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Registered number: 10851177
The Cornish Food Box Company Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Whyfield Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10851177
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,364 22,500
Tangible Assets 5 41,344 46,311
60,708 68,811
CURRENT ASSETS
Stocks 6 19,375 24,000
Debtors 7 169,112 63,234
Cash at bank and in hand 2,210 20,581
190,697 107,815
Creditors: Amounts Falling Due Within One Year 8 (146,883 ) (91,875 )
NET CURRENT ASSETS (LIABILITIES) 43,814 15,940
TOTAL ASSETS LESS CURRENT LIABILITIES 104,522 84,751
Creditors: Amounts Falling Due After More Than One Year 9 (29,274 ) (48,069 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (4,230 )
NET ASSETS 75,248 32,452
CAPITAL AND RESERVES
Called up share capital 11 299 299
Share premium account 199,901 29,902
Profit and Loss Account (124,952 ) 2,251
SHAREHOLDERS' FUNDS 75,248 32,452
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Lucy Jones
Director
06/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Cornish Food Box Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10851177 . The registered office is Unit 33 Cardrew Trade Park, Cardrew Way, Redruth, Cornwall, TR15 1SS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the ecommerce website. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% SL
Plant & Machinery 20% SL
Motor Vehicles 20% SL
Computer Equipment 20% SL
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 9)
13 9
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 31,355
As at 31 March 2024 31,355
Amortisation
As at 1 April 2023 8,855
Provided during the period 3,136
As at 31 March 2024 11,991
Net Book Value
As at 31 March 2024 19,364
As at 1 April 2023 22,500
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 28,515 10,927 52,132 4,587 96,161
Additions 15,460 - - - 15,460
As at 31 March 2024 43,975 10,927 52,132 4,587 111,621
...CONTINUED
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Depreciation
As at 1 April 2023 11,004 5,340 31,191 2,315 49,850
Provided during the period 6,897 2,186 10,427 917 20,427
As at 31 March 2024 17,901 7,526 41,618 3,232 70,277
Net Book Value
As at 31 March 2024 26,074 3,401 10,514 1,355 41,344
As at 1 April 2023 17,511 5,587 20,941 2,272 46,311
6. Stocks
2024 2023
£ £
Stock 19,375 24,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,457 6,039
Prepayments and accrued income 9,055 6,542
Intercompany Account 47,465 41,901
Other debtors. 43,438 4,300
Deferred tax current asset 20,287 -
VAT 8,410 4,452
169,112 63,234
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,314 6,624
Trade creditors 77,224 34,456
Bank loans and overdrafts 6,720 12,996
Other taxes and social security 7,795 3,016
Company Credit Card (Current liabilities - creditors < 1 year) 18,949 1,143
Other creditors. 279 1,357
Accruals and deferred income 2,741 1,287
Directors' loan accounts 31,861 30,996
146,883 91,875
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 660
Bank loans 29,274 47,409
29,274 48,069
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,314 6,624
Later than one year and not later than five years - 660
1,314 7,284
1,314 7,284
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 299 299
12. Related Party Transactions
As of 31st March 2024 there was a current asset balance of £47,464 owed from a related party.
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