Moss & Co Trading Ltd Filleted accounts for Companies House (small and micro)

MOSS & CO TRADING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07814501

Moss & Co Trading Ltd

Unaudited financial statements

31 March 2022

Moss & Co Trading Ltd

Statement of financial position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5	548,639	288,919
Investments	6	4,000	–
		---------	---------
		552,639	288,919

Current assets

Stocks		55,990	52,368
Debtors	7	441,517	326,746
Cash at bank and in hand		72,109	8,350
		---------	---------
		569,616	387,464

Creditors: Amounts falling due within one year	8	( 608,862)		( 415,951)
		---------		---------
Net current liabilities			( 39,246)		( 28,487)
			---------		---------
Total assets less current liabilities			513,393		260,432

Creditors: Amounts falling due after more than one year	9		( 143,333)		( 205,250)

Provisions

Taxation including deferred tax	( 70,031)	( 27,684)
	---------	---------
Net assets	300,029	27,498
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	300,027	27,496
	---------	-------
Shareholders funds	300,029	27,498
	---------	-------

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 income statement has not been delivered.

For the year ending 31 March 2022 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 .

Moss & Co Trading Ltd

Statement of financial position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

Mr D Moss

Director

Company registration number: 07814501

Moss & Co Trading Ltd

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jolly Sailors, Pakefield Street, Lowestoft, England, NR33 0JS.

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

The accounts have been prepared on the going concern basis despite the low net asset value, on the understanding that the bank and other major creditors will continue to financially support the company for the foreseeable future.

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:

Improvements to property	-	5-10% straight line
Plant and machinery	-	15% straight line
Fixtures and fittings	-	15% straight line
Equipment	-	15% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 using the accrual model at the fair value received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants which relate to revenue are recognised in income in the period the related costs are incurred by the company for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 employees during the year was 146 (2021: 128 ).

5. Tangible assets

	Improvements to property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	300,562	122,104	277,428	18,028	718,122
Additions	328,807	23,819	10,546	–	363,172
Disposals	( 4,370)	( 74,209)	( 135,532)	( 5,449)	( 219,560)
	---------	---------	---------	-------	---------
At 31 March 2022	624,999	71,714	152,442	12,579	861,734
	---------	---------	---------	-------	---------
Depreciation
At 1 April 2021	92,589	88,579	235,986	12,049	429,203
Charge for the year	27,939	6,987	6,863	1,885	43,674
Disposals	( 218)	( 58,720)	( 95,422)	( 5,422)	( 159,782)
	---------	---------	---------	-------	---------
At 31 March 2022	120,310	36,846	147,427	8,512	313,095
	---------	---------	---------	-------	---------
Carrying amount
At 31 March 2022	504,689	34,868	5,015	4,067	548,639
	---------	---------	---------	-------	---------
At 31 March 2021	207,973	33,525	41,442	5,979	288,919
	---------	---------	---------	-------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2021	–
Additions	8,000
Disposals	( 4,000)
	------
At 31 March 2022	4,000
	------
Impairment
At 1 April 2021 and 31 March 2022	–
	------

Carrying amount
At 31 March 2022	4,000
	------
At 31 March 2021	–
	------

7. Debtors

	2022	2021
	£	£
Trade debtors	5,873	4,682
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	2,501
Other debtors	435,644	319,563
	---------	---------
	441,517	326,746
	---------	---------

8. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	62,500	57,418
Trade creditors	235,599	46,236
Amounts owed to group undertakings and undertakings in which the company has a participating interest	998	–
Social security and other taxes	175,907	140,298
Other creditors	133,858	171,999
	---------	---------
	608,862	415,951
	---------	---------

The bank overdraft is secured by a fixed and floating charge over all the company's assets. This charge was created in 2019. The above amounts in other creditors are secured by a fixed charge over the leasehold of one of the public houses operated by the company.

9. Creditors: Amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	143,333	205,250
	---------	---------

Creditors in respect of bank loans are secured by a fixed charge over the company's assets.

10. Operating leases

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

	2022	2021
	£	£
Not later than 1 year	90,000	68,750
Later than 1 year and not later than 5 years	450,000	450,000
Later than 5 years	488,750	566,250
	-----------	-----------
	1,028,750	1,085,000
	-----------	-----------

11. Directors' advances, credits and guarantees

During the year the company operated a loan account with the directors. At the 31 March 2022 the directors owed the company £232,907 (2021: £176,141). Beneficial loan interest of £4,050 (2021: £3,392) was charged on the loan during the year. It was charged at H M Revenue and Customs standard rate. No formal repayment terms are in place for the loan.

12. Ultimate parent undertaking

The company is a wholly owned subsidiary of Moss & Co (Holdings) Limited, a company incorporated in England and Wales.