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Registered number: 08920495
Smokeworks Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
One Bean Limited
Chartered Accountants
Suite C, 153 St Neots Road
Hardwick
Cambridge
Cambridgeshire
CB23 7QJ
Contents
Page
Statement of Financial Position 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Statement of Financial Position
Registered number: 08920495
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 351,181 406,288
351,181 406,288
CURRENT ASSETS
Stocks 5 19,961 23,603
Debtors 6 44,411 20,382
Cash at bank and in hand 64,943 1,339
129,315 45,324
Creditors: Amounts Falling Due Within One Year 7 (550,563 ) (382,901 )
NET CURRENT ASSETS (LIABILITIES) (421,248 ) (337,577 )
TOTAL ASSETS LESS CURRENT LIABILITIES (70,067 ) 68,711
Creditors: Amounts Falling Due After More Than One Year 8 (97,631 ) (170,249 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (44,915 ) (48,102 )
NET LIABILITIES (212,613 ) (149,640 )
CAPITAL AND RESERVES
Called up share capital 9 1,059 1,059
Income Statement (213,672 ) (150,699 )
SHAREHOLDERS' FUNDS (212,613) (149,640)
Page 1
Page 2
For the year ending 28 February 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 his 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 Income Statement.
On behalf of the board
Mr M D Freeman
Director
18 September 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Share Premium Income Statement Total
£ £ £ £
As at 1 March 2022 1,059 149,841 (231,443 ) (80,543)
Loss for the year and total comprehensive income - - (29,609 ) (29,609)
Dividends paid - - (39,488) (39,488)
Share capital reduction - (149,841 ) 149,841 -
As at 28 February 2023 and 1 March 2023 1,059 - (150,699 ) (149,640)
Loss for the year and total comprehensive income - - (62,973 ) (62,973)
As at 28 February 2024 1,059 - (213,672 ) (212,613)
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Notes to the Financial Statements
1. General Information
Smokeworks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08920495 . The registered office is 1-3 Station Road, Cambridge, CB1 2JB.
The principal activity of the company was the operation of restaurants and catering services.
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. Going Concern Disclosure
Total liabilities exceed current assets at the balance sheet date. The director considers that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has continued to improve its trading performance during the current trading period which is forecast to continue for the next 12 months and beyond. Accordingly, the director considers that it is appropriate to prepare the accounts on a going concern basis.
2.3. Turnover
Revenue represents sales (excluding VAT) of goods and services, net of trade discounts provided in the normal course of business. Revenue is derived from food and beverage sales, and other revenue. Food and beverage revenue is recognised when served.
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:
Leasehold 10% per annum on cost
Plant & Machinery 20% per annum on cost
Fixtures & Fittings 20% per annum on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. 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.
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2.7. 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.
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.
2.8. Pensions
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2023: 47)
42 47
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 759,842 275,737 318,026 1,353,605
Additions 4,924 7,886 1,450 14,260
Disposals - (18,744 ) - (18,744 )
As at 28 February 2024 764,766 264,879 319,476 1,349,121
Depreciation
As at 1 March 2023 485,978 223,944 237,395 947,317
...CONTINUED
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Provided during the period 35,274 10,934 14,227 60,435
Disposals - (9,812 ) - (9,812 )
As at 28 February 2024 521,252 225,066 251,622 997,940
Net Book Value
As at 28 February 2024 243,514 39,813 67,854 351,181
As at 1 March 2023 273,864 51,793 80,631 406,288
5. Stocks
2024 2023
£ £
Stock 19,961 23,603
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 3,693
Other debtors 44,411 16,689
44,411 20,382
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 120,989 99,698
Bank loans and overdrafts 295 14,792
Other loans due within one year 89,037 82,118
Other creditors 239,554 115,245
Taxation and social security 100,688 71,048
550,563 382,901
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 97,631 170,249
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,059 1,059
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 79,823 85,792
Later than one year and not later than five years 470,360 330,823
Later than five years 991,500 1,010,000
1,541,683 1,426,615
The majority of the commitments above related to the lease of trading premises in Cambridge.
11. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £170 (2023: £24) were due to the fund. They are included in Other Creditors.
12. Controlling Party
The company's controlling party is Mr M D Freeman by virtue of his ownership of 50.05% of the issued share capital in the company.
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