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COMPANY REGISTRATION NUMBER: 11545639
THE HERB KITCHEN LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
THE HERB KITCHEN LTD
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
29,193
37,950
Current assets
Stocks
4,254
10,500
Debtors
6
32,906
51,109
Cash at bank and in hand
109,182
48,833
----------
----------
146,342
110,442
Creditors: amounts falling due within one year
7
82,062
70,736
----------
----------
Net current assets
64,280
39,706
---------
---------
Total assets less current liabilities
93,473
77,656
Creditors: amounts falling due after more than one year
8
15,750
24,750
Provisions
7,298
7,210
---------
---------
Net assets
70,425
45,696
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
70,325
45,596
---------
---------
Shareholders funds
70,425
45,696
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE HERB KITCHEN LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr W Murgatroyd
Director
Company registration number: 11545639
THE HERB KITCHEN LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, East Sussex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 September 2022
17,133
51,639
68,772
Additions
974
974
---------
---------
---------
At 31 August 2023
17,133
52,613
69,746
---------
---------
---------
Depreciation
At 1 September 2022
4,283
26,539
30,822
Charge for the year
3,213
6,518
9,731
---------
---------
---------
At 31 August 2023
7,496
33,057
40,553
---------
---------
---------
Carrying amount
At 31 August 2023
9,637
19,556
29,193
---------
---------
---------
At 31 August 2022
12,850
25,100
37,950
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
5,221
21,018
Amounts owed by group undertakings and undertakings in which the company has a participating interest
21,165
22,178
Other debtors
6,520
7,913
---------
---------
32,906
51,109
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,000
9,000
Trade creditors
13,241
14,968
Corporation tax
21,290
9,369
Social security and other taxes
14,651
13,723
Other creditors
23,880
23,676
---------
---------
82,062
70,736
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,750
24,750
---------
---------
9. Directors' advances, credits and guarantees
Included within creditors falling due in less than one year are directors' loans totalling £1,291 (2022: £3,476). These loans are interest free and repayable on demand.
10. Related party transactions
As at 31 August 2023, the company is owed £21,165 (2022: £22,178) by Curing Rebel Ltd. Mr D Cuss and Mr W R Murgatroyd are directors of Curing Rebel Ltd.