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COMPANY REGISTRATION NUMBER: 08780514
The Student Diet Ltd
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
The Student Diet Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
500
1,000
Tangible assets
6
65
6,378
----
-------
565
7,378
Current assets
Stocks
3,000
9,750
Debtors
7
114
122
Cash at bank and in hand
127
-------
-------
3,241
9,872
Creditors: amounts falling due within one year
8
26,410
29,440
--------
--------
Net current liabilities
23,169
19,568
--------
--------
Total assets less current liabilities
( 22,604)
( 12,190)
Creditors: amounts falling due after more than one year
9
19,351
25,577
Provisions
Taxation including deferred tax
12
1,212
--------
--------
Net liabilities
( 41,967)
( 38,979)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 41,968)
( 38,980)
--------
--------
Shareholders deficit
( 41,967)
( 38,979)
--------
--------
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 comprehensive income has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Student Diet Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr S Roberts
Director
Company registration number: 08780514
The Student Diet Ltd
Notes to the Financial Statements
Year ended 30 November 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 50 Chapel Street, Porthmadog, Gwynedd, LL49 9DN.
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.The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The director has reviewed a period of 12 months from the date of approval of these financial statements and has confirmed his willingness to retain his loan in the company to enable it to meet all its liabilities as they fall due. As a result it is appropriate to prepare these accounts on a going concern basis. Judgements and key sources of estimation uncertainty 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Taxation Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company`s accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current rates and laws. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20% straight line
Progressive Web App - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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:
Fixtures & fittings - 15% reducing balance
Equipment - 15% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Intangible assets
Development costs
Progressive Web App
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
400
2,500
2,900
----
-------
-------
Amortisation
At 1 December 2022
400
1,500
1,900
Charge for the year
500
500
----
-------
-------
At 30 November 2023
400
2,000
2,400
----
-------
-------
Carrying amount
At 30 November 2023
500
500
----
-------
-------
At 30 November 2022
1,000
1,000
----
-------
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2022
340
14,456
14,796
Disposals
( 14,456)
( 14,456)
----
--------
--------
At 30 November 2023
340
340
----
--------
--------
Depreciation
At 1 December 2022
264
8,154
8,418
Charge for the year
11
11
Disposals
( 8,154)
( 8,154)
----
--------
--------
At 30 November 2023
275
275
----
--------
--------
Carrying amount
At 30 November 2023
65
65
----
--------
--------
At 30 November 2022
76
6,302
6,378
----
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
67
26
Other debtors
47
96
----
----
114
122
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,031
8,081
Trade creditors
1,479
3,911
Social security and other taxes
925
Other creditors
16,900
16,523
--------
--------
26,410
29,440
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,351
25,577
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £5,899 (2022: £7,354) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Repayments are payable monthly and the rate of interest on the loan is 2.5%
10. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.