Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312022-02-01truegift shopfalse66trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04142070 2022-02-01 2023-01-31 04142070 2021-02-01 2022-01-31 04142070 2023-01-31 04142070 2022-01-31 04142070 c:Director1 2022-02-01 2023-01-31 04142070 c:Director2 2022-02-01 2023-01-31 04142070 c:RegisteredOffice 2022-02-01 2023-01-31 04142070 d:PlantMachinery 2022-02-01 2023-01-31 04142070 d:PlantMachinery 2023-01-31 04142070 d:PlantMachinery 2022-01-31 04142070 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 04142070 d:FurnitureFittings 2022-02-01 2023-01-31 04142070 d:FurnitureFittings 2023-01-31 04142070 d:FurnitureFittings 2022-01-31 04142070 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 04142070 d:ComputerEquipment 2022-02-01 2023-01-31 04142070 d:ComputerEquipment 2023-01-31 04142070 d:ComputerEquipment 2022-01-31 04142070 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 04142070 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 04142070 d:Goodwill 2022-02-01 2023-01-31 04142070 d:Goodwill 2023-01-31 04142070 d:Goodwill 2022-01-31 04142070 d:CurrentFinancialInstruments 2023-01-31 04142070 d:CurrentFinancialInstruments 2022-01-31 04142070 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 04142070 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 04142070 d:ShareCapital 2023-01-31 04142070 d:ShareCapital 2022-01-31 04142070 d:RetainedEarningsAccumulatedLosses 2023-01-31 04142070 d:RetainedEarningsAccumulatedLosses 2022-01-31 04142070 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 04142070 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 04142070 c:FRS102 2022-02-01 2023-01-31 04142070 c:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04142070 c:FullAccounts 2022-02-01 2023-01-31 04142070 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04142070 2 2022-02-01 2023-01-31 04142070 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04142070 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 04142070 d:Goodwill d:OwnedIntangibleAssets 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 04142070










CROMER GIFT SHOP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
CROMER GIFT SHOP LIMITED
 
 
COMPANY INFORMATION


Directors
Jayne Ruth Bowyer 
Jeff Bowyer 




Registered number
04142070



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
CROMER GIFT SHOP LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11


 
CROMER GIFT SHOP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CROMER GIFT SHOP LIMITED
FOR THE YEAR ENDED 31 JANUARY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cromer Gift Shop Limited for the year ended 31 January 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Cromer Gift Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cromer Gift Shop Limited  and state those matters that we have agreed to state to the Board of directors of Cromer Gift Shop Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cromer Gift Shop Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Cromer Gift Shop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cromer Gift Shop Limited. You consider that Cromer Gift Shop Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cromer Gift Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
18 October 2023
Page 1

 
CROMER GIFT SHOP LIMITED
REGISTERED NUMBER: 04142070

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,400
6,800

Tangible assets
 5 
2,924
2,815

  
6,324
9,615

Current assets
  

Stocks
 6 
22,102
18,447

Debtors: amounts falling due within one year
 7 
294
184

Cash at bank and in hand
 8 
66,117
52,131

  
88,513
70,762

Creditors: amounts falling due within one year
 9 
(43,125)
(39,233)

Net current assets
  
 
 
45,388
 
 
31,529

Total assets less current liabilities
  
51,712
41,144

Provisions for liabilities
  

Deferred tax
 11 
(460)
(534)

  
 
 
(460)
 
 
(534)

Net assets
  
51,252
40,610


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
51,152
40,510

  
51,252
40,610


Page 2

 
CROMER GIFT SHOP LIMITED
REGISTERED NUMBER: 04142070
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2023.




................................................
Jayne Ruth Bowyer
................................................
Jeff Bowyer
Director
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The company's principle activity is that of  gift and toy sales..    

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover is comprised of the sale of textiles for curtains and other retail fabrics alongside giftshop items and toy sales.  Turnover from the sale of  these goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
10%
Reducing balance
Computer equipment
-
33%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 7

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 February 2022
49,000



At 31 January 2023

49,000



Amortisation


At 1 February 2022
42,200


Charge for the year on owned assets
3,400



At 31 January 2023

45,600



Net book value



At 31 January 2023
3,400



At 31 January 2022
6,800



Page 8

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 February 2022
618
9,468
1,421
11,507


Additions
-
-
749
749



At 31 January 2023

618
9,468
2,170
12,256



Depreciation


At 1 February 2022
539
7,107
1,046
8,692


Charge for the year on owned assets
21
244
375
640



At 31 January 2023

560
7,351
1,421
9,332



Net book value



At 31 January 2023
58
2,117
749
2,924



At 31 January 2022
79
2,361
375
2,815


6.


Stocks

2023
2022
£
£

Raw materials and consumables
22,102
18,447

22,102
18,447



7.


Debtors

2023
2022
£
£


Prepayments and accrued income
294
184

294
184


Page 9

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
66,116
52,131

66,116
52,131



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21
2,529

Corporation tax
11,240
11,407

Other taxation and social security
1,365
2,403

Other creditors
29,249
21,644

Accruals and deferred income
1,250
1,250

43,125
39,233



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
66,116
52,131




11.


Deferred taxation




2023


£






At beginning of year
(534)


Charged to profit or loss
74



At end of year
(460)

Page 10

 
CROMER GIFT SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(460)
(534)

(460)
(534)

Page 11