| Caterbitz Ltd |
| Notes to the Accounts |
| for the year ended 31 May 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant, machinery and motor vehicles |
25% on reducing balance |
|
|
(apart from display stock which is not depreciated) |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
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|
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| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2020 |
5,351 |
|
74,506 |
|
42,639 |
|
122,496 |
|
Additions |
- |
|
79,887 |
|
153,314 |
|
233,201 |
|
Disposals |
- |
|
- |
|
(21,024) |
|
(21,024) |
|
At 31 May 2021 |
5,351 |
|
154,393 |
|
174,929 |
|
334,673 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2020 |
- |
|
3,840 |
|
14,602 |
|
18,442 |
|
Charge for the year |
- |
|
1,649 |
|
20,549 |
|
22,198 |
|
On disposals |
- |
|
- |
|
(9,198) |
|
(9,198) |
|
At 31 May 2021 |
- |
|
5,489 |
|
25,953 |
|
31,442 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
5,351 |
|
148,904 |
|
148,976 |
|
303,231 |
|
At 31 May 2020 |
5,351 |
|
70,666 |
|
28,037 |
|
104,054 |
|
Plant and machinery above includes display stock which is not depreciated. Display stock brought forward totals £64,067 and additions during the year were £79,887. |
|
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| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade debtors |
82,965 |
|
80,598 |
|
Other debtors |
15,637 |
|
4,700 |
|
|
|
|
|
|
98,602 |
|
85,298 |
|
|
|
|
|
|
|
|
|
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| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
50,000 |
|
- |
|
Trade creditors |
64,990 |
|
984 |
|
Taxation and social security costs |
40,910 |
|
49,152 |
|
Other creditors |
279,064 |
|
95,159 |
|
|
|
|
|
|
434,964 |
|
145,295 |
|
|
|
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| 6 |
Related party transactions |
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Mr R Moreton (Director) has a loan account with the company. At the balance sheet date he was owed £3,143 (2020: £49,696) by the company. |
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| 7 |
Controlling party |
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The company is controlled by Mr R Moreton, it's sole director, who together with family interests, owns 100% of the issued share capital. |
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| 8 |
Other information |
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Caterbitz Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit B3 30 Blackmoor Road |
|
Ebblake Industrial Estate |
|
Verwood |
|
Dorset |
|
BH31 6BB |
