| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2017 |
| for |
| Linthorpe Bed Centre Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2017 |
| for |
| Linthorpe Bed Centre Limited |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Contents of the Financial Statements |
| for the year ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Linthorpe Bed Centre Limited |
| Company Information |
| for the year ended 31 August 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3-5 Grange Terrace |
| Stockton Road |
| Sunderland |
| Tyne & Wear |
| SR2 7DG |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Statement of Financial Position |
| 31 August 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Statement of Financial Position - continued |
| 31 August 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements |
| for the year ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| Linthorpe Bed Centre Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis,which assumes that the company will |
| continue in operational existence for the foreseeable future, which the directors consider to be appropriate. |
| First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
| These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with |
| FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date |
| of transition to FRS 102 Section 1A is 1 September 2015. |
| In preparing the financial statements, the directors have considered whether in applying the accounting policies |
| required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The |
| transition to FRS102 Section 1a "Small Entities" has resulted in a small number of changes in accounting |
| policies to those previously used . The nature of these changes and their impact on the opening equity and profit |
| for the comparative period are explained further in the notes. |
| Turnover |
| Turnover represents net sales of goods, excluding value added tax. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of the business, is being amortised evenly |
| over its estimated useful life of twenty years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net |
| realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow |
| moving, obsolete or damaged stock where the net realisable value is less than cost. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
| instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their |
| settlement value. |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| In order to comply with FRS102, hire purchases liabilities have been restated to fair value. This means that the |
| annual hire purchases interest charge has been calculated under the sum-of-digits method, whereas previously |
| the annual hire purchase interest charge had been calculated under the straight line method. |
| The effects of the changes in accounting policies are shown further in the notes. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2016 |
| Additions |
| At 31 August 2017 |
| AMORTISATION |
| At 1 September 2016 |
| Amortisation for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Motor | Computer |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2016 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 September 2016 |
| Disposals | ( |
) |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 6. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Goods for resale |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| VAT |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Deposits taken |
| Directors' current accounts |
| Accrued expenses |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts | 23,685 | 55,226 |
| Any bank borrowing is secured by personal guarantees given by the directors. |
| Hire purchase liabilities are secured on the assets to which they relate. |
| 11. | CONTROL |
| The company was under the joint control of the directors in the year under review and the previous year. |
| Linthorpe Bed Centre Limited (Registered number: 04492058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 12. | FIRST YEAR ADOPTION |
| Upon adoption of FRS 102 Section 1A, the following shows changes which have been made to previous years |
| accounts: |
| Reconciliation of Equity |
| As at 1 September 2015 |
As at 31 August 2016 |
| £ | £ |
| Equity as previously stated |
| Profit and loss account | 177,027 | 214,242 |
| Total | 177,027 | 214,242 |
| Additional interest on Hire Purchase | (2,290 | ) | (2,670 | ) |
| Equity as restated |
| Profit and loss account | 174,737 | 211,572 |
| Reconciliation of income and expenditure for the year |
| Year ended 31 August 2016 |
| £ |
| Profit for the year as previously stated | 107,215 |
| Additional interest on Hire Purchase | (380 | ) |
| Profit for the year as restated | 106,835 |
| In order to comply with the requirements of FRS 102, hire purchase liabilities have been restated using the sum |
| of the digits method to calculate interest as required by FRS 102. |