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COMPANY REGISTRATION NUMBER: 08784908
COFFEE CART EXPRESS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2017
COFFEE CART EXPRESS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2017
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
COFFEE CART EXPRESS LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2017
2017
2016
Note
£
£
Fixed assets
Intangible assets
5
18,000
30,000
Tangible assets
6
14,972
17,678
--------
--------
32,972
47,678
Current assets
Stocks
7,996
7,862
Debtors
7
6,143
4,302
Cash at bank and in hand
19,358
55,069
--------
--------
33,497
67,233
Creditors: amounts falling due within one year
8
36,854
82,676
--------
--------
Net current liabilities
3,357
15,443
--------
--------
Total assets less current liabilities
29,615
32,235
Creditors: amounts falling due after more than one year
9
8,435
9,125
Provisions
2,214
--------
--------
Net assets
18,966
23,110
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
18,965
23,109
--------
--------
Shareholders funds
18,966
23,110
--------
--------
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 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COFFEE CART EXPRESS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2017
These financial statements were approved by the board of directors and authorised for issue on 25 October 2018 , and are signed on behalf of the board by:
J Brodie
Director
Company registration number: 08784908
COFFEE CART EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 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 Murray House, 58 High Street, Biddulph, Stoke on Trent, ST8 6AR.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 machinery
-
25% straight line
Computer costs
-
33% straight line
Motor vehicles
-
25% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2016 and 30 November 2017
60,000
--------
Amortisation
At 1 December 2016
30,000
Charge for the year
12,000
--------
At 30 November 2017
42,000
--------
Carrying amount
At 30 November 2017
18,000
--------
At 30 November 2016
30,000
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2016
19,835
304
8,000
28,139
Additions
5,731
80
5,811
--------
----
-------
--------
At 30 November 2017
25,566
384
8,000
33,950
--------
----
-------
--------
Depreciation
At 1 December 2016
7,679
94
2,688
10,461
Charge for the year
6,389
128
2,000
8,517
--------
----
-------
--------
At 30 November 2017
14,068
222
4,688
18,978
--------
----
-------
--------
Carrying amount
At 30 November 2017
11,498
162
3,312
14,972
--------
----
-------
--------
At 30 November 2016
12,156
210
5,312
17,678
--------
----
-------
--------
7. Debtors
2017
2016
£
£
Trade debtors
1,362
Other debtors
6,143
2,940
-------
-------
6,143
4,302
-------
-------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,486
2,283
Trade creditors
3,280
21,354
Social security and other taxes
5,736
5,674
Other creditors
26,352
53,365
--------
--------
36,854
82,676
--------
--------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
8,435
9,125
-------
-------
10. Related party transactions
All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.