Brass Monkey Ice Cream Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10766996 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

BRASS MONKEY ICE CREAM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Wood

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

10766996 (England and Wales)

FIXED ASSETS

Tangible assets

4

74,441

78,300

CURRENT ASSETS

Stocks

3,800

1,500

Debtors

5

58,548

38,951

Cash at bank and in hand

321

12,009

62,669

52,460

CREDITORS

Amounts falling due within one year

6

(56,806

)

(34,511

)

NET CURRENT ASSETS

5,863

17,949

TOTAL ASSETS LESS CURRENT LIABILITIES

80,304

96,249

CREDITORS

Amounts falling due after more than one year

7

(8,293

)

-

NET ASSETS

72,011

96,249

CAPITAL AND RESERVES

Called up share capital

9

104

86

Share premium

166,961

156,979

Retained earnings

(95,054

)

(60,816

)

SHAREHOLDERS' FUNDS

72,011

96,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 June 2021 and were signed by:

P Wood - Director

1.	STATUTORY INFORMATION

Brass Monkey Ice Cream Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page.

The presentational currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over 6 years

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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 entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its 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, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern

The company has been impacted by Covid-19, creating difficult trading conditions. However the director believes the company has implemented plans which will mean the company will be able to continue to operate. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

68,354

18,015

11,212

1,089

98,670

Additions

-

4,987

14,677

374

20,038

At 31 March 2020

68,354

23,002

25,889

1,463

118,708

DEPRECIATION

At 1 April 2019

13,640

3,809

2,734

187

20,370

Charge for year

11,392

5,656

6,407

442

23,897

At 31 March 2020

25,032

9,465

9,141

629

44,267

NET BOOK VALUE

At 31 March 2020

43,322

13,537

16,748

834

74,441

At 31 March 2019

54,714

14,206

8,478

902

78,300

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

235

Other debtors

58,548

38,716

58,548

38,951

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

7,245

4,503

Trade creditors

4,277

8,572

Taxation and social security

13,295

957

Other creditors

31,989

20,479

56,806

34,511

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

8,293

-

8.	LEASING AGREEMENTS

Total commitments over the remainder of the leases are £101,674.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

65,000

Ordinary A

0.001

p

65

65

28,225

Ordinary B

0.001

p

39

21

104

86

The following shares were issued during the year:

1,750 Ordinary B shares of 0.001p for cash of £ 10,000