Year Ended
Registration number:
Literature and Latte Ltd
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
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Intangible assets |
- |
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
485,179 |
547,145 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
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|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
|
|
|
Revaluation reserve |
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|
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Profit and loss account |
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Total equity |
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|
Literature and Latte Ltd
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 06240207
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
The principal place of business is:
Heron Creek
Old Tram Road
Devoran
Truro
Cornwall
TR3 6NF
These financial statements were authorised for issue by the
Accounting policies |
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.
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.
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 value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Fixtures, fittings & Equipment |
33% straight line |
Motor vehicles |
25% reducing balance basis |
Investment property
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:
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Asset class |
Amortisation method and rate |
Website |
Straight line over 4 years |
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.
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Intangible assets |
Website |
Total |
|
Cost or valuation |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
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|
Amortisation |
||
At 1 April 2019 |
|
|
Amortisation charge |
|
|
At 31 March 2020 |
|
|
Carrying amount |
||
At 31 March 2020 |
- |
- |
At 31 March 2019 |
|
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2019 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
- |
( |
At 31 March 2020 |
|
|
|
|
Depreciation |
||||
At 1 April 2019 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2020 |
- |
|
|
|
Carrying amount |
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At 31 March 2020 |
|
|
|
|
At 31 March 2019 |
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|
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|
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Included within the net book value of land and buildings above is £607,995 (2019 - £607,995) in respect of long leasehold land and buildings.
Investment properties |
2020 |
|
At 1 April |
|
The property has been revalued by the directors at 31 March 2020 based on sales of similar properties in the surrounding area.
Investments held as fixed assets |
The investments consist of funds held with stockbrokers. The funds are included within the accounts at market value at 31 March 2020, as valued by the fund manager, Brewer Dolphin.
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2019 |
547,145 |
547,145 |
Revaluations |
(46,050) |
(46,050) |
Additions |
117,044 |
117,044 |
Disposals |
(132,960) |
(132,960) |
At 31 March 2020 |
485,179 |
485,179 |
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Literature and Latte Ltd
Notes to the Financial Statements
Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Corporation tax |
221,817 |
255,953 |
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is