
Note |
31 October 2017 |
31 December 2016 |
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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 (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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Deferred tax liabilities |
28,381 |
(10,261) |
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Net (liabilities)/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 October 2017
For the financial period ending 31 October 2017 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 Period from 1 January 2017 to 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Woodview Road
Paignton
Devon
TQ4 7NG
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.
These financial statements are presented in Sterling (£).
Disclosure of long or short period
The directors made the decision to change the accounting period end date so that it coincided with change in ownership.
The comparative amounts presented in the financial statements (including the related notes) are not therefore entirely comparable as they are for a twelve month period.
The current reporting period does not include the company's peak trading period of November and December, and as a result this period shows significantly reduced turnover and a sizeable loss. The directors believe this is entirely due to the change in reporting period and fully expect normal trading levels to be resumed in the future.
Page 3
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Going concern
The company has made losses during the period and now has net liabilities at the balance sheet date. The directors believe this is largely due to the reasons explained above in the disclosure of short period and therefore they anticipate making a full return to profit in future accounting periods. On that basis the directors consider it appropriate to prepare the accounts on a going concern basis.
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.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, 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.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. 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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
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 of tangible assets
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 |
Page 4
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
Fully amortised |
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 5
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the period was
Page 6
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2017 |
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At 31 October 2017 |
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Amortisation |
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At 1 January 2017 |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
- |
- |
Tangible assets |
Short leasehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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Disposals |
( |
- |
( |
At 31 October 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the period |
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Eliminated on disposal |
( |
- |
( |
At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 December 2016 |
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Page 7
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Stocks |
2017 |
2016 |
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Finished goods and goods for resale |
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Other stocks |
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Debtors |
31 October 2017 |
31 December 2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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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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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 8
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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- |
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2017 |
2016 |
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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 and overdrafts are secured by fixed and floating charges over the undertaking and all property and assets of the company. |
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 £
Business premises - The amount payable in less than one year is £36,270 (2016 - £36,270), with the remainder of the lease, £93,698 (2016 - £108,810), payable within one to five years.
Plant and machinery - The amount payable in less than one year is £984 (2016 - £1,096) with the remainder of the leases, £205 (2016 - £1,230), payable within one to five years.
Page 9
The Present Finder Ltd
Notes to the Financial Statements
for the Period from 1 January 2017 to 31 October 2017
Related party transactions |
Other transactions with directors |
M and F C Ashley-Miller have supplied to the company's bankers a personal guarantee limited to £145,000 against outstanding bank borrowings. Please refer to note 9 for details of outstanding bank borrowings.
M and F C Ashley-Miller have also 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 10 for amounts remaining payable on the lease.
Non adjusting events after the financial period |
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Page 10