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Registration number: 14646151

Quite Good Food And Wine Limited

trading as Ken's

Unaudited Financial Statements

for the Period from 7 February 2023 to 28 February 2024

 

Quite Good Food And Wine Limited

trading as Ken's

(Registration number: 14646151)
Balance Sheet as at 28 February 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

105,973

Current assets

 

Stocks

5

41,637

Debtors

6

35,975

Cash at bank and in hand

 

49,306

 

126,918

Creditors: Amounts falling due within one year

7

(182,595)

Net current liabilities

 

(55,677)

Total assets less current liabilities

 

50,296

Provisions for liabilities

(5,854)

Net assets

 

44,442

Capital and reserves

 

Called up share capital

2

Retained earnings

44,440

Shareholders' funds

 

44,442

For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Quite Good Food And Wine Limited

trading as Ken's

(Registration number: 14646151)
Balance Sheet as at 28 February 2024

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
Mr Daniel Long
Director

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Dan's
2-4
Tottenham Road
London
N1 4BZ
United Kingdom

These financial statements were authorised for issue by the Board on 6 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

20% straight line

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

Leasehold Costs

20% straight line

Office Equipment

25% straight line

Plant & Machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

97,126

1,405

22,618

121,149

At 28 February 2024

97,126

1,405

22,618

121,149

Depreciation

Charge for the period

12,093

195

2,888

15,176

At 28 February 2024

12,093

195

2,888

15,176

Carrying amount

At 28 February 2024

85,033

1,210

19,730

105,973

Included within the net book value of land and buildings above is £85,033 in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

Other inventories

41,637

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

6

Debtors

Current

2024
£

Prepayments

12,441

Other debtors

23,534

 

35,975

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

29,736

Taxation and social security

29,209

Accruals and deferred income

4,738

Other creditors

118,912

182,595

8

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

2

2

     

New shares allotted

During the period 1 Ordinary subscriber share having an aggregate nominal value of £1 was issued on incorporation for an aggregate consideration of £1.

During the period 1 Ordinary share having an aggregate nominal value of £1 was allotted for an aggregate consideration of £1.

9

Related party transactions

 

Quite Good Food And Wine Limited

trading as Ken's

Notes to the Unaudited Financial Statements for the Period from 7 February 2023 to 28 February 2024

At the balance sheet date the company owed £36,499 to Mr Fergus Shields (director and shareholder). The loan is repayable on demand and carries no right to interest.

At the balance sheet date the company was owed £312 from Mr Daniel Long (director and shareholder). The loan is repayable on demand and carries no right to interest.

At the balance sheet date the company owed £72,648 to Thirsty Boy Wine Co Ltd,(a company with a common director and shareholder). The loan is repayable on demand and carries no right to interest. The company also owed Thirsty Boy Wine Co Ltd £9,398 in relation to trading transactions.