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Registered number: 05382065










SUGAR & LIME LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SUGAR & LIME LIMITED
REGISTERED NUMBER: 05382065

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,041
29,024

  
15,041
29,024

Current assets
  

Stocks
 5 
438,529
399,413

Debtors: amounts falling due within one year
 6 
1,037,115
778,652

Cash at bank and in hand
 7 
515,012
352,692

  
1,990,656
1,530,757

Creditors: amounts falling due within one year
 8 
(890,497)
(804,274)

Net current assets
  
 
 
1,100,159
 
 
726,483

Total assets less current liabilities
  
1,115,200
755,507

Creditors: amounts falling due after more than one year
 9 
(20,078)
(49,388)

  

Net assets
  
1,095,122
706,119


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,095,120
706,117

  
1,095,122
706,119


Page 1

 
SUGAR & LIME LIMITED
REGISTERED NUMBER: 05382065
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.

................................................
A J O'Leary
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.05382065). The address of the registered office is C/o Langtons, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the Company as an individual undertaking. It is not a member of a group of companies. The principal activity of the Company is the sale of catering equipment and consumables.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 23).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
47,338
91,247
37,741
176,326


Additions
-
-
148
148



At 31 March 2024

47,338
91,247
37,889
176,474



Depreciation


At 1 April 2023
44,835
64,726
37,741
147,302


Charge for the year on owned assets
798
13,297
37
14,132



At 31 March 2024

45,633
78,023
37,778
161,434



Net book value



At 31 March 2024
1,705
13,224
111
15,040



At 31 March 2023
2,504
26,521
-
29,025

Page 6

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
438,529
399,413

438,529
399,413



6.


Debtors

2024
2023
£
£


Trade debtors
591,969
589,464

Other debtors
313,598
189,032

Prepayments and accrued income
30,427
156

Tax recoverable
101,121
-

1,037,115
778,652



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
515,012
352,692

515,012
352,692


Page 7

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
9,247

Trade creditors
610,459
633,417

Corporation tax
216,055
67,487

Other taxation and social security
49,682
45,877

Obligations under finance lease and hire purchase contracts
-
22,329

Other creditors
2,126
23,742

Accruals and deferred income
2,175
2,175

890,497
804,274


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
-
22,329

-
22,329

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Page 8

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
20,078
30,831

Net obligations under finance leases and hire purchase contracts
-
18,557

20,078
49,388


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
-
18,557

-
18,557

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
9,247

Amounts falling due 1-2 years

Bank loans
10,000
9,480

Amounts falling due 2-5 years

Bank loans
10,078
21,351


30,078
40,078


Page 9

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
515,012
352,692

Financial assets measured at amortised cost
905,565
778,630

1,420,577
1,131,322


Financial liabilities


Financial assets measured at amortised cost
588,225
740,298


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors, bank loans, obligations under hire purchase contracts, and accruals.

Page 10

 
SUGAR & LIME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,475 (2023 - £9,184). At the balance sheet date, contributions totalling £2,126 (2023 -  £1,255) were payable to the fund. 


13.


Related party transactions

Included within other debtors/(creditors) are the following related party balances.
There are no repayment terms and no interest has been charged.


2024
2023
£
£

C F Cain
174,014
94,432
A J O'Leary
139,154
92,408
313,168
186,840


14.


Controlling party

The Company is under the control of its directors.

 
Page 11