The Christmas Corporation Ltd
Registered number: 08939633
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 73,500 110,250
Tangible assets 4 99,594 84,840
173,094 195,090
Current assets
Stocks 40,000 15,000
Debtors 5 14,897 52,212
Cash at bank and in hand 252,267 121,480
307,164 188,692
Creditors: amounts falling due within one year 6 (95,116) (90,075)
Net current assets 212,048 98,617
Total assets less current liabilities 385,142 293,707
Creditors: amounts falling due after more than one year 7 (156,667) (50,000)
Net assets 228,475 243,707
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 227,475 242,707
Shareholders' funds 228,475 243,707
The director is 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 director acknowledges his 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.
Mr P A Christmas
Director
Approved by the board on 1 December 2023
The Christmas Corporation Ltd
Notes to the Accounts
for the year ended 31 March 2022
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:
Leasehold land and buildings 10% straight line
Plant and machinery 20% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 74 69
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 367,500
At 31 March 2022 367,500
Amortisation
At 1 April 2021 257,250
Provided during the year 36,750
At 31 March 2022 294,000
Net book value
At 31 March 2022 73,500
At 31 March 2021 110,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2021 54,198 226,402 280,600
Additions - 41,508 41,508
At 31 March 2022 54,198 267,910 322,108
Depreciation
At 1 April 2021 34,519 161,241 195,760
Charge for the year 5,419 21,335 26,754
At 31 March 2022 39,938 182,576 222,514
Net book value
At 31 March 2022 14,260 85,334 99,594
At 31 March 2021 19,679 65,161 84,840
5 Debtors 2022 2021
£ £
Other debtors 14,897 52,212
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,000 -
Trade creditors 25,253 5,388
Taxation and social security costs 20,102 59,155
Other creditors 39,761 25,532
95,116 90,075
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 31,667 50,000
Other creditors 125,000 -
156,667 50,000
8 Other information
The Christmas Corporation Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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