Registered number
10460860
World Pizza Limited
Report and Accounts
30 November 2023
World Pizza Limited
Registered number: 10460860
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,857 35,809
Current assets
Stocks 998 1,020
Debtors 4 13,433 7,130
Cash at bank and in hand 10,218 9,163
24,649 17,313
Creditors: amounts falling due within one year 5 (36,806) (38,876)
Net current liabilities (12,157) (21,563)
Total assets less current liabilities 14,700 14,246
Creditors: amounts falling due after more than one year 6 (13,926) (17,023)
Net assets/(liabilities) 774 (2,777)
Capital and reserves
Called up share capital 2 2
Profit and loss account 772 (2,779)
Shareholders' funds 774 (2,777)
The directors are 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 directors acknowledge their 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.
…………………………………..
Mr J Seager
Director
Approved by the board on 19 August 2024
World Pizza Limited
Notes to the Accounts
for the year ended 30 November 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value fo tangible assets, the depreciation is revised to reflect the new estimates. The rates are as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
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 material 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 36,192 43,022 79,214
At 30 November 2023 36,192 43,022 79,214
Depreciation
At 1 December 2022 18,726 24,679 43,405
Charge for the year 4,367 4,585 8,952
At 30 November 2023 23,093 29,264 52,357
Net book value
At 30 November 2023 13,099 13,758 26,857
At 30 November 2022 17,466 18,343 35,809
4 Debtors 2023 2022
£ £
Trade debtors 13,433 7,130
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,929 10,015
Obligations under finance lease and hire purchase contracts - 2,522
Taxation and social security costs 18,135 8,859
Other creditors 9,742 17,480
36,806 38,876
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,926 16,402
Obligations under finance lease and hire purchase contracts - 621
13,926 17,023
7 Loans 2023 2022
£ £
Creditors include:
Bank loan instalments falling due for payment after more than five years 4,300 7,200
8 Other information
World Pizza Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 20
130-132 Vauxhall Street
Plymouth
PL4 0EP
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