Registered number
07399779
Your Choice Foods Limited
Unaudited Filleted Accounts
31 October 2023
Your Choice Foods Limited
Registered number: 07399779
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,074 46,749
59,074 46,749
Current assets
Stocks 32,250 38,525
Debtors 4 405,180 343,185
Cash at bank and in hand 12,120 39,501
449,550 421,211
Creditors: amounts falling due within one year 5 (457,982) (348,896)
Net current (liabilities)/assets (8,432) 72,315
Total assets less current liabilities 50,642 119,064
Creditors: amounts falling due after more than one year 6 (15,833) (25,833)
Provisions for liabilities (11,224) (12,477)
Net assets 23,585 80,754
Capital and reserves
Called up share capital 100 100
Profit and loss account 23,485 80,654
Shareholders' funds 23,585 80,754
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.
Mr. A. Ali
Director
Approved by the board on 22 October 2024
Your Choice Foods Limited
Notes to the Accounts
for the year ended 31 October 2023
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 write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 20% straight line
Commercial motor vehicles 20% reducing balance
Plant and Mahcinery, 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 November 2022 116,355 51,570 167,925
Additions 6,508 20,995 27,503
Surplus on revaluation - - -
Disposals - (9,500) (9,500)
At 31 October 2023 122,863 63,065 185,928
Depreciation
At 1 November 2022 90,432 30,744 121,176
Charge for the year 5,466 4,312 9,778
Surplus on revaluation - - -
On disposals - (4,100) (4,100)
At 31 October 2023 95,898 30,956 126,854
Net book value
At 31 October 2023 26,965 32,109 59,074
At 31 October 2022 25,923 20,826 46,749
4 Debtors 2023 2022
£ £
Trade debtors 397,980 335,985
Other debtors 7,200 7,200
405,180 343,185
Amounts due after more than one year included above 7,200 7,200
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,903 10,000
Trade creditors 420,207 344,872
Taxation and social security costs (43,210) (27,889)
Other creditors 58,082 21,913
457,982 348,896
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,833 25,833
15,833 25,833
7 Other information
Your Choice Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
136 Leagrave Road
Luton
Bedfordshire
LU4 8HX
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