Company Registration No. 06453034 (England and Wales)
Cornish Premier Pasties Limited
Unaudited accounts
for the year ended 30 April 2018
Cornish Premier Pasties Limited
Unaudited accounts
Contents
Cornish Premier Pasties Limited
Company Information
for the year ended 30 April 2018
Directors
F Bradshaw
P Jackson
F Rick
Company Number
06453034 (England and Wales)
Registered Office
70 Castle Street
Bodmin
Cornwall
PL31 2DY
Accountants
Callywith Accountants
70 Castle Street
Bodmin
Cornwall
PL31 2DY
Cornish Premier Pasties Limited
Statement of financial position
as at 30 April 2018
Tangible assets
513,407
528,862
Cash at bank and in hand
207,139
253,905
Creditors: amounts falling due within one year
(428,318)
(433,097)
Net current assets
280,480
433,299
Total assets less current liabilities
793,887
962,161
Creditors: amounts falling due after more than one year
(73,149)
(31,897)
Net assets
720,738
930,264
Called up share capital
330
500
Capital redemption reserve
170
-
Profit and loss account
720,238
929,764
Shareholders' funds
720,738
930,264
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 November 2018.
F Bradshaw
Director
Company Registration No. 06453034
Cornish Premier Pasties Limited
Notes to the Accounts
for the year ended 30 April 2018
Cornish Premier Pasties Limited is a private company, limited by shares, registered in England and Wales, registration number 06453034. The registered office is 70 Castle Street, Bodmin, Cornwall, PL31 2DY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the amounts, net of VAT, derived from the provision of goods and services to customers during the year.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Leasehold improvements 5 years straight line
Plant & machinery
10% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
10% straight line
Stocks are stated at the lower of cost and net estimated realisable value.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cornish Premier Pasties Limited
Notes to the Accounts
for the year ended 30 April 2018
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2017
275,016
1,142,638
101,645
34,140
1,553,439
Additions
-
112,155
25,850
3,198
141,203
Disposals
-
(10,000)
(38,500)
-
(48,500)
At 30 April 2018
275,016
1,244,793
88,995
37,338
1,646,142
At 1 May 2017
275,016
678,319
53,364
17,878
1,024,577
Charge for the year
-
124,482
11,672
3,734
139,888
On disposals
-
(9,000)
(22,730)
-
(31,730)
At 30 April 2018
275,016
793,801
42,306
21,612
1,132,735
At 30 April 2018
-
450,992
46,689
15,726
513,407
At 30 April 2017
-
464,319
48,281
16,262
528,862
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
135,446
169,661
- Motor vehicles
36,677
42,750
Raw materials
36,400
29,000
Finished goods
58,000
55,000
Trade debtors
379,961
486,193
Accrued income and prepayments
17,806
18,951
Other debtors
9,492
23,347
7
Creditors: amounts falling due within one year
2018
2017
Obligations under finance leases and hire purchase contracts
51,738
54,386
Trade creditors
155,269
154,033
Taxes and social security
159,516
164,604
Cornish Premier Pasties Limited
Notes to the Accounts
for the year ended 30 April 2018
8
Creditors: amounts falling due after more than one year
2018
2017
Obligations under finance leases and hire purchase contracts
73,149
31,897
Allotted, called up and fully paid:
330 Ordinary shares of £1 each
330
500
10
Transactions with related parties
During the year the company entered into arrangements with two of the director/shareholders to purchase their shareholdings for total consideration of £600,000 payable by instalments The arrangement with one shareholder was completed during the year resulting in the cancellation of 100 ordinary shares in the company for consideration of £300,000.
Two of the instalments with the other shareholder were completed during the year resulting in the cancellation of 70 ordinary shares in the company for consideration of £210,000.
11
Post balance sheet events
During the year the company entered into an agreement with one of the director/shareholders to purchase their shareholding for total consideration of £300.000 payable by instalments. This arrangement was completed after the reporting date by the payment of the final instalment of £90,000 and the cancellation of 30 ordinary shares in the company.
12
Average number of employees
During the year the average number of employees was 53 (2017: 49).
