Registered number
03678222
SWEETS FROM HEAVEN RETAIL (UK) LIMITED
Filleted Accounts
31 August 2023
SWEETS FROM HEAVEN RETAIL (UK) LIMITED
Registered number: 03678222
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 12,886 2
Current assets
Stocks 68,221 47,223
Debtors 5 21,984 10,119
Cash at bank and in hand 13,313 9,008
103,518 66,350
Creditors: amounts falling due within one year 6 (235,123) (196,575)
Net current liabilities (131,605) (130,225)
Total assets less current liabilities (118,719) (130,223)
Creditors: amounts falling due after more than one year 7 (509,900) (269,735)
Net liabilities (628,619) (399,958)
Capital and reserves
Called up share capital 2,215,001 2,215,001
Profit and loss account (2,843,620) (2,614,959)
Shareholders' funds (628,619) (399,958)
The director is 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 director acknowledges his 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.
Gregory Sean Ginsberg
Director
Approved by the board on 14 August 2024
SWEETS FROM HEAVEN RETAIL (UK) LIMITED
Notes to the Accounts
for the year ended 31 August 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:
Freehold land and buildings over 50 years
Leasehold improvements over the life of lease
Shop fixtures, fittings & equipment 10% Straight Line
Motor Vehicles 15% Straight Line
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 recognised as an expense on a straight line basis over the lease term.
2 Operating loss 2023 2022
Operating loss is stated after charging £ £
Depreciation of owned tangible fixed assets 1,831 -
Operating lease rentals 157,332 133,217
159,163 133,217
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 14
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 33,547 214,000 61,755 309,302
Additions - 2,250 12,465 14,715
At 31 August 2023 33,547 216,250 74,220 324,017
Depreciation
At 1 September 2022 33,547 213,998 61,755 309,300
Charge for the year - 169 1,662 1,831
At 31 August 2023 33,547 214,167 63,417 311,131
Net book value
At 31 August 2023 - 2,083 10,803 12,886
At 31 August 2022 - 2 - 2
5 Debtors 2023 2022
£ £
Other debtors 21,984 10,119
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,871 9,003
Trade creditors 116,753 94,241
Taxation and social security costs 108,499 93,331
235,123 196,575
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,588 35,321
Amounts owed to shareholder loans 485,312 234,414
509,900 269,735
8 Analysis of loans 2023 2022
£ £
Wholly repayable within five years 34,459 44,324
Wholly repayable in more than five years 485,312 234,414
Included in current liabilities (9,871) (9,003)
509,900 269,735
Loan maturity analysis 2023 2022
£ £
Debt due within one year 9,871 9,003
In more than one year but not more than two years 13,451 19,208
In more than two years but not more than five years 11,137 16,113
In more than five years 485,312 234,414
519,771 278,738
The loans have been subordinated in favour of other creditors
9 Financial commitments
At 31 August 2023 the company was committed to making the following payments under non-cancellable operation leases in the year to 31 August 2024
Land and buildings Land and buildings
2023 2022
£ £
Operating leases which expire:
Within one year 80,600 13,121
Between two and five years 92,945 147,891
In over five years - -
173,545 161,012
10 Other information
SWEETS FROM HEAVEN RETAIL (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
PO Box SW20 0LW
2nd Floor Beaumont House
1b Lambton Road
London, England
SW20 0LW
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