Company Registration No. 05809453 (England and Wales)
CRIB GOGH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
CRIB GOGH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CRIB GOGH LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,146
2,289
Current assets
Stocks
42,592
33,387
Debtors
5
4,772
2,302
Cash at bank and in hand
1,571
23,504
48,935
59,193
Creditors: amounts falling due within one year
6
(601,062)
(542,406)
Net current liabilities
(552,127)
(483,213)
Total assets less current liabilities
(550,981)
(480,924)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(551,981)
(481,924)
Total equity
(550,981)
(480,924)
The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 23 February 2018 and are signed on its behalf by:
Mr S.R. Heaword
Director
Company Registration No. 05809453
CRIB GOGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information
Crib Gogh Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Frayling Business Park, Davenport Street, Burslem, Stoke on Trent, ST6 4LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The accounts are prepared on the going concern basis which depends on the continuing support of the company's directors who are currently providing loan finance to support the company's activities.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Crib Gogh Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and is derived from continuing activities in the United Kingdom.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
over 7 years
Computer equipment
over 1 - 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
CRIB GOGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 6).
3
Intangible fixed assets
Patents
£
Cost
At 1 June 2016 and 31 May 2017
24,045
Amortisation and impairment
At 1 June 2016 and 31 May 2017
24,045
Carrying amount
At 31 May 2017
-
At 31 May 2016
-
CRIB GOGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2016 and 31 May 2017
10,380
Depreciation and impairment
At 1 June 2016
8,090
Depreciation charged in the year
1,144
At 31 May 2017
9,234
Carrying amount
At 31 May 2017
1,146
At 31 May 2016
2,289
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
823
677
Corporation tax recoverable
1,118
-
Other debtors
2,831
1,625
4,772
2,302
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
21,461
9,586
Other taxation and social security
786
581
Other creditors
578,815
532,239
601,062
542,406
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000