Company Registration No. 06852938 (England and Wales)
Ayybakes Ltd
Unaudited accounts
for the year ended 31 March 2023
Ayybakes Ltd
Unaudited accounts
Contents
Ayybakes Ltd
Company Information
for the year ended 31 March 2023
Company Number
06852938 (England and Wales)
Registered Office
147 Green Street
Forest Gate
London
E7 8JE
United Kingdom
Ayybakes Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
3,303
3,606
Cash at bank and in hand
231
325
Creditors: amounts falling due within one year
(24,789)
(5,926)
Net current (liabilities)/assets
(16,475)
2,577
Total assets less current liabilities
(13,172)
6,183
Creditors: amounts falling due after more than one year
(6,975)
(9,862)
Net liabilities
(20,147)
(3,679)
Called up share capital
1
1
Profit and loss account
(20,148)
(3,680)
Shareholders' funds
(20,147)
(3,679)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 November 2023 and were signed on its behalf by
Mr M Shafi
Director
Company Registration No. 06852938
Ayybakes Ltd
Notes to the Accounts
for the year ended 31 March 2023
Ayybakes Ltd is a private company, limited by shares, registered in England and Wales, registration number 06852938. The registered office is 147 Green Street, Forest Gate, London, E7 8JE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on cost
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Ayybakes Ltd
Notes to the Accounts
for the year ended 31 March 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The director has considered the period ahead and anticipates further losses in the coming year. The director believes that with support from the shareholder funds and creditors continued funding will be provided to support the company whilst it moves
towards profitability and to enable it to meet its day-to-day commitments from cashflows.
As a consequence, the director also believes that the company is well placed to manage its business risks successfully. As such, the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing the annual report and accounts.
4
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Accrued income and prepayments
2,833
2,791
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,912
3,312
Loans from directors
20,687
2,514
Ayybakes Ltd
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
Included in other creditors is an amount of £20,687 (2022: £2,514) owed by the company to the director Mr M Shafi, a sole director and 100% shareholder of the company.
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Average number of employees
During the year the average number of employees was 1 (2022: 1).