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Registration number: 04695330

Smiles (Fish & Chips) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Smiles (Fish & Chips) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Smiles (Fish & Chips) Limited

Company Information

Directors

Mr LE Birkenhead

Mr S Prior

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Smiles (Fish & Chips) Limited

(Registration number: 04695330)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

83,000

109,000

Tangible assets

5

196,148

550,949

 

279,148

659,949

Current assets

 

Stocks

6

15,246

26,400

Debtors

7

170,945

259,698

Cash at bank and in hand

 

87,845

1,338

 

274,036

287,436

Creditors: Amounts falling due within one year

8

(358,328)

(335,320)

Net current liabilities

 

(84,292)

(47,884)

Total assets less current liabilities

 

194,856

612,065

Creditors: Amounts falling due after more than one year

8

(180,248)

(646,775)

Provisions for liabilities

(20,000)

(27,000)

Net liabilities

 

(5,392)

(61,710)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(5,492)

(61,810)

Shareholders' deficit

 

(5,392)

(61,710)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Smiles (Fish & Chips) Limited

(Registration number: 04695330)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Mr S Prior
Director

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the Board on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company's balance sheet shows an insolvent position at the balance sheet date. There is adequate funding to finance the company's continuing activities and to enable it to pay its debts as and when they fall due for payment. Accordingly, the directors consider that the company is a going concern and the financial statements have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

5% straight line

Leasehold property

10% straight line

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Furniture and equipment

20% reducing balance

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

ten years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 36).

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

649,999

649,999

Disposals

(199,999)

(199,999)

At 31 March 2023

450,000

450,000

Amortisation

At 1 April 2022

540,999

540,999

Amortisation charge

26,000

26,000

Amortisation eliminated on disposals

(199,999)

(199,999)

At 31 March 2023

367,000

367,000

Carrying amount

At 31 March 2023

83,000

83,000

At 31 March 2022

109,000

109,000

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

582,208

351,985

9,950

207,253

1,151,396

Additions

23,222

-

-

2,103

25,325

Disposals

(471,148)

(5,496)

-

(49,317)

(525,961)

At 31 March 2023

134,282

346,489

9,950

160,039

650,760

Depreciation

At 1 April 2022

186,680

277,662

8,290

127,815

600,447

Charge for the year

13,420

14,865

415

16,308

45,008

Eliminated on disposal

(147,526)

(4,343)

-

(38,974)

(190,843)

At 31 March 2023

52,574

288,184

8,705

105,149

454,612

Carrying amount

At 31 March 2023

81,708

58,305

1,245

54,890

196,148

At 31 March 2022

395,528

74,323

1,660

79,438

550,949

6

Stocks

2023
£

2022
£

Other inventories

15,246

26,400

7

Debtors

Current

2023
£

2022
£

Trade debtors

9,762

10,148

Prepayments

12,019

13,086

Other debtors

149,164

236,464

 

170,945

259,698

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

39,368

81,642

Trade creditors

 

142,060

147,264

Taxation and social security

 

146,089

83,414

Accruals and deferred income

 

20,150

3,000

Other creditors

 

10,661

12,783

Corporation tax

 

-

7,217

 

358,328

335,320

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £39,368 (2022 - £81,642).

The bank loans are secured by personal guarantees given by the directors and a charge over their personal freehold property. Finance leases are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

180,248

646,775

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £180,248 (2022 - £646,775)

 

Smiles (Fish & Chips) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

172,573

629,474

Hire purchase contracts

7,675

17,301

180,248

646,775

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,741

56,832

Bank overdrafts

-

14,404

Hire purchase contracts

9,627

10,406

39,368

81,642

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr LE Birkenhead

Advance

91,851

4,622

(44,060)

52,413

         
       

Mr S Prior

Advance

91,850

72,981

(112,418)

52,413

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr LE Birkenhead

Advance

80,697

14,416

(3,262)

91,851

         
       

Mr S Prior

Advance

80,696

35,657

(24,503)

91,850