Company Registration No. 04682819 (England and Wales)
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,994
21,331
Current assets
Stocks
1,912,232
1,915,091
Debtors
5
44,311
37,235
Cash at bank and in hand
1,467,998
1,302,802
3,424,541
3,255,128
Creditors: amounts falling due within one year
6
(184,875)
(199,006)
Net current assets
3,239,666
3,056,122
Total assets less current liabilities
3,261,660
3,077,453
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
3,261,560
3,077,353
Total equity
3,261,660
3,077,453
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2020 and are signed on its behalf by:
Mr H Diamond
Director
Company Registration No. 04682819
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Cry for the Moon Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
T
true
he director
s
ha
ve
considered the effect of the Covid-19 outbreak. The director
s
consider that the outbreak is likely to cause a significant disruption to the company’s business
but are
confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The director
s
ha
ve
a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future
.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
from sale of jewellery
provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off over 10.5 years.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
of
direct materials
only.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable.
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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
.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2019 - 11).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
162,750
Amortisation and impairment
At 1 April 2019 and 31 March 2020
162,750
Carrying amount
At 31 March 2020
-
At 31 March 2019
-
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2019
7,621
77,440
85,061
Additions
-
6,166
6,166
At 31 March 2020
7,621
83,606
91,227
Depreciation and impairment
At 1 April 2019
7,544
56,186
63,730
Depreciation charged in the year
19
5,484
5,503
At 31 March 2020
7,563
61,670
69,233
Carrying amount
At 31 March 2020
58
21,936
21,994
At 31 March 2019
77
21,254
21,331
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
7,941
1,074
Prepayments and accrued income
36,370
36,161
44,311
37,235
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
9,385
9,257
Amounts owed to group undertakings
44,576
44,576
Corporation tax
77,897
91,574
Other taxation and social security
30,936
38,754
Other creditors
7,798
562
Accruals and deferred income
14,283
14,283
184,875
199,006
CRY FOR THE MOON LIMITED
(FORMERLY KNOWN AS OWEN & DIAMOND LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
7
Called up share capital
2020
2019
£
£
Issued and fully paid
26 Ordinary A shares of £1 each
26
26
24 Ordinary B shares of £1 each
24
24
50 Ordinary C shares of £1 each
50
50
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
151,250
206,250