Registered number
05581957
BEST BAGEL LIMITED
Unaudited Filleted Accounts
31 October 2023
BEST BAGEL LIMITED
Registered number: 05581957
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 70,376 90,929
Investments 4 1,010,000 1,010,000
1,080,376 1,100,929
Current assets
Stocks 13,600 11,150
Debtors 5 236,892 225,727
Cash at bank and in hand 173,766 46,576
424,258 283,453
Creditors: amounts falling due within one year 6 (228,700) (118,376)
Net current assets 195,558 165,077
Net assets 1,275,934 1,266,006
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,275,932 1,266,004
Shareholders' funds 1,275,934 1,266,006
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Bulent Gurel
Director
Approved by the board on 29 July 2024
BEST BAGEL LIMITED
Notes to the Accounts
for the year ended 31 October 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 21 17
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 105,301 73,650 178,951
Additions 1,114 - 1,114
At 31 October 2023 106,415 73,650 180,065
Depreciation
At 1 November 2022 79,550 8,472 88,022
Charge for the year 5,373 16,294 21,667
At 31 October 2023 84,923 24,766 109,689
Net book value
At 31 October 2023 21,492 48,884 70,376
At 31 October 2022 25,751 65,178 90,929
4 Investments
Other
investments
£
Cost
At 1 November 2022 1,010,000
At 31 October 2023 1,010,000
5 Debtors 2023 2022
£ £
Trade debtors 19,781 8,616
Other debtors 217,111 217,111
236,892 225,727
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,255 19,625
Taxation and social security costs 203,808 95,475
Other creditors 10,637 3,276
228,700 118,376
7 Other information
BEST BAGEL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
London
N7 8GR
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