The Better Food Company Limited - Accounts to registrar (filleted) - small 22.3
The Better Food Company Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2023 |
| for |
| The Better Food Company Limited |
| The Better Food Company Limited (Registered number: 03682509) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| The Better Food Company Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Gowran House |
| 56 Broad Street |
| Chipping Sodbury |
| Bristol |
| BS37 6AG |
| The Better Food Company Limited (Registered number: 03682509) |
| Balance Sheet |
| 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The Better Food Company Limited (Registered number: 03682509) |
| Balance Sheet - continued |
| 31 March 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Better Food Company Limited (Registered number: 03682509) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| The Better Food Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Equipment, fixtures & fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Based on the understanding of current legislation, it is believed that the "superdeduction" increasing annual investment allowances on equipment from 100% to 130%, does not reverse, provided that subsequent sales are not made before 31/3/23. Therefore the deferred taxation reserve does not take the additional 30% into account. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. In light of the "superdeduction" and resulting additional losses, the deferred tax account has been cancelled at 31/3/22. |
| The Better Food Company Limited (Registered number: 03682509) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Going concern |
| To be agreed. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| AMORTISATION |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Equipment, |
| fixtures | Motor |
| & fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| The Better Food Company Limited (Registered number: 03682509) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 6. | STOCKS |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Stock and work in progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Prepayments and deposits |
| Corporation tax repayable |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Trade creditors and accruals |
| Social security and other taxes |
| VAT | 19,907 | 15,603 |
| 5% fixed-rate unsecured bond |
| interest | 30,000 | 40,000 |
| Hire purchase | 2,998 | 2,120 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Directors loan accounts | 15,000 | 10,000 |
| 5% fixed-rate unsecured bond | 800,000 | 800,000 |
| Hire purchase | 16,624 | 20,500 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The Better Food Company Limited (Registered number: 03682509) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 11. | RELATED PARTY DISCLOSURES |
| The company is under the control of the director, P H Haughton. At the year end the director is owed £15,000 (2022: £10,000), and is interest-free, but is not repayable before 30/6/28, in accordance with the terms of the new bond. |
| He also received consultancy fees during the year, charged at normal market rates, amounting to £31,200 (2022: £54,950). |
| A limited company, owned by another director, received further consultancy fees during the year, charged at normal market rates, amounting to £4,632 ( 2022: £7,050). |
| 12. | BOND ISSUE |
| A new bond issue raised additional funding of £800,000, unsecured, to finance the opening of a new retail store in Bristol, with interest payable at 5% per annum, repayable on 30/6/28. |
| 13. | SHARE PREMIUM ACCOUNT |
| 26,445 new ordinary £1 shares were issued during the year ended 31st March 2006 for £48,400 and therefore a share premium account has been created at £21,955, representing the difference between the issue price and par. |
| 929 new ordinary £1 shares were issued during the year ended 31st March 2009 for £1,800 and therefore a further amount of £871 was added to the share premium account.. |