Mr Simms Knutsford Limited Filleted accounts for Companies House (small and micro)

KNUTSFORD SWEETS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07872977

Mr Simms Knutsford Limited

Filleted Unaudited Abridged Financial Statements

31 December 2020

Mr Simms Knutsford Limited

Abridged Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	37,662	41,112
Tangible assets	6	6,215	6,777
		--------	--------
		43,877	47,889

Current assets

Stocks	14,000	14,000
Debtors	3,927	4,061
Cash at bank and in hand	28,513	15,857
	--------	--------
	46,440	33,918

Creditors: amounts falling due within one year	19,740		21,199
	--------		--------
Net current assets		26,700	12,719
		--------	--------
Total assets less current liabilities		70,577	60,608

Creditors: amounts falling due after more than one year		28,477	30,000

Provisions

Taxation including deferred tax	1,101	1,194
	--------	--------
Net assets	40,999	29,414
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	40,998	29,413
	--------	--------
Shareholder funds	40,999	29,414
	--------	--------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Mr Simms Knutsford Limited

Abridged Statement of Financial Position (continued)

31 December 2020

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 23 March 2021 , and are signed on behalf of the board by:

Mrs J K Chard
Director

Company registration number: 07872977

Mr Simms Knutsford Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 119 King Street, Knutsford, Cheshire, WA16 6EH, United Kingdom.

2. Statement of compliance

These abridged 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.

Revenue recognition

Turnover represents shop takings for the sale of confectionery, exclusive of Value Added Tax. Turnover is recognised at the point of sale over the counter on a strict daily time basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods and is measured at the amounts of tax expected to be payable or recoverable 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 that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Fixtures & Fittings	-	15% reducing balance
Shop & Office Equipment	-	33% straight line

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are recognised in income immediately that there is reasonable assurance that the company will comply with the conditions attaching to them and the grants have been received.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 5 ).

5. Intangible assets

	£
Cost
At 1 January 2020 and 31 December 2020	69,000
	--------
Amortisation
At 1 January 2020	27,888
Charge for the year	3,450
	--------
At 31 December 2020	31,338
	--------
Carrying amount
At 31 December 2020	37,662
	--------
At 31 December 2019	41,112
	--------

6. Tangible assets

	£
Cost
At 1 January 2020	24,852
Additions	454
Disposals	( 781)
	--------
At 31 December 2020	24,525
	--------
Depreciation
At 1 January 2020	18,075
Charge for the year	1,016
Disposals	( 781)
	--------
At 31 December 2020	18,310
	--------
Carrying amount
At 31 December 2020	6,215
	--------
At 31 December 2019	6,777
	--------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	13,800	13,800
Later than 1 year and not later than 5 years	–	13,800
	--------	--------
	13,800	27,600
	--------	--------