Company Registration No. 09442023 (England and Wales)
The Chuckling Cheese Company Limited
Unaudited accounts
for the year ended 29 February 2020
The Chuckling Cheese Company Limited
Unaudited accounts
Contents
The Chuckling Cheese Company Limited
Company Information
for the year ended 29 February 2020
Directors
S Colclough
E Colclough
Company Number
09442023 (England and Wales)
Registered Office
9 Bethlem Crescent
Wainfleet St Mary
Skegness
Lincolnshire
PE24 4EL
Accountants
WatsonCo Chartered Accountants
Croft House Farm
Croft Marsh Lane
Croft
Lincolnshire
PE24 4AR
The Chuckling Cheese Company Limited
Statement of financial position
as at
29 February 2020
Intangible assets
65,414
78,497
Tangible assets
102,723
131,647
Inventories
270,069
138,956
Cash at bank and in hand
53,680
63,098
Creditors: amounts falling due within one year
(461,252)
(330,991)
Net current assets/(liabilities)
60,736
(24,024)
Total assets less current liabilities
228,873
186,120
Creditors: amounts falling due after more than one year
(239,727)
(214,615)
Provisions for liabilities
Deferred tax
(11,753)
(10,876)
Net liabilities
(22,607)
(39,371)
Called up share capital
100
100
Profit and loss account
(22,707)
(39,471)
Shareholders' funds
(22,607)
(39,371)
For the year ending 29 February 2020 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2021 and were signed on its behalf by
E Colclough
Director
Company Registration No. 09442023
The Chuckling Cheese Company Limited
Notes to the Accounts
for the year ended 29 February 2020
The Chuckling Cheese Company Limited is a private company, limited by shares, registered in England and Wales, registration number 09442023. The registered office is 9 Bethlem Crescent, Wainfleet St Mary, Skegness, Lincolnshire, PE24 4EL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
33% on cost
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
The Chuckling Cheese Company Limited
Notes to the Accounts
for the year ended 29 February 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Although the company is in a net liability position at the year end, the directors are confident of positive results over at least the next 12 months. The previous few years have involved significant investments in premises; product development; and IT solutions which are now operating to their expected potential. It is therefore appropriate to present these account on a going concern basis.
4
Intangible fixed assets
Goodwill
At 29 February 2020
130,829
Charge for the year
13,083
At 29 February 2020
65,415
At 29 February 2020
65,414
At 28 February 2019
78,497
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 March 2019
33,850
69,839
87,599
15,448
22,901
229,637
Additions
-
9,734
-
1,022
873
11,629
Disposals
-
-
(19,278)
-
-
(19,278)
At 29 February 2020
33,850
79,573
68,321
16,470
23,774
221,988
At 1 March 2019
1,433
30,877
47,178
6,923
11,579
97,990
Charge for the year
1,433
9,069
6,418
2,387
6,497
25,804
On disposals
-
-
(4,529)
-
-
(4,529)
At 29 February 2020
2,866
39,946
49,067
9,310
18,076
119,265
At 29 February 2020
30,984
39,627
19,254
7,160
5,698
102,723
At 28 February 2019
32,417
38,962
40,421
8,525
11,322
131,647
The Chuckling Cheese Company Limited
Notes to the Accounts
for the year ended 29 February 2020
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
16,474
16,362
- Motor vehicles
13,342
32,539
- Computer equipment
4,135
7,381
Trade debtors
98,855
23,911
Accrued income and prepayments
56,547
44,845
Other debtors
42,837
36,157
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
170,663
58,883
Obligations under finance leases and hire purchase contracts
14,563
24,489
Trade creditors
114,939
99,203
Taxes and social security
10,496
6,435
Other creditors
47,280
21,426
Loans from directors
99,752
116,434
8
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
228,114
178,908
Obligations under finance leases and hire purchase contracts
11,613
35,707
9
Share capital
2020
2019
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2020
2019
At 29 February 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
33,759
33,759
Within two to five years
362,075
306,587
The Chuckling Cheese Company Limited
Notes to the Accounts
for the year ended 29 February 2020
11
Average number of employees
During the year the average number of employees was 46 (2019: 24).