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Company registration number: 05374750

Cream-Team Limited

Annual Report and Filleted Unaudited Financial Statements

for the Period from 1 April 2022 to 30 March 2023

image-name
 

Cream-Team Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cream-Team Limited

Company Information

Directors

R Bowker

E J Bowker

Company secretary

E J Bowker

Registered office

39-40 High Street
Taunton
Somerset
TA1 3PN

Accountants

Pat Tomlinson Accountancy Ltd
Chartered Accountants
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Cream-Team Limited

(Registration number: 05374750)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,961,341

1,449,342

Current assets

 

Stocks

6

6,480

470,000

Debtors

7

1,377,526

450,901

Cash at bank and in hand

 

620,706

-

Biological assets

5

181,995

-

 

2,186,707

920,901

Creditors: Amounts falling due within one year

8

(1,668,353)

(684,299)

Net current assets

 

518,354

236,602

Total assets less current liabilities

 

3,479,695

1,685,944

Creditors: Amounts falling due after more than one year

8

(194,372)

(346,049)

Provisions for liabilities

(33,942)

-

Net assets

 

3,251,381

1,339,895

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

1,565,782

-

Profit and loss account

1,685,597

1,339,893

Total equity

 

3,251,381

1,339,895

 

Cream-Team Limited

(Registration number: 05374750)
Balance Sheet as at 30 March 2023

For the financial period ending 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Directors' 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 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 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 16 February 2024 and signed on its behalf by:
 


R Bowker
Director


E J Bowker
Company secretary and director

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 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:
39-40 High Street
Taunton
Somerset
TA1 3PN

The principal place of business is:
Rhysnant Farm
Four Crosses
Llanymynech
Powys
SY22 6PH

These financial statements were authorised for issue by the Board on 16 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.

The presentational currency is £ Sterling.

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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 of tangible assets

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 and machinery

15% reducing balance

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

Motor vehicles

20% reducing balance

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise poultry held for egg production.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

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.

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 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.

Borrowings

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Security is provided by way of the assets themselves.

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.

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 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 period, was 5 (2022 - 7).

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,234,218

9,412

995,798

2,346

23,474

2,265,248

Revaluations

1,565,782

-

-

-

-

1,565,782

At 30 March 2023

2,800,000

9,412

995,798

2,346

23,474

3,831,030

Depreciation

At 1 April 2022

-

8,308

799,434

2,295

5,869

815,906

Charge for the period

-

365

48,977

40

4,401

53,783

At 30 March 2023

-

8,673

848,411

2,335

10,270

869,689

Carrying amount

At 30 March 2023

2,800,000

739

147,387

11

13,204

2,961,341

At 31 March 2022

1,234,218

1,104

196,364

51

17,605

1,449,342

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

Included within the net book value of land and buildings above is £2,800,000 (2022 - £1,234,218) in respect of freehold land and buildings.
 

5

Current biological assets

Poultry flock
£

Total
£

Cost or valuation

Additions

181,995

181,995

At 30 March 2023

181,995

181,995

Depreciation

Carrying amount

At 30 March 2023

181,995

181,995

6

Stocks

2023
£

2022
£

Other inventories

6,480

470,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

920,332

400,901

Prepayments

399,523

-

Other debtors

57,671

50,000

 

1,377,526

450,901

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

104,066

174,109

Trade creditors

 

75,485

(2)

Accruals and deferred income

 

2,950

2,720

Corporation tax

 

91,143

37,700

Taxation and social security

 

-

59,292

Other creditors

 

1,394,709

410,480

 

1,668,353

684,299

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

194,372

346,049

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

 

Cream-Team Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 March 2023

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,565,782

1,565,782

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

194,372

346,049

2023
£

2022
£

Current loans and borrowings

Bank borrowings

72,391

-

Bank overdrafts

-

110,609

Hire purchase contracts

31,675

63,500

104,066

174,109