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Registration number: 08020639

The Frying Machine Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

The Frying Machine Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

The Frying Machine Ltd

(Registration number: 08020639)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

1,756

2,700

 

1,757

2,701

Current assets

 

Stocks

5,000

5,000

Debtors

6

9,820

16,595

Cash at bank and in hand

 

302,196

259,743

 

317,016

281,338

Creditors: Amounts falling due within one year

7

(91,628)

(76,381)

Net current assets

 

225,388

204,957

Total assets less current liabilities

 

227,145

207,658

Provisions for liabilities

(387)

(626)

Net assets

 

226,758

207,032

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

226,658

206,932

Total equity

 

226,758

207,032

 

The Frying Machine Ltd

(Registration number: 08020639)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 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 22 September 2023 and signed by:
 



 

P A Utting
Director



 

T A Utting
Director

 

The Frying Machine Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

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:
156 Furze Road
Thorpe St Andrew
Norwich
Norfolk
NR7 0AU

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received and receivable for sale of goods in the ordinary course of the company's activities.

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
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.

 

The Frying Machine Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023


Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Goodwill

Purchased goodwill is capitalised and amortised on a straight line basis over its useful economic life of 3 years.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line basis

Office equipment

20% straight line basis

Computer equipment

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price after due regard for all items deemed unsaleable at the year end.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Cash

Cash comprises cash on hand and all deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

The Frying Machine Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company during the year was 10 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2022

400,000

400,000

At 30 April 2023

400,000

400,000

Amortisation

At 1 May 2022

399,999

399,999

At 30 April 2023

399,999

399,999

Net book value

At 30 April 2023

1

1

At 30 April 2022

1

1

5

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
 £

Computer equipment
£

Total
£

Cost

At 1 May 2022

13,845

1,100

1,455

16,400

Additions

446

-

-

446

At 30 April 2023

14,291

1,100

1,455

16,846

Depreciation

At 1 May 2022

11,677

797

1,226

13,700

Charge for the year

1,046

142

202

1,390

At 30 April 2023

12,723

939

1,428

15,090

Net book value

At 30 April 2023

1,568

161

27

1,756

At 30 April 2022

2,168

303

229

2,700

 
 

 

The Frying Machine Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

6

Debtors

2023
£

2022
£

Other debtors

442

10,226

Prepayments and accrued income

9,378

6,369

9,820

16,595

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

25,394

22,522

Taxation and social security

49,234

48,109

Accruals and deferred income

7,525

5,289

Other creditors

485

461

Other loans

8,990

-

91,628

76,381

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £446,500 (2022 - £470,000).

 

The Frying Machine Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

10

Related party transactions

Directors' Advances

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £7,343 (2022 - £39,498) was advanced and £11,112 (2022 - £37,000) was repaid.

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £7,343 (2022 - £34,372) was advanced and £11,295 (2022 - £37,000) was repaid.

Advances were unsecured and interest has been charged at the HMRC official rate.