General Information
Pity Me Coffee Shop Ltd is a private company, limited by shares , registered in England and Wales , registration number 08498243 , registration address 58 Durham Road, Birtley, Tyne & Wear , DH3 2QJ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on operations, customers, suppliers and staff. The Company has utilised the grants and benefits available from the Government and is taking the steps it can to protect the future of the business. Although the total impact is still uncertain the directors believe that it is appropriate that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, 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. 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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
1% Reducing Balance |
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
Stocks
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue
included reflects the accrual of the right to consideration as contract
activity progresses by reference to value of the work performed.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2019 |
254,157 |
|
50,995 |
|
170,941 |
|
476,093 |
| Additions |
3,051 |
|
- |
|
20,301 |
|
23,352 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2020 |
257,208 |
|
50,995 |
|
191,242 |
|
499,445 |
| Depreciation |
| At 01 April 2019 |
19,764 |
|
15,748 |
|
79,299 |
|
114,811 |
| Charge for year |
2,375 |
|
8,812 |
|
16,792 |
|
27,979 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2020 |
22,139 |
|
24,560 |
|
96,091 |
|
142,790 |
| Net book values |
| Closing balance as at 31 March 2020 |
235,069 |
|
26,435 |
|
95,151 |
|
356,655 |
| Opening balance as at 01 April 2019 |
234,393 |
|
35,247 |
|
91,642 |
|
361,282 |
|
| 3. |
Stocks
|
2020
£ |
|
2019
£ |
| Work in Progress |
3,894 |
|
3,804 |
|
3,894 |
|
3,804 |
|
| 4. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Amount Owed by Group Undertakings |
132,728 |
|
58,051 |
| Prepayments & Accrued Income |
25,000 |
|
0 |
|
157,728 |
|
58,051 |
|
| 5. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Corporation Tax |
18,213 |
|
18,232 |
| PAYE & Social Security |
6,101 |
|
7,090 |
| Pension Control Account |
818 |
|
573 |
| Accrued Expenses |
1,350 |
|
1,350 |
| Obligations under HP/Financial Leases |
7,983 |
|
22,632 |
| Directors' Current Accounts |
246,495 |
|
256,926 |
| VAT |
39,914 |
|
49,541 |
|
320,874 |
|
356,344 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Obligations Under HP/Financial Leases |
10,920 |
|
9,682 |
|
10,920 |
|
9,682 |
|
| 7. |
Provisions for liabilities
|
2020
£ |
|
2019
£ |
| Deferred Tax |
24,061 |
|
0 |
|
24,061 |
|
0 |
|
| 8. |
Average number of employees
Average number of employees during the year was 37 (2019 : 34)
|
| 9. |
Directors advances, credits and guarantees
Included in creditors: amounts due within one year, are amounts owed to the Directors of £246,495 (2019 - £256,926)
|
| 10. |
Controlling party
For the whole of the period under review the company was under the control of Mark Green, director of the company.
|
2
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