2023-01-012023-12-312023-12-31false11229783Mission Kitchen New Covent Garden Market 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Mission Kitchen New Covent Garden Market Ltd

Registered Number
11229783
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Mission Kitchen New Covent Garden Market Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Charlie Thomas Allan Gent
Christian Erik Stuart Lumsden
Andrew Jonathan Merritt
Paul Joseph Willmott Smyth

Registered Address

Mission Kitchen The First Floor The Food Exchange
New Covent Garden Market
London
SW8 5EL

Registered Number

11229783 (England and Wales)
Mission Kitchen New Covent Garden Market Ltd
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3348,850142,594
348,850142,594
Current assets
Debtors4306,74651,587
Cash at bank and on hand402,189624,384
708,935675,971
Creditors amounts falling due within one year5(521,305)(648,075)
Net current assets (liabilities)187,63027,896
Total assets less current liabilities536,480170,490
Provisions for liabilities6(87,212)-
Net assets449,268170,490
Capital and reserves
Called up share capital100100
Profit and loss account449,168170,390
Shareholders' funds449,268170,490
The financial statements were approved and authorised for issue by the Board of Directors on 11 September 2024, and are signed on its behalf by:
Christian Erik Stuart Lumsden
Director
Registered Company No. 11229783
Mission Kitchen New Covent Garden Market Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods and services, or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery10
Fixtures and fittings5
Office Equipment5
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year86
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 2360,172112,8978,954182,023
Additions151,82894,4614,781251,070
At 31 December 23212,000207,35813,735433,093
Depreciation and impairment
At 01 January 235,52029,2254,68439,429
Charge for year15,42731,535(1,192)45,770
Other adjustments(956)--(956)
At 31 December 2319,99160,7603,49284,243
Net book value
At 31 December 23192,009146,59810,243348,850
At 31 December 2254,65283,6724,270142,594
4.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings280,720-
Other debtors-19,142
Prepayments and accrued income26,02632,445
Total306,74651,587
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables35,57647,461
Amounts owed to related parties-193,141
Taxation and social security66,83578,502
Other creditors113,08490,885
Accrued liabilities and deferred income305,810238,086
Total521,305648,075
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)87,212-
Total87,212-
7.Share capital
Allotted, called up and fully paid share capital is £100 (2022: £100).
8.Related party transactions
Loans to a related Company existed during the year and the final balance of this loan is £280,719.77 and is classified as a current asset. The loan is interest-free and is repayable on demand.