Banana Moon Workshop Limited - Accounts to registrar (filleted) - small 18.2
Banana Moon Workshop Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Banana Moon Workshop Limited |
| Financial Statements |
| for the Year Ended 31 March 2020 |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Contents of the Financial Statements |
| for the year ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Banana Moon Workshop Limited |
| Company Information |
| for the year ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 33 George Street |
| Wakefield |
| West Yorkshire |
| WF1 1LX |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Balance Sheet |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Balance Sheet - continued |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 and authorised for issue on |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Notes to the Financial Statements |
| for the year ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Banana Moon Workshop Limited is a |
| The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern - Coronavirus Pandemic |
| The Directors have considered the risks and uncertainties arising from the coronavirus pandemic which began to take effect on a global scale from February 2020 onwards. In the initial stages of the national lockdown which commenced on 23 March 2020, most employees were initially furloughed for approximately two months but since then, all employees have progressively returned to work. |
| The Directors have accessed Government financial support including the Coronavirus Job Retention Scheme in order to augment the company's cash resources and trading is considered to be satisfactory in the circumstances. As the programme of mass vaccination is rolled out in the first half of 2021, it is hoped that lockdown restrictions will be steadily eased and for sales volumes to start returning to pre pandemic levels. |
| Whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the Directors believe that in view of the above assessment, the company should be able to operate within the level of its financial facilities. Accordingly, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| The website has been fully amortised over its estimated useful life of three years. |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Fixed assets are recorded at cost. |
| Government grants |
| Government grants in relation to revenue expenditure are credited to the profit and loss in full when the conditions of the grant are met. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill | Website | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Reclassification/transfer |
| At 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| Reclassification/transfer |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 47,906 | - |
| Other creditors |
| Directors' current accounts | 40,837 | 33,524 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Banana Moon Workshop Limited (Registered number: 06468058) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts | 204,170 | 257,431 |
| Obligations under hire purchase are secured against the asset to which they relate. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 75 | 75 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £210,000 were paid to the directors . |