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Registration number: SC417612

Le Petit Francais Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Le Petit Francais Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 15

Detailed Profit and Loss Account

16 to 18

 

Le Petit Francais Ltd

Company Information

Director

Mr Frederic Deprez

Company secretary

Ms Ingrid Leloup

Registered office

15-17 Swanfield
Edinburgh
Lothian
EH6 5RX

Accountants

Bracey's Accountants (Edinburgh) Limited
Chartered Certified Accountant
83 Princes Street
Edinburgh
EH2 2ER

 

Le Petit Francais Ltd

Director's Report for the Year Ended 28 February 2023

The director presents his report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Mr Frederic Deprez

Principal activity

The principal activity of the company is a bakery.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 30 November 2023
 


Mr Frederic Deprez
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Le Petit Francais Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Le Petit Francais Ltd for the year ended 28 February 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Le Petit Francais Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Le Petit Francais Ltd and state those matters that we have agreed to state to the Board of Directors of Le Petit Francais Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Le Petit Francais Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Le Petit Francais Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Le Petit Francais Ltd. You consider that Le Petit Francais Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Le Petit Francais Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Bracey's Accountants (Edinburgh) Limited
Chartered Certified Accountant
83 Princes Street
Edinburgh
EH2 2ER

30 November 2023

 

Le Petit Francais Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

1,082,883

682,219

Cost of sales

 

(314,786)

(192,316)

Gross profit

 

768,097

489,903

Administrative expenses

 

(703,044)

(603,823)

Other operating income

 

70,348

137,640

Operating profit

 

135,401

23,720

Interest payable and similar charges

 

(3,546)

(12,787)

 

(3,546)

(12,787)

Profit before tax

4

131,855

10,933

Taxation

 

(30,344)

(1,941)

Profit for the financial year

 

101,511

8,992

Retained earnings brought forward

 

17,890

8,898

Dividends paid

 

(39,850)

-

Retained earnings carried forward

 

79,551

17,890

 

Le Petit Francais Ltd

(Registration number: SC417612)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

22,865

16,424

Current assets

 

Stocks

6

15,000

9,500

Debtors

7

282,646

219,580

Cash at bank and in hand

 

36,893

15,618

 

334,539

244,698

Creditors: Amounts falling due within one year

8

(249,556)

(208,453)

Net current assets

 

84,983

36,245

Total assets less current liabilities

 

107,848

52,669

Creditors: Amounts falling due after more than one year

8

(23,780)

(32,738)

Provisions for liabilities

(4,417)

(1,941)

Net assets

 

79,651

17,990

Capital and reserves

 

Called up share capital

100

100

Retained earnings

79,551

17,890

Shareholders' funds

 

79,651

17,990

 

Le Petit Francais Ltd

(Registration number: SC417612)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2023
 


Mr Frederic Deprez
Director

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
15-17 Swanfield
Edinburgh
Lothian
EH6 5RX
Scotland

These financial statements were authorised for issue by the director on 30 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related cost shall be recognised in income in the period in which it becomes receivable.

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

Plant and machinery

25% Reducing balance

Motor Vehicles

25% Reducing balance

Office Equipment

33% Straight line

Leasehold improvements

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly through the profit and loss account.

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 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 at the transaction price.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2022 - 24).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,422

3,839

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 March 2022

9,200

2,986

14,990

197,402

Additions

-

-

-

10,862

At 28 February 2023

9,200

2,986

14,990

208,264

Depreciation

At 1 March 2022

1,380

2,986

11,196

192,592

Charge for the year

460

-

948

3,013

At 28 February 2023

1,840

2,986

12,144

195,605

Carrying amount

At 28 February 2023

7,360

-

2,846

12,659

At 28 February 2022

7,820

-

3,794

4,810

Total
£

Cost or valuation

At 1 March 2022

224,578

Additions

10,862

At 28 February 2023

235,440

Depreciation

At 1 March 2022

208,154

Charge for the year

4,421

At 28 February 2023

212,575

Carrying amount

At 28 February 2023

22,865

At 28 February 2022

16,424

Included within the net book value of land and buildings above is £7,360 (2022 - £7,820) in respect of short leasehold land and buildings.
 

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

15,000

9,500

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

77,784

57,676

Amounts owed by related parties

14

97,968

91,539

Prepayments

 

9,463

10,033

Other debtors

 

97,431

60,332

   

282,646

219,580

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,800

29,384

Trade creditors

 

21,254

52,665

Taxation and social security

 

148,217

68,264

Accruals and deferred income

 

4,030

5,000

Other creditors

 

65,255

53,140

 

249,556

208,453

Included in loans and borrowings is £10,800 (2022: £29,384) relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. The amount due more than one year is £23,780 (2022: £32,738).

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

23,780

32,738

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

23,780

32,738

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,800

29,384

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

4,953

6,207

Later than one year and not later than five years

2,380

7,333

7,333

13,540

12

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £3,985.00 (2022 - £Nil) per ordinary share

 

39,850

 

-

   

39,850

 

-

         

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £920 (2022 - £850). The company has a short term lease on a property for staff, which is a one month rolling contract. The total amount disclosed of £920 (2022: £850) is the total amount the company is contracted to.

 

Le Petit Francais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

14

Related party transactions

Transactions with directors

At the balance sheet date, the company owed Mr F Deprez, director, £36,825 (2022: £23,030). This loan is provided interest free and there are no fixed terms for repayment.

Summary of transactions with other related parties

At the balance sheet date, the company is owed £97,968 (2022: £91,539) from Cafe Praline Ltd, a company under common control. The loan is provided interest free with no formal terms of repayment.
 

15

Ultimate controlling party

The ultimate controlling party is Mr Frederic Deprez, by virtue of his shareholding.

 

Le Petit Francais Ltd

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
 £

2022
 £

Turnover

1,082,883

682,219

Cost of sales

314,786

192,316

Gross profit

768,097

489,903

Gross profit (%)

70.93%

71.81%

Administrative expenses

Employment costs

456,361

388,933

Establishment costs

148,324

140,479

General administrative expenses

88,780

66,898

Finance charges

5,157

3,674

Depreciation costs

4,422

3,839

703,044

603,823

Other operating income (analysed below)

70,348

137,640

Operating profit

135,401

23,720

Interest payable and similar charges (analysed below)

(3,546)

(12,787)

Profit before tax

131,855

10,933

 

Le Petit Francais Ltd

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

1,082,883

682,219

   

Cost of sales

Opening raw materials

9,500

9,500

Purchases

319,092

179,550

Direct costs

1,194

12,766

Closing raw materials

(15,000)

(9,500)

314,786

192,316

   

Employment costs

Wages and salaries (excluding directors)

410,788

349,097

Staff NIC (Employers)

28,003

21,689

Directors remuneration

12,398

12,622

Directors NIC (Employers)

162

475

Staff pensions (Defined contribution)

4,826

4,858

Directors pensions (Defined contribution)

184

192

456,361

388,933

   

Establishment costs

Rent

55,500

55,455

Rates

31,712

33,626

Light, heat and power

43,184

35,127

Insurance

6,187

6,689

Use of home as office

312

312

Repairs and maintenance

11,429

9,270

148,324

140,479

 

Le Petit Francais Ltd

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

General administrative expenses

Telephone

1,333

1,622

Computer software and maintenance costs

5,748

4,989

Printing, postage and stationery

1,404

669

Hire of plant and machinery (Operating lease)

11,161

8,346

Sundry expenses

654

94

Cleaning

3,520

3,547

Motor expenses

27,628

21,202

Travel and subsistence

-

10

Advertising

2,417

3,842

Accountancy fees

2,006

2,122

Legal and professional fees

1,713

1,143

Bad debts written off

1,666

2,972

Connected company loan write off

29,530

16,340

88,780

66,898

   

Finance charges

Bank charges

4,724

2,201

Credit card charges

433

1,473

5,157

3,674

   

Depreciation costs

Depreciation of short leasehold property

460

460

Depreciation of tangible assets (owned)

3,962

3,379

4,422

3,839

   

Other operating income

Government grants receivable

60,000

116,061

Other operating income

10,348

21,579

70,348

137,640

   

Interest payable and similar expenses

Other loan interest

3,420

12,787

Other interest payable

126

-

3,546

12,787