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Registered number: 08316734
Grandpa's Breads Limited
Financial Statements
For The Year Ended 31 December 2023
Fairman Harris
ICAEW
1 Landor Road
London
SW9 9RX
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08316734
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 81,542 513,738
81,542 513,738
CURRENT ASSETS
Stocks 5 2,000 -
Debtors 6 83,457 15,431
Cash at bank and in hand 5,735 9,320
91,192 24,751
Creditors: Amounts Falling Due Within One Year 7 (123,620 ) (548,650 )
NET CURRENT ASSETS (LIABILITIES) (32,428 ) (523,899 )
TOTAL ASSETS LESS CURRENT LIABILITIES 49,114 (10,161 )
Creditors: Amounts Falling Due After More Than One Year 8 (32,750 ) (38,299 )
NET ASSETS/(LIABILITIES) 16,364 (48,460 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 16,264 (48,560 )
SHAREHOLDERS' FUNDS 16,364 (48,460)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S J Parbtani
Director
21 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Grandpa's Breads Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08316734 . The registered office is 279 Grays Inn Road, WC1X 8QF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold N/A
Leasehold N/A
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2022: 10)
16 10
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 477,583 - 18,703 135,458
Additions - 45,897 9,120 1,734
Disposals (477,583 ) - - -
As at 31 December 2023 - 45,897 27,823 137,192
Depreciation
As at 1 January 2023 - - 4,858 113,148
Provided during the period - - 5,741 6,011
As at 31 December 2023 - - 10,599 119,159
Net Book Value
As at 31 December 2023 - 45,897 17,224 18,033
As at 1 January 2023 477,583 - 13,845 22,310
Computer Equipment Total
£ £
Cost
As at 1 January 2023 - 631,744
Additions 517 57,268
Disposals - (477,583 )
As at 31 December 2023 517 211,429
Depreciation
As at 1 January 2023 - 118,006
Provided during the period 129 11,881
As at 31 December 2023 129 129,887
Net Book Value
As at 31 December 2023 388 81,542
As at 1 January 2023 - 513,738
5. Stocks
2023 2022
£ £
Stock 2,000 -
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 67,057 6,431
Other debtors 16,400 9,000
83,457 15,431
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,656 49
Bank loans and overdrafts 5,417 5,284
Corporation tax - 1,822
Other taxes and social security 2,535 12,017
VAT 2,976 1,413
Other creditors 2,291 115,025
Accruals and deferred income 9,775 2,750
Directors' loan accounts 91,970 87,156
Amounts owed to associates - 323,134
123,620 548,650
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 32,750 38,299
32,750 38,299
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Smar Group Ltd - intercompany balance: £ Nil, (2022 CR £1,047)
Smar Space - intercompany balance: £Nil , (2022 CR £70,000)
Smartstay Ltd - intercompany balance: £Nil, (2022 CR 44,532)
SMR Facilities Management Ltd - intercompoany balance: £Nil, (2022 CR £322,087)
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Shamsuddin Jalaluddin Parbtani . The person holds, directly or indirectly, more than 25% but not more than 50% of the shares in the company. The person has the right, directly or indirectly, to appoint or remove a mojority of the board of directors of the company.
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