Company Registration No. 03838226 (England and Wales)
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
COMPANY INFORMATION
Director
Mr D N Marsden
Company number
03838226
Registered office
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
4-6 Market Place
Clitheroe
Lancashire
BB7 2DA
Bankers
National Westminster Bank plc (Nelson)
2 Leeds Road
Nelson
Lancashire
BB9 9SY
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
BALANCE SHEET
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
3
2,125
3,625
Tangible assets
4
14,571
17,886
16,696
21,511
Current assets
Stocks
113,000
113,000
Debtors
5
674
62,005
Cash at bank and in hand
74,295
59,680
187,969
234,685
Creditors: amounts falling due within one year
6
(82,762)
(119,107)
Net current assets
105,207
115,578
Total assets less current liabilities
121,903
137,089
Provisions for liabilities
(2,289)
(3,307)
Net assets
119,614
133,782
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
119,514
133,682
Total equity
119,614
133,782
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2018
Mr D N Marsden
Director
Company Registration No. 03838226
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 2 -
1
Accounting policies
Company information
David Marsden Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sales of toys, gifts and stationery, and is shown net of VAT.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
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:
Leasehold land and buildings
10% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2017 - 10).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
30,000
Amortisation and impairment
At 1 June 2017
26,375
Amortisation charged for the year
1,500
At 31 May 2018
27,875
Carrying amount
At 31 May 2018
2,125
At 31 May 2017
3,625
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2017
41,168
71,094
112,262
Additions
-
1,833
1,833
At 31 May 2018
41,168
72,927
114,095
Depreciation and impairment
At 1 June 2017
30,190
64,186
94,376
Depreciation charged in the year
2,232
2,916
5,148
At 31 May 2018
32,422
67,102
99,524
Carrying amount
At 31 May 2018
8,746
5,825
14,571
At 31 May 2017
10,978
6,908
17,886
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
-
60,777
Prepayments and accrued income
674
1,228
674
62,005
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
36,712
Trade creditors
52,432
62,897
Corporation tax
12,053
8,005
Other taxation and social security
7,707
8,874
Other creditors
10,570
2,619
82,762
119,107
Other creditors comprises director's loan account £9,193 (2017 - £nil) and accruals £1,377 (2017 - £2,619).
DAVID MARSDEN LIMITED
COWGILLS OF CLITHEROE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 5 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr D N Marsden
2.50
60,777
-
30
(60,807)
-
60,777
-
30
(60,807)
-
Mr D N Marsden's maximum overdrawn balance during the period was £60,777.
Interest free loans have been granted by the director to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr D N Marsden
2.50
-
45,343
-
(36,150)
9,193
-
45,343
-
(36,150)
9,193