Santa's Workshop Ltd
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Notes to the Accounts |
for the year ended 31 March 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
over 4 years |
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Fixtures, fittings, tools and equipment |
over 4 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price).
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Where material, deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2018 |
6,306 |
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Disposals |
(6,306) |
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At 31 March 2019 |
- |
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Depreciation |
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At 1 April 2018 |
1,825 |
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On disposals |
(1,825) |
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At 31 March 2019 |
- |
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Net book value |
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At 31 March 2019 |
- |
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At 31 March 2018 |
4,481 |
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3 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
- |
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120 |
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Corporation tax |
(373) |
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804 |
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Other taxes and social security costs |
- |
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(8,074) |
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Other creditors |
2,412 |
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12,015 |
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2,039 |
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4,865 |
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4 |
Other information |
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Santa's Workshop Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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22-24 Harborough Road |
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Northampton |
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NN2 7AZ |