Oxford Fresh Food Ltd 31/08/2023 iXBRL

Oxford Fresh Food Ltd 31/08/2023 iXBRL

OXFORD FRESH FOOD LTD - Company Information

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Oxford Fresh Food Ltd
Filleted accounts
31 August 2023
Company registration number: 13667480
Oxford Fresh Food Ltd
Directors and other information
Director A Muzha
Company number 13667480
Registered office 52 Bailey Road
Oxford
OX4 3HY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Oxford Fresh Food Ltd
Balance sheet
31st August 2023
31/08/23 31/08/22
Note £ £ £ £
Fixed assets
Intangible assets 5 76,553 -
Tangible assets 6 27,139 -
_______ _______
103,692 -
Current assets
Stocks 1,700 -
Debtors 7 22,440 1
Cash at bank and in hand 26,156 -
_______ _______
50,296 1
Creditors: amounts falling due
within one year 8 ( 145,581) -
_______ _______
Net current (liabilities)/assets ( 95,285) 1
_______ _______
Total assets less current liabilities 8,407 1
Creditors: amounts falling due
after more than one year 9 ( 12,500) -
Provisions for liabilities 10 ( 3,013) -
_______ _______
Net (liabilities)/assets ( 7,106) 1
_______ _______
Capital and reserves
Called up share capital 12 1 1
Profit and loss account ( 7,107) -
_______ _______
Shareholder (deficit)/funds ( 7,106) 1
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 May 2024 , and are signed on behalf of the board by:
A Muzha
Director
Company registration number: 13667480
Oxford Fresh Food Ltd
Notes to the financial statements
Year ended 31st August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 52 Bailey Road, Oxford, OX4 3HY. The company commenced to trade on 20th September 2022 and its principal activity during the year was that of a tea room .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At 31st August 2023 the company had a deficiency of assets amounting to £7,106 (2022: £nil) after taking into consideration loans from the director totalling £102,880 (2022: £nil). The company is reliant upon the financial support of its director who has indicated that this will be continued for at least a further 12 months from the date of approval of these accounts. In light of this continued support, the financial statements have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life.
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 - Straight line basis over 62 months
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property - Straight line basis over the life of the lease
Equipment - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for obsolete stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: Nil).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st September 2022 - -
Additions 94,925 94,925
_______ _______
At 31st August 2023 94,925 94,925
_______ _______
Amortisation
At 1st September 2022 - -
Charge for the year 18,372 18,372
_______ _______
At 31st August 2023 18,372 18,372
_______ _______
Carrying amount
At 31st August 2023 76,553 76,553
_______ _______
At 31st August 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st September 2022 - - -
Additions 8,407 26,376 34,783
_______ _______ _______
At 31st August 2023 8,407 26,376 34,783
_______ _______ _______
Depreciation
At 1st September 2022 - - -
Charge for the year 1,627 6,017 7,644
_______ _______ _______
At 31st August 2023 1,627 6,017 7,644
_______ _______ _______
Carrying amount
At 31st August 2023 6,780 20,359 27,139
_______ _______ _______
At 31st August 2022 - - -
_______ _______ _______
7. Debtors
31/08/23 31/08/22
£ £
Trade debtors 2,328 -
Other debtors 20,112 1
_______ _______
22,440 1
_______ _______
8. Creditors: amounts falling due within one year
31/08/23 31/08/22
£ £
Trade creditors 1,164 -
Social security and other taxes 11,667 -
Other creditors 132,750 -
_______ _______
145,581 -
_______ _______
9. Creditors: amounts falling due after more than one year
31/08/23 31/08/22
£ £
Other creditors 12,500 -
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st September 2022 - -
Additions 3,013 3,013
_______ _______
At 31st August 2023 3,013 3,013
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
31/08/23 31/08/22
£ £
Included in provisions (note 10) 3,013 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/08/23 31/08/22
£ £
Accelerated capital allowances 3,868 -
Unused tax losses ( 855) -
_______ _______
3,013 (-)
_______ _______
12. Called up share capital
Issued, called up and fully paid
31/08/23 31/08/22
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
13. Controlling party
The company is under the control of A Muzha who owns 100% of the issued shares.