REGISTERED NUMBER: 04771871 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2017

for

Shopright Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mr D W Beswick

Miss H Y Holmes

SECRETARY:

Miss H Y Holmes

REGISTERED OFFICE:

6-8 Garfield Terrace

Leeman Road

York

YO26 4XU

REGISTERED NUMBER:

04771871 (England and Wales)

ACCOUNTANTS:

Parker Hartley & Co

Incorporated Financial Accountants

2 Waverley Street

The Groves

York

YO31 7QZ

BANKERS:

National Westminster Bank Plc

1 Market Street

York

YO1 8SR

FIXED ASSETS

Intangible assets

4

38,998

45,498

Tangible assets

5

18,897

22,943

57,895

68,441

CURRENT ASSETS

Stocks

6

37,045

43,295

Debtors

7

3,438

766

Cash at bank and in hand

7,748

14,183

48,231

58,244

CREDITORS

Amounts falling due within one year

8

65,948

76,975

NET CURRENT LIABILITIES

(17,717

)

(18,731

)

TOTAL ASSETS LESS CURRENT LIABILITIES

40,178

49,710

CREDITORS

Amounts falling due after more than one year

9

(17,000

)

(27,407

)

PROVISIONS FOR LIABILITIES

(3,418

)

(4,148

)

NET ASSETS

19,760

18,155

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

19,660

18,055

SHAREHOLDERS' FUNDS

19,760

18,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 January 2018 and were signed on its behalf by:

Mr D W Beswick - Director

1.	STATUTORY INFORMATION

Shopright Limited is a private company, limited by shares , registered in England and Wales. The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents net invoiced sales of services and goods, excluding value added taxation.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Office equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially

recorded at cost and thereafter at fair value with charges being recognised in the profit and loss account.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

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 10 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

129,999

AMORTISATION

At 1 August 2016

84,501

Amortisation for year

6,500

At 31 July 2017

91,001

NET BOOK VALUE

At 31 July 2017

38,998

At 31 July 2016

45,498

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2016

and 31 July 2017

21,337

43,743

7,778

72,858

DEPRECIATION

At 1 August 2016

18,759

24,089

7,067

49,915

Charge for year

387

2,948

711

4,046

At 31 July 2017

19,146

27,037

7,778

53,961

NET BOOK VALUE

At 31 July 2017

2,191

16,706

-

18,897

At 31 July 2016

2,578

19,654

711

22,943

6.

STOCKS

31/7/17

31/7/16

£

£

Stocks

37,045

43,295

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/17

31/7/16

£

£

Other debtors

771

500

Prepayments

2,667

266

3,438

766

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/17

31/7/16

£

£

Bank loans and overdrafts

10,393

9,933

Trade creditors

37,050

42,028

Corporation Tax

13,214

963

VAT

-

2,692

Directors' current accounts

2,596

11,101

Accrued expenses

2,695

10,258

65,948

76,975

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/7/17

31/7/16

£

£

Bank loans - 1-2 years

17,000

27,407

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2017 and

31 July 2016:

31/7/17

31/7/16

£

£

Mr D W Beswick and Miss H Y Holmes

Balance outstanding at start of year

11,101

23,524

Amounts advanced

49,000

-

Amounts repaid

(57,505

)

(12,423

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,596

11,101

The directors have given personal guarantees to the bank of £35,000 (2016 £35,000).

The bank also has assigned to it, as security for borrowings, policies of life assurance over the directors.

11.	ULTIMATE CONTROLLING PARTY

The Company is under the control of Mr DW Beswick and Miss HY Holmes who own 100% of the issued share

capital.

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting Standard

102 section 1A (FRS 102 section 1A) issued by the Financial Reporting Council.

The following disclosures are required in the year of transition.

The last financial statements under previous UK GAAP were for the year ended 31 July 2016 and the date of

transition to FRS 102 section 1A was therefore 1 August 2015. As a consequence of adopting FRS 102 section

1A no changes were required.

The Reconciliation of Equity and the Reconciliation of Profit reports have been prepared and no adjustments

were required as a result of the transition from UK GAAP to FRS 102. As a result it has been deemed not

required to state the full reports in the financial statements.