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Registration number: NI615763

Jane's Kitchen Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Jane's Kitchen Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

Jane's Kitchen Limited

(Registration number: NI615763)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

67,062

74,312

Tangible assets

5

48,155

79,601

 

115,217

153,913

Current assets

 

Stocks

6

5,040

1,755

Debtors

7

333,219

174,613

Cash at bank and in hand

 

2,843

543

 

341,102

176,911

Creditors: Amounts falling due within one year

8

(439,593)

(264,187)

Net current liabilities

 

(98,491)

(87,276)

Total assets less current liabilities

 

16,726

66,637

Creditors: Amounts falling due after more than one year

8

(70,040)

(80,142)

Net liabilities

 

(53,314)

(13,505)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(53,414)

(13,605)

Shareholders' deficit

 

(53,314)

(13,505)

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Jane's Kitchen Limited

(Registration number: NI615763)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mrs Jane Allen
Director

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
59 Shore Road
Magheramorne
Larne
Co Antrim
BT40 3HW

These financial statements were authorised for issue by the Board on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Going concern

The financial statements have been prepared on a going concern basis. Although the company balance sheet is in deficit the directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements.The directors will continue to support the company and believe the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 20 years

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 34).

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

145,000

145,000

At 31 December 2023

145,000

145,000

Amortisation

At 1 January 2023

70,688

70,688

Amortisation charge

7,250

7,250

At 31 December 2023

77,938

77,938

Carrying amount

At 31 December 2023

67,062

67,062

At 31 December 2022

74,312

74,312

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

124,755

207,164

331,919

Additions

18,995

-

18,995

Disposals

(76,630)

-

(76,630)

At 31 December 2023

67,120

207,164

274,284

Depreciation

At 1 January 2023

89,073

163,245

252,318

Charge for the year

5,072

10,980

16,052

Eliminated on disposal

(42,241)

-

(42,241)

At 31 December 2023

51,904

174,225

226,129

Carrying amount

At 31 December 2023

15,216

32,939

48,155

At 31 December 2022

35,682

43,919

79,601

6

Stocks

2023
£

2022
£

Other inventories

5,040

1,755

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

321,831

174,613

Other debtors

11,388

-

 

333,219

174,613

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

18,935

72,775

Trade creditors

 

23,972

19,452

Amounts due to related parties

330,062

78,471

Social security and other taxes

 

59,791

83,070

Other payables

 

3,333

-

Accruals

 

3,500

3,500

Income tax liability

-

6,919

 

439,593

264,187

Due after one year

 

Loans and borrowings

10

70,040

80,142

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,165

15,730

Bank overdrafts

1,824

40,037

HP and finance lease liabilities

6,946

17,008

18,935

72,775

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

70,040

80,142

 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Jane's Kitchen Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

67,725

70,881

Hire purchase contracts

2,315

9,261

70,040

80,142

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,165

15,730

Bank overdrafts

1,824

40,037

Hire purchase contracts

6,946

17,008

18,935

72,775

11

Parent and ultimate parent undertaking

The ultimate controlling party is the Allen family.