Company Registration No. 09432766 (England and Wales)
FAVOURITE FLAVOURS LIMITED
Unaudited accounts
for the year ended 28 February 2023
FAVOURITE FLAVOURS LIMITED
Unaudited accounts
Contents
FAVOURITE FLAVOURS LIMITED
Company Information
for the year ended 28 February 2023
Company Number
09432766 (England and Wales)
Registered Office
25 Whetley lane
Bradford
BD8 9EH
ENGLAND
Accountants
Arif Khan Accountants Limited
25 Whetley Lane
Bradford
W Yorkshire
BD8 9EH
FAVOURITE FLAVOURS LIMITED
Statement of financial position
as at 28 February 2023
Tangible assets
41,525
34,668
Cash at bank and in hand
84,367
34,923
Creditors: amounts falling due within one year
(97,984)
(56,496)
Net current assets
41,834
75,236
Total assets less current liabilities
83,359
109,904
Creditors: amounts falling due after more than one year
(53,412)
(68,779)
Called up share capital
100
100
Profit and loss account
29,847
41,025
Shareholders' funds
29,947
41,125
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 October 2023 and were signed on its behalf by
MR F ALI
Director
Company Registration No. 09432766
FAVOURITE FLAVOURS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
FAVOURITE FLAVOURS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09432766. The registered office is 25 Whetley lane, Bradford, BD8 9EH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance basis
Motor vehicles
20% Reducing blance basis
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
FAVOURITE FLAVOURS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
4
Intangible fixed assets
Goodwill
At 28 February 2023
12,000
At 28 February 2023
12,000
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2022
64,774
30,000
94,774
Additions
749
16,490
17,239
At 28 February 2023
65,523
46,490
112,013
At 1 March 2022
39,779
20,327
60,106
Charge for the year
5,149
5,233
10,382
At 28 February 2023
44,928
25,560
70,488
At 28 February 2023
20,595
20,930
41,525
At 28 February 2022
24,995
9,673
34,668
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
30
Trade creditors
61,040
46,459
Taxes and social security
6,389
8,007
Proposed dividends
25,000
-
FAVOURITE FLAVOURS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
21,878
26,279
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).