Crab and Cask Limited Filleted accounts for Companies House (small and micro)

Crab and Cask Limited Filleted accounts for Companies House (small and micro)

CRAB AND CASK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01358890
Crab and Cask Limited
Filleted Unaudited Financial Statements
31 March 2019
Crab and Cask Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Crab and Cask Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
4,336
4,289
Current assets
Stocks
4,488
3,475
Debtors
6
1,720
2,627
Cash at bank and in hand
350
350
-------
-------
6,558
6,452
Creditors: amounts falling due within one year
7
16,422
12,842
--------
--------
Net current liabilities
9,864
6,390
-------
-------
Total assets less current liabilities
( 5,528)
( 2,101)
Creditors: amounts falling due after more than one year
8
891
1,068
-------
-------
Net liabilities
( 6,419)
( 3,169)
-------
-------
Crab and Cask Limited
Statement of Financial Position (continued)
31 March 2019
2019
2018
Note
£
£
£
Capital and reserves
Called up share capital
190,000
190,000
Profit and loss account
( 196,419)
( 193,169)
---------
---------
Shareholders deficit
( 6,419)
( 3,169)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 July 2019 , and are signed on behalf of the board by:
G Waters
J E Waters
Director
Director
Company registration number: 01358890
Crab and Cask Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Cheltenham, Gloucestershire, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis on the grounds that the directors will continue to provide sufficient finance for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
equal instalments over the period of the lease
Fixtures, fittings and equipment
-
25% and 40% per annum of the reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2018: 9 ).
5. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 April 2018
14,133
29,294
43,427
Additions
–
1,410
1,410
Disposals
–
( 100)
( 100)
--------
--------
--------
At 31 March 2019
14,133
30,604
44,737
--------
--------
--------
Depreciation
At 1 April 2018
14,133
25,005
39,138
Charge for the year
–
1,356
1,356
Disposals
–
( 93)
( 93)
--------
--------
--------
At 31 March 2019
14,133
26,268
40,401
--------
--------
--------
Carrying amount
At 31 March 2019
–
4,336
4,336
--------
--------
--------
At 31 March 2018
–
4,289
4,289
--------
--------
--------
6. Debtors
2019
2018
£
£
Other debtors
1,720
2,627
-------
-------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Bank overdraft
9,802
5,671
Trade creditors
3,250
3,413
Social security and other taxes
2,185
2,101
Other creditors
1,185
1,657
--------
--------
16,422
12,842
--------
--------
The bank overdraft is secured by a fixed and floating charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
891
1,068
----
-------
9. Financial commitments
At the balance sheet date the company had future commitments under an operating lease of £71,667 (2018 - £91,667).
10. Related party transactions
During the year the company paid rent of £12,000 (2018 - £15,000) to the directors for its trading premises. At the reporting date the company owed £480 (2018 - £1,168) to the directors on their loan accounts. No interest has been charged by the directors on these loans.