Caseware UK (AP4) 2016.0.181 2016.0.181 2017-08-312017-08-31The principal activity of the company continues to be that of the provision of travelling tailoring services using third party manufacturers.false2016-09-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseDebt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 5215426 2016-09-01 2017-08-31 5215426 2017-08-31 5215426 2016-08-31 5215426 c:Director1 2016-09-01 2017-08-31 5215426 d:MotorVehicles 2016-09-01 2017-08-31 5215426 d:FurnitureFittings 2016-09-01 2017-08-31 5215426 d:FurnitureFittings 2017-08-31 5215426 d:FurnitureFittings 2016-08-31 5215426 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 5215426 d:OfficeEquipment 2016-09-01 2017-08-31 5215426 d:OfficeEquipment 2017-08-31 5215426 d:OfficeEquipment 2016-08-31 5215426 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 5215426 d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 5215426 d:CurrentFinancialInstruments 2017-08-31 5215426 d:CurrentFinancialInstruments 2016-08-31 5215426 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 5215426 d:CurrentFinancialInstruments d:WithinOneYear 2016-08-31 5215426 d:ShareCapital 2017-08-31 5215426 d:ShareCapital 2016-08-31 5215426 d:RetainedEarningsAccumulatedLosses 2017-08-31 5215426 d:RetainedEarningsAccumulatedLosses 2016-08-31 5215426 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-08-31 5215426 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-08-31 5215426 c:FRS102 2016-09-01 2017-08-31 5215426 c:AuditExempt-NoAccountantsReport 2016-09-01 2017-08-31 5215426 c:AbridgedAccounts 2016-09-01 2017-08-31 5215426 c:PrivateLimitedCompanyLtd 2016-09-01 2017-08-31 iso4217:GBP xbrli:pure

Registered number: 5215426









MARTIN PRYKE TAILORING LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017


 
MARTIN PRYKE TAILORING LIMITED
REGISTERED NUMBER:5215426

BALANCE SHEET
AS AT 31 AUGUST 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 4 
373
660

  
373
660

Current assets
  

Stocks
 5 
4,301
4,455

Debtors
 6 
45,218
45,369

Cash at bank and in hand
  
1,767
10,347

  
51,286
60,171

Creditors: amounts falling due within one year
 8 
(51,110)
(60,757)

Net current assets/(liabilities)
  
 
 
176
 
 
(586)

Total assets less current liabilities
  
549
74

Net assets
  
549
74


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
547
72

  
549
74


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2017.



Mr M E Pryke
Director
The notes on pages 3 to 8 form part of these financial statements.
Page 1


 
MARTIN PRYKE TAILORING LIMITED
REGISTERED NUMBER:5215426
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2017


Page 2


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

1.


General information

The Company is incorporated in England and Wales and is limited by shares.  The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.  The principal activity of the company continues to be that of the provision of travelling tailoring services from third party manufacturers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 4


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)


2.7
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.14

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2016 - 0).


4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 September 2016
3,166
5,107
8,273



At 31 August 2017

3,166
5,107
8,273



Depreciation


At 1 September 2016
2,998
4,615
7,613


Charge for the year on owned assets
42
246
288



At 31 August 2017

3,040
4,861
7,901



Net book value



At 31 August 2017
126
246
372



At 31 August 2016
168
492
660

Page 6


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

5.


Stocks

2017
2016
£
£

Raw materials and consumables
4,301
4,455

4,301
4,455



6.


Debtors

2017
2016
£
£


Trade debtors
44,231
44,369

Prepayments and accrued income
987
1,000

45,218
45,369



7.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
1,767
10,347

1,767
10,347



8.


Creditors: Amounts falling due within one year

2017
2016
£
£

Trade creditors
10,657
15,030

Corporation tax
10,975
11,730

Other taxation and social security
9,172
8,843

Other creditors
18,294
23,141

Accruals and deferred income
2,012
2,013

51,110
60,757


Page 7


 
MARTIN PRYKE TAILORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017

9.


Financial instruments

2017
2016
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,767
10,347

1,767
10,347





Financial assets measured at fair value through profit or loss comprise cash.


10.


Pension commitments

The company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £12,343 (2016 - £10,463).


11.


Controlling party

The company was controlled throughout the current and previous period by its directors, Mr M Pryke and Mrs J Pryke, by virtue of the fact that between them they own all of the company's ordinary issued share capital.


12.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 8