BROADWAY FOODS LIMITED

Company Registration Number:
10014964 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

BROADWAY FOODS LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

BROADWAY FOODS LIMITED

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 266
Investments:   0 0
Total fixed assets: 0 266
Current assets
Stocks: 0 2,190
Debtors: 4 23,112 17,454
Cash at bank and in hand: 585 70,185
Investments:   0 0
Total current assets: 23,697 89,829
Creditors: amounts falling due within one year: 5 (11,454) (42,590)
Net current assets (liabilities): 12,243 47,239
Total assets less current liabilities: 12,243 47,505
Creditors: amounts falling due after more than one year: 6 (23,049) (33,206)
Provision for liabilities: 0 (51)
Total net assets (liabilities): (10,806) 14,248
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (10,906) 14,148
Shareholders funds: (10,806) 14,248

The notes form part of these financial statements

BROADWAY FOODS LIMITED

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 November 2023
and signed on behalf of the board by:

Name: Mr A Bakh
Status: Director

The notes form part of these financial statements

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the sandwich product has transferred to the buyer. This is usually at the point that the customer has paid for the goods.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Fixtures and fittings - 20% on reducing balance

Other accounting policies

StocksStocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Financial instrumentsThe Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Profit and Loss Account.Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.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.Hire purchase and leasing commitmentsRentals 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 benefitsThe 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.DebtorsBasic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.Cash and cash equivalentsCash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.CreditorsBasic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.Going concernAs at the balance sheet date the company's total liabilities exceeded its total assets. However, the director anticipates that the company will become profitable in future years and considering the support available from creditors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 2 3

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible Assets

Total
Cost £
At 01 March 2022 650
Additions 4,310
Disposals (4,960)
At 28 February 2023 0
Depreciation
At 01 March 2022 384
On disposals (384)
At 28 February 2023 0
Net book value
At 28 February 2023 0
At 28 February 2022 266

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 23,112 17,454

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

28/2/23 28/2/22 £ £Bank loans and overdrafts 9,997 9,687Trade creditors 1,242 21,009Taxation and social security 6 6,940Other creditors 209 4,954 11,454 42,590

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due after more than one year note

28/2/23 28/2/22 £ £Bank loans 23,049 33,206

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

7. Loans to directors

Name of director receiving advance or credit:
Description of the loan: The interest payable on advances paid to a director is calculated at 2% per annum. The advances are repayable on demand.
£
Balance at 01 March 2022 0
Advances or credits made: 9,438
Balance at 28 February 2023 9,438

BROADWAY FOODS LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

8. Related party transactions

Included in debtors is an amount due from a director and shareholder of £9,438 as detailed in note 7.