BEST BREKKIE LTD
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Notes to the Accounts |
for the period from 18 December 2017 to 30 November 2018
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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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 corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Creditors: amounts falling due within one year |
2018 |
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£ |
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Corporation tax |
588 |
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Taxation and social security costs |
183 |
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Other creditors |
1,200 |
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1,971 |
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3 |
Other information |
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BEST BREKKIE LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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147 Cranbrook Road |
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Ilford |
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Essex |
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IG1 4PU |