Casual Manna Ltd 26/03/2018 iXBRL

Casual Manna Ltd 26/03/2018 iXBRL

CASUAL MANNA LTD - Company Information

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Company registration number: 05387875
Casual Manna Ltd
Unaudited filleted financial statements
26 March 2018
Casual Manna Ltd
Contents
Statement of financial position
Notes to the financial statements
Casual Manna Ltd
Statement of financial position
26 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - 2,121
Tangible assets 6 83,692 117,357
Investments 7 2 2
_______ _______
83,694 119,480
Current assets
Stocks 8 10,595 6,704
Debtors 9 9,651 86,550
Cash at bank and in hand 30,916 33,221
_______ _______
51,162 126,475
Creditors: amounts falling due
within one year 10 ( 705,391) ( 889,704)
_______ _______
Net current liabilities ( 654,229) ( 763,229)
_______ _______
Total assets less current liabilities ( 570,535) ( 643,749)
Creditors: amounts falling due
after more than one year 11 ( 211,989) ( 200,000)
_______ _______
Net liabilities ( 782,524) ( 843,749)
_______ _______
Capital and reserves
Called up share capital 166 166
Share premium account 399,934 399,934
Profit and loss account ( 1,182,624) ( 1,243,849)
_______ _______
Shareholders deficit ( 782,524) ( 843,749)
_______ _______
For the year ending 26 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2019 , and are signed on behalf of the board by:
Mr Gary McClarnan
Director
Company registration number: 05387875
Casual Manna Ltd
Notes to the financial statements
Year ended 26 March 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Casual Manna Ltd, 18 Sparkle Street, Manchester, M1 2NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the customer, usually when the customer has paid.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - SL 15 Years
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Website - 15 Years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2017: 54 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 27 March 2017 14,636 14,636
Disposals (14,636) (14,636)
_______ _______
At 26 March 2018 - -
_______ _______
Amortisation
At 27 March 2017 12,515 12,515
Disposals ( 12,515) ( 12,515)
_______ _______
At 26 March 2018 - -
_______ _______
Carrying amount
At 26 March 2018 - -
_______ _______
At 26 March 2017 2,121 2,121
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 27 March 2017 108,291 187,153 9,200 304,644
Additions - 3,295 - 3,295
Disposals - ( 128,530) - ( 128,530)
_______ _______ _______ _______
At 26 March 2018 108,291 61,918 9,200 179,409
_______ _______ _______ _______
Depreciation
At 27 March 2017 47,347 132,376 7,564 187,287
Charge for the year 7,219 8,573 409 16,201
Disposals - ( 107,771) - ( 107,771)
_______ _______ _______ _______
At 26 March 2018 54,566 33,178 7,973 95,717
_______ _______ _______ _______
Carrying amount
At 26 March 2018 53,725 28,740 1,227 83,692
_______ _______ _______ _______
At 26 March 2017 60,944 54,777 1,636 117,357
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 27 March 2017 and 26 March 2018 2 2
_______ _______
Impairment
At 27 March 2017 and 26 March 2018 - -
_______ _______
Carrying amount
At 26 March 2018 2 2
_______ _______
At 26 March 2017 2 2
_______ _______
8. Stocks
2018 2017
£ £
Finished goods and goods for resale 10,595 6,704
_______ _______
9. Debtors
2018 2017
£ £
Other debtors 9,651 86,550
_______ _______
10. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 164,755 139,000
Trade creditors 50,701 180,434
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 47,029
Social security and other taxes 31,764 87,436
Other creditors 458,171 435,805
_______ _______
705,391 889,704
_______ _______
11. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 211,989 200,000
_______ _______