Registered number
09707688
The Fig (Rye) Limited
Unaudited Filleted Accounts
31 July 2023
The Fig (Rye) Limited
Registered number: 09707688
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 36,111 48,339
Current assets
Debtors 4 36,511 27,678
Cash at bank and in hand 216,051 177,545
252,562 205,223
Creditors: amounts falling due within one year 5 (90,240) (123,030)
Net current assets 162,322 82,193
Total assets less current liabilities 198,433 130,532
Provisions for liabilities (5,737) (7,145)
Net assets 192,696 123,387
Capital and reserves
Called up share capital 120 120
Profit and loss account 192,576 123,267
Shareholder's funds 192,696 123,387
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 her 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.
Rosie Furnival
Director
Approved by the board on 23 April 2024
The Fig (Rye) Limited
Notes to the Accounts
for the year ended 31 July 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:
Improvement to property 10% reducing balance
FF & Equipment 20% reducing balance
Motor vehicles 20% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 16 17
3 Tangible fixed assets
Improvement to property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 7,408 60,812 13,086 81,306
Additions - 1,008 - 1,008
Disposals (7,408) - - (7,408)
At 31 July 2023 - 61,820 13,086 74,906
Depreciation
At 1 August 2022 3,199 27,151 2,617 32,967
Charge for the year - 6,933 2,094 9,027
On disposals (3,199) - - (3,199)
At 31 July 2023 - 34,084 4,711 38,795
Net book value
At 31 July 2023 - 27,736 8,375 36,111
At 31 July 2022 4,209 33,661 10,469 48,339
4 Debtors 2023 2022
£ £
Prepayment 259 208
Other debtors 36,252 27,470
36,511 27,678
5 Creditors: amounts falling due within one year 2023 2022
£ £
VAT 21,354 18,518
Taxation and social security costs 32,599 23,582
Other creditors 36,287 80,930
90,240 123,030
6 Other information
The Fig (Rye) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Fig
No. 2 High Street
Rye
East Sussex
TN31 7JE
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