Registered number
04927484
PRIORY KITCHENS LIMITED
Filleted Accounts
30 November 2023
PRIORY KITCHENS LIMITED
Registered number: 04927484
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 20,562 12,232
Current assets
Stocks 15,972 28,334
Debtors 4 46,184 58,996
Cash at bank and in hand 66,018 59,727
128,174 147,057
Creditors: amounts falling due within one year 5 (148,047) (159,065)
Net current liabilities (19,873) (12,008)
Net assets 689 224
Capital and reserves
Called up share capital 200 200
Profit and loss account 489 24
Shareholders' funds 689 224
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.
Mr. Richard Handley
Director
Approved by the board on 20 July 2024
PRIORY KITCHENS LIMITED
Notes to the Accounts
for the year ended 30 November 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Motor Vehicles 25% Straight Line
Plant and machinery 25%Reducing Balance
Fixtures, fittings, tools and equipment 20% Straight Line
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
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 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 22,661 3,264 46,193 72,118
Additions 11,721 - 12,995 24,716
At 30 November 2023 34,382 3,264 59,188 96,834
Depreciation
At 1 December 2022 22,662 2,580 34,645 59,887
Charge for the year 1,954 448 13,983 16,385
At 30 November 2023 24,616 3,028 48,628 76,272
Net book value
At 30 November 2023 9,766 236 10,560 20,562
At 30 November 2022 (1) 684 11,548 12,231
4 Debtors 2023 2022
£ £
Trade debtors 2,177 1,817
Net Directors Loan Account 1,683 12,835
Other debtors 42,324 44,344
46,184 58,996
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bounce Back Loan 12,857 17,815
Obligations under finance lease and hire purchase contracts 26,831 22,792
Trade creditors 41,964 75,687
Taxation and social security costs 36,669 19,197
Other creditors 29,726 23,574
148,047 159,065
6 Other information
PRIORY KITCHENS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Units 6 & 7, Pyle Garden Centre
Village Farm Industrial Estate
Pyle
Bridgend
CF33 6BJ
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