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Registration number: 08455377

Niche Food And Drink Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Niche Food And Drink Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Niche Food And Drink Ltd

Company Information

Director

Mr A Morgan

Company secretary

Mr A Morgan

Registered office

197-199 Rosebery Avenue
London
EC1R 4TJ

Accountants

JTTF Accountants Ltd
19 Lillian Road
London
SW13 9JG

 

Niche Food And Drink Ltd

(Registration number: 08455377)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,341

21,442

Current assets

 

Debtors

5

3,379

199,313

Cash at bank and in hand

 

354

726

 

3,733

200,039

Creditors: Amounts falling due within one year

6

(241,288)

(203,019)

Net current liabilities

 

(237,555)

(2,980)

Total assets less current liabilities

 

(226,214)

18,462

Creditors: Amounts falling due after more than one year

6

(18,192)

(23,192)

Net liabilities

 

(244,406)

(4,730)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(244,408)

(4,732)

Shareholders' deficit

 

(244,406)

(4,730)

For the financial year ending 31 March 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.

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 28 October 2024
 

.........................................
Mr A Morgan
Company secretary and director

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
197-199 Rosebery Avenue
London
EC1R 4TJ

These financial statements were authorised for issue by the director on 28 October 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.

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Leasehold

20% straight line

Equipment

20-33.3% 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.

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.

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.

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 16 (2023 - 17).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

37,597

35,997

73,594

At 31 March 2024

37,597

35,997

73,594

Depreciation

At 1 April 2023

34,522

17,630

52,152

Charge for the year

3,076

7,025

10,101

At 31 March 2024

37,598

24,655

62,253

Carrying amount

At 31 March 2024

(1)

11,342

11,341

At 31 March 2023

3,075

18,367

21,442

Included within the net book value of land and buildings above is £(1) (2023 - £3,075) in respect of short leasehold land and buildings.
 

5

Debtors

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current

Note

2024
£

2023
£

Trade debtors

 

3,379

-

Amounts owed by related parties

9

-

199,313

   

3,379

199,313

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

75,639

37,291

Trade creditors

 

76,175

33,929

Taxation and social security

 

37,447

70,758

Other creditors

 

52,027

61,041

 

241,288

203,019

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

18,192

23,192

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,192

23,192

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

4,919

13,214

Other borrowings

60,720

14,077

75,639

37,291

 

Niche Food And Drink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company has made a loan to Niche Free-From Kitchen Limited, a company under common control. The loan was interest free. The loan was written down to zero during the year.
 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

199,313

199,313

Advanced

40,050

40,050

Impairment

(239,363)

(239,363)

At end of period

-

-

2023

Entities with joint control or significant influence
£

Total
£

At start of period

117,442

117,442

Advanced

81,871

81,871

At end of period

199,313

199,313