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REGISTERED NUMBER: 09160728 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 30 November 2022

for

Lemon Plaice (Axminster) Limited

Lemon Plaice (Axminster) Limited (Registered number: 09160728)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Report of the Director 2

Statement of Income and Retained Earnings 3

Statement of Financial Position 4

Notes to the Financial Statements 6


Lemon Plaice (Axminster) Limited

Company Information
for the Year Ended 30 November 2022







DIRECTOR: Mrs A D Tarratt





REGISTERED OFFICE: The Old Barn
Castle Hill
Axminster
Devon
EX13 5RL





REGISTERED NUMBER: 09160728 (England and Wales)





ACCOUNTANTS: Bizz Solutions 4U Limited
5 Greenfylde Close
Ilminster
Somerset
TA19 9FJ

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Report of the Director
for the Year Ended 30 November 2022

The director presents her report with the financial statements of the company for the year ended 30 November 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of take-away food.

DIRECTOR
Mrs A D Tarratt held office during the whole of the period from 1 December 2021 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs A D Tarratt - Director


28 November 2023

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Income and Retained Earnings
for the Year Ended 30 November 2022

30.11.22 30.11.21
Notes £    £   

TURNOVER 368,548 465,618

Cost of sales 120,554 127,204
GROSS PROFIT 247,994 338,414

Administrative expenses 288,026 314,567
(40,032 ) 23,847

Other operating income 8,000 32,514
OPERATING (LOSS)/PROFIT 4 (32,032 ) 56,361

Interest receivable and similar
income

345

-
(31,687 ) 56,361

Interest payable and similar
expenses

5

7,725

13,675
(LOSS)/PROFIT BEFORE TAXATION (39,412 ) 42,686

Tax on (loss)/profit 6 (5,149 ) 3,978
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(34,263

)

38,708

Retained earnings at beginning of
year

3,580

(11,128

)

Dividends - (24,000 )

RETAINED EARNINGS AT END OF
YEAR

(30,683

)

3,580

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Financial Position
30 November 2022

30.11.22 30.11.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 71,373 81,569
Tangible assets 8 17,577 21,130
88,950 102,699

CURRENT ASSETS
Stocks 3,800 3,400
Debtors 9 6,635 5,781
Cash at bank and in hand 650 13,389
11,085 22,570
CREDITORS
Amounts falling due within one year 10 96,872 75,421
NET CURRENT LIABILITIES (85,787 ) (52,851 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,163

49,848

CREDITORS
Amounts falling due after more than
one year

11

33,843

46,265
NET (LIABILITIES)/ASSETS (30,680 ) 3,583

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings (30,683 ) 3,580
(30,680 ) 3,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Financial Position - continued
30 November 2022


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





Mrs A D Tarratt - Director


Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements
for the Year Ended 30 November 2022

1. STATUTORY INFORMATION

Lemon Plaice (Axminster) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The economic life of the goodwill acquired on 1st December 2015 was reviewed and extended to 30 November 2029 following the director's review at the end of November 2020.The annual provision was reassessed with a remaining life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 commitments
Rentals 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 benefits
The 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 15 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging:

30.11.22 30.11.21
£    £   
Depreciation - owned assets 4,751 5,450
Goodwill amortisation 10,196 10,197

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.22 30.11.21
£    £   
Bank Interest on overdrafts 1,074 1,490
Bank loan interest 522 1,520
HMRC interest - 105
VAT surcharges - 1,785
Funding Circle interest 6,129 8,775
7,725 13,675

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.11.22 30.11.21
£    £   
Current tax:
UK corporation tax - 7,678
Overprovision - Prior Year (5,149 ) (3,700 )

Tax on (loss)/profit (5,149 ) 3,978

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2021
and 30 November 2022 135,000
AMORTISATION
At 1 December 2021 53,431
Amortisation for year 10,196
At 30 November 2022 63,627
NET BOOK VALUE
At 30 November 2022 71,373
At 30 November 2021 81,569

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 December 2021 3,303 11,066 22,177 311 36,857
Additions - 333 865 - 1,198
At 30 November 2022 3,303 11,399 23,042 311 38,055
DEPRECIATION
At 1 December 2021 1,820 4,860 8,791 256 15,727
Charge for year 296 1,591 2,850 14 4,751
At 30 November 2022 2,116 6,451 11,641 270 20,478
NET BOOK VALUE
At 30 November 2022 1,187 4,948 11,401 41 17,577
At 30 November 2021 1,483 6,206 13,386 55 21,130

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.22 30.11.21
£    £   
Trade debtors 2,073 -
Other debtors 262 1,704
Directors' current accounts 2,084 2,320
Prepayments 2,216 1,757
6,635 5,781

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.22 30.11.21
£    £   
Bank loans and overdrafts 33,919 11,101
Trade creditors 8,151 7,092
Funding Circle loan 12,142 18,987
Other creditors - 527
Tax 7,164 12,313
Social security and other taxes 1,584 9,829
VAT creditor 22,840 7,901
Accruals 11,072 7,671
96,872 75,421

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.22 30.11.21
£    £   
Bank loans - 1-2 years 5,625 5,625
Bank loans - 2-5 years 9,875 9,919
Funding Circle loan 18,343 30,721
33,843 46,265

12. SECURED DEBTS

The following secured debts are included within creditors:

30.11.22 30.11.21
£    £   
Bank overdrafts 27,994 5,476
Bank loans 21,425 21,169
Funding Circle 30,485 49,707
79,904 76,352

13. GOING CONCERN

The total book value of the liabilities as at the balance sheet date exceeds the total book value of the assets by £30,683.Turnover and trading profits for the year were curtailed by issues of illness. In the director's opinion,matters have been resolved that will enable the Company to restore the level of profitability that was achieved in the prior year. Management policies have been reviewed to restore growth in turnover.Therefore, the director considers that the Company remains a going concern and that the accounts have been correctly prepared on this basis.