Registered number
SC665719
TOM COURTS QUALITY FOODS (FIFE) LTD
Filleted Accounts
30 June 2024
TOM COURTS QUALITY FOODS (FIFE) LTD
Registered number: SC665719
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 12,227 -
Tangible assets 4 125,344 71,429
137,571 71,429
Current assets
Stocks 47,104 24,498
Debtors 5 1,280 10,280
Cash at bank and in hand 7,727 4,933
56,111 39,711
Creditors: amounts falling due within one year 6 (56,223) (67,075)
Net current liabilities (112) (27,364)
Total assets less current liabilities 137,459 44,065
Creditors: amounts falling due after more than one year 7 (83,365) (29,943)
Provisions for liabilities (23,815) (13,572)
Net assets 30,279 550
Capital and reserves
Profit and loss account 30,279 550
Shareholders' funds 30,279 550
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Courts
Director
Approved by the board on 13 September 2024
TOM COURTS QUALITY FOODS (FIFE) LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
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).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to reduce the cost of the asset over time as stated.
Freehold building Improvements 5% Straight Line
Motor Vehicles 25% Reducing Balance
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
Additions 12,227
At 30 June 2024 12,227
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 12,227
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 8,170 103,383 20,100 131,653
Additions - 71,676 - 71,676
At 30 June 2024 8,170 175,059 20,100 203,329
Depreciation
At 1 July 2023 1,226 47,378 11,620 60,224
Charge for the year 408 15,233 2,120 17,761
At 30 June 2024 1,634 62,611 13,740 77,985
Net book value
At 30 June 2024 6,536 112,448 6,360 125,344
At 30 June 2023 6,944 56,005 8,480 71,429
5 Debtors 2024 2023
£ £
Other debtors 1,280 10,280
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,970 14,543
Pensions Creditor 1,714 771
Trade creditors 53,511 38,981
Taxation and social security costs (2,928) 12,554
Other creditors 956 226
56,223 67,075
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 63,422 -
Bounce Back Loan 19,943 29,943
83,365 29,943
8 Other information
TOM COURTS QUALITY FOODS (FIFE) LTD is a private company limited by shares and incorporated in Scotland. Its registered office is: 213 High Street, Burntisland, Fife, Scotland, KY3 9AE
213 High Street
Burntisland
Fife
KY3 9AE
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