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REGISTERED NUMBER: SC504769 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

SMART CUISINE LIMITED

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART CUISINE LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A J Smart
A I Smart





REGISTERED OFFICE: 65 Anderson Drive
Aberdeen
AB15 4UA





REGISTERED NUMBER: SC504769 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,375 6,875
Tangible assets 5 143,589 151,092
147,964 157,967

CURRENT ASSETS
Stocks 8,271 9,091
Debtors 6 10,115 8,704
Cash at bank and in hand 14,304 28,395
32,690 46,190
CREDITORS
Amounts falling due within one year 7 59,790 61,607
NET CURRENT LIABILITIES (27,100 ) (15,417 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,864

142,550

CREDITORS
Amounts falling due after more than one year 8 (94,532 ) (102,524 )

PROVISIONS FOR LIABILITIES 10 (3,828 ) (5,239 )
NET ASSETS 22,504 34,787

CAPITAL AND RESERVES
Called up share capital 11 200 200
Retained earnings 12 22,304 34,587
SHAREHOLDERS' FUNDS 22,504 34,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




A I Smart - Director



A J Smart - Director


SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Smart Cuisine Limited is a private company, limited by shares , registered in Scotland. 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
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful 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.
Improvements to property - 12.5% on cost and 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost

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 Income Statement, 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 balance sheet date.


SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 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 balance sheet 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 10 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 25,000
AMORTISATION
At 1 January 2023 18,125
Amortisation for year 2,500
At 31 December 2023 20,625
NET BOOK VALUE
At 31 December 2023 4,375
At 31 December 2022 6,875

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 123,090 34,605 52,337 1,053 211,085
Additions - - 1,382 722 2,104
At 31 December 2023 123,090 34,605 53,719 1,775 213,189
DEPRECIATION
At 1 January 2023 - 23,701 35,321 971 59,993
Charge for year - 4,073 5,348 186 9,607
At 31 December 2023 - 27,774 40,669 1,157 69,600
NET BOOK VALUE
At 31 December 2023 123,090 6,831 13,050 618 143,589
At 31 December 2022 123,090 10,904 17,016 82 151,092

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 8,641 8,063
Tax 884 -
Prepayments 590 641
10,115 8,704

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 13,300 13,300
Trade creditors 19,786 18,997
Tax - 1,201
Social security and other taxes 4,051 2,512
VAT 11,699 13,402
Other creditors 945 470
Directors' current accounts 2,689 5,424
Accrued expenses 7,320 6,301
59,790 61,607

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 13,300 13,300
Bank loans - 2-5 years 39,900 39,900
Bank loans more 5 yr by instal 21,332 29,324
Directors' loan accounts 20,000 20,000
94,532 102,524

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,332 29,324

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   

A floating charge was created on the 28th July 2015 in favour of the The Royal Bank of Scotland PLC which covers all the property or undertaking of the company.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 3,828 5,239

Deferred
tax
£   
Balance at 1 January 2023 5,239
Movement in year (1,411 )
Balance at 31 December 2023 3,828

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
5,000 Ordinary 4p 200 200

SMART CUISINE LIMITED (REGISTERED NUMBER: SC504769)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RESERVES
Retained
earnings
£   

At 1 January 2023 34,587
Deficit for the year (12,283 )
At 31 December 2023 22,304