Coffee Square Ltd Filleted accounts for Companies House (small and micro)

Coffee Square Ltd Filleted accounts for Companies House (small and micro)

COFFEE SQUARE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05285899
Coffee Square Ltd
Filleted Unaudited Financial Statements
31 March 2018
Coffee Square Ltd
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
12,650
8,317
Current assets
Stocks
1,052
1,350
Debtors
6
2,562
4,173
Cash at bank and in hand
2,750
7,695
-------
--------
6,364
13,218
Creditors: amounts falling due within one year
7
30,827
23,010
--------
--------
Net current liabilities
24,463
9,792
--------
-------
Total assets less current liabilities
( 11,813)
( 1,475)
Provisions
Taxation including deferred tax
2,152
1,273
--------
-------
Net liabilities
( 13,965)
( 2,748)
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 14,065)
( 2,848)
--------
-------
Shareholders deficit
( 13,965)
( 2,748)
--------
-------
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 comprehensive income has not been delivered.
For the year ending 31 March 2018 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 .
Coffee Square Ltd
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 7 December 2018 , and are signed on behalf of the board by:
Mr R Illingworth
Director
Company registration number: 05285899
Coffee Square Ltd
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2TR.
2. Statement of compliance
These 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, 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.
Going concern
The company has net liabilities at the balance sheet date due to an error arising in previous years which was identified after the prior year balance sheet date, as well as the transitional adjustments required under FRS 102 and reflected in the prior year's accounts. The directors are of the opinion therefore that the company, which has previously been profitable, is a going concern and the financial statements should be prepared on a going concern basis.
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and equipment
-
25% reducing balance
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.
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.
Defined contribution plans
Contributions to defined contribution 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 8 (2017: 8 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2017
45,659
45,659
Additions
7,812
7,812
--------
--------
At 31 March 2018
53,471
53,471
--------
--------
Depreciation
At 1 April 2017
37,342
37,342
Charge for the year
3,479
3,479
--------
--------
At 31 March 2018
40,821
40,821
--------
--------
Carrying amount
At 31 March 2018
12,650
12,650
--------
--------
At 31 March 2017
8,317
8,317
--------
--------
6. Debtors
2018
2017
£
£
Trade debtors
39
324
Other debtors
2,523
3,849
-------
-------
2,562
4,173
-------
-------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
–
3,500
Trade creditors
9,987
4,888
Corporation tax
–
2,085
Social security and other taxes
1,174
2,512
Other creditors
19,666
10,025
--------
--------
30,827
23,010
--------
--------