Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31truefalsetrue2022-01-01No description of principal activity66The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12167144 2022-01-01 2022-12-31 12167144 2021-01-01 2021-12-31 12167144 2022-12-31 12167144 2021-12-31 12167144 c:Director1 2022-01-01 2022-12-31 12167144 c:Director1 2022-12-31 12167144 c:Director2 2022-01-01 2022-12-31 12167144 c:Director2 2022-12-31 12167144 c:Director3 2022-01-01 2022-12-31 12167144 c:Director3 2022-12-31 12167144 c:Director4 2022-01-01 2022-12-31 12167144 c:Director4 2022-12-31 12167144 c:Director5 2022-01-01 2022-12-31 12167144 c:Director5 2022-12-31 12167144 c:RegisteredOffice 2022-01-01 2022-12-31 12167144 d:CurrentFinancialInstruments 2022-12-31 12167144 d:CurrentFinancialInstruments 2021-12-31 12167144 d:CurrentFinancialInstruments 1 2022-12-31 12167144 d:CurrentFinancialInstruments 1 2021-12-31 12167144 d:Non-currentFinancialInstruments 2022-12-31 12167144 d:Non-currentFinancialInstruments 2021-12-31 12167144 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12167144 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12167144 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12167144 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12167144 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 12167144 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 12167144 d:ShareCapital 2022-12-31 12167144 d:ShareCapital 2021-12-31 12167144 d:SharePremium 2022-12-31 12167144 d:SharePremium 2021-12-31 12167144 d:RetainedEarningsAccumulatedLosses 2022-12-31 12167144 d:RetainedEarningsAccumulatedLosses 2021-12-31 12167144 c:OrdinaryShareClass1 2022-01-01 2022-12-31 12167144 c:OrdinaryShareClass1 2022-12-31 12167144 c:OrdinaryShareClass1 2021-12-31 12167144 c:FRS102 2022-01-01 2022-12-31 12167144 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12167144 c:FullAccounts 2022-01-01 2022-12-31 12167144 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12167144 1 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12167144









CHEESIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CHEESIES LIMITED
 
 
COMPANY INFORMATION


Directors
E M Hauck (appointed 9 January 2023)
M Rees (appointed 9 January 2023)
D T Folkman (resigned 9 January 2023)
C I Jones (resigned 9 January 2023)
B J Newton (appointed 17 March 2022, resigned 9 September 2022)




Registered number
12167144



Registered office
20-22 Wenlock Road

London

United Kingdom

N1 7GU




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1DT





 
CHEESIES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9

 
CHEESIES LIMITED
REGISTERED NUMBER: 12167144

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
200,298
243,128

Debtors: amounts falling due within one year
 5 
99,358
203,014

Cash at bank and in hand
 6 
31,730
622,423

  
331,386
1,068,565

Creditors: amounts falling due within one year
 7 
(1,515,650)
(396,177)

Net current (liabilities)/assets
  
 
 
(1,184,264)
 
 
672,388

Total assets less current liabilities
  
(1,184,264)
672,388

Creditors: amounts falling due after more than one year
 8 
(25,000)
(1,141,148)

  

Net liabilities
  
(1,209,264)
(468,760)


Capital and reserves
  

Called up share capital 
 10 
119
119

Share premium account
  
492,191
499,191

Profit and loss account
  
(1,701,574)
(968,070)

  
(1,209,264)
(468,760)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2023.


Page 1

 
CHEESIES LIMITED
REGISTERED NUMBER: 12167144
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022



M Rees
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Cheesies Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 12167144. The registered office address of the company is 18a/20 King Street, Maidenhead, Berkshire, United Kingdom, SL6 1EF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end, the comapny has net liabilities of £1,209,264 (2021 £468,760). As the company will continue to be supported by its creditors, the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 5

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2021 - 6).


4.


Stocks

2022
2021
£
£

Finished goods and goods for resale
200,298
243,128

200,298
243,128



5.


Debtors

2022
2021
£
£


Trade debtors
60,659
101,010

Other debtors
19,909
93,555

Prepayments and accrued income
18,790
8,449

99,358
203,014


Page 6

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
31,730
622,423

31,730
622,423



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
10,000
10,000

Other loans
1,140,481
80,145

Trade creditors
259,479
257,107

Other taxation and social security
17,561
28,320

Proceeds of factored debts
(734)
-

Other creditors
88,863
6,008

Accruals and deferred income
-
14,597

1,515,650
396,177



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
25,000
35,000

Other loans
-
1,106,148

25,000
1,141,148


Page 7

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
1,140,481
80,145


1,150,481
90,145

Amounts falling due 1-2 years

Bank loans
25,000
35,000

Other loans
-
1,106,148


25,000
1,141,148



1,175,481
1,231,293


The amounts included in bank loans are secured by a fixed and floating charge over all assets held by the company.


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,190,304 (2021 - 1,190,304) Ordinary shares of £0.0001- each
119
119



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company, in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,189 (2021: £8,440). At the year end, included in other creditors is £273 (2021: £3,669) still outstanding.


12.


Related party transactions

At the year-end, included within other creditors, is an amount of £43,791 (2021; £1,690) owed by the company to the directors.

Page 8

 
CHEESIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Post balance sheet events

Included in other loans due within one year is £1,140,481 relating to convertible loan notes. After the year-end, 5,475,831 Ordinary shares were issued for the aggregate consideration of £1,100,014, some of which relates to the conversion of the convertible loan.


14.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 9