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Registration number: NI629446

Glory Be Cafe Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Glory Be Cafe Ltd

(Registration number: NI629446)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

73,677

80,634

Current assets

 

Stocks

5

3,995

3,995

Debtors

6

6,855

1,530

Cash at bank and in hand

 

4,066

26,749

 

14,916

32,274

Creditors: Amounts falling due within one year

7

(62,534)

(57,887)

Net current liabilities

 

(47,618)

(25,613)

Total assets less current liabilities

 

26,059

55,021

Creditors: Amounts falling due after more than one year

7

(22,435)

(31,383)

Net assets

 

3,624

23,638

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

2,624

22,638

Shareholders' funds

 

3,624

23,638

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.

 

Glory Be Cafe Ltd

(Registration number: NI629446)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 10 August 2023 and signed on its behalf by:
 

.........................................
Ms Julie Nicholl
Director

 

Glory Be Cafe Ltd

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 Northern Ireland.

The address of its registered office is: 26-28 Broughshane Street, Ballymena, County Antrim, BT43 6EB.

These financial statements were authorised for issue by the Board on 10 August 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.

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.

Tax

The tax expense for the period comprises current 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.

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.

 

Glory Be Cafe Ltd

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

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

Fixtures, fittings and equipment

15% reducing balance basis

Motor vehicles

10% reducing balance basis

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

Borrowings

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.

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 42 (2022 - 38).

 

Glory Be Cafe Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

102,764

32,630

135,394

Additions

4,317

-

4,317

At 31 March 2023

107,081

32,630

139,711

Depreciation

At 1 April 2022

51,497

3,263

54,760

Charge for the year

8,337

2,937

11,274

At 31 March 2023

59,834

6,200

66,034

Carrying amount

At 31 March 2023

47,247

26,430

73,677

At 31 March 2022

51,267

29,367

80,634

5

Stocks

2023
£

2022
£

Raw materials and consumables

3,995

3,995

6

Debtors

2023
£

2022
£

Trade debtors

3,142

1,509

Other debtors

3,713

21

 

6,855

1,530

 

Glory Be Cafe Ltd

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

7

Creditors: due within one year

2023
£

2022
£

Bank loans and overdrafts

9,888

10,648

Trade creditors

18,541

18,581

Directors current account

470

3,789

Taxation and social security

15,115

5,673

Other creditors

18,520

19,196

62,534

57,887

8

Creditors: falling due after more than one year

2023
£

2022
£

Bank borrowings

22,435

31,383

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000