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Registration number: 09005409

Dutch Pancakes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Dutch Pancakes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Dutch Pancakes Limited

Company Information

Director

Mr Kane Harrison

Company secretary

Mr Kane Harrison

Registered office

35 Helen Thompson Close
Iwade
Sittingbourne
Kent
ME9 8FX

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Dutch Pancakes Limited

(Registration number: 09005409)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,900

4,350

Investments

6

100

100

 

3,000

4,450

Current assets

 

Stocks

7

8,550

10,000

Debtors

8

94,983

44,159

Cash at bank and in hand

 

7

9

 

103,540

54,168

Creditors: Amounts falling due within one year

9

(51,079)

(16,513)

Net current assets

 

52,461

37,655

Total assets less current liabilities

 

55,461

42,105

Creditors: Amounts falling due after more than one year

9

(39,819)

(41,139)

Net assets

 

15,642

966

Capital and reserves

 

Called up share capital

10

500

500

Retained earnings

15,142

466

Shareholders' funds

 

15,642

966

For the financial year ending 30 April 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 January 2024
 

.........................................

Mr Kane Harrison
Company secretary and director

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Helen Thompson Close
Iwade
Sittingbourne
Kent
ME9 8FX
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements in applying accounting policies and key sources of estimates uncertainty and estimates

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

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 revenue when:
The amount of revenue 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% straight line

Motor vehicles

15% straight line

Office Equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

20,000

20,000

At 30 April 2023

20,000

20,000

Amortisation

At 1 May 2022

20,000

20,000

At 30 April 2023

20,000

20,000

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

11,521

1,500

13,021

At 30 April 2023

11,521

1,500

13,021

Depreciation

At 1 May 2022

7,171

1,500

8,671

Charge for the year

1,450

-

1,450

At 30 April 2023

8,621

1,500

10,121

Carrying amount

At 30 April 2023

2,900

-

2,900

At 30 April 2022

4,350

-

4,350

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2022

100

Carrying amount

At 30 April 2023

100

At 30 April 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Stacked Foods Limited

12 The Boulevard The Boulevard, Greenhithe, England, DA9 9GT

England

Ordinary shares

100%

100%

Subsidiary undertakings

Stacked Foods Limited

The principal activity of Stacked Foods Limited is Retail sale via stalls and markets of food, beverages and tobacco products.

7

Stocks

2023
£

2022
£

Other inventories

8,550

10,000

 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

12

94,983

18,827

Other debtors

 

-

25,332

 

94,983

44,159

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

6,585

5,111

Taxation and social security

 

10,242

9,792

Accruals and deferred income

 

9,685

1,610

Other creditors

 

24,567

-

 

51,079

16,513

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

39,819

41,139

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         
 

Dutch Pancakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

39,819

41,139

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,585

5,111

12

Related party transactions

Included in other creditors are amounts owed to the director of £24,565 (2022: £24,998).

Transactions with the director

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Kane Harrison

Amounts owed to/(from) the director

(24,998)

49,563

24,565

       
     

 

2022

At 1 May 2021
£

Repayments by director
£

At 30 April 2022
£

Mr Kane Harrison

Amounts owed to/(from) the director

(26,248)

1,250

(24,998)