0 false false false false false false false false true false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,000 250 250 500 4,500 4,750 350 70 56 126 224 280 xbrli:pure xbrli:shares iso4217:GBP NI682883 2022-11-01 2023-10-31 NI682883 2023-10-31 NI682883 2022-10-31 NI682883 2021-11-01 2022-10-31 NI682883 2022-10-31 NI682883 2021-10-31 NI682883 core:NetGoodwill 2022-11-01 2023-10-31 NI682883 core:PlantMachinery 2022-11-01 2023-10-31 NI682883 bus:LeadAgentIfApplicable 2022-11-01 2023-10-31 NI682883 bus:Director1 2022-11-01 2023-10-31 NI682883 core:NetGoodwill 2022-10-31 NI682883 core:NetGoodwill 2023-10-31 NI682883 core:PlantMachinery 2022-10-31 NI682883 core:PlantMachinery 2023-10-31 NI682883 core:WithinOneYear 2023-10-31 NI682883 core:WithinOneYear 2022-10-31 NI682883 core:RetainedEarningsAccumulatedLosses 2023-10-31 NI682883 core:RetainedEarningsAccumulatedLosses 2022-10-31 NI682883 core:NetGoodwill 2022-10-31 NI682883 core:PlantMachinery 2022-10-31 NI682883 bus:SmallEntities 2022-11-01 2023-10-31 NI682883 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI682883 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI682883 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI682883 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: NI682883
SPICE FINE FOODS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
SPICE FINE FOODS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
CONTENTS
PAGE
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
SPICE FINE FOODS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SPICE FINE FOODS LIMITED
YEAR ENDED 31 OCTOBER 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 October 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD. Chartered Accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
26 March 2024
SPICE FINE FOODS LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
4
4,500
4,750
Tangible assets
5
224
280
-------
-------
4,724
5,030
CURRENT ASSETS
Stocks
3,958
5,119
Debtors
6
3,119
37
Cash at bank and in hand
3
156
-------
-------
7,080
5,312
CREDITORS: amounts falling due within one year
7
20,164
11,789
--------
--------
NET CURRENT LIABILITIES
13,084
6,477
--------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 8,360)
( 1,447)
-------
-------
NET LIABILITIES
( 8,360)
( 1,447)
-------
-------
CAPITAL AND RESERVES
Profit and loss account
( 8,360)
( 1,447)
-------
-------
SHAREHOLDER DEFICIT
( 8,360)
( 1,447)
-------
-------
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 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SPICE FINE FOODS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
Mrs J Spice
Director
Company registration number: NI682883
SPICE FINE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 21 Church Meadows, Dromore, Co. Down, BT25 1LZ, N. Ireland.
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.
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
-
5% straight line
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. 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 & equipment
-
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.
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. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
5,000
-------
Amortisation
At 1 November 2022
250
Charge for the year
250
-------
At 31 October 2023
500
-------
Carrying amount
At 31 October 2023
4,500
-------
At 31 October 2022
4,750
-------
5. TANGIBLE ASSETS
Plant and machinery
Total
£
£
Cost
At 1 November 2022 and 31 October 2023
350
350
----
----
Depreciation
At 1 November 2022
70
70
Charge for the year
56
56
----
----
At 31 October 2023
126
126
----
----
Carrying amount
At 31 October 2023
224
224
----
----
At 31 October 2022
280
280
----
----
6. DEBTORS
2023
2022
£
£
Trade debtors
2,489
Other debtors
630
37
-------
----
3,119
37
-------
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,206
49
Other creditors
13,958
11,740
--------
--------
20,164
11,789
--------
--------