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REGISTERED NUMBER: 09160728 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 30 November 2023

for

Lemon Plaice (Axminster) Limited

Lemon Plaice (Axminster) Limited (Registered number: 09160728)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Report of the Director 2

Statement of Income and Retained Earnings 3

Statement of Financial Position 4

Notes to the Financial Statements 6


Lemon Plaice (Axminster) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mrs A D Tarratt





REGISTERED OFFICE: The Old Barn
Castle Hill
Axminster
Devon
EX13 5RL





REGISTERED NUMBER: 09160728 (England and Wales)





ACCOUNTANTS: Bizz Solutions 4U Limited
5 Greenfylde Close
Ilminster
Somerset
TA19 9FJ

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Report of the Director
for the Year Ended 30 November 2023

The director presents her report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of take-away food.

DIRECTOR
Mrs A D Tarratt held office during the whole of the period from 1 December 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs A D Tarratt - Director


31 August 2024

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Income and Retained Earnings
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 343,016 368,548

Cost of sales 111,354 120,554
GROSS PROFIT 231,662 247,994

Administrative expenses 291,064 288,026
(59,402 ) (40,032 )

Other operating income 10,300 8,000
OPERATING LOSS 4 (49,102 ) (32,032 )

Interest receivable and similar
income

3

345
(49,099 ) (31,687 )

Interest payable and similar
expenses

5

16,471

7,725
LOSS BEFORE TAXATION (65,570 ) (39,412 )

Tax on loss 6 - (5,149 )
LOSS FOR THE FINANCIAL YEAR (65,570 ) (34,263 )

Retained earnings at beginning of
year

(30,683

)

3,580

RETAINED EARNINGS AT END OF
YEAR

(96,253

)

(30,683

)

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 61,177 71,373
Tangible assets 8 18,422 17,577
79,599 88,950

CURRENT ASSETS
Stocks 4,250 3,800
Debtors 9 12,487 6,635
Cash at bank and in hand 2,588 650
19,325 11,085
CREDITORS
Amounts falling due within one year 10 149,751 96,872
NET CURRENT LIABILITIES (130,426 ) (85,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(50,827

)

3,163

CREDITORS
Amounts falling due after more than
one year

11

45,423

33,843
NET LIABILITIES (96,250 ) (30,680 )

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings (96,253 ) (30,683 )
(96,250 ) (30,680 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 31 August 2024 and were signed by:





Mrs A D Tarratt - Director


Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Lemon Plaice (Axminster) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The economic life of the goodwill acquired on 1st December 2015 was reviewed and extended to 30 November 2029 following the director's review at the end of November 2020.The annual provision was reassessed with a remaining life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

30.11.23 30.11.22
£    £   
Depreciation - owned assets 4,511 4,751
Goodwill amortisation 10,196 10,196

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank Interest on overdrafts 3,366 1,074
Bank loan interest 467 522
Funding Circle interest 12,638 6,129
16,471 7,725

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
Overprovision - Prior Year - (5,149 )
Tax on loss - (5,149 )

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 135,000
AMORTISATION
At 1 December 2022 63,627
Amortisation for year 10,196
At 30 November 2023 73,823
NET BOOK VALUE
At 30 November 2023 61,177
At 30 November 2022 71,373

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 3,303 11,399 23,042 311 38,055
Additions 3,483 919 250 704 5,356
At 30 November 2023 6,786 12,318 23,292 1,015 43,411
DEPRECIATION
At 1 December 2022 2,116 6,451 11,641 270 20,478
Charge for year 934 1,237 2,330 10 4,511
At 30 November 2023 3,050 7,688 13,971 280 24,989
NET BOOK VALUE
At 30 November 2023 3,736 4,630 9,321 735 18,422
At 30 November 2022 1,187 4,948 11,401 41 17,577

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade Debtors 1,203 2,073
Other debtors 4,818 262
Directors' current accounts 3,398 2,084
Prepayments 3,068 2,216
12,487 6,635

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 33,184 33,919
Trade creditors 16,941 8,151
Funding Circle loan 11,419 12,142
Tax 5,337 7,164
Social security and other taxes 3,028 1,584
Nest pensions 84 -
VAT creditor 70,908 22,840
Accruals 8,850 11,072
149,751 96,872

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans - 1-2 years 6,239 5,625
Bank loans - 2-5 years 3,146 9,875
Funding Circle loan 36,038 18,343
45,423 33,843

12. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Funding Circle 47,457 30,485

Lemon Plaice (Axminster) Limited (Registered number: 09160728)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

13. GOING CONCERN

The total book value of the liabilities as at the balance sheet date exceeds the total book value of the assets by £96,253.Turnover and trading profits for the year were curtailed by issues of illness and increasing costs on employment and energy.In the director's opinion, matters are being addressed with resolutions being passed to enable the Company to restore the level of profitability that was achieved in earlier years.. Management policies remain in place to restore growth in turnover..Therefore, the director considers that the Company remains a going concern and that the accounts have been correctly prepared on this basis.