Registration number:
Gazeley's Delicatessen Limited
for the
Year Ended 31 March 2020
Gazeley's Delicatessen Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Gazeley's Delicatessen Limited
(Registration number: SC431919)
Statement of Financial Position as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' deficit |
( |
( |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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 Income Statement has been taken.
Approved and authorised by the
Gazeley's Delicatessen Limited
(Registration number: SC431919)
Statement of Financial Position as at 31 March 2020
.........................................
Director
Gazeley's Delicatessen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Accounting policies |
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Equipment |
15% reducing balance |
Gazeley's Delicatessen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
20% 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 inventories 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.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2019 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Gazeley's Delicatessen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
2020 |
2019 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Total tax credit |
( |
( |
Gazeley's Delicatessen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
|
|
Amortisation |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
|
|
Carrying amount |
||
At 31 March 2020 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 April 2019 |
|
|
|
At 31 March 2020 |
|
|
|
Depreciation |
|||
At 1 April 2019 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2020 |
|
|
|
Carrying amount |
|||
At 31 March 2020 |
|
|
|
At 31 March 2019 |
|
|
|
Stocks |
2020 |
2019 |
|
Other inventories |
|
|
Gazeley's Delicatessen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Debtors |
2020 |
2019 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|