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Company registration number: 06452016
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Unaudited filleted financial statements
29 February 2024
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Directors and other information
Directors
Mr S Lee
Mrs C Lee
Company number 06452016
Registered office 18 High Street
Aldridge
West Midlands
WS9 8LZ
Accountant J Pedley-Smith FCCA
38 Newick Avenue
Sutton Coldfield
West Midlands
B74 3DA
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of SIMPLY DELICIOUS (ALDRIDGE) LIMITED for the year ended 29 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of SIMPLY DELICIOUS (ALDRIDGE) LIMITED, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of SIMPLY DELICIOUS (ALDRIDGE) LIMITED and state those matters that we have agreed to state to the board of directors of SIMPLY DELICIOUS (ALDRIDGE) LIMITED as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than SIMPLY DELICIOUS (ALDRIDGE) LIMITED and its board of directors as a body for my work or for this report.
It is your duty to ensure that SIMPLY DELICIOUS (ALDRIDGE) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SIMPLY DELICIOUS (ALDRIDGE) LIMITED. You consider that SIMPLY DELICIOUS (ALDRIDGE) LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of SIMPLY DELICIOUS (ALDRIDGE) LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
J Pedley-Smith FCCA
Chartered Certified Accountant
38 Newick Avenue
Sutton Coldfield
West Midlands
B74 3DA
18 September 2024
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 11,192 12,825
_______ _______
11,192 12,825
Current assets
Stocks 18,109 18,158
Debtors 6 3,352 4,832
Cash at bank and in hand 9,874 7,043
_______ _______
31,335 30,033
Creditors: amounts falling due
within one year 7 ( 49,451) ( 48,281)
_______ _______
Net current liabilities ( 18,116) ( 18,248)
_______ _______
Total assets less current liabilities ( 6,924) ( 5,423)
Creditors: amounts falling due
after more than one year 8 ( 11,903) ( 15,000)
Provisions for liabilities ( 2,126) ( 2,436)
_______ _______
Net liabilities ( 20,953) ( 22,859)
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account ( 20,955) ( 22,861)
_______ _______
Shareholders deficit ( 20,953) ( 22,859)
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr S Lee
Director
Company registration number: 06452016
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 2 ( 13,800) ( 13,798)
Profit/(loss) for the year ( 9,061) ( 9,061)
_______ _______ _______
Total comprehensive income for the year - ( 9,061) ( 9,061)
_______ _______ _______
At 28 February 2023 and 1 March 2023 2 (22,863) (22,861)
Profit/(loss) for the year 1,908 1,908
_______ _______ _______
Total comprehensive income for the year - 1,908 1,908
_______ _______ _______
At 29 February 2024 2 ( 20,955) ( 20,953)
_______ _______ _______
SIMPLY DELICIOUS (ALDRIDGE) LIMITED
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 18 High Street, Aldridge, West Midlands, WS9 8LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have continued to support the business financially during the year and consider that the business will be able to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 11 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2023 436 48,881 49,317
Additions - 1,179 1,179
_______ _______ _______
At 29 February 2024 436 50,060 50,496
_______ _______ _______
Depreciation
At 1 March 2023 421 36,071 36,492
Charge for the year 15 2,797 2,812
_______ _______ _______
At 29 February 2024 436 38,868 39,304
_______ _______ _______
Carrying amount
At 29 February 2024 - 11,192 11,192
_______ _______ _______
At 28 February 2023 15 12,810 12,825
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 3,352 4,832
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 10,361 9,916
Corporation tax 758 -
Social security and other taxes 3,120 4,048
Other creditors 29,212 28,317
_______ _______
49,451 48,281
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,903 15,000
_______ _______
Creditors due after more than one year relate to the bounce back loan.The loan incurs interest at 2.5% and is being repaid over 60 monthly instalments.
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Operating leases
The operating lease expired on 30th April 2022. The property is now leased on a monthly rolling contract.
11. Related party transactions
Other creditors includes loans made to the company from Directors amounting to £26,876 (2023: £26,425). These loans are interest free and repayable on demand.