Registered number
08581347
Our Honest Foods Ltd
Filleted Accounts
30 June 2023
Our Honest Foods Ltd
Registered number: 08581347
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 26,622 4,016
Tangible assets 4 20,866 12,007
47,488 16,023
Current assets
Stocks 141,635 90,436
Debtors 5 361,092 348,740
Cash at bank and in hand 226,701 70,066
729,428 509,242
Creditors: amounts falling due within one year 6 (563,796) (474,936)
Net current assets 165,632 34,306
Total assets less current liabilities 213,120 50,329
Creditors: amounts falling due after more than one year 7 (77,040) (31,569)
Provisions for liabilities (3,964) (3,044)
Net assets 132,116 15,716
Capital and reserves
Called up share capital 30 30
Profit and loss account 132,086 15,686
Shareholders' funds 132,116 15,716
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.
Mr C Arnold
Director
Approved by the board on 23 November 2023
Our Honest Foods Ltd
Notes to the Accounts
for the year ended 30 June 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.
Lease fees are being written off in equal annual instalments over the duration of the lease, 10 years.
Software development costs are being written off over 3 years.
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:
Motor Vehicles 25% Straight Line
Coffee & Other Equipment 33% Straight Line
Computer Equipment 50% Straight Line
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 22 19
3 Intangible fixed assets
Software development Lease fees Total
£ £ £
Cost
At 1 July 2022 4,155 4,155
Additions 23,680 23,680
At 30 June 2023 23,680 4,155 27,835
Amortisation
At 1 July 2022 139 139
Provided during the year 659 415 1,074
At 30 June 2023 659 554 1,213
Net book value
At 30 June 2023 23,021 3,601 26,622
At 30 June 2022 - 4,016 4,016
4 Tangible fixed assets
Coffee and other equipment Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 32,744 14,159 16,175 63,078
Additions 15,011 2,650 - 17,661
At 30 June 2023 47,755 16,809 16,175 80,739
Depreciation
At 1 July 2022 24,965 9,931 16,175 51,071
Charge for the year 5,409 3,393 - 8,802
At 30 June 2023 30,374 13,324 16,175 59,873
Net book value
At 30 June 2023 17,381 3,485 - 20,866
At 30 June 2022 7,779 4,228 - 12,007
5 Debtors 2023 2022
£ £
Trade debtors 294,338 210,728
Other debtors 66,754 138,012
361,092 348,740
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,118 16,424
Trade creditors 412,260 354,825
Taxation and social security costs 87,155 46,694
Other creditors 59,263 56,993
563,796 474,936
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,570 31,569
Other creditors 45,470 -
77,040 31,569
8 Related party transactions
At the end of the previous financial year, the Company owed its Directors a total of £20,000. This loan was unsecured, interest free, and is repayable on demand.
9 Controlling party
The company is controlled by its Directors by virtue of their shareholding.
# Other information
Our Honest Foods Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17-19 Berkeley Square
Bristol
BS8 1HB
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