PIZZA BABYLON LIMITED
Registered number: 09720777
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 26,822 27,593
26,823 27,594
Current assets
Stocks 2,500 1,500
Debtors 5 37,117 33,958
Cash at bank and in hand 138,258 122,272
177,875 157,730
Creditors: amounts falling due within one year 6 (65,134) (52,189)
Net current assets 112,741 105,541
Total assets less current liabilities 139,564 133,135
Provisions for liabilities (5,096) (5,243)
Net assets 134,468 127,892
Capital and reserves
Called up share capital 10 10
Profit and loss account 134,458 127,882
Shareholder's funds 134,468 127,892
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR T AZAZ
Director
Approved by the board on 29 November 2023
PIZZA BABYLON LIMITED
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 1
At 31 August 2023 1
Amortisation
At 31 August 2023 -
Net book value
At 31 August 2023 1
At 31 August 2022 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Fixtures and fittings Total
£ £ £
Cost
At 1 September 2022 28,345 14,999 43,344
Additions 7,169 1,000 8,169
At 31 August 2023 35,514 15,999 51,513
Depreciation
At 1 September 2022 12,001 3,750 15,751
Charge for the year 5,878 3,062 8,940
At 31 August 2023 17,879 6,812 24,691
Net book value
At 31 August 2023 17,635 9,187 26,822
At 31 August 2022 16,344 11,249 27,593
5 Debtors 2023 2022
£ £
Trade debtors 4,658 3,499
Amounts owed by group undertakings and undertakings in which the company has a participating interest 17,459 15,459
Other debtors 15,000 15,000
37,117 33,958
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 896 532
Corporation tax 17,099 7,453
Other taxes and social security costs 33,600 29,724
Other creditors 13,539 14,480
65,134 52,189
7 Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,620 (2022: £1,862). Contributions totalling £135 (2022: £135) were payable to the fund at the balance sheet date and are included in creditors.
8 Other information
PIZZA BABYLON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
139 Oxclose Lane
Nottingham
Nottinghamshire
NG5 6FN
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