REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
FEED THE CREW LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
FEED THE CREW LTD |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FEED THE CREW LTD |
COMPANY INFORMATION |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
BALANCE SHEET |
30 June 2023 |
30.6.22 | 30.6.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
BALANCE SHEET - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Feed The Crew Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents the total invoice value, less credit notes, excluding value added tax, of sales made in the period. |
Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer usually on dispatch of the goods to the buyer. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. |
Tangible fixed assets |
Plant & machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there will be a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company mainly enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties and loans to and from related parties. |
Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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 the statement of comprehensive income. |
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. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
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 all 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. 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 which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withing borrowings in current liabilities. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant & | and | Motor | Computer |
Totals | machinery | fittings | vehicles | equipment |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
FEED THE CREW LTD (REGISTERED NUMBER: SC601266) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,111 | 15,499 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax | 7,807 | - |
Deferred |
tax |
£ |
Charge to Income Statement during year |
Balance at 30 June 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 3 |
997 Ordinary shares of £1 each were allotted and fully paid for |
12. | ULTIMATE CONTROLLING PARTY |
Mr and Mrs A Brown (directors), control the company, as a result of holding the issued share capital in the company between them. |