Registered number
08888190
HEALTHY SPICES LTD
Filleted Accounts
28 February 2023
HEALTHY SPICES LTD
Registered number: 08888190
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 56,735 62,743
66,735 72,743
Current assets
Stocks 14,750 12,925
Debtors 5 13,860 14,931
Cash at bank and in hand 458,449 450,624
487,059 478,480
Creditors: amounts falling due within one year 6 (297,813) (276,291)
Net current assets 189,246 202,189
Net assets 255,981 274,932
Capital and reserves
Called up share capital 4 4
Profit and loss account 255,977 274,928
Shareholders' funds 255,981 274,932
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
M Idrees
Director
Approved by the board on 22 March 2023
HEALTHY SPICES LTD
Notes to the Accounts
for the year ended 28 February 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 10,000
At 28 February 2023 10,000
Amortisation
At 28 February 2023 -
Net book value
At 28 February 2023 10,000
At 28 February 2022 10,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 15,465 106,090 121,555
Additions - 1,272 1,272
At 28 February 2023 15,465 107,362 122,827
Depreciation
At 1 March 2022 - 58,812 58,812
Charge for the year - 7,280 7,280
At 28 February 2023 - 66,092 66,092
Net book value
At 28 February 2023 15,465 41,270 56,735
At 28 February 2022 15,465 47,278 62,743
5 Debtors 2023 2022
£ £
Trade debtors 9,907 11,336
Other debtors 3,953 3,595
13,860 14,931
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 16,929 21,769
Taxation and social security costs 44,847 54,751
Other creditors 236,037 199,771
297,813 276,291
7 Other information
HEALTHY SPICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
191 Soho Road
Handsworth
Birmingham
B21 9SU
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