Year Ended
Registration number:
Trewellard Meadery Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Trewellard Meadery Limited
Company Information
Director |
Mrs D Williams |
Registered office |
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Accountants |
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Page 1 |
Trewellard Meadery Limited
Balance Sheet
31 May 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Trewellard Meadery Limited
Balance Sheet
31 May 2017
For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the director on
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Mrs D Williams
Director
Company Registration Number: 07655302
Page 3 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Trewellard Meadery
Pendeen
Penzance
TR19 7SS
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 June 2015. There is no material impact on the reported financial position and financial performance as a result of this transition.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Asset class |
Depreciation method and rate |
Furniture, fittings & equipment |
10% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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Amortisation charge |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Page 7 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Prepayments |
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Page 8 |
Trewellard Meadery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
5,630 |
7,621 |
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Page 9 |