Company registration number 09585745 (England and Wales)
SALLY CLARKE KITCHEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SALLY CLARKE KITCHEN LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SALLY CLARKE KITCHEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,103
2,216
Current assets
Stocks
7,792
14,188
Debtors
5
14,732
16,071
Cash at bank and in hand
150
124
22,674
30,383
Creditors: amounts falling due within one year
6
(918,370)
(875,396)
Net current liabilities
(895,696)
(845,013)
Total assets less current liabilities
(894,593)
(842,797)
Creditors: amounts falling due after more than one year
7
(42,192)
(49,797)
Net liabilities
(936,785)
(892,594)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(936,786)
(892,595)
Total equity
(936,785)
(892,594)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 9 July 2024
S V Clarke
Director
Company Registration No. 09585745
SALLY CLARKE KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Sally Clarke Kitchen Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

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

The company made a loss of £44,191 during the year ended 31 August 2023 (2022: loss of £82,890) and, as of that date, its liabilities exceeded its assets by £936,785 (2022: £892,594).

 

Following a review of the company's operations the decision was taken to cease operations in 2024. Production and staff were transferred to Notting Hill Bakery Limited in order to maintain supply of the product range and the directors are continuing to review the position of the company's liabilities. Therefore the directors have not prepared the accounts on a going concern basis.

1.3
Turnover

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 and after eliminating sales within the company.

 

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.

1.4
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:

Fixtures and fittings
4 years 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

SALLY CLARKE KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 statement of financial position 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SALLY CLARKE KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits

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 holdsufficient assets to pay all employees the benefits relating to employee service in the current and priorperiods.

 

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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
3,000
3
Employees

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

2023
2022
Number
Number
Total
5
7
SALLY CLARKE KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
10,573
Disposals
(6,125)
At 31 August 2023
4,448
Depreciation and impairment
At 1 September 2022
8,357
Depreciation charged in the year
1,113
Eliminated in respect of disposals
(6,125)
At 31 August 2023
3,345
Carrying amount
At 31 August 2023
1,103
At 31 August 2022
2,216
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,610
4,846
Prepayments and accrued income
10,122
11,225
14,732
16,071
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,233
833
Trade creditors
31,076
54,486
Amounts owed to group undertakings
866,621
810,698
Taxation and social security
3,684
4,617
Other creditors
-
0
825
Accruals and deferred income
9,756
3,937
918,370
875,396
SALLY CLARKE KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,192
49,797
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
9
Related party transactions
Transactions with related parties

During the year the company entered into transactions in the ordinary course of business with the following fellow subsidiary companies:

Sales
Sales
2023
2022
£
£
Sally Clark Retail Limited
242,973
-
Sally Clarke (Westbourne Grove) Limited
141,849
-
Sally Clarke Restaurant Limited
4,751
-
Purchases
2023
2022
£
£
Notting Hill Bakery Limited
29,117
41,390

As at 31 August 2023 the company owed £866,621 to Sally Clarke Limited. In view of the decision to cease trading operations full provision has been made for this amount in the accounts of Sally Clarke Limited.

10
Parent company

The company's immediate parent is Sally Clarke Limited, incorporated in England and Wales.

The ultimate controlling party is Samuel Morton Morris.

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