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Company registration number: 07060798
TASTY PLAICE UK LTD
Unaudited filleted financial statements
30 September 2023
TASTY PLAICE UK LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
TASTY PLAICE UK LTD
Directors and other information
Directors Mrs Surinderjit Toor
Mr Asa Singh Dhaliwal
Company number 07060798
Registered office 1110 Elliott Court Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB
Accountants XL Associates LTD
Chartered Certified Accountants and Registered Auditors
Hazara House
502 - 504 Dudley Road
Wolverhampton
West Midlands, WV2 3AA
TASTY PLAICE UK LTD
Chartered Certified Accountants and Registered Auditors Report to the board of directors on the preparation of the
unaudited statutory financial statements of TASTY PLAICE UK LTD
Year ended 30 September 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2023 which comprise the statement of financial position and 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 unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
XL Associates LTD
Chartered Certified Accountants and Registered Auditors
Hazara House
502 - 504 Dudley Road
Wolverhampton
West Midlands, WV2 3AA
2 September 2024
TASTY PLAICE UK LTD
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 36,440 24,712
_______ _______
36,440 24,712
Current assets
Debtors 6 1,097,273 795,147
Cash at bank and in hand 369,090 1,006,004
_______ _______
1,466,363 1,801,151
Creditors: amounts falling due
within one year 7 ( 213,070) ( 466,686)
_______ _______
Net current assets 1,253,293 1,334,465
_______ _______
Total assets less current liabilities 1,289,733 1,359,177
Creditors: amounts falling due
after more than one year 8 ( 106,667) ( 146,667)
_______ _______
Net assets 1,183,066 1,212,510
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,182,966 1,212,410
_______ _______
Shareholders funds 1,183,066 1,212,510
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2024 , and are signed on behalf of the board by:
Mrs Surinderjit Toor
Director
Company registration number: 07060798
TASTY PLAICE UK LTD
Notes to the financial statements
Year ended 30 September 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 1110 Elliott Court Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 25 % reducing balance
Equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2022: 26 ).
5. Tangible assets
Freehold and leasehold properties Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2022 29,594 119,914 149,508
Additions 20,148 - 12,718
_______ _______ _______
At 30 September 2023 49,742 119,914 169,656
_______ _______ _______
Depreciation
At 1 October 2022 9,960 114,836 124,796
Charge for the year 7,405 1,015 8,420
_______ _______ _______
At 30 September 2023 17,365 115,851 133,216
_______ _______ _______
Carrying amount
At 30 September 2023 32,377 4,063 36,440
_______ _______ _______
At 30 September 2022 19,634 5,078 24,712
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 8,633 109
Amounts owed by group undertakings and undertakings in which the company has a participating interest 230,855 230,855
Other debtors 857,785 564,183
_______ _______
1,097,273 795,147
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 67,521 169,093
Amounts owed to group undertakings and undertakings in which the company has a participating interest 41,312 41,312
Corporation tax 27,289 217,888
Social security and other taxes 44,851 20,037
Other creditors 32,097 18,356
_______ _______
213,070 466,686
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 106,667 146,667
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors 6,398 293,602 300,000
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 1,216) 7,614 6,398
_______ _______ _______