Crevette Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03643884

CREVETTE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 October 2018

CREVETTE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

CREVETTE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs S L Hannigan
	Ms A E Sjodahl-Staples
	Mr P C Staples

Company secretary	Mr P C Staples

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

CREVETTE LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		38,664		41,844

Current assets

Stocks		15,200	15,449
Debtors	6	81,708	98,437
Cash at bank and in hand		152,507	205,067
		---------	---------
		249,415	318,953

Creditors: amounts falling due within one year	7	200,872		296,609
		---------		---------
Net current assets			48,543		22,344
			--------		--------
Total assets less current liabilities			87,207		64,188

Creditors: amounts falling due after more than one year	8	45,810	63,774
		--------	--------
Net assets		41,397	414
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	41,297	314
	--------	----
Shareholders funds	41,397	414
	--------	----

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 statement of income and retained earnings has not been delivered.

For the year ending 31 October 2018 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 .

CREVETTE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2018

These financial statements were approved by the board of directors and authorised for issue on 24 October 2019 , and are signed on behalf of the board by:

Ms A E Sjodahl-Staples

Director

Company registration number: 03643884

CREVETTE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	20% 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2017: 20 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 November 2017	45,604	77,175	106,894	229,673
Additions	–	–	3,150	3,150
	--------	--------	---------	---------
At 31 October 2018	45,604	77,175	110,044	232,823
	--------	--------	---------	---------
Depreciation
At 1 November 2017	18,595	68,346	100,888	187,829
Charge for the year	3,175	1,324	1,831	6,330
	--------	--------	---------	---------
At 31 October 2018	21,770	69,670	102,719	194,159
	--------	--------	---------	---------
Carrying amount
At 31 October 2018	23,834	7,505	7,325	38,664
	--------	--------	---------	---------
At 31 October 2017	27,009	8,829	6,006	41,844
	--------	--------	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	375	1,528
Other debtors	81,333	96,909
	--------	--------
	81,708	98,437
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	18,162	17,792
Trade creditors	63,677	72,963
Corporation tax	38,292	22,883
Social security and other taxes	54,044	41,996
Other creditors	26,697	140,975
	---------	---------
	200,872	296,609
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	45,810	63,755
Corporation tax	–	19
	--------	--------
	45,810	63,774
	--------	--------

The bank loan is secured by a legal charge over the leasehold property known as The Abingdon.