Registered number
11958600
Krispy Cod Limited
Filleted Accounts
30 April 2023
Krispy Cod Limited
Registered number: 11958600
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 35,467 41,067
Tangible assets 4 176,860 193,882
212,327 234,949
Current assets
Stocks 4,468 4,281
Debtors 5 7,719 2,874
Cash at bank and in hand 51,486 10,480
63,673 17,635
Creditors: amounts falling due within one year 6 (215,797) (226,256)
Net current liabilities (152,124) (208,621)
Total assets less current liabilities 60,203 26,328
Provisions for liabilities (5,897) (8,533)
Net assets 54,306 17,795
Capital and reserves
Called up share capital 100 100
Profit and loss account 54,206 17,695
Shareholders' funds 54,306 17,795
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Satbir Singh Mann
Director
Approved by the board on 21 November 2023
Krispy Cod Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 56,000
Additions -
Disposals -
At 30 April 2023 56,000
Amortisation
At 1 May 2022 14,933
Provided during the year 5,600
On disposals -
At 30 April 2023 20,533
Net book value
At 30 April 2023 35,467
At 30 April 2022 41,067
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 157,363 85,655 243,018
Additions - 4,070 4,070
Disposals - - -
At 30 April 2023 157,363 89,725 247,088
Depreciation
At 1 May 2022 8,392 40,744 49,136
Charge for the year 3,147 17,945 21,092
On disposals - - -
At 30 April 2023 11,539 58,689 70,228
Net book value
At 30 April 2023 145,824 31,036 176,860
At 30 April 2022 148,971 44,911 193,882
5 Debtors 2023 2022
£ £
Other debtors 7,719 2,874
7,719 2,874
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,828 494
Loan 119,368 130,709
Directors loan account 63,268 84,980
Taxation and social security costs 25,947 7,782
Other creditors 3,386 2,291
215,797 226,256
7 Related party transaction
The company received a loan amounting to £140,000 from a company in which the directors are
related parties on 29 January 2020.
There are no formal terms attached to the loan and no interest is payable. At the balance sheet
date £119,368 was still outstanding and is presented within creditors amounts falling due within
one year.
8 Other information
Krispy Cod Limited is a private company limited by shares and incorporated in England. Its registered office is:
83 Montagu Avenue
Newcastle upon Tyne
NE3 4SB
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