TL Jewellers Limited - Period Ending 2018-03-31
TL Jewellers Limited - Period Ending 2018-03-31
Registration number:
TL Jewellers Limited
for the Year Ended 31 March 2018
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
TL Jewellers Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
TL Jewellers Limited
(Registration number: 04700873)
Balance Sheet as at 31 March 2018
Note |
2018 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 1 |
TL Jewellers Limited
(Registration number: 04700873)
Balance Sheet as at 31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England .
The address of its registered office is:
The principal place of business is:
3 High Street
Witney
Oxfordshire
OX28 6HW
These financial statements were authorised for issue by the
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.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The current income 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.
Page 3 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets is 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 |
Straight line over 50 years |
Fixtures and Fittings |
15% Reducing balance |
Website |
Straight line over 5 years |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
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 |
Trade 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.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities.
Trade creditors are recognised initially at the transaction price.
Page 4 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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.
Share capital
Ordinary shares are classified as equity.
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 the director) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2017 |
|
|
At 31 March 2018 |
|
|
Amortisation |
||
At 1 April 2017 |
|
|
At 31 March 2018 |
|
|
Carrying amount |
||
At 31 March 2018 |
- |
- |
Page 5 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2017 |
|
|
|
|
Additions |
|
|
- |
|
Disposals |
- |
( |
- |
( |
At 31 March 2018 |
|
|
|
|
Depreciation |
||||
At 1 April 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2018 |
|
|
|
|
Carrying amount |
||||
At 31 March 2018 |
|
|
|
|
At 31 March 2017 |
|
|
|
|
Included within the net book value of land and buildings above is £1,594,684 (2017 - £1,594,009) in respect of freehold land and buildings.
Stocks |
2018 |
2017 |
|
Finished goods and goods for resale |
|
|
Page 6 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
(As restated) |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Corporation tax control |
58,381 |
45,563 |
|
Other creditors |
65,240 |
39,711 |
|
Accruals |
5,479 |
5,104 |
|
PAYE and NIC creditor |
15,821 |
14,044 |
|
VAT Control account |
30,873 |
16,112 |
|
Director current account |
53,337 |
59,657 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
|
Due after one year |
|||
Loans and borrowings |
|
|
2018 |
2017 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |
Page 7 |
TL Jewellers Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Loans and borrowings |
2018 |
2017 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2018 |
2017 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Security has been given on bank loans totalling £1,090,956 (2017 - £1,184,773). The bank has a debenture of fixed and floating charges over the undertaking and all property and assets current, present and future including goodwill, book debts, uncalled capital, buildings, fixtures and plant and machinery.
The bank also has a legal charge over the freehold property known as 32 High Street, Witney, Oxfordshire.
Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
At 31 March 2018 |
T Lett |
|||
Loan account movements |
59,657 |
( |
|
Page 8 |