Crooklets Cafe (Bude) Limited - Accounts to registrar (filleted) - small 18.2

Crooklets Cafe (Bude) Limited - Accounts to registrar (filleted) - small 18.2

CROOKLETS CAFE (BUDE) LIMITED - Company Information

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REGISTERED NUMBER: 00466093 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Crooklets Cafe (Bude) Limited
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Contents of the Financial Statements
for the Year Ended 31 March 2019










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Crooklets Cafe (Bude) Limited

Company Information
for the Year Ended 31 March 2019







DIRECTORS: P R Horton
L A Horton





SECRETARY: Miss P R Horton





REGISTERED OFFICE: Sensham Farm
Marhamchurch
Bude
Cornwall
EX23 0HG





REGISTERED NUMBER: 00466093 (England and Wales)





ACCOUNTANTS: Metherell Gard Ltd
Chartered Accountants
Burn View
Bude
Cornwall
EX23 8BX
Page 1
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Abridged Balance Sheet
31 March 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 750,583 750,778

CURRENT ASSETS
Debtors 26,671 4,025
Cash at bank 41,305 56,273
67,976 60,298
CREDITORS
Amounts falling due within one year 34,438 32,341
NET CURRENT ASSETS 33,538 27,957
TOTAL ASSETS LESS CURRENT
LIABILITIES
784,121
778,735

CREDITORS
Amounts falling due after more than one
year
(203,407
)
(226,872
)

PROVISIONS FOR LIABILITIES (75,600 ) (75,600 )
NET ASSETS 505,114 476,263

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Fair value reserve 6 462,893 461,993
Retained earnings 38,221 10,270
SHAREHOLDERS' FUNDS 505,114 476,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Abridged Balance Sheet - continued
31 March 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 4 November 2019 and were signed on its behalf
by:





P R Horton - Director


The notes form part of these financial statements

Page 3
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Notes to the Financial Statements
for the Year Ended 31 March 2019


1. STATUTORY INFORMATION

Crooklets Cafe (Bude) 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Rental income
Rental income from investment property leased out under an operating lease is recognised in turnover on a
straight line basis over the lease term.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of
operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated
residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 33% on cost and 25% on reducing balance

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax
rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in
periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and
other deferred tax assets are recognised only 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
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances
that apply to the sale of the asset.

Investment property
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable
expenditure.

Investment properties whose fair value can be measured reliably without undue cost or effort are measured at
fair value at each reporting date with changes in fair value recognised through profit or loss.

The methods and significant assumptions used to ascertain the fair value are given later in the notes to the
financial statements.

Page 4
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments are recognised initially at transaction price excluding transaction costs and
subsequently at amortised cost. These include current asset investments, cash at bank, trade and other debtors,
trade and other creditors, and bank loans.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised through profit or loss in other
administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,
they are measured at amortised cost using the effective interest rate method, less impairment.

Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2018
and 31 March 2019 753,469
DEPRECIATION
At 1 April 2018 2,691
Charge for year 195
At 31 March 2019 2,886
NET BOOK VALUE
At 31 March 2019 750,583
At 31 March 2018 750,778

Tangible fixed assets include investment properties. The investment properties have been valued at the year
end by management. The valuation was based partly on an independent valuation in December 2011, partly on
rental income yields and partly on similar residential property values in the local area. The independent valuers
report was based on the value the properties would command if placed on the market for sale under the market
conditions at the time.

Cost or valuation at 31 March 2019 is represented by:

Totals
£   
Valuation in 2019 750,000
Cost 3,469
753,469

Page 5
Crooklets Cafe (Bude) Limited (Registered number: 00466093)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019


4. TANGIBLE FIXED ASSETS - continued

If land and buildings had not been revalued they would have been included at the following historical cost:

2019 2018
£    £   
Cost 211,507 211,507

5. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Bank loans 226,169 248,634

6. RESERVES
Fair
value
reserve
£   
At 1 April 2018 461,993
Deferred tax movement 900

At 31 March 2019 462,893

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amounts advanced to the directors in the year was as follows:


20192018
££
Balances outstanding at start of year- -
Amounts advanced 22,598 -
Amounts repaid- -
Balance outstanding at end of year22,598 -


The Director's loans are interest free and repayable within nine months of the year end.

8. RELATED PARTY DISCLOSURES

One of the directors, personally owns a property from which the company operates. The property was licenced
to the company for the year for a cost of £10 (2018: £10).

Page 6