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Registered number: 12276343
Kostas Fish And Chips Limited
Financial Statements
For The Year Ended 30 November 2023
Charles & Co.
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12276343
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 57,000 -
Tangible Assets 5 6,721 2,047
63,721 2,047
CURRENT ASSETS
Stocks 6 3,467 2,788
Cash at bank and in hand 61,695 128,545
65,162 131,333
Creditors: Amounts Falling Due Within One Year 7 (37,542 ) (57,063 )
NET CURRENT ASSETS (LIABILITIES) 27,620 74,270
TOTAL ASSETS LESS CURRENT LIABILITIES 91,341 76,317
Creditors: Amounts Falling Due After More Than One Year 8 (23,627 ) (25,000 )
NET ASSETS 67,714 51,317
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 67,614 51,217
SHAREHOLDERS' FUNDS 67,714 51,317
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kostas Dikitis
Director
13/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kostas Fish And Chips Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12276343 . The registered office is Suite 15, Highfield House, Chorley New Road, Bolton, BL1 4QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33.3% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 11)
12 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 -
Additions 60,000
As at 30 November 2023 60,000
Amortisation
As at 1 December 2022 -
Provided during the period 3,000
As at 30 November 2023 3,000
Net Book Value
As at 30 November 2023 57,000
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 - 6,123 - 6,123
Additions 4,981 - 1,120 6,101
As at 30 November 2023 4,981 6,123 1,120 12,224
Depreciation
As at 1 December 2022 - 4,076 - 4,076
Provided during the period 747 307 373 1,427
As at 30 November 2023 747 4,383 373 5,503
Net Book Value
As at 30 November 2023 4,234 1,740 747 6,721
As at 1 December 2022 - 2,047 - 2,047
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6. Stocks
30 November 2023 30 November 2022
£ £
Materials 3,467 2,788
7. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Trade creditors - 84
Bank loans and overdrafts 4,230 10,000
Corporation tax 1,424 26,365
Other taxes and social security 3,582 6,253
VAT 17,735 9,502
Other creditors 102 -
Other creditors (1) - 51
Accruals and deferred income 3,150 3,150
Directors' loan accounts 7,319 1,658
37,542 57,063
8. Creditors: Amounts Falling Due After More Than One Year
30 November 2023 30 November 2022
£ £
Bank loans 23,627 25,000
23,627 25,000
9. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
During the year the company acquired the goodwill of the business previously held by the director at a cost of £60000.
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