REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 30 November 2022 |
for |
Lemon Plaice (Axminster) Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 30 November 2022 |
for |
Lemon Plaice (Axminster) Limited |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Contents of the Financial Statements |
for the Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Statement of Income and Retained Earnings | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 6 |
Lemon Plaice (Axminster) Limited |
Company Information |
for the Year Ended 30 November 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Greenfylde Close |
Ilminster |
Somerset |
TA19 9FJ |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Report of the Director |
for the Year Ended 30 November 2022 |
The director presents her report with the financial statements of the company for the year ended 30 November 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of take-away food. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Statement of Income and Retained Earnings |
for the Year Ended 30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(40,032 | ) | 23,847 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(31,687 | ) | 56,361 |
Interest payable and similar expenses |
5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year |
( |
) |
Dividends | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Statement of Financial Position |
30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Statement of Financial Position - continued |
30 November 2022 |
The financial statements were approved by the director and authorised for issue on |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Notes to the Financial Statements |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Lemon Plaice (Axminster) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
The economic life of the goodwill acquired on 1st December 2015 was reviewed and extended to 30 November 2029 following the director's review at the end of November 2020.The annual provision was reassessed with a remaining life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2021 - operating profit) is stated after charging: |
30.11.22 | 30.11.21 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.22 | 30.11.21 |
£ | £ |
Bank Interest on overdrafts |
Bank loan interest |
HMRC interest |
VAT surcharges |
Funding Circle interest |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
30.11.22 | 30.11.21 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovision - Prior Year | (5,149 | ) | (3,700 | ) |
Tax on (loss)/profit | ( |
) |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2021 |
and 30 November 2022 |
AMORTISATION |
At 1 December 2021 |
Amortisation for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2021 |
Additions |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 2,084 | 2,320 |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Funding Circle loan | 12,142 | 18,987 |
Other creditors | - | 527 |
Tax |
Social security and other taxes |
VAT creditor | 22,840 | 7,901 |
Accruals |
Lemon Plaice (Axminster) Limited (Registered number: 09160728) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Funding Circle loan | 18,343 | 30,721 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.22 | 30.11.21 |
£ | £ |
Bank overdrafts |
Bank loans |
Funding Circle | 30,485 | 49,707 |
13. | GOING CONCERN |
The total book value of the liabilities as at the balance sheet date exceeds the total book value of the assets by £30,683.Turnover and trading profits for the year were curtailed by issues of illness. In the director's opinion,matters have been resolved that will enable the Company to restore the level of profitability that was achieved in the prior year. Management policies have been reviewed to restore growth in turnover.Therefore, the director considers that the Company remains a going concern and that the accounts have been correctly prepared on this basis. |