Copper Beech Trading Ltd 31/05/2023 iXBRL

Copper Beech Trading Ltd 31/05/2023 iXBRL

COPPER BEECH TRADING LTD - Company Information

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Company registration number: 07623286
Copper Beech Trading Ltd
Unaudited filleted financial statements
31 May 2023
Copper Beech Trading Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Copper Beech Trading Ltd
Directors and other information
Directors J Tyndale
K Tyndale
Company number 07623286
Registered office Unit 1, Boxtree Buildings
Barbon
Carnforth
LA6 2LS
Accountants Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
Copper Beech Trading Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Copper Beech Trading Ltd
Year ended 31 May 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
14 February 2024
Copper Beech Trading Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 12 12
Tangible assets 6 3,323 6,743
_______ _______
3,335 6,755
Current assets
Stocks 91,557 77,249
Debtors 7 4,728 39,109
Cash at bank and in hand 106,571 78,632
_______ _______
202,856 194,990
Creditors: amounts falling due
within one year 8 ( 41,218) ( 13,242)
_______ _______
Net current assets 161,638 181,748
_______ _______
Total assets less current liabilities 164,973 188,503
Creditors: amounts falling due
after more than one year 9 ( 15,741) ( 15,741)
_______ _______
Net assets 149,232 172,762
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 149,230 172,760
_______ _______
Shareholders funds 149,232 172,762
_______ _______
For the year ending 31 May 2023 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:
J Tyndale
Director
Company registration number: 07623286
Copper Beech Trading Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Boxtree Buildings, Barbon, Carnforth, LA6 2LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
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. In this case, tax is 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. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset 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. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 June 2022 and 31 May 2023 440 440
_______ _______
Amortisation
At 1 June 2022 and 31 May 2023 428 428
_______ _______
Carrying amount
At 31 May 2023 12 12
_______ _______
At 31 May 2022 12 12
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2022 33,020 33,020
Additions 6,447 6,447
_______ _______
At 31 May 2023 39,467 39,467
_______ _______
Depreciation
At 1 June 2022 26,277 26,277
Charge for the year 9,867 9,867
_______ _______
At 31 May 2023 36,144 36,144
_______ _______
Carrying amount
At 31 May 2023 3,323 3,323
_______ _______
At 31 May 2022 6,743 6,743
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 564 39,109
Other debtors 4,164 -
_______ _______
4,728 39,109
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 18,859 1,247
Corporation tax 1,858 -
Social security and other taxes 18,433 11,807
Other creditors 2,068 188
_______ _______
41,218 13,242
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 15,741 15,741
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
J Tyndale - 4,000 4,000
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
J Tyndale - - -
_______ _______ _______
11. Controlling party
The Company is controlled by its Director by virtue of her share holding.