Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
Investment property | 5 |
|
|
|
291,247 | 288,784 | |||
Current assets | ||||
Stocks | 6 |
|
|
|
Debtors | 7 |
|
|
|
Cash at bank and in hand | 8 |
|
|
|
314,232 | 217,019 | |||
Creditors: amounts falling due within one year | 9 | (
|
(
|
|
Net current assets | 161,375 | 118,141 | ||
Total assets less current liabilities | 452,622 | 406,925 | ||
Creditors: amounts falling due after more than one year | 10 |
|
(
|
|
Provision for liabilities | 11, 12 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 13 |
|
|
|
Revaluation reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of The Fish & Chip Co Limited (registered number:
Mr Michael Clark
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The Fish & Chip Co Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 - 4 St Leonard's Bridge, Perth, PH2 0DR.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is
required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Revenue is recognised on a cash basis.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services
are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability issettled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Goodwill |
|
Development costs |
|
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings |
|
Plant and machinery etc. |
|
The Company as lessor
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.
Rentals receivable under operating leases are charged against income on a straight line basis over the lease term.
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs .
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price .
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Development costs | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Accumulated amortisation | |||||
At 01 April 2022 |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Net book value | |||||
At 31 March 2023 |
|
|
|
||
At 31 March 2022 |
|
|
|
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
|
|
|
||
Additions |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 March 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 March 2023 |
|
|
|
||
Net book value | |||||
At 31 March 2023 |
|
|
|
||
At 31 March 2022 |
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
|
Fair value movement | 37,089 |
As at 31 March 2023 |
|
Valuation
The fair value of the investment property is on the basis of a valuation carried out by the directors on 31 March 2023.
2023 | 2022 | ||
£ | £ | ||
Stocks |
|
|
2023 | 2022 | ||
£ | £ | ||
Other debtors |
|
|
2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
|
|
2023 | 2022 | ||
£ | £ | ||
Deferred tax |
|
|
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
|
(
|
|
Charged to the Profit and Loss Account | (
|
(
|
|
At the end of financial year | (
|
(
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|