Registered number
09309903
Caps and Taps Ltd
Filleted Accounts
30 November 2023
Caps and Taps Ltd
Registered number: 09309903
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 39,757 42,331
Current assets
Stocks 49,509 56,685
Debtors 4 6,503 5,662
Cash at bank and in hand 7,741 9,473
63,753 71,820
Creditors: amounts falling due within one year 5 (61,936) (77,331)
Net current assets/(liabilities) 1,817 (5,511)
Total assets less current liabilities 41,574 36,820
Creditors: amounts falling due after more than one year 6 (118,893) (116,394)
Net liabilities (77,319) (79,574)
Capital and reserves
Called up share capital 200 200
Profit and loss account (77,519) (79,774)
Shareholders' funds (77,319) (79,574)
The directors are 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 directors acknowledge their 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.
P W Palgrave-Elliot
Director
Approved by the board on 23 August 2024
Caps and Taps Ltd
Notes to the Accounts
for the year ended 30 November 2023
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.
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 over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Leashold buildings improvements Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 46,301 31,652 77,953
Additions 891 900 1,791
At 30 November 2023 47,192 32,552 79,744
Depreciation
At 1 December 2022 11,586 24,036 35,622
Charge for the year 1,562 2,803 4,365
At 30 November 2023 13,148 26,839 39,987
Net book value
At 30 November 2023 34,044 5,713 39,757
At 30 November 2022 34,715 7,616 42,331
4 Debtors 2023 2022
£ £
Prepayments 2,493 1,652
Other debtors 4,010 4,010
6,503 5,662
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 12,377 26,265
Directors account 26,350 26,350
Taxation and social security costs 14,939 16,017
Other creditors 8,270 8,699
61,936 77,331
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 118,893 116,394
7 Other information
Caps and Taps Ltd is a private company limited by shares and incorporated in England. Its registered office is:
141 Fortess Road
London
NW5 2HR
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