30 false false false false false false false false false false true false false true true true true No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP NI627769 2022-12-01 2023-11-30 NI627769 2023-11-30 NI627769 2022-11-30 NI627769 2021-12-01 2022-11-30 NI627769 2022-11-30 NI627769 2021-11-30 NI627769 core:PlantMachinery 2022-12-01 2023-11-30 NI627769 core:FurnitureFittings 2022-12-01 2023-11-30 NI627769 core:MotorVehicles 2022-12-01 2023-11-30 NI627769 core:NetGoodwill 2022-12-01 2023-11-30 NI627769 bus:Director1 2022-12-01 2023-11-30 NI627769 bus:Director2 2022-12-01 2023-11-30 NI627769 core:PlantMachinery 2022-11-30 NI627769 core:FurnitureFittings 2022-11-30 NI627769 core:MotorVehicles 2022-11-30 NI627769 core:PlantMachinery 2023-11-30 NI627769 core:FurnitureFittings 2023-11-30 NI627769 core:MotorVehicles 2023-11-30 NI627769 core:WithinOneYear 2023-11-30 NI627769 core:WithinOneYear 2022-11-30 NI627769 core:AfterOneYear 2023-11-30 NI627769 core:AfterOneYear 2022-11-30 NI627769 core:ShareCapital 2023-11-30 NI627769 core:ShareCapital 2022-11-30 NI627769 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI627769 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI627769 core:NetGoodwill 2023-11-30 NI627769 core:NetGoodwill 2022-11-30 NI627769 core:PlantMachinery 2022-11-30 NI627769 core:FurnitureFittings 2022-11-30 NI627769 core:MotorVehicles 2022-11-30 NI627769 bus:Director1 2022-11-30 NI627769 bus:Director1 2021-11-30 NI627769 bus:SmallEntities 2022-12-01 2023-11-30 NI627769 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 NI627769 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI627769 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI627769 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: NI627769
Kirk's Home Bakery Ltd
Filleted Unaudited Financial Statements
30 November 2023
Kirk's Home Bakery Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
10,000
10,000
Tangible assets
6
173,949
104,371
---------
---------
183,949
114,371
Current assets
Stocks
8,500
8,000
Debtors
7
131,598
139,963
Cash at bank and in hand
17,666
5,602
---------
---------
157,764
153,565
Creditors: amounts falling due within one year
8
275,716
300,316
---------
---------
Net current liabilities
117,952
146,751
---------
---------
Total assets less current liabilities
65,997
( 32,380)
Creditors: amounts falling due after more than one year
9
56,490
6,778
--------
--------
Net assets/(liabilities)
9,507
( 39,158)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
9,505
( 39,160)
-------
--------
Shareholders funds/(deficit)
9,507
( 39,158)
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 November 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 .
Kirk's Home Bakery Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr R W Kirk
Mrs S F Kirk
Director
Director
Company registration number: NI627769
Kirk's Home Bakery Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 631 Lisburn Road, Belfast, BT9 7GT.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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 the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 35 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
10,000
--------
Amortisation
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
10,000
--------
At 30 November 2022
10,000
--------
Goodwill represents the original cost transferred from the unincorporated entity.
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
23,284
30,132
116,495
169,911
Additions
4,292
104,839
109,131
--------
--------
---------
---------
At 30 November 2023
23,284
34,424
221,334
279,042
--------
--------
---------
---------
Depreciation
At 1 December 2022
5,837
6,582
53,121
65,540
Charge for the year
2,328
3,584
33,641
39,553
--------
--------
---------
---------
At 30 November 2023
8,165
10,166
86,762
105,093
--------
--------
---------
---------
Carrying amount
At 30 November 2023
15,119
24,258
134,572
173,949
--------
--------
---------
---------
At 30 November 2022
17,447
23,550
63,374
104,371
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
126,916
87,916
Other debtors
4,682
52,047
---------
---------
131,598
139,963
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,419
36,247
Trade creditors
144,819
152,453
Corporation tax
15,530
27,661
Social security and other taxes
54,461
74,476
Other creditors
34,487
9,479
---------
---------
275,716
300,316
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
56,490
6,778
--------
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr R W Kirk
( 903)
( 2,263)
----
-------