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Registration number: 10805514

The Cornish Pizza Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

The Cornish Pizza Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Cornish Pizza Company Ltd

Company Information

Directors

Mr T Barton

Mrs F Barton

Registered office

68 Vicarage Road
St. Agnes
Cornwall
TR5 0TH

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

The Cornish Pizza Company Ltd

(Registration number: 10805514)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

42,980

53,725

Tangible assets

5

27,734

19,499

 

70,714

73,224

Current assets

 

Stocks

10,000

13,000

Debtors

3,887

1,670

Cash at bank and in hand

 

42,694

92,243

 

56,581

106,913

Creditors: Amounts falling due within one year

(12,790)

(24,062)

Net current assets

 

43,791

82,851

Total assets less current liabilities

 

114,505

156,075

Provisions for liabilities

(5,103)

(3,836)

Net assets

 

109,402

152,239

Capital and reserves

 

Called up share capital

6

12

12

Retained earnings

109,390

152,227

Shareholders' funds

 

109,402

152,239

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Cornish Pizza Company Ltd

(Registration number: 10805514)
Balance Sheet as at 31 May 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Mr T Barton
Director

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
68 Vicarage Road
St. Agnes
Cornwall
TR5 0TH

These financial statements were authorised for issue by the Board on 23 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Furniture & Fixtures

25% reducing balance

Leasehold Improvements

6 years

Office Equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation

10% straight line

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 12).

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

107,450

107,450

At 31 May 2023

107,450

107,450

Amortisation

At 1 June 2022

53,725

53,725

Amortisation charge

10,745

10,745

At 31 May 2023

64,470

64,470

Carrying amount

At 31 May 2023

42,980

42,980

At 31 May 2022

53,725

53,725

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

1,319

14,659

16,292

32,270

Additions

-

-

17,407

17,407

At 31 May 2023

1,319

14,659

33,699

49,677

Depreciation

At 1 June 2022

220

8,478

4,073

12,771

Charge for the year

220

1,545

7,407

9,172

At 31 May 2023

440

10,023

11,480

21,943

Carrying amount

At 31 May 2023

879

4,636

22,219

27,734

At 31 May 2022

1,099

6,181

12,219

19,499

Short leasehold land and buildings
£

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2022

1,319

14,659

16,292

32,270

Additions

-

-

17,407

17,407

At 31 May 2023

1,319

14,659

33,699

49,677

Depreciation

At 1 June 2022

220

8,478

4,073

12,771

Charge for the year

220

1,545

7,407

9,172

At 31 May 2023

440

10,023

11,480

21,943

Carrying amount

At 31 May 2023

879

4,636

22,219

27,734

At 31 May 2022

1,099

6,181

12,219

19,499

 

The Cornish Pizza Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Included within the net book value of land and buildings above is £879 (2022 - £1,099) in respect of short leasehold land and buildings.
 

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

12

12

12

12