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Registration number: 09521948

Food By Breda Murphy Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Food By Breda Murphy Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Food By Breda Murphy Ltd

(Registration number: 09521948)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,093

15,687

Tangible assets

5

13,363

16,664

 

23,456

32,351

Current assets

 

Stocks

6

5,647

4,551

Debtors

7

7,616

2,750

Cash at bank and in hand

 

10,585

73,757

 

23,848

81,058

Creditors: Amounts falling due within one year

8

(83,781)

(104,124)

Net current liabilities

 

(59,933)

(23,066)

Net (liabilities)/assets

 

(36,477)

9,285

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(36,577)

9,185

Shareholders' (deficit)/funds

 

(36,477)

9,285

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.

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 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 21 June 2023
 

.........................................
B Murphy
Director

 

Food By Breda Murphy 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 England.

The address of its registered office is:
41 Station Road
Whalley
BB7 9RH

These financial statements were authorised for issue by the director on 21 June 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 for the year ended 31 March 2020 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

At the balance sheet date, the company had net current liabilities. The company has received assurances from the director that she will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Government grants

Government grants are credited to the profit and loss account on the accruals basis.

Tax

The tax expense for the period comprises 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.

 

Food By Breda Murphy Ltd

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

15% reducing balance

Fixtures and fittings

25% reducing balance

Equipment

25% reducing balance

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

10% straight line

Website development

25% straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Food By Breda Murphy Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 19).

 

Food By Breda Murphy Ltd

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

4

Intangible assets

Goodwill
 £

Website development
£

Total
£

Cost or valuation

At 1 April 2022

45,000

4,374

49,374

At 31 March 2023

45,000

4,374

49,374

Amortisation

At 1 April 2022

31,500

2,187

33,687

Amortisation charge

4,500

1,094

5,594

At 31 March 2023

36,000

3,281

39,281

Carrying amount

At 31 March 2023

9,000

1,093

10,093

At 31 March 2022

13,500

2,187

15,687

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Equipment
£

Total
£

Cost or valuation

At 1 April 2022

28,906

11,570

3,107

43,583

Additions

-

245

-

245

At 31 March 2023

28,906

11,815

3,107

43,828

Depreciation

At 1 April 2022

18,916

5,311

2,692

26,919

Charge for the year

2,497

945

104

3,546

At 31 March 2023

21,413

6,256

2,796

30,465

Carrying amount

At 31 March 2023

7,493

5,559

311

13,363

At 31 March 2022

9,990

6,259

415

16,664

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

 

Food By Breda Murphy Ltd

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

6

stocks

2023
£

2022
£

Other inventories

5,647

4,551

7

Debtors

Current

2023
£

2022
£

Other debtors

7,616

2,750

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

40,175

36,021

Taxation and social security

28,255

17,640

Other creditors

15,351

50,463

83,781

104,124