Frome Cheese & Grain Trading Company Limited Accounts

FROME CHEESE & GRAIN TRADING COMPANY LIMITED - Company Information






Frome Cheese & Grain Trading Company Limited

	Company No. 05611310
		Information for Filing with The Registrar
		31 March 2019

The Directors present their report and the accounts for the year ended 31 March 2019.

Principal activities
The principal activity of the company during the year under review was operation of commercial music events at Cheese and Grain, Frome.




Directors

The Directors who served at any time during the year were as follows:

J.B. Birkett-Smith
R.J. Churchyard			(Resigned 20 July 2018)
D.J. Clark
P. Collins
N.F. Waterhouse

































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

P. Collins
Director
30 August 2019

at	31 March 2019
Company No.		05611310	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		3	11,441	11,039


				11,441	11,039
Current assets

	Debtors		4	107,936	3,270

	Cash at bank and in hand			99,304	190,311
				207,240	193,581
Creditors: Amount falling due within one year			5	(241,939)	(204,520)
Net current liabilities				(34,699)	(10,939)
Total assets less current liabilities				(23,258)	100




Net (liabilities)/assets				(23,258)	100

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		6	(23,358)	-

Total equity				(23,258)	100



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 August 2019
And signed on its behalf by:
P. Collins
Director
30 August 2019

for the year ended 31 March 2019

General information

Its registered number is: 05611310

Its registered office is:

Cheese & Grain

Market Yard

Frome

Somerset

BA11 1BE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

10% straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 April 2018	22,079	22,079
		Additions	861	861



		At 31 March 2019	22,940	22,940
		Depreciation
		At 1 April 2018	11,040	11,040
		Charge for the year	459	459



		At 31 March 2019	11,499	11,499
		Net book values
		At 31 March 2019	11,441	11,441
		At 31 March 2018	11,039	11,039

4	Debtors
			2019	2018
			£	£
		Trade debtors	18,358	3,270
		Amounts owed by group undertakings	58,706	-





		Prepayments and accrued income	30,872	-
			107,936	3,270

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	253	-
		Other loans	9,467	12,422

		Trade creditors	3,492	52,485





		Accruals and deferred income	228,727	139,613
			241,939	204,520

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.