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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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Snugburys Ice Cream Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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Snugburys Ice Cream Limited |
Snugburys Ice Cream Limited (Registered number: 04579216) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Snugburys Ice Cream Limited |
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Company Information |
for the Year Ended 31 January 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Balance Sheet |
31 January 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
10 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Snugburys Ice Cream Limited (Registered number: 04579216) |
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Balance Sheet - continued |
31 January 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Miss C A D Sadler - Director | Mrs H Goodwin - Director |
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Miss C E Sadler - Director |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2017 |
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1. | STATUTORY INFORMATION |
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Snugburys Ice Cream Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and are presented |
in Pounds Sterling (£) being the functional currency. |
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The financial statements have been prepared on the assumption that the company is able to carry |
on business as a going concern, which the directors consider appropriate having regard to the |
company's current and expected performance. |
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Turnover |
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised |
when the goods are physically delivered to the customer. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences which are differences between |
taxable profits and total comprehensive income that arise from the inclusion of income and |
expenses in tax assessments in periods different from those in which they are recognised in the |
financial statements, except that unrelieved tax losses and other deferred tax assets are recognised |
only to the extent that the directors consider that it probable that they will be recovered against |
the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing |
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
sheet date. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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. |
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Investments |
Investments that can be reliably measured, are held at fair value, with changes reflected in the |
income statement. Where fair value cannot be reliably measured, investments are held at cost less |
impairment. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 February 2016 |
and 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
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6. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals | ( |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
Additions |
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At 31 January 2017 |
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DEPRECIATION |
Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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7. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2017 | 2016 |
£ | £ |
Bullion Investment | 11,074 | - |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Snugburys Ice Cream Limited (Registered number: 04579216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 18,000 | - |
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The hire purchase contracts are secured against the assets financed. |
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12. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £128,951 (2016 - £103,500) were paid to the directors . |
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During the year the company paid rent to the directors of £15,000 (2016 - £15,000). Rent of |
£10,000 (2016 - £10,000) was also paid to a pension scheme for the benefit of the directors. These |
transactions took place on an arms length basis. |
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Included within other creditors is a balance due to the directors of £39,803 (2016 - £400) and |
£5,000 (2016 - £nil) due to a partnership in which the directors have an interest. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate controlling parties are Mr and Mrs C Sadler. |
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14. | FIRST YEAR ADOPTION |
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These financial statements for the year ended 31 January 2017 are the first financial statements |
that comply with FRS 102 Section 1A small entities. The date of transition is 1 February 2015. |
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The transition to FRS 102 Section 1A small entities has not resulted in any changes in accounting |
policies to those used previously and therefore has not impacted on reported results for the prior |
year nor on opening equity. |
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