Reepham Crown Limited Filleted accounts for Companies House (small and micro)

Reepham Crown Limited Filleted accounts for Companies House (small and micro)

REEPHAM CROWN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10835506
Reepham Crown Limited
Filleted Unaudited Financial Statements
29 February 2020
Reepham Crown Limited
Balance Sheet
29 February 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
6,779
7,975
Current assets
Stocks
5,000
5,000
Debtors
6
7,881
5,983
Cash at bank and in hand
1,992
6,286
--------
--------
14,873
17,269
Creditors: amounts falling due within one year
7
34,393
27,703
--------
--------
Net current liabilities
19,520
10,434
--------
--------
Total assets less current liabilities
( 12,741)
( 2,459)
Creditors: amounts falling due after more than one year
8
–
2,831
--------
-------
Net liabilities
( 12,741)
( 5,290)
--------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 12,743)
( 5,292)
--------
-------
Shareholders deficit
( 12,741)
( 5,290)
--------
-------
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 Section 1A of 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 (including profit and loss account) has not been delivered.
For the year ending 29 February 2020 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 .
Reepham Crown Limited
Balance Sheet (continued)
29 February 2020
These financial statements were approved by the board of directors and authorised for issue on 25 February 2021 , and are signed on behalf of the board by:
Mrs L Mallett
Director
Company registration number: 10835506
Reepham Crown Limited
Notes to the Financial Statements
Year ended 29 February 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 10 Oak Street, Fakenham, Norfolk, NR21 9DY.
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.
Going concern
At 29 February 2020, the company's net liabilities exceeded its net assets by £12,741 (2019: £5,290). The company owed its directors £13,898 (2019: £12,830) and it is on the directors continued support that the company relies to continue trading as a going concern. The accounts are therefore prepared on this basis.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Equipment
-
15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).
5. Tangible assets
Equipment
£
Cost
At 1 March 2019 and 29 February 2020
9,746
-------
Depreciation
At 1 March 2019
1,771
Charge for the year
1,196
-------
At 29 February 2020
2,967
-------
Carrying amount
At 29 February 2020
6,779
-------
At 28 February 2019
7,975
-------
6. Debtors
2020
2019
£
£
Other debtors
7,881
5,983
-------
-------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
11,937
3,412
Trade creditors
247
74
Social security and other taxes
3,134
6,950
Other creditors
19,075
17,267
--------
--------
34,393
27,703
--------
--------
Creditors falling due within one year of £11,937 are secured by a personal guarantee from the directors.
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
–
2,831
----
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Later than 1 year and not later than 5 years
53,560
74,984
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