Registered number
03959561
Cartmel Sticky Toffee Pudding Co. Ltd.
Unaudited Filleted Accounts
For the Year Ended
31 March 2023
Cartmel Sticky Toffee Pudding Co. Ltd.
Registered number: 03959561
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,358,149 1,250,776
Investments 5 408,178 408,178
1,766,327 1,658,954
Current assets
Stocks 301,047 242,692
Debtors 6 358,155 318,345
Cash at bank and in hand 1,219,005 1,364,207
1,878,207 1,925,244
Creditors: amounts falling due within one year 7 (274,465) (315,983)
Net current assets 1,603,742 1,609,261
Total assets less current liabilities 3,370,069 3,268,215
Provisions for liabilities (79,015) (36,490)
Net assets 3,291,054 3,231,725
Capital and reserves
Called up share capital 1,000 1,000
Capital redemption reserve 111 111
Profit and loss account 3,289,943 3,230,614
Shareholders' funds 3,291,054 3,231,725
The directors are 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 directors acknowledge their 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.
S M Johns
Director
Approved by the board on 16 October 2023
Cartmel Sticky Toffee Pudding Co. Ltd.
Notes to the Accounts
for the year ended 31 March 2023
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:
Freehold buildings (excluding land) over 50 years
Factory plant and machinery over 20 years
Plant and machinery 10% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 26 36
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 137,500
At 31 March 2023 137,500
Amortisation
At 1 April 2022 137,500
At 31 March 2023 137,500
Net book value
At 31 March 2023 -
Old goodwill is written off in equal annual instalments over its estimated economic life of 20 years and new goodwill is written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 1,478,034 553,154 76,911 2,108,099
Additions - 156,431 3,350 159,781
At 31 March 2023 1,478,034 709,585 80,261 2,267,880
Depreciation
At 1 April 2022 389,100 402,017 66,206 857,323
Charge for the year 25,841 23,639 2,928 52,408
At 31 March 2023 414,941 425,656 69,134 909,731
Net book value
At 31 March 2023 1,063,093 283,929 11,127 1,358,149
At 31 March 2022 1,088,934 151,137 10,705 1,250,776
5 Investments
Other
investments
£
Valuation
At 1 April 2022 408,178
At 31 March 2023 408,178
The 2020 valuations were made by the directors on an open market value for existing use basis.
6 Debtors 2023 2022
£ £
Trade debtors 264,276 216,988
Other debtors 93,879 101,357
358,155 318,345
Amounts due after more than one year included above 13,000 13,000
Included within other debtors is a loan to S M Johns, a director, amounting to £40,000 (2022 - £40,000). No interest is payable on the loan. The loan is repayable on demand.
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 147,288 138,984
Corporation tax 41,125 117,842
Other taxes and social security costs - 8,193
Other creditors 86,052 50,964
274,465 315,983
8 Pension commitments
The Company contributes to a defined contribution pension scheme. The assets of the scheme are administered by an independent pensions provider. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,570 (2022 - £168,534) Contributions totalling £5,269 (2022 - £3,687) were payable at the balance sheet date.
9 Other information
Cartmel Sticky Toffee Pudding Co. Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Cartmel Village Shop
Parkgate House
Cartmel
Cumbria
LA11 6QB
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