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Registration number: 12648620

The Wagtail Kitchen Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

The Wagtail Kitchen Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Wagtail Kitchen Ltd

Company Information

Director

Mr S Manders

Registered office

8 Loyne Park
Whittington
Carnforth
LA6 2NL

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

The Wagtail Kitchen Ltd

(Registration number: 12648620)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

300

600

Tangible assets

5

17,261

6,598

 

17,561

7,198

Current assets

 

Stocks

6

4,795

3,000

Debtors

7

6,958

1,994

Cash at bank and in hand

 

3,187

2,228

 

14,940

7,222

Creditors: Amounts falling due within one year

8

(9,105)

(8,584)

Net current assets/(liabilities)

 

5,835

(1,362)

Total assets less current liabilities

 

23,396

5,836

Creditors: Amounts falling due after more than one year

8

(20,364)

-

Provisions for liabilities

(2,977)

(914)

Net assets

 

55

4,922

Capital and reserves

 

Called up share capital

1

1

Retained earnings

54

4,921

Shareholders' funds

 

55

4,922

For the financial year ending 30 June 2024 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.

 

The Wagtail Kitchen Ltd

(Registration number: 12648620)
Balance Sheet as at 30 June 2024

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 16 October 2024
 

.........................................
Mr S Manders
Director

   
     
 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
8 Loyne Park
Whittington
Carnforth
LA6 2NL

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Government grants

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred 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.

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024


Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% reducing balance

Office equipment

33.3% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

20% straight line

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.

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.

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stock represents cost of consumables. At each reporting date stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its realisable value; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

1,500

1,500

At 30 June 2024

1,500

1,500

Amortisation

At 1 July 2023

900

900

Amortisation charge

300

300

At 30 June 2024

1,200

1,200

Carrying amount

At 30 June 2024

300

300

At 30 June 2023

600

600

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

11,595

233

11,828

Additions

14,132

250

14,382

At 30 June 2024

25,727

483

26,210

Depreciation

At 1 July 2023

5,153

77

5,230

Charge for the year

3,567

152

3,719

At 30 June 2024

8,720

229

8,949

Carrying amount

At 30 June 2024

17,007

254

17,261

At 30 June 2023

6,442

156

6,598

6

Stocks

2024
£

2023
£

Stock

4,795

3,000

7

Debtors

2024
£

2023
£

Trade debtors

1,686

1,224

Prepayments

1,337

-

Other debtors

3,935

770

 

6,958

1,994

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,991

2,533

Taxation and social security

 

896

3,857

Accruals and deferred income

 

2,171

2,194

Other creditors

 

47

-

 

9,105

8,584

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

20,364

-

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

5,991

2,533

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,425 (2023 - £14,530).

 

The Wagtail Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr S Manders

Director's current account

6

(32,623)

30,360

(2,257)

         
       

 

At the year end Mr S Manders had an overdrawn Director's current account of £2,257. Section 455 Tax has not been charged as the director has confirmed the balance will be repaid within 9 months of the year end. As the overdrawn balance did not exceed £10,000, interest has not been charged in accordance with HM Revenue and Customs guidance.