Registered number
08765005
Retrocorn Limited
Filleted Accounts
30 November 2021
Retrocorn Limited
Registered number: 08765005
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 4,475 5,634
Tangible assets 4 13,473 14,192
17,948 19,826
Current assets
Stocks 29,615 25,600
Debtors 5 68,642 53,653
Cash at bank and in hand 212 255
98,469 79,508
Creditors: amounts falling due within one year 6 (251,458) (233,893)
Net current liabilities (152,989) (154,385)
Total assets less current liabilities (135,041) (134,559)
Creditors: amounts falling due after more than one year 7 (16,800) (24,000)
Net liabilities (151,841) (158,559)
Capital and reserves
Called up share capital 100 100
Profit and loss account (151,941) (158,659)
Shareholders' funds (151,841) (158,559)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Taylor
Director
Approved by the board on 8 August 2022
Retrocorn Limited
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
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).
Turnover
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Plant and machinery over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 1
3 Intangible fixed assets £
Trademarks
Cost
At 1 December 2020 11,588
At 30 November 2021 11,588
Amortisation
At 1 December 2020 5,954
Provided during the year 1,159
At 30 November 2021 7,113
Net book value
At 30 November 2021 4,475
At 30 November 2020 5,634
Trademarks are being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold imp Plant and machinery etc Total
£ £ £
Cost
At 1 December 2020 15,712 54,747 70,459
Additions - 2,834 2,834
At 30 November 2021 15,712 57,581 73,293
Depreciation
At 1 December 2020 6,679 49,588 56,267
Charge for the year 1,310 2,243 3,553
At 30 November 2021 7,989 51,831 59,820
Net book value
At 30 November 2021 7,723 5,750 13,473
At 30 November 2020 9,033 5,159 14,192
5 Debtors 2021 2020
£ £
Trade debtors 21,050 11,945
Deferred tax asset 37,814 39,995
Other debtors 9,778 1,713
68,642 53,653
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 37,102 24,903
Trade creditors 37,360 20,615
Taxation and social security costs 599 1,007
Other creditors 176,397 187,368
251,458 233,893
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 16,800 24,000
8 Related party transactions
Mr Taylor has lent the company funds on an interest free basis . Due to Mr Taylor £174,646 (YE 2020 £185,948)
9 Controlling party
The company is controlled by its director and majority shareholder Mr G Taylor.
10 Other information
Retrocorn Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Blue Barns Business Park
Old Ipswich Road, Ardleigh
Colchester
Essex
CO7 7FX
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