The Spicery Ltd 06519526 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of spices and recipe resources. Digita Accounts Production Advanced 6.30.9574.0 true true 06519526 2023-04-01 2024-03-31 06519526 2024-03-31 06519526 core:CurrentFinancialInstruments 2024-03-31 06519526 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06519526 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 06519526 core:PlantMachinery 2024-03-31 06519526 bus:SmallEntities 2023-04-01 2024-03-31 06519526 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06519526 bus:FilletedAccounts 2023-04-01 2024-03-31 06519526 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06519526 bus:RegisteredOffice 2023-04-01 2024-03-31 06519526 bus:Director1 2023-04-01 2024-03-31 06519526 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06519526 core:Buildings 2023-04-01 2024-03-31 06519526 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 06519526 core:PlantMachinery 2023-04-01 2024-03-31 06519526 countries:EnglandWales 2023-04-01 2024-03-31 06519526 2023-03-31 06519526 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 06519526 core:PlantMachinery 2023-03-31 06519526 2022-04-01 2023-03-31 06519526 2023-03-31 06519526 core:CurrentFinancialInstruments 2023-03-31 06519526 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06519526 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 06519526 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06519526

The Spicery Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Spicery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Spicery Ltd

Company Information

Director

Mr James Ransome

Registered office

77 Feeder Road
Bristol
BS2 0TQ

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

The Spicery Ltd

(Registration number: 06519526)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

65,239

70,091

Current assets

   

Stocks

5

325,861

 

297,663

Debtors

6

18,519

 

21,492

Cash at bank and in hand

 

496,381

 

639,095

 

840,761

 

958,250

Creditors: Amounts falling due within one year

7

(123,632)

 

(242,358)

Net current assets

   

717,129

715,892

Total assets less current liabilities

   

782,368

785,983

Provisions for liabilities

 

(16,308)

(14,401)

Net assets

   

766,060

771,582

Capital and reserves

   

Called up share capital

2

 

2

Retained earnings

766,058

 

771,580

Shareholders' funds

   

766,060

771,582

 

The Spicery Ltd

(Registration number: 06519526)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................

Mr James Ransome
Director

 

The Spicery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
77 Feeder Road
Bristol
BS2 0TQ

These financial statements were authorised for issue by the director on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Spicery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance / 25% straight line

Improvements to property

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Spicery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Spicery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

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 hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 23).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

23,221

247,968

271,189

Additions

-

4,187

4,187

At 31 March 2024

23,221

252,155

275,376

Depreciation

At 1 April 2023

21,122

179,976

201,098

Charge for the year

524

8,515

9,039

At 31 March 2024

21,646

188,491

210,137

Carrying amount

At 31 March 2024

1,575

63,664

65,239

At 31 March 2023

2,099

67,992

70,091

Included within the net book value of land and buildings above is £1,574 (2023 - £2,099) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

325,861

297,663

 

The Spicery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,599

10,954

Prepayments

5,277

4,128

Other debtors

6,643

6,410

 

18,519

21,492

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

644

13,096

Trade creditors

 

30,756

44,597

Taxation and social security

 

25,314

29,005

Accruals and deferred income

 

57,961

139,417

Other creditors

 

8,957

16,243

 

123,632

242,358