Registered number
11872744
Fireaway Pizza Sittingbourne Ltd
Filleted Accounts
31 March 2022
Fireaway Pizza Sittingbourne Ltd
Registered number: 11872744
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 33,613 35,053
Tangible assets 4 36,803 46,291
70,416 81,344
Current assets
Debtors 5 13,580 9,236
Cash at bank and in hand 1,535 23,762
15,115 32,998
Creditors: amounts falling due within one year 6 (16,949) (91,663)
Net current liabilities (1,834) (58,665)
Total assets less current liabilities 68,582 22,679
Creditors: amounts falling due after more than one year 7 (32,820) -
Provisions for liabilities (6,934) -
Net assets 28,828 22,679
Capital and reserves
Called up share capital 1 1
Profit and loss account 28,827 22,678
Shareholders' funds 28,828 22,679
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 J S Cheema
Director
Approved by the board on 23 November 2023
Fireaway Pizza Sittingbourne Ltd
Notes to the Accounts
for the year ended 31 March 2022
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:
Fixtures, fittings and equipment 25% 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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Cost
At 1 April 2021 36,000
At 31 March 2022 36,000
Amortisation
At 1 April 2021 947
Provided during the year 1,440
At 31 March 2022 2,387
Net book value
At 31 March 2022 33,613
At 31 March 2021 35,053
Franchise fees are being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2021 64,384
Additions 2,465
At 31 March 2022 66,849
Depreciation
At 1 April 2021 18,093
Charge for the year 11,953
At 31 March 2022 30,046
Net book value
At 31 March 2022 36,803
At 31 March 2021 46,291
5 Debtors 2022 2021
£ £
Amounts owed from associated company 5,000 5,000
Other debtors 8,580 4,236
13,580 9,236
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,000 50,000
Directors loan account (23,360) 19,736
Trade creditors 3,896 2,427
Taxation and social security costs 21,163 -
Other creditors 5,250 19,500
16,949 91,663
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 32,820 -
8 Other information
Fireaway Pizza Sittingbourne Ltd is a private company limited by shares and incorporated in England. Its registered office is:
30 High Street
Sittingbourne
Kent
ME10 4PD
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