| Craft Pegg Limited |
| Notes to the Accounts |
| for the year ended 31 May 2018 |
|
|
| 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 (as applied to small entities by section 1A of the standard). |
|
|
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. |
|
|
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: |
|
|
Plant and machinery |
25% on reducing balance |
|
Computer equipment |
25% on cost |
|
|
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 |
|
No tax liability is recognised for the current and past periods. |
|
|
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. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
Plant and machinery |
|
Computer equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 June 2017 |
9,396 |
|
- |
|
9,396 |
|
Additions |
- |
|
528 |
|
528 |
|
At 31 May 2018 |
9,396 |
|
528 |
|
9,924 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2017 |
7,824 |
|
- |
|
7,824 |
|
Charge for the year |
393 |
|
132 |
|
525 |
|
At 31 May 2018 |
8,217 |
|
132 |
|
8,349 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2018 |
1,179 |
|
396 |
|
1,575 |
|
At 31 May 2017 |
1,572 |
|
- |
|
1,572 |
|
|
| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
313 |
|
424 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
4,284 |
|
26 |
|
Trade creditors |
2,500 |
|
3,500 |
|
Other creditors |
11,561 |
|
22,981 |
|
|
|
|
|
|
18,345 |
|
26,507 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Other information |
|
|
Craft Pegg Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Sir Robert Peel House |
|
178 Bishopsgate |
|
London |
|
United Kingdom |
|
EC2M 4NJ |
