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REGISTERED NUMBER: 05737914 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

The Lazy Lobster Wholesale Foods Company
Limited

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Lazy Lobster Wholesale Foods Company
Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: H E Cooper





REGISTERED OFFICE: Barngarth Farm
Lower Cox Street
Detling
Maidstone
Kent
ME14 3HE





REGISTERED NUMBER: 05737914 (England and Wales)





ACCOUNTANTS: Berry & Company
Chartered Accountants
Sterling House
7 Ashford Road
Maidstone
Kent
ME14 5BJ

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,642 15,000
Tangible assets 5 229,720 187,258
237,362 202,258

CURRENT ASSETS
Stocks 64,250 34,620
Debtors 6 308,717 407,022
Cash at bank and in hand 67,383 2,023
440,350 443,665
CREDITORS
Amounts falling due within one year 7 378,666 454,002
NET CURRENT ASSETS/(LIABILITIES) 61,684 (10,337 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

299,046

191,921

CREDITORS
Amounts falling due after more than one
year

8

173,987

151,901
NET ASSETS 125,059 40,020

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 124,955 39,916
125,059 40,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 November 2023 and were signed by:





H E Cooper - Director


The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

The Lazy Lobster Wholesale Foods Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income recognition
Turnover represents the fair value of consideration received or receivable derived from the wholesale of frozen food to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 73,577
AMORTISATION
At 1 April 2022 58,577
Charge for year 7,358
At 31 March 2023 65,935
NET BOOK VALUE
At 31 March 2023 7,642
At 31 March 2022 15,000

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 692,210
Additions 112,865
At 31 March 2023 805,075
DEPRECIATION
At 1 April 2022 504,952
Charge for year 70,403
At 31 March 2023 575,355
NET BOOK VALUE
At 31 March 2023 229,720
At 31 March 2022 187,258

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 125,042
DEPRECIATION
At 1 April 2022 105,306
Charge for year 4,934
At 31 March 2023 110,240
NET BOOK VALUE
At 31 March 2023 14,802
At 31 March 2022 19,736

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 185,897 285,197
Other debtors 122,820 121,825
308,717 407,022

The Lazy Lobster Wholesale Foods Company
Limited (Registered number: 05737914)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1 3,116
Hire purchase contracts (see note 9) - 7,141
Trade creditors 197,228 284,959
Taxation and social security 35,774 3,822
Other creditors 145,663 154,964
378,666 454,002

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 130,989 131,809
Other creditors 42,998 20,092
173,987 151,901

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 7,141
Between one and five years 130,989 131,809
130,989 138,950

Non-cancellable operating leases
2023 2022
£    £   
Within one year 36,000 -

The company has no formal lease in excess of twelve months.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is H E Cooper.