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Registered number: 11605610
Knead Wood-Fired Pizza Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 11605610
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 195,446 143,332
195,446 143,332
CURRENT ASSETS
Stocks 4 2,000 2,000
Debtors 5 42,874 90,005
Cash at bank and in hand 67,433 31,618
112,307 123,623
Creditors: Amounts Falling Due Within One Year 6 (197,475 ) (163,484 )
NET CURRENT ASSETS (LIABILITIES) (85,168 ) (39,861 )
TOTAL ASSETS LESS CURRENT LIABILITIES 110,278 103,471
Creditors: Amounts Falling Due After More Than One Year 7 (60,127 ) (28,411 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (17,211 ) (22,646 )
NET ASSETS 32,940 52,414
CAPITAL AND RESERVES
Called up share capital 10 2 2
Income Statement 32,938 52,412
SHAREHOLDERS' FUNDS 32,940 52,414
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Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Simon Perry
Director
30 July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of consideration received or receivable, is earned from the sale of food and drink and the provision of event catering, and is recognised at the date of provision or delivery of the food and drink or event. 
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements 10% straight line
Plant & Machinery 25% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.
1.6. Financial Instruments
Basic financial instruments are recognised at amortised cost using the effective interest method.
1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in the income statement, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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1.8. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
1.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
2. Average Number of Employees
The average number of employees, including directors, during the year was 17 (2022: 9)
17 9
3. Tangible Assets
Land & Property
Leasehold Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 27,969 67,810 83,460 29,041
Additions 76,910 8,521 - 26,653
As at 31 October 2023 104,879 76,331 83,460 55,694
Depreciation
As at 1 November 2022 461 30,137 31,020 4,497
Provided during the period 10,113 16,841 20,865 12,659
As at 31 October 2023 10,574 46,978 51,885 17,156
Net Book Value
As at 31 October 2023 94,305 29,353 31,575 38,538
As at 1 November 2022 27,508 37,673 52,440 24,544
Computer Equipment Total
£ £
Cost
As at 1 November 2022 2,610 210,890
Additions 1,362 113,446
As at 31 October 2023 3,972 324,336
Depreciation
As at 1 November 2022 1,443 67,558
Provided during the period 854 61,332
As at 31 October 2023 2,297 128,890
...CONTINUED
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Net Book Value
As at 31 October 2023 1,675 195,446
As at 1 November 2022 1,167 143,332
Included above under Land & Property Leasehold are assets held under finance leases with a net book value of £64,611.
4. Stocks
2023 2022
£ £
Materials 2,000 2,000
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 8,879 4,215
Other debtors 33,995 85,790
42,874 90,005
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,048 -
Trade creditors 43,563 59,323
Bank loans and overdrafts 8,979 8,757
Other creditors 104,666 95,140
Taxation and social security 25,219 264
197,475 163,484
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 40,692 -
Bank loans 19,435 28,411
60,127 28,411
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 15,048 -
Between one and five years 40,692 -
55,740 -
55,740 -
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9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2023 2022
£ £
Deferred Tax 17,211 22,646
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1.000 2 2 2
11. Other Commitments
At the reporting date, the total value of financial commitments that are not included in the Statement of Financial Position is £207,971 (2022: £216,166).
12. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £536 (2022: £25) were due to the fund. They are included in Other Creditors.
13. Related Party Transactions
Included within Other Creditors Falling Due Within One Year is a £53,586 loan from the Company's Directors, which is interest-free, unsecured and repayable on demand.
14. General Information
Knead Wood-Fired Pizza Ltd is a private company, limited by shares. It is incorporated in England & Wales, under a registered number of 11605610 . The registered office is Oakridge House, Wellington Road, High Wycombe, Buckinghamshire, HP12 3PR.
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