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Registered Number: 12690417
England and Wales

 

 

 

AYO AYO FOODS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Director Apaobi Micaheal Olatunji
Registered Number 12690417
Registered Office 29 Goodman Street
Manchester
M9 4FD
Accountants SRT Accounting Services Ltd
83 Heathbank Road
Higher Blackley
Manchester
M9 0WB
Bankers Lloyds Bank Plc



1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 June 2023.
Principal activities
Principal activity of the company during the financial year was of Importation and sales of food items
Director
The director who served the company throughout the year was as follows:
Apaobi Micaheal Olatunji
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Apaobi Micaheal Olatunji
Director

Date approved: 12 March 2024
2
Report to the directors on the preparation of the unaudited statutory accounts of Ayo Ayo Foods Limited for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ayo Ayo Foods Limited for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Ayo Ayo Foods Limited, as a body, in accordance with the terms of our engagement letter dated 12 March 2024 Our work has been undertaken solely to prepare for your approval the accounts of Ayo Ayo Foods Limited and state those matters that we have agreed to state to the Board of Directors of Ayo Ayo Foods Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ayo Ayo Foods Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ayo Ayo Foods Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ayo Ayo Foods Limited. You consider that Ayo Ayo Foods Limited is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Ayo Ayo Foods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 June 2023



....................................................
SRT Accounting Services Ltd
83 Heathbank Road
Higher Blackley
Manchester
M9 0WB
12 March 2024
3
 
 
Notes
 
2023
£
  2022
£
Turnover 179,777    125,414 
Cost of sales (152,617)   (102,696)
Gross profit 27,160    22,718 
Administrative expenses (23,418)   (21,302)
Operating profit 3,742    1,416 
Profit/(Loss) on ordinary activities before taxation 3,742    1,416 
Tax on profit on ordinary activities (711)   (269)
Profit/(Loss) for the financial year 3,031    1,147 
 
4
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 3 18,329   
Cash at bank and in hand (8,059)   1,416 
10,270    1,416 
Creditors: amount falling due within one year 4 (6,092)   (269)
Net current assets 4,178    1,147 
 
Total assets less current liabilities 4,178    1,147 
Net assets 4,178    1,147 
 

Capital and reserves
     
Profit and loss account 4,178    1,147 
Shareholder's funds 4,178    1,147 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 12 March 2024 and were signed by:


-------------------------------
Apaobi Micaheal Olatunji
Director
5
  Retained Earnings   Total
£ £
Profit for the year 1,147  1,147 
Total comprehensive income for the year 1,147  1,147 
Total investments by and distributions to owners
At 30 June 2022 1,147  1,147 
At 01 July 2022 1,147  1,147 
Profit for the year 3,031  3,031 
Total comprehensive income for the year 3,031  3,031 
Total investments by and distributions to owners
At 30 June 2023 4,178  4,178 
6
General Information
Ayo Ayo Foods Limited is a private company, limited by shares, registered in England and Wales, registration number 12690417, registration address 29 Goodman Street, Manchester, M9 4FD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 0).
3.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 18,315   
VAT 14   
18,329   

4.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 980    269 
Directors' Current Accounts 5,112   
6,092    269 

5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

7