Company registration number 07179262 (England and Wales)
NONNA'S (SHEFFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NONNA'S (SHEFFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NONNA'S (SHEFFIELD) LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,540
18,723
Tangible assets
4
122,550
127,341
132,090
146,064
Current assets
Stocks
24,111
22,410
Debtors
5
32,055
55,610
Cash at bank and in hand
139,418
148,575
195,584
226,595
Creditors: amounts falling due within one year
6
(281,751)
(246,941)
Net current liabilities
(86,167)
(20,346)
Total assets less current liabilities
45,923
125,718
Creditors: amounts falling due after more than one year
7
(38,636)
(65,909)
Provisions for liabilities
(26,250)
(26,500)
Net (liabilities)/assets
(18,963)
33,309
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
(18,967)
33,305
Total equity
(18,963)
33,309

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

NONNA'S (SHEFFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
M Mori
Director
Company registration number 07179262 (England and Wales)
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Nonna's (Sheffield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 535-541 Ecclesall Road, Sheffield, S11 8PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.4
Intangible fixed assets - goodwill

Goodwill represents the purchase of brands, payment to suppliers and administration costs following the liquidation of Nonna's Restaurant Limited. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand.

NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymentts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was

2023
2022
Number
Number
Total
37
37
3
Intangible fixed assets
Goodwill
£
Cost
At 31 December 2022 and 30 December 2023
209,161
Amortisation
At 31 December 2022
190,438
Amortisation charged for the year
9,183
At 30 December 2023
199,621
Carrying amount
At 30 December 2023
9,540
At 30 December 2022
18,723
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 31 December 2022
-
0
242,306
242,306
Additions
5,940
12,084
18,024
At 30 December 2023
5,940
254,390
260,330
Depreciation
At 31 December 2022
-
0
114,965
114,965
Depreciation charged in the year
992
21,823
22,815
At 30 December 2023
992
136,788
137,780
Carrying amount
At 30 December 2023
4,948
117,602
122,550
At 30 December 2022
-
0
127,341
127,341
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
32,055
55,610
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
27,273
27,273
Trade creditors
88,279
65,174
Taxation and social security
141,377
137,698
Other creditors
24,822
16,796
281,751
246,941

Included in other creditors is a hire purchase balance of £Nil (2022: £1,897), which is secured on the asset to which it relates.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
38,636
65,909
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
9
Directors' transactions

Loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
45,132
45,975
670
(69,676)
22,101
45,132
45,975
670
(69,676)
22,101
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