Codfather's (Saltash) Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 07144344 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 February 2016

for

Codfather's (Saltash) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T L Pratt

W F Linford

SECRETARY:

W F Linford

REGISTERED OFFICE:

28 Fore Street

Saltash

Cornwall

PL12 6JL

REGISTERED NUMBER:

07144344 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

The Parade

Liskeard

Cornwall

PL14 6AF

FIXED ASSETS

Intangible assets

4

10,787

14,382

Tangible assets

5

374,918

379,382

385,705

393,764

CURRENT ASSETS

Stocks

1,500

1,500

Debtors: amounts falling due within one year

6

1,199

1,099

Cash at bank and in hand

7,476

10,384

10,175

12,983

CREDITORS

Amounts falling due within one year

7

195,668

189,530

NET CURRENT LIABILITIES

(185,493

)

(176,547

)

TOTAL ASSETS LESS CURRENT LIABILITIES

200,212

217,217

CREDITORS

Amounts falling due after more than one year

8

(195,344

)

(206,816

)

PROVISIONS FOR LIABILITIES

(1,860

)

(2,212

)

NET ASSETS

3,008

8,189

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,908

8,089

SHAREHOLDERS' FUNDS

3,008

8,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 October 2016 and were signed on its behalf by:

T L Pratt - Director

1.	STATUTORY INFORMATION

Codfather's (Saltash) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have assessed going concern and there are no material uncertainties which may cast significant

doubt about the company's ability to continue. As a result the financial statements have been prepared using the

going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of nine years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2015

and 29 February 2016

32,358

AMORTISATION

At 1 March 2015

17,976

Charge for year

3,595

At 29 February 2016

21,571

NET BOOK VALUE

At 29 February 2016

10,787

At 28 February 2015

14,382

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 March 2015

353,307

56,658

24,281

434,246

Additions

-

2,210

-

2,210

At 29 February 2016

353,307

58,868

24,281

436,456

DEPRECIATION

At 1 March 2015

-

38,539

16,325

54,864

Charge for year

-

5,083

1,591

6,674

At 29 February 2016

-

43,622

17,916

61,538

NET BOOK VALUE

At 29 February 2016

353,307

15,246

6,365

374,918

At 28 February 2015

353,307

18,119

7,956

379,382

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

£

Prepayments

1,199

1,099

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

£

Trade creditors

773

1,662

Corporation Tax

9,431

5,892

Social security and other taxes

706

476

VAT

13,195

13,738

Directors' current accounts

170,063

163,408

Accrued expenses

1,500

4,354

195,668

189,530

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.16

28.2.15

£

£

Bank loans more 5 yr by instal

195,344

206,816

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

195,344

206,816

9.	SECURED DEBTS

The following secured debts are included within creditors:

29.2.16

28.2.15

£

£

Bank loans

195,344

206,816

The bank loan is secured on the fixed and floating charge of the company assets.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £41,500 (2015: £24,000) were paid to the directors.

included within creditors is a balance of £170,064 (2015: £163,408) owed to the directors. No interest is applied

to the balance owed and there are no formal settlement terms.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors who own 100% of the share capital.

12.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008) as at 1st

January 2014.

The impact from the transition has been reviewed for transitional adjustments, of which there are none.