Company registration number 06279824 (England and Wales)
BESPOKE KITCHEN FOODS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BESPOKE KITCHEN FOODS LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
BESPOKE KITCHEN FOODS LTD
COMPANY INFORMATION
Directors
J E Dedman
S Tidball
A McCarron
Secretary
A McCarron
Company number
06279824
Registered office
1 Atlas Road
Hermitage Industrial Estate
Coalville
Leicestershire
LE67 3FQ
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BESPOKE KITCHEN FOODS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BESPOKE KITCHEN FOODS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bespoke Kitchen Foods Ltd for the year ended 31 May 2023 which comprise, the statement of financial position 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Bespoke Kitchen Foods Ltd, as a body, in accordance with the terms of our engagement letter dated 15 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Bespoke Kitchen Foods Ltd and state those matters that we have agreed to state to the board of directors of Bespoke Kitchen Foods Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bespoke Kitchen Foods Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bespoke Kitchen Foods Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bespoke Kitchen Foods Ltd. You consider that Bespoke Kitchen Foods Ltd 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 financial statements of Bespoke Kitchen Foods Ltd. 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 financial statements.
Jerroms GCN Limited
15 February 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BESPOKE KITCHEN FOODS LTD
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,004,702
924,183
Current assets
Stocks
4
981,589
954,538
Debtors
5
2,015,969
1,332,034
Cash at bank and in hand
1,688,206
1,470,115
4,685,764
3,756,687
Creditors: amounts falling due within one year
6
(1,685,328)
(1,592,112)
Net current assets
3,000,436
2,164,575
Total assets less current liabilities
4,005,138
3,088,758
Creditors: amounts falling due after more than one year
7
(109,293)
(104,935)
Provisions for liabilities
8
(209,886)
(129,709)
Net assets
3,685,959
2,854,114
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
3,685,859
2,854,014
Total equity
3,685,959
2,854,114
BESPOKE KITCHEN FOODS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
S Tidball
Director
Company registration number 06279824 (England and Wales)
BESPOKE KITCHEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Bespoke Kitchen Foods Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Atlas Road, Hermitage Industrial Estate, Coalville, Leicestershire, LE67 3FQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 the point that the customer has signed for delivery of the goods.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
straight line over the life of the asset
Plant and equipment
at varying rates on cost
Fixtures and fittings
20% on cost
Computers
at varying rates on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete an 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 recording turnover and related costs as contract activity progresses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BESPOKE KITCHEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
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.
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
89
71
BESPOKE KITCHEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2022
767,293
1,511,844
12,236
18,943
2,310,316
Additions
20,372
304,421
1,371
2,222
328,386
At 31 May 2023
787,665
1,816,265
13,607
21,165
2,638,702
Depreciation and impairment
At 1 June 2022
607,733
748,249
11,941
18,210
1,386,133
Depreciation charged in the year
66,748
178,744
710
1,665
247,867
At 31 May 2023
674,481
926,993
12,651
19,875
1,634,000
Carrying amount
At 31 May 2023
113,184
889,272
956
1,290
1,004,702
At 31 May 2022
159,560
763,595
295
733
924,183
4
Inventories
2023
2022
£
£
Stocks
981,589
954,538
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,539,919
1,035,316
Other debtors
299,249
189,416
Prepayments and accrued income
176,801
107,302
2,015,969
1,332,034
BESPOKE KITCHEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
34,357
29,549
Trade creditors
773,478
851,293
Corporation tax
485,083
319,010
Other taxation and social security
55,405
42,324
Other creditors
3,098
Accruals and deferred income
333,907
349,936
1,685,328
1,592,112
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
109,293
104,935
Hire purchase contracts are are secured on the assets to which they relate.
On the 10th March 2015 a fixed and floating charge over all the property and undertakings of the company was registered in favour of National Westminster Bank PLC.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
209,886
129,709
9
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
209,886
129,709
2023
Movements in the year:
£
Liability at 1 June 2022
129,709
Charge to profit or loss
80,177
Liability at 31 May 2023
209,886
A deferred tax provision has arisen as a result of accelerated capital allowances.
BESPOKE KITCHEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
40
40
40
40
Ordinary B shares of £1 each
50
50
50
50
Ordinary C shares of £1 each
10
10
10
10
100
100
100
100
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Rent and other lease commitments
597,319
428,420
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