Registration number:
Unaudited Financial Statements
For the Year Ended
The Topping Pie Company Ltd
(Registration number: 03267875)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
212,985 |
136,283 |
|
Cash at bank and in hand |
|
|
|
294,880 |
220,620 |
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Creditors: Amounts falling due within one year |
(518,324) |
(483,891) |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 which 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. and in accordance with the provisions of FRS102 Section 1A Small Entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Page 1 |
The Topping Pie Company Ltd
(Registration number: 03267875)
Balance Sheet as at 31 March 2019 (continued)
Approved and authorised by the
.........................................
R J A Topping
Director
Page 2 |
The Topping Pie Company Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Accounting policies |
Statutory information
The Topping Pie Company Ltd is a private company, limited by shares, domiciled in England and Wales, company number 03267875. The registered office is at 2 The Crescent, Blaxton, Doncaster, DN9 3AS.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There has been no material departure from this standard.
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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
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The Topping Pie Company Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
1 |
Accounting policies (continued) |
Depreciation
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 |
Freehold land and buildings |
not depreciated |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
15 years straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
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.
Page 4 |
The Topping Pie Company Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
1 |
Accounting policies (continued) |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 5 |
The Topping Pie Company Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Tangible assets |
Land and buildings |
Furniture, fixture and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 April 2018 |
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|
|
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Additions |
- |
|
- |
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Disposals |
- |
( |
- |
( |
At 31 March 2019 |
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|
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Depreciation |
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At 1 April 2018 |
- |
|
|
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Charge for the year |
- |
|
|
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2019 |
- |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 6 |
The Topping Pie Company Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Other debtors |
|
|
212,985 |
136,283 |
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Bank loan and overdrafts - secured |
234,441 |
181,915 |
Obligations under finance lease and hire purchase contracts - secured |
- |
4,629 |
Trade creditors |
|
|
Directors loan accounts |
|
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Social security and other taxes |
|
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Other payables |
|
|
Accrued expenses |
|
|
Corporation tax |
704 |
- |
518,324 |
483,891 |
|
Due after one year |
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Bank loans and overdrafts - secured |
324,677 |
316,962 |
Obligations under finance lease and hire purchase contracts - secured |
9,229 |
8,598 |
333,906 |
325,560 |
Financial commitments, guarantees and contingencies |
Operating leases
As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £6,978 (2018 - £10,750).
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