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COMPANY REGISTRATION NUMBER: 13005225
The Scoop Ice Cream Company Limited
Filleted Unaudited Financial Statements
29 November 2022
The Scoop Ice Cream Company Limited
Financial Statements
Period from 1 December 2021 to 29 November 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
The Scoop Ice Cream Company Limited
Statement of Financial Position
29 November 2022
29 Nov 22
30 Nov 21
Note
£
£
Fixed assets
Tangible assets
5
12,790
18,547
Current assets
Stocks
2,898
2,456
Debtors
6
750
1,914
Cash at bank and in hand
2,093
1,530
-------
-------
5,741
5,900
Creditors: amounts falling due within one year
7
( 18,968)
( 17,460)
--------
--------
Net current liabilities
( 13,227)
( 11,560)
--------
--------
Total assets less current liabilities
( 437)
6,987
Creditors: amounts falling due after more than one year
8
( 11,470)
( 15,910)
Provisions
9
( 2,430)
( 3,524)
--------
--------
Net liabilities
( 14,337)
( 12,447)
--------
--------
Capital and reserves
Called up share capital
11
2
2
Profit and loss account
( 14,339)
( 12,449)
--------
--------
Shareholders deficit
( 14,337)
( 12,447)
--------
--------
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 Section 1A of 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 period ending 29 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Scoop Ice Cream Company Limited
Statement of Financial Position (continued)
29 November 2022
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr C.T. Wonnacott
Director
Company registration number: 13005225
The Scoop Ice Cream Company Limited
Notes to the Financial Statements
Period from 1 December 2021 to 29 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gatehouse, 31 Lower Hill Street, Hakin, Milford Haven, Dyfed, SA73 3LR, United Kingdom. During the period the company changed the financial year end from 30th November 2022 to 29th November 2023 for administrative purposes.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Tax on loss
Major components of tax (income)/expense
Period from
Period from
1 Dec 21 to
9 Nov 20 to
29 Nov 22
30 Nov 21
£
£
Deferred tax:
Origination and reversal of timing differences
( 1,094)
3,524
-------
-------
Tax on loss
( 1,094)
3,524
-------
-------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2021
24,436
293
24,729
Disposals
( 1,992)
( 1,992)
--------
----
--------
At 29 November 2022
22,444
293
22,737
--------
----
--------
Depreciation
At 1 December 2021
6,109
73
6,182
Charge for the period
4,208
55
4,263
Disposals
( 498)
( 498)
--------
----
--------
At 29 November 2022
9,819
128
9,947
--------
----
--------
Carrying amount
At 29 November 2022
12,625
165
12,790
--------
----
--------
At 30 November 2021
18,327
220
18,547
--------
----
--------
6. Debtors
29 Nov 22
30 Nov 21
£
£
Other debtors
750
1,914
----
-------
Other debtors include an amount of £nil (2021: £Nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
29 Nov 22
30 Nov 21
£
£
Bank loans and overdrafts
4,440
4,440
Trade creditors
290
250
Other creditors
14,238
12,770
--------
--------
18,968
17,460
--------
--------
8. Creditors: amounts falling due after more than one year
29 Nov 22
30 Nov 21
£
£
Bank loans and overdrafts
11,470
15,910
--------
--------
9. Provisions
Deferred tax (note 10)
£
At 1 December 2021
3,524
Charge against provision
( 1,094)
-------
At 29 November 2022
2,430
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
29 Nov 22
30 Nov 21
£
£
Included in provisions (note 9)
2,430
3,524
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
29 Nov 22
30 Nov 21
£
£
Accelerated capital allowances
2,430
3,524
-------
-------
11. Called up share capital
Issued, called up and fully paid
29 Nov 22
30 Nov 21
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
12. Related party transactions
The company was under the control of Mr C.T. Wonnacott and Mrs L.A. Wonnacott throughout the current and previous period. Mr C.T. Wonnacott and Mrs L.A. Wonnacott are the managing directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.