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COMPANY REGISTRATION NUMBER: 14130279
STREET FOOD CYCLES 3 LTD
Filleted Unaudited Financial Statements
31 May 2023
STREET FOOD CYCLES 3 LTD
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
STREET FOOD CYCLES 3 LTD
Statement of Financial Position
31 May 2023
2023
Note
£
£
Fixed assets
Tangible assets
5
110,004
Current assets
Stocks
85,294
Debtors
6
583,083
Cash at bank and in hand
22,166
---------
690,543
Creditors: amounts falling due within one year
7
1,211,644
------------
Net current liabilities
521,101
---------
Total assets less current liabilities
( 411,097)
---------
Net liabilities
( 411,097)
---------
Capital and reserves
Called up share capital
1
Profit and loss account
( 411,098)
---------
Shareholders deficit
( 411,097)
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 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 .
STREET FOOD CYCLES 3 LTD
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr T. K. Curle
Director
Company registration number: 14130279
STREET FOOD CYCLES 3 LTD
Notes to the Financial Statements
Year ended 31 May 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 18 Lloyd Street, Lloyd House, Manchester, M2 5WA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Property improvements
-
20 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 61 .
5. Tangible assets
Fixtures and fittings
Equipment
Property improvements
Total
£
£
£
£
Cost
At 1 June 2022
Additions
8,853
38,554
87,135
134,542
-------
--------
--------
---------
At 31 May 2023
8,853
38,554
87,135
134,542
-------
--------
--------
---------
Depreciation
At 1 June 2022
Charge for the year
1,328
5,783
17,427
24,538
-------
--------
--------
---------
At 31 May 2023
1,328
5,783
17,427
24,538
-------
--------
--------
---------
Carrying amount
At 31 May 2023
7,525
32,771
69,708
110,004
-------
--------
--------
---------
6. Debtors
2023
£
Trade debtors
20,097
Amounts owed by group undertakings and undertakings in which the company has a participating interest
295,317
Other debtors
267,669
---------
583,083
---------
7. Creditors: amounts falling due within one year
2023
£
Trade creditors
271,349
Amounts owed to group undertakings and undertakings in which the company has a participating interest
196,098
Social security and other taxes
520,627
Other creditors
223,570
------------
1,211,644
------------
8. Controlling party
The company is a wholly owned subsidiary of LH Manchester Limited, a company incorporated in the United Kingdom.