NOVELTY FOODS LIMITED
Registered number: 04133435
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Investments 3 187,000 -
Current assets
Debtors 4 296,915 296,809
Cash at bank and in hand 25,680 191,166
322,595 487,975
Creditors: amounts falling due within one year 5 (461,899) (431,746)
Net current (liabilities)/assets (139,304) 56,229
Total assets less current liabilities 47,696 56,229
Creditors: amounts falling due after more than one year 6 (34,875) (44,517)
Net assets 12,821 11,712
Capital and reserves
Called up share capital 1 1
Profit and loss account 12,820 11,711
Shareholder's funds 12,821 11,712
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ritika Justine
Director
Approved by the board on 1 November 2023
NOVELTY FOODS LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company - 2
3 Investments
Other
investments
£
Cost
Additions 187,000
At 31 December 2022 187,000
4 Debtors 2022 2021
£ £
Trade debtors 296,915 296,809
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 429,752 402,829
Corporation tax 260 829
Other taxes and social security costs - 2,078
Other creditors 31,887 26,010
461,899 431,746
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 34,875 44,517
7 Other information
NOVELTY FOODS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Heraldic House 2nd Floor
160-162 Cranbrook Road
Ilford
Essex
IG1 4PE
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