Company registration number 9700497 (England and Wales)
ABC DELIKATESY LTD
Unaudited Financial Statements
for the Year Ended 31 July 2023
ABC DELIKATESY LTD
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ABC DELIKATESY LTD
Company Information
- 1 -
Directors
Mrs H A Ryzinska
Mr A K Ryzinski
Company number
9700497
Registered office
148-152 Chepstow Road
Newport
Gwent
UK
NP19 8EG
Accountants
Mitchell Associates Ltd
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
ABC DELIKATESY LTD
Balance Sheet
As at 31 July 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,541
93,021
Current assets
Stocks
4
69,780
40,095
Debtors
5
8,596
12,165
Cash at bank and in hand
559,823
503,566
638,199
555,826
Creditors: amounts falling due within one year
6
(234,324)
(175,943)
Net current assets
403,875
379,883
Total assets less current liabilities
496,416
472,904
Provisions for liabilities
(17,471)
(17,535)
Net assets
478,945
455,369
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
478,845
455,269
Total equity
478,945
455,369
ABC DELIKATESY LTD
Balance Sheet
As at 31 July 2023
31 July 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 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 29 February 2024 and are signed on its behalf by:
Mr A K Ryzinski
Director
Company Registration No. 9700497
ABC DELIKATESY LTD
Notes to the Financial Statements
For the Year Ended 31 July 2023
- 4 -
1
Accounting policies
Company information

Abc Delikatesy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 148-152 Chepstow Road, Newport, Gwent, UK, NP19 8EG.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

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 sales/value added tax, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

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 improvements
20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
20% 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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ABC DELIKATESY LTD
Notes to the Financial Statements
For the Year Ended 31 July 2023
1
Accounting policies
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ABC DELIKATESY LTD
Notes to the Financial Statements
For the Year Ended 31 July 2023
1
Accounting policies
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
20
23
ABC DELIKATESY LTD
Notes to the Financial Statements
For the Year Ended 31 July 2023
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2022
3,500
132,454
25,663
7,675
38,665
207,957
Additions
-
0
1,600
-
0
217
42,082
43,899
Disposals
-
0
-
0
-
0
-
0
(38,665)
(38,665)
At 31 July 2023
3,500
134,054
25,663
7,892
42,082
213,191
Depreciation and impairment
At 1 August 2022
2,766
87,932
14,607
1,253
8,377
114,935
Depreciation charged in the year
147
9,011
2,211
1,320
1,403
14,092
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(8,377)
(8,377)
At 31 July 2023
2,913
96,943
16,818
2,573
1,403
120,650
Carrying amount
At 31 July 2023
587
37,111
8,845
5,319
40,679
92,541
At 31 July 2022
733
44,522
11,056
6,422
30,288
93,021
4
Stocks
2023
2022
£
£
Stocks
69,780
40,095
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,596
12,165
ABC DELIKATESY LTD
Notes to the Financial Statements
For the Year Ended 31 July 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,342
4,944
Taxation and social security
36,780
32,496
Other creditors
174,202
138,503
234,324
175,943
7
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

 

The total amount of financial commitments not included in the balance sheet is £122,000 (2022 - £170,000). A

10 year property lease with annual payments of £17,000 increasing to £22,000 in 2022, due to finish in July 2025 and an 8 year property lease with annual payments of £26,000 due to finish in July 2026.

 

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