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COMPANY REGISTRATION NUMBER: 06859465
DELI 24 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
DELI 24 LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
DELI 24 LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,173,021
3,260,765
Current assets
Stocks
6
104,973
97,373
Debtors
7
707,254
489,132
Cash at bank and in hand
1,712,813
935,362
------------
------------
2,525,040
1,521,867
Creditors: amounts falling due within one year
8
( 7,148,340)
( 7,106,387)
------------
------------
Net current liabilities
( 4,623,300)
( 5,584,520)
------------
------------
Total assets less current liabilities
( 1,450,279)
( 2,323,755)
Provisions
Taxation including deferred tax
9
766,000
712,000
------------
------------
Net liabilities
( 684,279)
( 1,611,755)
------------
------------
Capital and reserves
Called up share capital
11
2,280,000
2,280,000
Profit and loss account
( 2,964,279)
( 3,891,755)
------------
------------
Shareholders deficit
( 684,279)
( 1,611,755)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DELI 24 LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
J R Winter
P W Winter
Director
Director
Company registration number: 06859465
DELI 24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dawson Road, Mount Farm, Bletchley, Milton Keynes, MK1 1JN, Buckinghamshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis. Certain of the directors and shareholders have provided long-term loans to the company to finance capital expenditure, start-up costs and on-going working capital. On the assumption that this financial support will be maintained, and increased where necessary, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property improvements
-
over the length of the lease
Plant and machinery
-
2 to 15 years straight line
Fixtures, fittings and equipment
-
3 to 15 years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 70 (2022: 45 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2022
555,461
5,334,025
888,155
6,777,641
Additions
46,673
96,978
40,435
184,086
------------
------------
------------
------------
At 31 March 2023
602,134
5,431,003
928,590
6,961,727
------------
------------
------------
------------
Depreciation
At 1 April 2022
358,664
2,506,767
651,445
3,516,876
Charge for the year
18,118
222,699
31,013
271,830
------------
------------
------------
------------
At 31 March 2023
376,782
2,729,466
682,458
3,788,706
------------
------------
------------
------------
Carrying amount
At 31 March 2023
225,352
2,701,537
246,132
3,173,021
------------
------------
------------
------------
At 31 March 2022
196,797
2,827,258
236,710
3,260,765
------------
------------
------------
------------
6. Stocks
2023
2022
£
£
Raw materials and consumables
104,973
97,373
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
686,088
446,869
Prepayments and accrued income
21,166
42,263
------------
------------
707,254
489,132
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281,247
96,724
Accruals and deferred income
47,096
19,350
Social security and other taxes
179,746
136,758
Shareholder loan account (note 16)
5,311,279
5,311,279
Director's loan account (note 15)
1,325,000
1,525,000
Other creditors
3,972
17,276
------------
------------
7,148,340
7,106,387
------------
------------
9. Provisions
Deferred tax (note 10)
£
At 1 April 2022
( 712,000)
Movements
( 54,000)
------------
At 31 March 2023
( 766,000)
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 9)
( 766,000)
( 712,000)
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
515,000
368,500
Unused tax losses
( 1,280,000)
( 1,079,500)
Other timing differences
( 1,000)
( 1,000)
------------
------------
(766,000)
(712,000)
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2,280,000
2,280,000
2,280,000
2,280,000
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
1,390,415
1,625,416
------------
------------
13. Transactions with directors
At the balance sheet date the company owed J R Winter the sum of £200,000 (2022: £400,000) in respect of monies lent in the year ended 31 March 2011, and £1,125,000 (2022: £1,125,000) in respect of monies lent in the year ended 31 March 2016, on unsecured and interest free bases. These loans can be repaid at the request of the lender after giving thirteen months notice or by the company at any time.
14. Related party transactions
At the balance sheet date, the company owed A Winter the sum of £5,311,279 (2022: £5,311,279) on an unsecured basis. This money is loaned to the company interest-free. This money can be repaid at the request of the shareholder after giving thirteen months notice or by the company at any time. A Winter has indicated that he will provide further financial support if required, subject to the company achieving certain business targets. The company operates from premises owned by Highclare Properties Limited, a company under the control of A Winter. A ten year lease is in place effective from 1 March 2019. The initial passing rent is £235,000 per annum with a review on 1 March 2024.
15. Controlling party
The company is controlled by A Winter.