Taste at No.1 Ltd - Period Ending 2020-01-31
Taste at No.1 Ltd - Period Ending 2020-01-31
Registration number:
Taste at No.1 Ltd
for the Year Ended 31 January 2020
Taste at No.1 Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Taste at No.1 Ltd
Company Information
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Director |
A N Murphy |
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Registered office |
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Page 1 |
Taste at No.1 Ltd
(Registration number: 09951998)
Balance Sheet as at 31 January 2020
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Note |
2020 |
2019 |
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Fixed 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 liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2020 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 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 Profit and Loss Account has been taken.
Approved and authorised by the
Director
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Page 2 |
Taste at No.1 Ltd
Notes to the Financial Statements for the Year Ended 31 January 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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.
Going concern
The financial statements have been prepared on a going concern basis. The director will continue to support the company to ensure all liabilities are met as they fall due.
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:
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Page 3 |
Taste at No.1 Ltd
Notes to the Financial Statements for the Year Ended 31 January 2020
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
3 years straight line |
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Plant and machinery |
3 years straight line |
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Office equipment |
3 years straight line |
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Fixtures and fittings |
3 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 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Page 4 |
Taste at No.1 Ltd
Notes to the Financial Statements for the Year Ended 31 January 2020
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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Included within the net book value of land and buildings above is £- (2019 - £560) in respect of short leasehold land and buildings.
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Stocks |
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2020 |
2019 |
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Finished goods and goods for resale |
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Debtors |
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2020 |
2019 |
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Other debtors |
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Page 5 |
Taste at No.1 Ltd
Notes to the Financial Statements for the Year Ended 31 January 2020
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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112.26 |
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106.66 |
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Related party transactions |
At 31 January 2020 a balance of £3,841 (2019 - £1,777) was due to the director, S J Astbury, which is included in Other creditors.
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Page 6 |