Company Registration No. 09673159 (England and Wales)
CARUSO KITCHEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
CARUSO KITCHEN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 7
CARUSO KITCHEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
8,347
1,216
Current assets
Inventories
600
600
Trade and other receivables
4
300
-
Cash and cash equivalents
1,778
1,021
2,678
1,621
Current liabilities
5
(10,758)
(2,636)
Net current liabilities
(8,080)
(1,015)
Total assets less current liabilities
267
201
Provisions for liabilities
(1,586)
(153)
Net (liabilities)/assets
(1,319)
48
Equity
Called up share capital
6
2
2
Retained earnings
(1,321)
46
Total equity
(1,319)
48
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
CARUSO KITCHEN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2018 and are signed on its behalf by:
Mr H Ryder
Director
Company Registration No. 09673159
CARUSO KITCHEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 7 July 2015
-
-
-
Period ended 31 July 2016:
Profit and total comprehensive income for the period
-
46
46
Issue of share capital
6
2
-
2
Balance at 31 July 2016
2
46
48
Period ended 31 July 2017:
Loss and total comprehensive income for the period
-
(1,367)
(1,367)
Balance at 31 July 2017
2
(1,321)
(1,319)
CARUSO KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 4 -
1
Accounting policies
Company information
Caruso Kitchen Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 4, The Old Post Office, 2 Stour Street, Canterbury, Kent, CT1 2NR.
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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Property, plant and equipment
Property, plant and equipment
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:
Plant and machinery
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computer equipment
25% Reducing balance
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
.
1.4
Impairment of non-current assets
1.5
Inventories
Inventories 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 inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
CARUSO KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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 within borrowings in current liabilities.
1.7
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CARUSO KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 0).
CARUSO KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
3
Property, plant and equipment
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2016
1,021
-
600
1,621
Additions
8,521
1,393
-
9,914
At 31 July 2017
9,542
1,393
600
11,535
Depreciation and impairment
At 1 August 2016
255
-
150
405
Depreciation charged in the year
2,322
348
113
2,783
At 31 July 2017
2,577
348
263
3,188
Carrying amount
At 31 July 2017
6,965
1,045
337
8,347
At 31 July 2016
766
-
450
1,216
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
300
-
5
Current liabilities
2017
2016
£
£
Other taxation and social security
38
-
Other payables
10,720
2,636
10,758
2,636
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary share capital of £1 each
2
2
2
2