Registered number
04603321
M T Cashell & Sons Limited
Filleted Accounts
31 January 2017
M T Cashell & Sons Limited
Registered number: 04603321
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 30,645 37,044
Tangible assets 4 28,849 6,327
Investments 5 2,000 2,000
61,494 45,371
Current assets
Stocks 24,690 16,697
Debtors 6 26,024 12,225
Cash at bank and in hand 56,043 70,262
106,757 99,184
Creditors: amounts falling due within one year 7 (63,968) (59,065)
Net current assets 42,789 40,119
Total assets less current liabilities 104,283 85,490
Creditors: amounts falling due after more than one year 8 (13,808) -
Provisions for liabilities (5,227) (1,066)
Net assets 85,248 84,424
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,148 84,324
Shareholders' funds 85,248 84,424
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D M Cashell
Director
Approved by the board on 27 February 2017
M T Cashell & Sons Limited
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold Improvements over 5 years
Plant and machinery over 5 years
Motor Vehicles over 4 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 15 19
3 Intangible fixed assets £
Website Development
Goodwill Total
Cost
At 1 February 2016 75,600 - 75,600
Additions 1,515 1,515
At 31 January 2017 75,600 1,515 77,115
Amortisation
At 1 February 2016 38,556 - 38,556
Provided during the year 7,409 505 7,914
At 31 January 2017 45,965 505 46,470
Net book value
At 31 January 2017 29,635 1,010 30,645
At 31 January 2016 37,044 - 37,044
Goodwill is being written off in equal annual instalments over its remaining estimated economic life of 5 years.
Website Development costs are being written off in equal instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Leasehold Improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 - 79,955 14,651 94,606
Additions 23,339 7,449 - 30,788
At 31 January 2017 23,339 87,404 14,651 125,394
Depreciation
At 1 February 2016 - 73,629 14,650 88,279
Charge for the year 1,120 7,146 - 8,266
At 31 January 2017 1,120 80,775 14,650 96,545
Net book value
At 31 January 2017 22,219 6,629 1 28,849
At 31 January 2016 - 6,326 1 6,327
5 Investments
Other
investments
£
Cost
At 1 February 2016 2,000
At 31 January 2017 2,000
6 Debtors 2017 2016
£ £
Trade debtors 11,581 7,934
Other debtors 14,443 4,291
26,024 12,225
7 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 9,576 3,426
Trade creditors 48,324 41,864
Corporation tax 2,751 10,311
Other taxes and social security costs 571 493
Other creditors 2,746 2,971
63,968 59,065
8 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 13,808 -
9 Related party transactions 2,017 2016
£ £
Mr DM Cashell
Director
The company pays rent for the premises to Mr DM Cashell
Rent payable is £395.83 per month 4750 4750
Mr AJ Cashell
Director
The company pays rent for the premises to Mr AJ Cashell
Rent payable is £395.83 per month 4750 4750
Rent payable for flat above the shop is £300 per month 3,600 3,000
Total rent paid by the company to the directors Mr DM Cashell and Mr AJ Cashell for the premises used by the company amounted to £13,100 (2016:£13100)
10 Directors Loan Accounts
During the year Mr D M Cashell & Mr A J Cashell, both directors and shareholders, used a current account with the company to record amounts due to them and amounts drawn by them. The amount owed to Mr D M Cashell, and included in other creditors as at 31 January 2017 was £505.43 (2016: £768.67). The amount owed to Mr A J Cashell, and included in other creditors as at 31 January 2017 was £505.42 (2016:£768.67). The amount is repayable on demand and does not carry interest.
11 Controlling party
Mr DM Cashell owns 49% of the share capital of the company and Mr AJ Cashell owns 49% of the share capital of the company. Therefore they are jointly the company's ultimate controlling party.
12 Other information
M T Cashell & Sons Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
1 High Street
Crickhowell
Powys
NP8 1BD
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