15 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,300,000 715,000 65,000 780,000 520,000 585,000 xbrli:pure xbrli:shares iso4217:GBP 07610020 2022-07-01 2023-06-30 07610020 2023-06-30 07610020 2022-06-30 07610020 2021-07-01 2022-06-30 07610020 2022-06-30 07610020 2021-06-30 07610020 core:NetGoodwill 2022-07-01 2023-06-30 07610020 bus:Director1 2022-07-01 2023-06-30 07610020 bus:Director2 2022-07-01 2023-06-30 07610020 core:NetGoodwill 2022-06-30 07610020 core:NetGoodwill 2023-06-30 07610020 core:FurnitureFittings 2022-06-30 07610020 core:MotorVehicles 2022-06-30 07610020 core:FurnitureFittings 2023-06-30 07610020 core:MotorVehicles 2023-06-30 07610020 core:FurnitureFittings 2022-07-01 2023-06-30 07610020 core:MotorVehicles 2022-07-01 2023-06-30 07610020 core:WithinOneYear 2023-06-30 07610020 core:WithinOneYear 2022-06-30 07610020 core:ShareCapital 2023-06-30 07610020 core:ShareCapital 2022-06-30 07610020 core:RetainedEarningsAccumulatedLosses 2023-06-30 07610020 core:RetainedEarningsAccumulatedLosses 2022-06-30 07610020 core:NetGoodwill 2022-06-30 07610020 core:FurnitureFittings 2022-06-30 07610020 core:MotorVehicles 2022-06-30 07610020 bus:SmallEntities 2022-07-01 2023-06-30 07610020 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07610020 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07610020 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07610020 bus:FullAccounts 2022-07-01 2023-06-30 07610020 core:CloseFamilyMembersKeyManagementPersonnel core:RentalExpenseTransactions 2022-07-01 2023-06-30 07610020 core:CloseFamilyMembersKeyManagementPersonnel core:RentalExpenseTransactions 2023-06-30 07610020 core:CloseFamilyMembersKeyManagementPersonnel core:DividendsPaidTransactions 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 07610020
Honeycomb Supermarket Limited
Filleted Unaudited Financial Statements
30 June 2023
Honeycomb Supermarket Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
520,000
585,000
Tangible assets
6
79,861
87,431
---------
---------
599,861
672,431
Current assets
Stocks
245,000
215,000
Debtors
7
11,241
18,537
Cash at bank and in hand
77,001
48,789
---------
---------
333,242
282,326
Creditors: amounts falling due within one year
8
393,797
353,976
---------
---------
Net current liabilities
60,555
71,650
---------
---------
Total assets less current liabilities
539,306
600,781
Provisions
Taxation including deferred tax
18,113
15,560
---------
---------
Net assets
521,193
585,221
---------
---------
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss account
519,993
584,021
---------
---------
Shareholders funds
521,193
585,221
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Honeycomb Supermarket Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr D Shah
Mr S Shah
Director
Director
Company registration number: 07610020
Honeycomb Supermarket Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 188-192 The Broadway, Thorpe Bay, Southend On Sea, Essex, SS1 3EU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts derived from ordinary activities which is recognised at point of sale and excludes Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 20 years (remaining life at year end is 9 years)
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings and equipment
-
15% on the reducing balance method
Motor vehicle
-
15% on the reducing balance method
Impairment of fixed assets
The company reviews its non-current assets for impairment at each balance sheet date. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the recoverable amount. Any impairment is recognised in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at amortised cost using the effective interest rate method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
1,300,000
------------
Amortisation
At 1 July 2022
715,000
Charge for the year
65,000
------------
At 30 June 2023
780,000
------------
Carrying amount
At 30 June 2023
520,000
------------
At 30 June 2022
585,000
------------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022
157,422
34,487
191,909
Additions
6,524
6,524
---------
--------
---------
At 30 June 2023
163,946
34,487
198,433
---------
--------
---------
Depreciation
At 1 July 2022
94,908
9,570
104,478
Charge for the year
10,356
3,738
14,094
---------
--------
---------
At 30 June 2023
105,264
13,308
118,572
---------
--------
---------
Carrying amount
At 30 June 2023
58,682
21,179
79,861
---------
--------
---------
At 30 June 2022
62,514
24,917
87,431
---------
--------
---------
7. Debtors
2023
2022
£
£
Other debtors
11,241
18,537
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
126,166
83,667
Corporation tax
19,705
37,990
Social security and other taxes
13,671
8,295
Other creditors
234,255
224,024
---------
---------
393,797
353,976
---------
---------
9. Related party transactions
During the period, there was no single controlling party. During the year the company was charged rent of £65,000 on premises occupied which are partly owned by the directors. The amount outstanding at the balance sheet date was £ 65,000 . The company paid dividends totalling £50,000 to the directors and their respective wives.