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Registered number: 09105479
Dorchester Finest Foods Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Your Accounts Team Ltd
10 Sudeley Place
Brighton
BN2 1HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09105479
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 51,907 31,847
51,907 31,847
CURRENT ASSETS
Stocks 6 25,509 22,744
Debtors 7 38,002 29,554
Cash at bank and in hand 86,962 116,169
150,473 168,467
Creditors: Amounts Falling Due Within One Year 8 (72,512 ) (76,360 )
NET CURRENT ASSETS (LIABILITIES) 77,961 92,107
TOTAL ASSETS LESS CURRENT LIABILITIES 129,868 123,954
NET ASSETS 129,868 123,954
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 129,768 123,854
SHAREHOLDERS' FUNDS 129,868 123,954
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Meghann Gibbons
Director
1 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Dorchester Finest Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09105479 . The registered office is 7a Tudor Arcade, South Street, Dorchester, Dorset, DT1 1BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are trademarks, licences (including software) and customer-related intangible assets. It is amortised to the profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% p.a Straight line
Fixtures & Fittings 20% p.a Straight line
Computer Equipment 20% p.a Straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was 15 (2023: 12)
15 12
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 April 2023 7,500
As at 31 March 2024 7,500
Amortisation
As at 1 April 2023 7,500
As at 31 March 2024 7,500
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 53,342 83,276 1,277 137,895
Additions - 36,483 - 36,483
As at 31 March 2024 53,342 119,759 1,277 174,378
Depreciation
As at 1 April 2023 27,593 78,196 259 106,048
Provided during the period 9,827 6,340 256 16,423
As at 31 March 2024 37,420 84,536 515 122,471
Net Book Value
As at 31 March 2024 15,922 35,223 762 51,907
As at 1 April 2023 25,749 5,080 1,018 31,847
6. Stocks
2024 2023
£ £
Finished goods 25,509 22,744
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 9,750 15,049
Other debtors 20,199 12,879
VAT 8,053 1,626
38,002 29,554
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 64,907 51,635
Corporation tax 6,900 12,252
Other taxes and social security 692 1,290
Net wages - 6,416
Other creditors - 478
Director's loan account 13 4,289
72,512 76,360
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5