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COMPANY REGISTRATION NUMBER: 09253485
Fine Kiss Limited
Filleted Unaudited Financial Statements
31 October 2023
Fine Kiss Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
422
177
Current assets
Stocks
3,013
3,460
Debtors
6
9,933
9,206
Cash at bank and in hand
8,374
7,234
--------
--------
21,320
19,900
Creditors: amounts falling due within one year
7
15,884
2,244
--------
--------
Net current assets
5,436
17,656
-------
--------
Total assets less current liabilities
5,858
17,833
Creditors: amounts falling due after more than one year
8
40,101
52,759
--------
--------
Net liabilities
( 34,243)
( 34,926)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 34,245)
( 34,928)
--------
--------
Shareholders deficit
( 34,243)
( 34,926)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 October 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 .
Fine Kiss Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr D Pettitt
Director
Company registration number: 09253485
Fine Kiss Limited
Notes to the Financial Statements
Year ended 31 October 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 Suite C, The Quadrant, 99 Parkway Avenue, Sheffield, South Yorkshire, S9 4WG.
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.
Going concern
The company made a profit for the year of £683 and had net liabilities of £34,243. However, the director has investments of £27,391 held in the company which is not repayable within one year. On the above basis the financial statements have been prepared on a going concern basis.
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:
-
20% reducing balance
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 November 2022
674
674
Additions
350
350
-------
-------
At 31 October 2023
1,024
1,024
-------
-------
Depreciation
At 1 November 2022
497
497
Charge for the year
105
105
-------
-------
At 31 October 2023
602
602
-------
-------
Carrying amount
At 31 October 2023
422
422
-------
-------
At 31 October 2022
177
177
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
9,933
9,206
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,160
975
Social security and other taxes
7
190
Other creditors
3,717
1,079
--------
-------
15,884
2,244
--------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,710
14,504
Other creditors
27,391
38,255
--------
--------
40,101
52,759
--------
--------
9. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Pettitt
( 38,255)
10,864
( 27,391)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Pettitt
( 41,212)
2,957
( 38,255)
--------
-------
--------
11. Related party transactions
The company was under the control of Mr Daniel Pettitt throughout the current and previous year. Mr Pettitt is the managing director and majority shareholder. There was Director Investments of £27,391 owed back to him.