Company Registration No. 11738387 (England and Wales)
CREPE CUISINE CORNWALL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CREPE CUISINE CORNWALL LTD
COMPANY INFORMATION
Director
F J Webster
Secretary
R R Inglis
Company number
11738387
Registered office
Unit 10 Pinou Lane
Long Rock Industrial Estate
Penzance
Cornwall
United Kingdom
TR20 8HX
Accountants
Azets
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
CREPE CUISINE CORNWALL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CREPE CUISINE CORNWALL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
65,348
69,173
Tangible assets
4
101,729
127,042
167,077
196,215
Current assets
Stocks
104,130
98,444
Debtors
5
473,647
453,159
Cash at bank and in hand
27,284
27,369
605,061
578,972
Creditors: amounts falling due within one year
6
(664,965)
(495,080)
Net current (liabilities)/assets
(59,904)
83,892
Total assets less current liabilities
107,173
280,107
Creditors: amounts falling due after more than one year
7
(140,000)
(215,367)
Provisions for liabilities
555
(15,852)
Net (liabilities)/assets
(32,272)
48,888
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(32,372)
48,788
Total equity
(32,272)
48,888
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CREPE CUISINE CORNWALL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2022
F J Webster
Director
Company Registration No. 11738387
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Crepe Cuisine Cornwall Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Pinou Lane, Long Rock Industrial Estate, Penzance, Cornwall, United Kingdom, TR20 8HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis notwithstanding that at 31 December 202true1 the company had net current liabilities of £59,904 and net liabilities of £32,272.
The company has overcome difficulties over the last 2 years resulting from the COVID-19 pandemic and was required to take on additional borrowing during that time to help with cash flow and business continuity.
Since the ending of COVID-19 restrictions, the company has seen a sharp increase in demand across all of its products and also new product development for customers within the food manufacturing and retail industry.
The company's continuation as a going concern is dependent upon the continued support of the company's shareholders and its ability to generate cash flows from operations in order to meet its obligations as they fall due.
The director, after making enquiries and having considered the company's business, its financial plans and the facilities available to finance the business, has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis is adopted in preparing the financial statements.
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period and is recognised on delivery of goods to the customer.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
44
50
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
76,504
Amortisation and impairment
At 1 January 2021
7,331
Amortisation charged for the year
3,825
At 31 December 2021
11,156
Carrying amount
At 31 December 2021
65,348
At 31 December 2020
69,173
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
36,408
228,823
23,503
12,000
300,734
Additions
33,552
7,448
41,000
At 31 December 2021
36,408
262,375
30,951
12,000
341,734
Depreciation and impairment
At 1 January 2021
32,529
121,987
8,561
10,615
173,692
Depreciation charged in the year
3,228
57,806
3,894
1,385
66,313
At 31 December 2021
35,757
179,793
12,455
12,000
240,005
Carrying amount
At 31 December 2021
651
82,582
18,496
101,729
At 31 December 2020
3,879
106,836
14,942
1,385
127,042
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Tangible fixed assets
(Continued)
- 8 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and equipment
15,022
Leasehold improvements
-
2,182
15,022
2,182
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
388,818
391,675
Other debtors
84,829
61,484
473,647
453,159
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
40,000
23,333
Trade creditors
166,600
91,397
Taxation and social security
21,699
19,337
Other creditors
436,666
361,013
664,965
495,080
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
140,000
176,667
Other creditors
38,700
140,000
215,367
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Loans and overdrafts
2021
2020
£
£
Bank loans
180,000
200,000
Other loans
404,366
380,490
584,366
580,490
Payable within one year
444,366
365,123
Payable after one year
140,000
215,367
Ultimate Finance Limited holds a fixed and floating charge over the property and undertaking of the company.
Crepe Cuisine Limited (in administration) holds a fixed and floating charge over all freehold and
leasehold assets of the company, goodwill and all other assets and undertaking of the company.
Barclays Security Trustee Limited holds a fixed and floating charge over the property and undertaking of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
17,102
21,419
Tax losses
(17,657)
(5,567)
(555)
15,852
2021
Movements in the year:
£
Liability at 1 January 2021
15,852
Credit to profit or loss
(16,407)
Asset at 31 December 2021
(555)
CREPE CUISINE CORNWALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
86,805
86,805
Between two and five years
185,844
272,649
272,649
359,454
11
Related party transactions
During the year the company made payments of £12,000 (that are not required to be repaid) on behalf of R Inglis (2020: £7,000).
12
Directors' transactions
Dividends totalling £0 (2020 - £0) were paid in the year in respect of shares held by the company's directors.
During the period the company paid fees of £nil (2020: £316) on behalf of the Director
Description
% Rate
Opening balance
Closing balance
£
£
F J Webster -
2.25
316
316
316
316
13
Parent company
The company is controlled by Mr R Inglis by virtue of his 52% shareholding in the company.
2021-12-312021-01-01false12 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityF J WebsterR R Inglis117383872021-01-012021-12-3111738387bus:Director12021-01-012021-12-3111738387bus:CompanySecretary12021-01-012021-12-3111738387bus:RegisteredOffice2021-01-012021-12-31117383872021-12-31117383872020-12-3111738387core:NetGoodwill2021-12-3111738387core:NetGoodwill2020-12-3111738387core:LeaseholdImprovements2021-12-3111738387core:PlantMachinery2021-12-3111738387core:FurnitureFittings2021-12-3111738387core:MotorVehicles2021-12-3111738387core:LeaseholdImprovements2020-12-3111738387core:PlantMachinery2020-12-3111738387core:FurnitureFittings2020-12-3111738387core:MotorVehicles2020-12-3111738387core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111738387core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3111738387core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3111738387core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3111738387core:CurrentFinancialInstruments2021-12-3111738387core:CurrentFinancialInstruments2020-12-3111738387core:Non-currentFinancialInstruments2021-12-3111738387core:Non-currentFinancialInstruments2020-12-3111738387core:ShareCapital2021-12-3111738387core:ShareCapital2020-12-3111738387core:RetainedEarningsAccumulatedLosses2021-12-3111738387core:RetainedEarningsAccumulatedLosses2020-12-3111738387core:Goodwill2021-01-012021-12-3111738387core:LeaseholdImprovements2021-01-012021-12-3111738387core:PlantMachinery2021-01-012021-12-3111738387core:FurnitureFittings2021-01-012021-12-3111738387core:MotorVehicles2021-01-012021-12-31117383872020-01-012020-12-3111738387core:NetGoodwill2020-12-3111738387core:NetGoodwill2021-01-012021-12-3111738387core:LeaseholdImprovements2020-12-3111738387core:PlantMachinery2020-12-3111738387core:FurnitureFittings2020-12-3111738387core:MotorVehicles2020-12-31117383872020-12-3111738387core:WithinOneYear2021-12-3111738387core:WithinOneYear2020-12-3111738387core:BetweenTwoFiveYears2021-12-3111738387core:BetweenTwoFiveYears2020-12-3111738387bus:PrivateLimitedCompanyLtd2021-01-012021-12-3111738387bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111738387bus:FRS1022021-01-012021-12-3111738387bus:AuditExemptWithAccountantsReport2021-01-012021-12-3111738387bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP