Cupcake Bakery Ltd |
Notes to the Accounts |
for the year ended 31 March 2018 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows: |
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Fixtures, fittings, tools and equipment |
15% on a Reducing Balance basis |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax asset is recognised in respect of a tax loss that can be carried forwards to future periods. |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2017 |
4,840 |
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At 31 March 2018 |
4,840 |
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Depreciation |
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At 1 April 2017 |
726 |
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Charge for the year |
686 |
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At 31 March 2018 |
1,412 |
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Net book value |
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At 31 March 2018 |
3,428 |
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At 31 March 2017 |
4,114 |
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3 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
£ |
£ |
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Other creditors |
12,789 |
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21,049 |
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4 |
Other information |
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Cupcake Bakery Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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c/o SmarterTax Ltd |
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431 High Street |
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Kirkcaldy |
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Fife |
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KY1 2SG |