Year Ended
Registration number:
Gourmet Classic Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Gourmet Classic Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds/(deficit) |
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Gourmet Classic Limited
Balance Sheet
31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 03530530
Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is Sterling, rounded to the nearest whole pound.
Going concern
In the opinion of the director, the company has sufficient support from its director/shareholder and bankers to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Office equipment |
25% reducing balance basis and straight line over 12 months |
Fixtures and fittings |
10% straight line basis |
Short leasehold property |
10% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and raw materials comprises direct materials costs. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans;
• Finance lease liabilities; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Tangible assets |
Short leasehold land and buildings |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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Disposals |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Stocks |
2023 |
2022 |
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Stocks |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments |
25,818 |
24,474 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Gourmet Classic Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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Secured creditors
Within other borrowings, £474,750 (2022 - £803,496) relates to invoice factoring and is secured over trade debtors.
Bank borrowings are secured by a fixed charge over all present freehold and leasehold property, book and other debts and by a first floating charge over all assets both present and future.
Finance lease liabilities are secured by a fixed charge over the assets to which they relate.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £