The Choice Is Yours Limited Filleted accounts for Companies House (small and micro)
The Choice Is Yours Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04224988
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Financial Statements |
Year ended 31 May 2018
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CONTENTS |
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Officers and Professional Advisers |
1 |
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Statement of Financial Position |
2 |
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Notes to the Financial Statements |
4 |
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Officers and Professional Advisers |
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The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Chartered Certified Accountants |
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Axis 15, Axis Court |
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Mallard Way |
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Riverside Business Park |
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Swansea |
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SA7 0AJ |
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Statement of Financial Position |
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2018 |
2017 |
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Note |
£ |
£ |
FIXED ASSETS
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Intangible assets |
5 |
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Tangible assets |
6 |
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CURRENT ASSETS
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Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS
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Taxation including deferred tax |
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NET ASSETS |
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CAPITAL AND RESERVES
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Called up share capital |
9 |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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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
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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 financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
14 December 2018
, and are signed on behalf of the board by:
Director
Company registration number:
04224988
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Notes to the Financial Statements |
Year ended 31 May 2018
1.
GENERAL INFORMATION
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 May 2018. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Operating leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells groceries. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
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20 Years |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures and Fittings |
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10% & 25% per annum reducing balance |
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Motor Vehicles |
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25% reducing balance |
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Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Provisions
Defined contribution plans
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
28
(2017:
28
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5.
INTANGIBLE ASSETS
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Goodwill |
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£ |
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Cost |
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At 1 June 2017 and 31 May 2018 |
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Amortisation |
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At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Goodwill arose on the purchase of an unincorporated business on 10th June 2001 and is being amortised over 20 years. In the opinion of the directors, this represents a prudent estimate of the period over which the company will derive economic benefit from the assets acquired as part of that business.
6.
TANGIBLE ASSETS
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Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 June 2017 |
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Additions |
– |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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7.
DEBTORS
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2018 |
2017 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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8.
CREDITORS:
amounts falling due within one year
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2018 |
2017 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Obligations under finance leases and hire purchase contracts are secured.
9.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
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2018 |
2017 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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52 |
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52 |
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24 |
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24 |
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24 |
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24 |
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10.
RELATED PARTY TRANSACTIONS
The Aggregated amount of transactions due to entities over which the entity has control, joint control or significant influence are as follows: Key Management Personnel of the entity
| 2018 | 2017 | ||
| £ | £ | ||
| Balance owed to other key management | 48,650 | 43,650 | |
No interest was charged on this balance.