Company registration number 12711277 (England and Wales)
SHICKEN FOODS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SHICKEN FOODS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHICKEN FOODS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,419,703
89,129
Current assets
Stocks
112,215
45,257
Debtors - deferred tax
787,482
127,506
Debtors - other
4
281,694
86,326
Cash at bank and in hand
58,989
76,640
1,240,380
335,729
Creditors: amounts falling due within one year
5
(1,102,642)
(197,818)
Net current assets
137,738
137,911
Total assets less current liabilities
1,557,441
227,040
Creditors: amounts falling due after more than one year
6
(3,000,000)
(500,000)
Provisions for liabilities
(179,715)
(16,292)
Net liabilities
(1,622,274)
(289,252)
Capital and reserves
Called up share capital
7
145
145
Share premium account
8
149,955
149,955
Profit and loss reserves
(1,772,374)
(439,352)
Total equity
(1,622,274)
(289,252)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SHICKEN FOODS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr PS Bains
Director
Company registration number 12711277 (England and Wales)
SHICKEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Shicken Foods Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Dartford Trading Estate, Victoria Road, Dartford, DA1 5XS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has incurred a net loss of £1,829,574 and it has a net current assets of £137,738. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for 12 months from the date of approval of these financial statements. The directors therefore continue to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
1% on straight line basis
Fixtures and fittings
15% on reducing balance
Equipments
15% on reducing balance
SHICKEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SHICKEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
15
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Equipments
Total
£
£
£
£
Cost
At 1 August 2022
3,383
77,870
32,448
113,701
Additions
704,540
45,401
714,569
1,464,510
At 31 July 2023
707,923
123,271
747,017
1,578,211
Depreciation and impairment
At 1 August 2022
15,997
8,575
24,572
Depreciation charged in the year
7,079
16,091
110,766
133,936
At 31 July 2023
7,079
32,088
119,341
158,508
Carrying amount
At 31 July 2023
700,844
91,183
627,676
1,419,703
At 31 July 2022
3,383
61,873
23,873
89,129
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
190,484
28,765
Other debtors
59,405
57,561
Prepayments and accrued income
31,805
281,694
86,326
SHICKEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
4
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
787,482
127,506
Total debtors
1,069,176
213,832
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
89,913
Trade creditors
806,581
131,430
Taxation and social security
84,260
14,660
Other creditors
114,887
42,229
Accruals and deferred income
7,001
9,499
1,102,642
197,818
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Convertible loans
2,000,000
500,000
Other creditors
1,000,000
3,000,000
500,000
The convertible loan notes were issued as on 1 March 2022. There is an option to convert this loan note into ordinary shares of the company after 24 months from the agreement date. Interest is charged at 2.5% per annum.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 0.01p each
451,128
451,128
145
145
SHICKEN FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
8
Share premium account
During the year, the company issued new A ordinary share capital at a premium of 33.24p each, giving a total share premium of £149,955.