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COMPANY REGISTRATION NUMBER: 10932845
Smoke & Dough Limited
Filleted Unaudited Financial Statements
31 August 2023
Smoke & Dough Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Smoke & Dough Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Smoke & Dough Limited
Year ended 31 August 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
31 August 2024
Smoke & Dough Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
971,226
986,448
Current assets
Debtors
5
591,503
665,946
Cash at bank and in hand
58,200
35,657
---------
---------
649,703
701,603
Creditors: amounts falling due within one year
6
1,628,442
1,667,777
------------
------------
Net current liabilities
978,739
966,174
---------
---------
Total assets less current liabilities
( 7,513)
20,274
Creditors: amounts falling due after more than one year
7
18,333
28,333
--------
--------
Net liabilities
( 25,846)
( 8,059)
--------
--------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
( 26,846)
( 9,059)
--------
-------
Shareholders deficit
( 25,846)
( 8,059)
--------
-------
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.
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 .
Smoke & Dough Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 31 August 2024 , and are signed on behalf of the board by:
Mr D. Bahuguna
Director
Company registration number: 10932845
Smoke & Dough Limited
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 c/o Vaghela & Co, 10 Clark's Courtyard, 145 Granville Street, Birmingham, B1 1SB.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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.
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 and fittings
-
5% straight line
Equipment
-
25% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Tangible assets
Short leasehold property
Fixtures and fittings
Equipment
Property Improvements
Total
£
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
1,030
302,045
482
713,216
1,016,773
-------
---------
----
---------
------------
Depreciation
At 1 September 2022
30,325
30,325
Charge for the year
15,102
120
15,222
-------
---------
----
---------
------------
At 31 August 2023
45,427
120
45,547
-------
---------
----
---------
------------
Carrying amount
At 31 August 2023
1,030
256,618
362
713,216
971,226
-------
---------
----
---------
------------
At 31 August 2022
1,030
271,720
482
713,216
986,448
-------
---------
----
---------
------------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
55,197
75,240
Other debtors
536,306
590,706
---------
---------
591,503
665,946
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
299,176
373,724
Other creditors
1,319,266
1,284,053
------------
------------
1,628,442
1,667,777
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
28,333
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
9. Director's advances, credits and guarantees
At 31st August 2023, other creditors include the following amounts due to the director:- Mr D Bahuguna £15,939 (£15,926 - 2022) The loans are interest free, for an indefinite period and repayable on demand