Knutsford Sweets Limited Filleted accounts for Companies House (small and micro)

Knutsford Sweets Limited Filleted accounts for Companies House (small and micro)

KNUTSFORD SWEETS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07872977
Knutsford Sweets Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Knutsford Sweets Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
27,312
30,762
Tangible assets
6
4,175
5,266
--------
--------
31,487
36,028
Current assets
Stocks
12,500
12,500
Debtors
5,921
4,367
Cash at bank and in hand
27,330
19,750
--------
--------
45,751
36,617
Creditors: amounts falling due within one year
23,335
20,619
--------
--------
Net current assets
22,416
15,998
--------
--------
Total assets less current liabilities
53,903
52,026
Creditors: amounts falling due after more than one year
4,254
11,074
Provisions
Taxation including deferred tax
744
943
--------
--------
Net assets
48,905
40,009
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
48,904
40,008
--------
--------
Shareholder funds
48,905
40,009
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Knutsford Sweets Limited
Abridged Statement of Financial Position (continued)
31 December 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
Mrs J K Chard
Director
Company registration number: 07872977
Knutsford Sweets Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 119 King Street, Knutsford, Cheshire, WA16 6EH, United Kingdom.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover represents shop takings for the sale of confectionery, exclusive of Value Added Tax. Turnover is recognised at the point of sale over the counter on a strict daily time basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods and is measured at the amounts of tax expected to be payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Shop & Office Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023
69,000
--------
Amortisation
At 1 January 2023
38,238
Charge for the year
3,450
--------
At 31 December 2023
41,688
--------
Carrying amount
At 31 December 2023
27,312
--------
At 31 December 2022
30,762
--------
6. Tangible assets
£
Cost
At 1 January 2023 and 31 December 2023
25,799
--------
Depreciation
At 1 January 2023
20,533
Charge for the year
1,091
--------
At 31 December 2023
21,624
--------
Carrying amount
At 31 December 2023
4,175
--------
At 31 December 2022
5,266
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
15,000
15,000
Later than 1 year and not later than 5 years
30,000
45,000
--------
--------
45,000
60,000
--------
--------