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Company registration number: 03907552
Cornish Connections Pasty Limited
Unaudited filleted financial statements
30 November 2023
Cornish Connections Pasty Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cornish Connections Pasty Limited
Directors and other information
Directors
Mr Robert Newton
Company number 03907552
Registered office 107 The Mill House
Enville Road, Wallheath
Kingswinford
West Midlands
DY6 0BP
Business address 107 The Mill House
Enville Road
Wallheath
Kingswinford
DY6 0BP
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Cornish Connections Pasty Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Cornish Connections Pasty Limited
Year ended 30 November 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 Cornish Connections Pasty Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Cornish Connections Pasty 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 Cornish Connections Pasty Limited and state those matters that we have agreed to state to the board of directors of Cornish Connections Pasty Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornish Connections Pasty Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cornish Connections Pasty 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 Cornish Connections Pasty Limited. You consider that Cornish Connections Pasty Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cornish Connections Pasty 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.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
25 January 2024
Cornish Connections Pasty Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 43,792 22,275
_______ _______
43,792 22,275
Current assets
Stocks 15,753 19,419
Debtors 6 43,929 48,427
Cash at bank and in hand 137,632 83,363
_______ _______
197,314 151,209
Creditors: amounts falling due
within one year 7 ( 103,672) ( 97,539)
_______ _______
Net current assets 93,642 53,670
_______ _______
Total assets less current liabilities 137,434 75,945
Creditors: amounts falling due
after more than one year 8 ( 20,149) -
Provisions for liabilities ( 10,948) ( 4,232)
_______ _______
Net assets 106,337 71,713
_______ _______
Capital and reserves
Called up share capital 10 2 2
Profit and loss account 106,335 71,711
_______ _______
Shareholders funds 106,337 71,713
_______ _______
For the year ending 30 November 2023 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 year 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:
Mr Robert Newton
Director
Company registration number: 03907552
Cornish Connections Pasty Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 107 The Mill House, Enville Road, Wallheath, Kingswinford, West Midlands, DY6 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Turnover
Turnover represents the amount receivable for goods sold and services rendered during the year net of value added tax.Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer and it is probable that associated economic benefits will flow to the company.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives based on a percentage of earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 December 2022 52,273 61,452 113,725
Additions - 36,525 36,525
Disposals - ( 31,405) ( 31,405)
_______ _______ _______
At 30 November 2023 52,273 66,572 118,845
_______ _______ _______
Depreciation
At 1 December 2022 50,856 40,594 91,450
Charge for the year 213 5,065 5,278
Disposals - ( 21,675) ( 21,675)
_______ _______ _______
At 30 November 2023 51,069 23,984 75,053
_______ _______ _______
Carrying amount
At 30 November 2023 1,204 42,588 43,792
_______ _______ _______
At 30 November 2022 1,417 20,858 22,275
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 43,837 47,601
Other debtors 92 826
_______ _______
43,929 48,427
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 61,120 63,972
Accruals and deferred income 20,562 3,892
Social security and other taxes 13,887 15,322
Obligations under finance leases 5,835 6,481
Director loan accounts 2,268 7,872
Other creditors 8,103 14,353
_______ _______
103,672 97,539
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 20,149 -
_______ _______
9. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2023 2022
£ £
Not later than 1 year 6,240 6,240
_______ _______
Present value of minimum lease payments 6,240 6,240
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______