Country Refreshments Limited Filleted accounts for Companies House (small and micro)

COUNTRY REFRESHMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC297328

Country Refreshments Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

28 February 2022

Country Refreshments Limited

Abridged Financial Statements

Year ended 28 February 2022

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Country Refreshments Limited

Abridged Statement of Financial Position

28 February 2022

	2022	2021
Note	£	£

Fixed assets

Intangible assets	5	12,000	14,400
Tangible assets	6	127,385	114,075
		---------	---------
		139,385	128,475

Current assets

Stocks	10,176	6,102
Debtors	1,243	1,075
Cash at bank and in hand	54,677	252
	--------	-------
	66,096	7,429

Creditors: amounts falling due within one year	243,994	194,761
	---------	---------
Net current liabilities	177,898	187,332
	---------	---------
Total assets less current liabilities	( 38,513)	( 58,857)
	--------	--------

Country Refreshments Limited

Abridged Statement of Financial Position (continued)

28 February 2022

	2022	2021
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 38,613)	( 58,957)
	--------	--------
Shareholder deficit	( 38,513)	( 58,857)
	--------	--------

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 28 February 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

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 28 February 2022 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 17 January 2023 , and are signed on behalf of the board by:

Mr G Thomson
Director

Company registration number: SC297328

Country Refreshments Limited

Notes to the Abridged Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lanark Agricultural Centre, Hyndford Road, Lanark, ML11 9AX.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The Coronavirus (COVID-19) pandemic has had an impact on the business. Turnover has fallen due to the restrictions imposed on the hospitality industry. The directors have taken steps to mitigate the impact on the company, and still consider the going concern approach to be appropriate. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised at the point of sale. Revenue from the rendering of services is recognised at the point the service is provided. Taxation 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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. 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. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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 subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

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

Plant and machinery	-	15% reducing balance
Chip shop fixtures and fittings	-	15% reducing balance
Motor vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2021: 11 ).

5. Intangible assets

	£
Cost
At 1 March 2021 and 28 February 2022	48,000
	--------
Amortisation
At 1 March 2021	33,600
Charge for the year	2,400
	--------
At 28 February 2022	36,000
	--------
Carrying amount
At 28 February 2022	12,000
	--------
At 28 February 2021	14,400
	--------

6. Tangible assets

	£
Cost
At 1 March 2021	384,741
Additions	39,797
	---------
At 28 February 2022	424,538
	---------
Depreciation
At 1 March 2021	270,666
Charge for the year	26,487
	---------
At 28 February 2022	297,153
	---------
Carrying amount
At 28 February 2022	127,385
	---------
At 28 February 2021	114,075
	---------

7. Operating leases

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

	2022	2021
	£	£
Not later than 1 year	12,298	12,872
Later than 1 year and not later than 5 years	–	12,298
	--------	--------
	12,298	25,170
	--------	--------

8. Charges on assets

Included in creditors are obligations under bank borrowing and hire purchase contracts amounting to £157 (2021 - £12,296) which are secured on assets owned by the company.

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G Thomson	( 5,029)	54,198	( 49,180)	( 11)
	-------	--------	--------	----

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G Thomson	( 32,037)	113,742	( 86,734)	( 5,029)
	--------	---------	--------	-------

10. Related party transactions

The company was under the control of Mr G Thomson throughout the current and previous years. Mr Thomson owns all of the issued shares. Dividends were paid to the director in the year of £ 40,550 (2021 - £Nil).