Crab and Cask Limited Company Accounts

Crab and Cask Limited Company Accounts

CRAB AND CASK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01358890
Crab and Cask Limited
Filleted Unaudited Financial Statements
31 March 2017
Crab and Cask Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Crab and Cask Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Crab and Cask Limited
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crab and Cask Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
9 October 2017
Crab and Cask Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
5,090
4,795
Current assets
Stocks
4,311
4,133
Debtors
6
5,120
2,123
Cash at bank and in hand
448
932
-------
-------
9,879
7,188
Creditors: amounts falling due within one year
7
19,755
14,272
--------
--------
Net current liabilities
9,876
7,084
-------
-------
Total assets less current liabilities
( 4,786)
( 2,289)
Creditors: amounts falling due after more than one year
8
1,404
1,049
-------
-------
Net liabilities
( 6,190)
( 3,338)
-------
-------
Crab and Cask Limited
Statement of Financial Position (continued)
31 March 2017
2017
2016
Note
£
£
£
Capital and reserves
Called up share capital
190,000
190,000
Profit and loss account
( 196,190)
( 193,338)
---------
---------
Members deficit
( 6,190)
( 3,338)
---------
---------
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 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 income and retained earnings has not been delivered.
For the year ending 31 March 2017 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 were approved by the board of directors and authorised for issue on 9 October 2017 , and are signed on behalf of the board by:
G Waters
J E Waters
Director
Director
Company registration number: 01358890
Crab and Cask Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old School House, Leckhampton Road, Cheltenham, Gloucestershire, GL53 0AX.
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 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 financial statements have been prepared on a going concern basis on the grounds that the directors will continue to provide sufficient finance for the foreseeable future.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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 and services is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer.
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:
Leasehold improvements
-
equal instalments over the period of the lease
Fixtures, fittings and equipment
-
25% and 40% per annum of the 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2016: 9 ).
5. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 April 2016
14,133
28,943
43,076
Additions
–
2,142
2,142
Disposals
–
( 1,233)
( 1,233)
--------
--------
--------
At 31 March 2017
14,133
29,852
43,985
--------
--------
--------
Depreciation
At 1 April 2016
14,133
24,148
38,281
Charge for the year
–
1,660
1,660
Disposals
–
( 1,046)
( 1,046)
--------
--------
--------
At 31 March 2017
14,133
24,762
38,895
--------
--------
--------
Carrying amount
At 31 March 2017
–
5,090
5,090
--------
--------
--------
At 31 March 2016
–
4,795
4,795
--------
--------
--------
6. Debtors
2017
2016
£
£
Other debtors
5,120
2,123
-------
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank overdraft
12,707
6,770
Trade creditors
3,038
3,919
Social security and other taxes
2,123
2,188
Other creditors
1,887
1,395
--------
--------
19,755
14,272
--------
--------
The bank overdraft is secured by a fixed and floating charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
1,404
1,049
-------
-------
9. Financial commitments
At the balance sheet date the company had future commitments under an operating lease of £111,667 (2016 - £11,667).
10. Related party transactions
During the year the company paid rent of £11,000 (2016 - £10,500) to the directors for its trading premises. At the balance sheet date £688 (2016 - £208) was owed to the directors in respect of their current account with the company.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.