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Registration number: 03526173

Classic Desserts Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 December 2022

 

Classic Desserts Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Classic Desserts Limited

(Registration number: 03526173)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

           

Fixed assets

   

 

Tangible assets

4

 

636,900

 

726,623

Current assets

   

 

Stocks

711,005

 

596,255

 

Debtors

5

1,747,783

 

1,702,141

 

Cash at bank and in hand

 

173,245

 

263,105

 

 

2,632,033

 

2,561,501

 

Creditors: Amounts falling due within one year

6

(1,483,331)

 

(1,138,301)

 

Net current assets

   

1,148,702

 

1,423,200

Total assets less current liabilities

   

1,785,602

 

2,149,823

Creditors: Amounts falling due after more than one year

6

 

(909,127)

 

(998,826)

Provisions for liabilities

 

(52,169)

 

(52,169)

Net assets

   

824,306

 

1,098,828

Capital and reserves

   

 

Called up share capital

7

262,002

 

262,002

 

Profit and loss account

562,304

 

836,826

 

Total equity

   

824,306

 

1,098,828

 

Classic Desserts Limited

(Registration number: 03526173)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 23 February 2023 and signed on its behalf by:
 

.........................................
Mr Benjamin David Shamash
Company secretary and director

 

Classic Desserts Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Blencathra House North Lakes Business Park
Flusco
Penrith
Cumbria
CA11 0JG

These financial statements were authorised for issue by the Board on 23 February 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

 

Classic Desserts Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 December 2022

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and Machinery

Between 10 to 25% on cost

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Classic Desserts Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 December 2022

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 71 (2021 - 68).

 

Classic Desserts Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 December 2022

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

26,381

1,612,886

1,639,267

Additions

-

81,061

81,061

At 31 December 2022

26,381

1,693,947

1,720,328

Depreciation

At 1 January 2022

11,712

900,932

912,644

Charge for the year

5,277

165,507

170,784

At 31 December 2022

16,989

1,066,439

1,083,428

Carrying amount

At 31 December 2022

9,392

627,508

636,900

At 31 December 2021

14,669

711,954

726,623

5

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

1,290,378

1,302,804

Amounts owed by related parties

380,690

320,690

Prepayments

 

28,045

22,422

Other debtors

 

48,670

56,225

   

1,747,783

1,702,141

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Loans and borrowings

334,234

316,267

Trade creditors

885,814

586,235

Taxation and social security

89,932

74,597

Other creditors

173,351

161,202

1,483,331

1,138,301

Due after one year

Loans and borrowings

909,127

998,826

 

Classic Desserts Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 December 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

909,127

998,826

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

33,000

33,000

33,000

33,000

Ordinary B of £1 each

5,000

5,000

5,000

5,000

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Redeemable convertible preference shares of £1 each

224,000

224,000

224,000

224,000

 

262,002

262,002

262,002

262,002

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

895,957

975,086

Finance lease liabilities

13,170

23,740

909,127

998,826

2022
£

2021
£

Current loans and borrowings

Bank borrowings

323,664

305,696

Finance lease liabilities

10,570

10,571

334,234

316,267