Company registration number 593117 (England and Wales)
JOHN SANDOE (BOOKS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
JOHN SANDOE (BOOKS) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
JOHN SANDOE (BOOKS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
42,563
70,135
Current assets
Stocks
319,000
309,000
Debtors
6
32,260
35,247
Cash at bank and in hand
113,316
102,409
464,576
446,656
Creditors: amounts falling due within one year
7
(109,576)
(113,052)
Net current assets
355,000
333,604
Total assets less current liabilities
397,563
403,739
Creditors: amounts falling due after more than one year
8
(484,000)
(484,000)
Net liabilities
(86,437)
(80,261)
Capital and reserves
Called up share capital
9
68
68
Capital redemption reserve
34
34
Profit and loss reserves
(86,539)
(80,363)
Total equity
(86,437)
(80,261)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JOHN SANDOE (BOOKS) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 June 2023 and are signed on its behalf by:
J V T de Falbe
Director
Company Registration No. 593117
JOHN SANDOE (BOOKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
John Sandoe (Books) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Blacklands Terrace, Chelsea, London, SW3 2SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102, which the directors have chosen to adopt, have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in Sterling (£).
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the disclosure exemptions available to small entities, namely the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
1.2
Going concern
The company is reliant on loans from the directors to provide working capital. The directors have indicated that they will not demand repayment until the company has sufficient resources; consequently the accounts are prepared on the going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided, net of discounts and VAT. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the life of the lease
Fixtures, fittings & equipment
over 4 - 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
JOHN SANDOE (BOOKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
Employee benefits are recognised as an expense in the period in which they are incurred.
1.11
Retirement benefits
The company contributes to employee and directors pension schemes, the costs are charged to the profit and loss account in the period to which they relate.
JOHN SANDOE (BOOKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
9
4
Taxation
The company has tax losses of £245,000 (2021 - £260,000) available for carry forward against future trading profits.
JOHN SANDOE (BOOKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
31,341
278,027
309,368
Additions
1,576
1,576
At 28 February 2023
31,341
279,603
310,944
Depreciation and impairment
At 1 March 2022
23,422
215,811
239,233
Depreciation charged in the year
3,134
26,014
29,148
At 28 February 2023
26,556
241,825
268,381
Carrying amount
At 28 February 2023
4,785
37,778
42,563
At 28 February 2022
7,919
62,216
70,135
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,454
23,989
Other debtors
9,806
11,258
32,260
35,247
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
164
Trade creditors
87,826
103,043
Taxation and social security
13,972
6,109
Other creditors
7,614
3,900
109,576
113,052
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
484,000
484,000
JOHN SANDOE (BOOKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Other creditors comprise amounts owing to a director.
These amounts do not bear interest and are repayable on demand. The director has, however, undertaken not to demand repayment until the company has sufficient funds to do so; consequently they are disclosed as amounts falling due after more than one year but have not been discounted.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
68 ordinary shares of £1 each
68
68
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
60,000
120,000
11
Control
The company is controlled by the directors.