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The Hutch Deli Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

The Hutch Deli Limited

(Registration number: 11032427)
Balance Sheet as at 31 October 2022

Note

2022

2021
£

   

£

£

   

Fixed assets

   

 

Tangible assets

4

 

8,393

 

10,400

Current assets

   

 

Stocks

5

11,158

 

10,541

 

Debtors

6

5,752

 

10,166

 

Cash at bank and in hand

 

16,159

 

1,524

 

 

33,069

 

22,231

 

Creditors: Amounts falling due within one year

7

(53,032)

 

(52,618)

 

Net current liabilities

   

(19,963)

 

(30,387)

Total assets less current liabilities

   

(11,570)

 

(19,987)

Provisions for liabilities

 

-

 

(1,976)

Net liabilities

   

(11,570)

 

(21,963)

Capital and reserves

   

 

Profit and loss account

(11,570)

 

(21,963)

 

Total equity

   

(11,570)

 

(21,963)

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

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Hutch Deli Limited

(Registration number: 11032427)
Balance Sheet as at 31 October 2022

Approved and authorised by the director on 10 August 2023
 

.........................................

Mrs J Hutchinson

Director

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Tree Tops Wheelers Lane
Linton
Maidstone
Kent
ME17 4BN
United Kingdom

These financial statements were authorised for issue by the director on 10 August 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.

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

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.

Tax

The tax expense for the period comprises deferred 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.

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

Fixtures and fittings

25% on reducing balance

Plant and machinery

25% on reducing balance

Office equipment

25% on reducing balance

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

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.

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 the director) during the year, was 8 (2021 - 8).

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2021

7,178

17,963

25,141

Additions

795

-

795

At 31 October 2022

7,973

17,963

25,936

Depreciation

At 1 November 2021

3,911

10,830

14,741

Charge for the year

1,017

1,785

2,802

At 31 October 2022

4,928

12,615

17,543

Carrying amount

At 31 October 2022

3,045

5,348

8,393

At 31 October 2021

3,267

7,133

10,400

5

Stocks

2022
£

2021
£

Other inventories

11,158

10,541

6

Debtors

2022
£

2021
£

Trade debtors

1,539

274

Other debtors

4,213

9,892

5,752

10,166

 

The Hutch Deli Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

7

Creditors

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

45,954

44,384

Trade creditors

 

1,704

2,565

Other creditors

 

5,374

5,669

 

53,032

52,618

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

45,954

44,384