Company No:
Contents
DIRECTORS | Mrs K D Cherry |
Mr P J Cherry |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
BUSINESS ADDRESS | Damson Cottage |
Withiel | |
Bodmin | |
Cornwall | |
PL30 5NR |
COMPANY NUMBER | 14352690 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 31.03.2024 | 30.09.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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17,451 | 0 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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64,534 | 55,090 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 48,434 | 42,690 | ||
Total assets less current liabilities | 65,885 | 42,690 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of K&P Cherry Limited (registered number:
Mrs K D Cherry
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
K&P Cherry Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Damson Cottage, Withiel, Bodmin, Cornwall, PL30 5NR.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has prepared accounts to 31 March 2024 in order to move the year end to a quieter trading time of year. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Leasehold improvements |
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Rentals under operating leases are charged to the profit or loss on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 01.10.2023 to 31.03.2024 |
Period from 13.09.2022 to 30.09.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Leasehold improve- ments |
Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 October 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 30 September 2023 |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Accruals |
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Corporation tax |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
The total amount of financial commitments not included in the balance sheet is £35,700 (2023: £40,800).
Other related party transactions
31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Opening balance | 6,756 | 0 | |
Amounts advanced to directors | 395 | 41,185 | |
Amounts repaid by the directors | (5,296) | (34,487) | |
Interest charged | 56 | 58 | |
Closing balance | 1,911 | 6,756 |
The above loan is unsecured and repayable on demand. Interest has been charged on this balance in line with actual official rate of interest.