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Registration number: 04918437

Herbies Pizza (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Herbies Pizza (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Herbies Pizza (UK) Limited

Company Information

Director

Mr A S Brar

Company secretary

Mr A S Brar

Registered office

965 Weston Road
Slough
Berkshire
SL1 4HR

 

Herbies Pizza (UK) Limited

(Registration number: 04918437)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

1

1

Tangible Assets

5

53,291

71,054

 

53,292

71,055

Current assets

 

Stocks

6

131,849

100,944

Debtors

7

246,317

183,948

Cash at bank and in hand

 

26,062

73,955

 

404,228

358,847

Creditors: Amounts falling due within one year

8

(237,900)

(225,041)

Net current assets

 

166,328

133,806

Total assets less current liabilities

 

219,620

204,861

Creditors: Amounts falling due after more than one year

8

(85,173)

(45,331)

Net assets

 

134,447

159,530

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

134,347

159,430

Shareholders' funds

 

134,447

159,530

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr A S Brar
Company secretary and director

 

Herbies Pizza (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
965 Weston Road
Slough
Berkshire
SL1 4HR
England

These financial statements were authorised for issue by the director on 19 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.

Going concern

The financial statements have been prepared on a going concern basis.

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

Plant and machinery

25% net book value

Motor vehicles

25% net book value

 

Herbies Pizza (UK) Limited

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

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patents, trademarks, licences, concessions and similar

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Herbies Pizza (UK) Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 15).

4

Intangible assets

Trademarks and patents
 £

Total
£

Cost or valuation

At 1 January 2023

220,000

220,000

At 31 December 2023

220,000

220,000

Amortisation

At 1 January 2023

219,999

219,999

At 31 December 2023

219,999

219,999

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

 

Herbies Pizza (UK) Limited

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

5

Tangible Assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

166,081

166,081

At 31 December 2023

166,081

166,081

Depreciation

At 1 January 2023

95,027

95,027

Charge for the year

17,763

17,763

At 31 December 2023

112,790

112,790

Carrying amount

At 31 December 2023

53,291

53,291

At 31 December 2022

71,054

71,054

6

Stocks

2023
£

2022
£

Stock

131,849

100,944

7

Debtors

2023
£

2022
£

Trade debtors

226,641

153,851

Other debtors

-

9,110

Prepayments

19,676

20,987

246,317

183,948

 

Herbies Pizza (UK) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

22,442

8,557

Trade creditors

 

177,235

163,790

Taxation and social security

 

26,708

23,741

Accruals and deferred income

 

5,305

8,110

Other creditors

 

6,210

20,843

 

237,900

225,041

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

85,173

45,331

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

45,895

35,294

Other borrowings

39,278

10,037

85,173

45,331

Current loans and borrowings

2023
£

2022
£

Other borrowings

22,442

8,557

11

Dividends

2023

2022

£

£

Interim dividend of £540.00 (2022 - £540.00) per ordinary share

54,000

54,000