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COMPANY REGISTRATION NUMBER: 14066309
The Fat Buddha LL42 Ltd
Unaudited Financial Statements
30 April 2023
The Fat Buddha LL42 Ltd
Strategic Report
Year ended 30 April 2023
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mrs B GODDARD
Director
Registered office:
1 Tyn Y Coed Buildings
High Street
BARMOUTH
Gwynedd
Wales
LL42 1DS
The Fat Buddha LL42 Ltd
Director's Report
Year ended 30 April 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Director
The director who served the company during the year was as follows:
Mrs B GODDARD
Dividends
The director does not recommend the payment of a dividend.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mrs B GODDARD
Director
Registered office:
1 Tyn Y Coed Buildings
High Street
BARMOUTH
Gwynedd
Wales
LL42 1DS
The Fat Buddha LL42 Ltd
Statement of Comprehensive Income
Year ended 30 April 2023
2023
Note
£
Turnover
4
108,041
Cost of sales
21,236
---------
Gross profit
86,805
Administrative expenses
26,472
--------
Operating profit
60,333
--------
Profit before taxation
60,333
Tax on profit
6
15,083
--------
Profit for the financial year and total comprehensive income
45,250
--------
All the activities of the company are from continuing operations.
The Fat Buddha LL42 Ltd
Statement of Financial Position
30 April 2023
2023
Note
£
Current assets
Stocks
7
33,000
Debtors
8
35,905
Cash at bank and in hand
4,405
--------
73,310
Creditors: amounts falling due within one year
9
12,976
--------
Net current assets
60,334
--------
Total assets less current liabilities
60,334
Creditors: amounts falling due after more than one year
10
15,083
--------
Net assets
45,251
--------
Capital and reserves
Share premium account
11
1
Profit and loss account
11
45,250
--------
Shareholders funds
45,251
--------
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mrs B GODDARD
Director
Company registration number: 14066309
The Fat Buddha LL42 Ltd
Statement of Cash Flows
Year ended 30 April 2023
2023
£
Cash flows from operating activities
Profit for the financial year
45,250
Adjustments for:
Tax on profit
15,083
Accrued expenses
450
Changes in:
Stocks
( 33,000)
Trade and other debtors
( 35,905)
--------
Cash generated from operations
( 8,122)
-------
Net cash (used in)/from operating activities
( 8,122)
-------
Cash flows from financing activities
Proceeds from issue of ordinary shares
1
Proceeds from borrowings
12,526
--------
Net cash from financing activities
12,527
--------
Net increase in cash and cash equivalents
4,405
Cash and cash equivalents at beginning of year
-------
Cash and cash equivalents at end of year
4,405
-------
The Fat Buddha LL42 Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Tyn Y Coed Buildings, High Street, BARMOUTH, Gwynedd, LL42 1DS, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2023
No.
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
£
Wages and salaries
16,080
--------
6. Tax on profit
Major components of tax expense
2023
£
Current tax:
UK current tax expense
15,083
--------
Tax on profit
15,083
--------
7. Stocks
2023
£
Raw materials and consumables
33,000
--------
8. Debtors
2023
£
Other debtors
35,905
--------
9. Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
450
Director loan accounts
12,526
--------
12,976
--------
10. Creditors: amounts falling due after more than one year
2023
£
Corporation tax
15,083
--------
11. Reserves
12. Analysis of changes in net debt
At 1 May 2022
Cash flows
At 30 Apr 2023
£
£
£
Cash at bank and in hand
4,405
4,405
Debt due within one year
(12,526)
(12,526)
----
--------
--------
( 8,121)
( 8,121)
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--------
--------