Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31fast food franchising2023-02-01false1010truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02044486 2023-02-01 2024-01-31 02044486 2022-02-01 2023-01-31 02044486 2024-01-31 02044486 2023-01-31 02044486 2022-02-01 02044486 c:CompanySecretary1 2023-02-01 2024-01-31 02044486 c:Director1 2023-02-01 2024-01-31 02044486 c:Director2 2023-02-01 2024-01-31 02044486 c:RegisteredOffice 2023-02-01 2024-01-31 02044486 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 02044486 d:Buildings d:LongLeaseholdAssets 2024-01-31 02044486 d:Buildings d:LongLeaseholdAssets 2023-01-31 02044486 d:MotorVehicles 2023-02-01 2024-01-31 02044486 d:MotorVehicles 2024-01-31 02044486 d:MotorVehicles 2023-01-31 02044486 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02044486 d:FurnitureFittings 2023-02-01 2024-01-31 02044486 d:FurnitureFittings 2024-01-31 02044486 d:FurnitureFittings 2023-01-31 02044486 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02044486 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02044486 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 02044486 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 02044486 d:CurrentFinancialInstruments 2024-01-31 02044486 d:CurrentFinancialInstruments 2023-01-31 02044486 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 02044486 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02044486 d:ShareCapital 2024-01-31 02044486 d:ShareCapital 2023-01-31 02044486 d:ShareCapital 2022-02-01 02044486 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 02044486 d:RetainedEarningsAccumulatedLosses 2024-01-31 02044486 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 02044486 d:RetainedEarningsAccumulatedLosses 2023-01-31 02044486 d:RetainedEarningsAccumulatedLosses 2022-02-01 02044486 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-02-01 2024-01-31 02044486 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-31 02044486 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-31 02044486 c:OrdinaryShareClass1 2023-02-01 2024-01-31 02044486 c:OrdinaryShareClass1 2024-01-31 02044486 c:OrdinaryShareClass1 2023-01-31 02044486 c:FRS102 2023-02-01 2024-01-31 02044486 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 02044486 c:FullAccounts 2023-02-01 2024-01-31 02044486 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02044486 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 02044486 2 2023-02-01 2024-01-31 02044486 6 2023-02-01 2024-01-31 02044486 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-02-01 2024-01-31 02044486 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 02044486












FAVORITE FRIED CHICKEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 

FAVORITE FRIED CHICKEN LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 13


 

FAVORITE FRIED CHICKEN LIMITED
 
COMPANY INFORMATION


Directors
K R Woodley 
S J Woodley 




Company secretary
S J Woodley



Registered number
02044486



Registered office
7 Davy Road
Gorse Lane

Clacton On Sea

Essex

CO15 4XD




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:02044486
FAVORITE FRIED CHICKEN LIMITED

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,174
-

Tangible assets
 5 
57,135
452

Investments
 6 
156,247
-

  
220,556
452

Current assets
  

Stocks
 7 
131,652
95,271

Debtors: amounts falling due within one year
 8 
617,547
743,504

Cash at bank and in hand
  
713,496
629,115

  
1,462,695
1,467,890

Creditors: amounts falling due within one year
 9 
(530,384)
(649,459)

Net current assets
  
 
 
932,311
 
 
818,431

Total assets less current liabilities
  
1,152,867
818,883

Provisions for liabilities
  

Other provisions
 10 
(300,000)
(150,000)

  
 
 
(300,000)
 
 
(150,000)

Net assets
  
852,867
668,883


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
852,767
668,783

Total equity
  
852,867
668,883


Page 2


 
REGISTERED NUMBER:02044486
FAVORITE FRIED CHICKEN LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S J Woodley
Director

Date: 6 September 2024

The notes on pages 5 to 13 form part of these financial statements.

Page 3


FAVORITE FRIED CHICKEN LIMITED


 
  
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 February 2022
100
542,279
542,379



Comprehensive income for the year


Profit for the year
-
426,504
426,504


Dividends: Equity capital
-
(300,000)
(300,000)





At 1 February 2023
100
668,783
668,883



Comprehensive income for the year


Profit for the year
-
483,984
483,984


Dividends: Equity capital
-
(300,000)
(300,000)



At 31 January 2024
100
852,767
852,867



The notes on pages 5 to 13 form part of these financial statements.

Page 4

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Favorite Fried Chicken Limited is a private company limited by share incorporated in England and Wales.The address of its registered office is 7 Davy Road, Gorse lane, Clacton-on-Sea, Essex, CO1 4XD. The principal activity is food franchising.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 5

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
6 years
Motor vehicles
-
3 years
Fixtures and fittings
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 6

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 7

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

  
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 8

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 9

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Computer Software

£



Cost


Additions
7,680



At 31 January 2024

7,680



Amortisation


Charge for the year on owned assets
506



At 31 January 2024

506



Net book value



At 31 January 2024
7,174



At 31 January 2023
-



Page 10

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 February 2023
28,377
-
172,256
200,633


Additions
-
60,341
170
60,511



At 31 January 2024

28,377
60,341
172,426
261,144



Depreciation


At 1 February 2023
28,377
-
171,804
200,181


Charge for the year on owned assets
-
3,352
476
3,828



At 31 January 2024

28,377
3,352
172,280
204,009



Net book value



At 31 January 2024
-
56,989
146
57,135



At 31 January 2023
-
-
452
452


6.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
150,000


Revaluations
6,247



At 31 January 2024
156,247





7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
131,652
95,271

131,652
95,271


Page 11

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
200,561
338,003

Other debtors
396,189
394,819

Prepayments
20,797
10,682

617,547
743,504



9.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
298,111
380,475

Corporation tax
182,309
134,667

Other taxation and social security
38,797
29,167

Other creditors
6,296
103,485

Accruals
4,871
1,665

530,384
649,459



10.


Provisions





Other provisions

£





At 1 February 2023
150,000


Charged to profit or loss
150,000



At 31 January 2024
300,000

There were loans issued to Kegs Hubs Limited to assist with their setup since their incorporation. It is unlikely that Kegs Hubs limited will be able to repay the loan in full as their venture was not successful.
A provision was created, measured at the best estimate at the reporting date, for the expected loss against the unpaid proportion of the loan.

Page 12

 

FAVORITE FRIED CHICKEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £0.10 each
100
100



12.


Related party transactions

Rent of £12,000 (2023: £12,000) in respect of the company's office premises was payable to a partnership of which the director has a 25% interest.
The company maintains interest free loans, repaable on demand, with Kegs Hubs Limited, a company under common control. At the end of the year, within other debtors, £394,819 (2023: £394,819) was owed to the company

 
Page 13