2022-11-012023-10-312023-10-31false04842108SPIRIT ORGANICS 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SPIRIT ORGANICS LTD

Registered Number
04842108
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

SPIRIT ORGANICS LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

JAMES KRAAN, Tabitha Heather

Registered Address

3a Market Place
Woodstock
OX20 1SY

Registered Number

04842108 (England and Wales)
SPIRIT ORGANICS LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37,3207,734
7,3207,734
Current assets
Stocks11,67910,406
Debtors437,52239,326
Cash at bank and on hand1,7993,405
51,00053,137
Creditors amounts falling due within one year5(61,970)(76,312)
Net current assets (liabilities)(10,970)(23,175)
Total assets less current liabilities(3,650)(15,441)
Creditors amounts falling due after one year6(45,370)(45,830)
Net assets(49,020)(61,271)
Capital and reserves
Called up share capital3434
Profit and loss account(49,054)(61,305)
Shareholders' funds(49,020)(61,271)
The financial statements were approved and authorised for issue by the Director on 15 July 2024, and are signed on its behalf by:
JAMES KRAAN, Tabitha Heather
Director
Registered Company No. 04842108
SPIRIT ORGANICS LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis as the director is willing to continue supporting the company with working capital as and when required for the foreseeable future.
Turnover policy
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.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment33
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.Average number of employees

20232022
Average number of employees during the year89
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 22144,027
Additions1,868
At 31 October 23145,895
Depreciation and impairment
At 01 November 22136,293
Charge for year2,282
At 31 October 23138,575
Net book value
At 31 October 237,320
At 31 October 227,734
4.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings31,61326,473
Other debtors4,32612,853
Prepayments and accrued income1,583-
Total37,52239,326
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables17,9344,274
Bank borrowings and overdrafts26,05732,640
Taxation and social security2,58510,761
Other creditors11,23817,407
Accrued liabilities and deferred income4,15611,230
Total61,97076,312
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts45,37045,830
Total45,37045,830