Cream I Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06528178 (England and Wales)

CREAM I LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S M Davey

REGISTERED OFFICE:

Norman's

Longrun Lane

Bishops Hull

Taunton

Somerset

TA1 5AY

REGISTERED NUMBER:

06528178 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

283,904

300,007

283,904

300,007

CURRENT ASSETS

Stocks

5,451

5,261

Debtors

6

212,507

416,261

Cash at bank and in hand

249,774

656

467,732

422,178

CREDITORS

Amounts falling due within one year

7

274,900

321,669

NET CURRENT ASSETS

192,832

100,509

TOTAL ASSETS LESS CURRENT LIABILITIES

476,736

400,516

PROVISIONS FOR LIABILITIES

20,000

23,000

NET ASSETS

456,736

377,516

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

456,636

377,416

SHAREHOLDERS' FUNDS

456,736

377,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 24 September 2019 and were signed by:

S M Davey - Director

1.	STATUTORY INFORMATION

Cream I 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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, net of discounts and value added taxes.

Turnover represents net invoiced specialist care home fees and is recognised per night that a room is occupied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of eight years.

Goodwill has historically been subject to an annual impairment review undertaken by the directors, with any permanent

diminution in value taken to the profit and loss account.

Goodwill has now been fully amortised in accordance with the above policy. However, no adjustment has been made to

reflect the continuing value of goodwill inherent in the business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each

asset over its estimated useful life.

Plant and machinery - 15% Straight line

Fixtures and fittings - 15% on reducing balance

Motor Vehicles - 25% on reducing balance

Computer equipment - 15% on reducing balance

Tangible fixed assets are recognised initially at cost and subsequently at cost less accumulated depreciation and any

impairment losses.

No depreciation is provided on improvements to property because the directors believe that the residual values are

considered to be high due in part because the property is subject to a repair and maintenance programme and they are

unlikely to suffer from technological or economic obsolescence. Accordingly, the directors consider that the depreciation

charge for the year and on a cumulative basis is immaterial. This departure from the requirements of Companies Act 2006

for all properties to be depreciated, is, in the opinion of the directors, necessary for the financial statements to give a true

and fair view.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset

is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is

reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been

recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Stocks

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

items.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past

reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of

deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a

fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting

date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the

transaction that resulted in the tax expense (income).

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

purchase contracts are depreciated over their estimated usual lives. Those held under finance leases are depreciated over

their estimated useful lives or their lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provision for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is

probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be

estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at

the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is

recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in

profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and

which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for

the period of absence.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in

which they are incurred.

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

1,710,000

AMORTISATION

At 1 May 2018

and 30 April 2019

1,710,000

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2018

140,588

2,353

397,527

Additions

-

-

4,565

Disposals

-

-

(2,436

)

At 30 April 2019

140,588

2,353

399,656

DEPRECIATION

At 1 May 2018

-

1,519

266,237

Charge for year

-

186

17,812

Eliminated on disposal

-

-

(1,208

)

At 30 April 2019

-

1,705

282,841

NET BOOK VALUE

At 30 April 2019

140,588

648

116,815

At 30 April 2018

140,588

834

131,290

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2018

83,332

21,373

645,173

Additions

10,480

-

15,045

Disposals

(34,323

)

-

(36,759

)

At 30 April 2019

59,489

21,373

623,459

DEPRECIATION

At 1 May 2018

62,712

14,698

345,166

Charge for year

5,254

935

24,187

Eliminated on disposal

(28,590

)

-

(29,798

)

At 30 April 2019

39,376

15,633

339,555

NET BOOK VALUE

At 30 April 2019

20,113

5,740

283,904

At 30 April 2018

20,620

6,675

300,007

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

133,136

133,589

Other debtors

79,371

282,672

212,507

416,261

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

80,523

Trade creditors

28,414

31,054

Taxation and social security

36,736

49,547

Other creditors

209,750

160,545

274,900

321,669

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

80,523

The bank overdraft is secured by a debenture over all of the company's assets.

9.	ULTIMATE CONTROLLING PARTY