Cromptons Retail Ltd 13925783 false 2022-02-18 2023-02-28 2023-02-28 The principal activity of the company is Bakery Digita Accounts Production Advanced 6.30.9574.0 true true 13925783 2022-02-18 2023-02-28 13925783 2023-02-28 13925783 core:CurrentFinancialInstruments 2023-02-28 13925783 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13925783 core:BetweenTwoFiveYears 2023-02-28 13925783 core:WithinOneYear 2023-02-28 13925783 core:FurnitureFittings 2023-02-28 13925783 core:OfficeEquipment 2023-02-28 13925783 bus:SmallEntities 2022-02-18 2023-02-28 13925783 bus:AuditExemptWithAccountantsReport 2022-02-18 2023-02-28 13925783 bus:FullAccounts 2022-02-18 2023-02-28 13925783 bus:SmallCompaniesRegimeForAccounts 2022-02-18 2023-02-28 13925783 bus:RegisteredOffice 2022-02-18 2023-02-28 13925783 bus:Director1 2022-02-18 2023-02-28 13925783 bus:PrivateLimitedCompanyLtd 2022-02-18 2023-02-28 13925783 core:FurnitureFittings 2022-02-18 2023-02-28 13925783 core:OfficeEquipment 2022-02-18 2023-02-28 13925783 countries:England 2022-02-18 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 13925783

Cromptons Retail Ltd

Annual Report and Unaudited Financial Statements

for the Period from 18 February 2022 to 28 February 2023

 

Cromptons Retail Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cromptons Retail Ltd

Company Information

Director

Mr R Crompton

Registered office

Unit 4
Broomstick Yard
Edelsborough
Bedfordshire
LU6 2JA

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Cromptons Retail Ltd

(Registration number: 13925783)
Balance Sheet as at 28 February 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

18,156

Current assets

 

Stocks

5

1,815

Debtors

6

46,700

Cash at bank and in hand

 

3,509

 

52,024

Creditors: Amounts falling due within one year

7

(110,268)

Net current liabilities

 

(58,244)

Net liabilities

 

(40,088)

Capital and reserves

 

Called up share capital

100

Retained earnings

(40,188)

Shareholders' deficit

 

(40,088)

For the financial period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 March 2024
 

.........................................
Mr R Crompton
Director

   
     
 

Cromptons Retail Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 28 February 2023

1

General information

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

The address of its registered office is:
Unit 4
Broomstick Yard
Edelsborough
Bedfordshire
LU6 2JA

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

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.

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 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 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.

 

Cromptons Retail Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 28 February 2023

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 statement of financial position 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

Furniture and fittings

20% Reducing Balance

Office equipment

33% Straight Line

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.

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.

 

Cromptons Retail Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 28 February 2023

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.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 12.

 

Cromptons Retail Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

Additions

21,238

325

21,563

At 28 February 2023

21,238

325

21,563

Depreciation

Charge for the period

3,336

71

3,407

At 28 February 2023

3,336

71

3,407

Carrying amount

At 28 February 2023

17,902

254

18,156

5

Stocks

2023
£

Finished goods and goods for resale

1,815

6

Debtors

2023
£

Trade debtors

333

Prepayments

424

Other debtors

45,943

 

46,700

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

13,035

Taxation and social security

22,465

Accruals and deferred income

10,800

Other creditors

63,968

110,268

 

Cromptons Retail Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 28 February 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

Not later than one year

17,000

Later than one year and not later than five years

68,000

85,000

The amount of non-cancellable operating lease payments recognised as an expense during the period was £22,194 .