Registered number
11145528
Fat Cow Torquay Limited
Filleted Accounts
31 January 2024
Fat Cow Torquay Limited
Registered number: 11145528
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 299,112 257,229
Current assets
Debtors 4 4,031 1,911
Cash at bank and in hand 15,441 10,055
19,472 11,966
Creditors: amounts falling due within one year 5 (569,115) (468,430)
Net current liabilities (549,643) (456,464)
Total assets less current liabilities (250,531) (199,235)
Creditors: amounts falling due after more than one year 6 (24,023) (34,082)
Net liabilities (274,554) (233,317)
Capital and reserves
Called up share capital 1 1
Profit and loss account (274,555) (233,318)
Shareholder's funds (274,554) (233,317)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
B Singh
Director
Approved by the board on 29 October 2024
Fat Cow Torquay Limited
Notes to the Accounts
for the year ended 31 January 2024
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The company’s balance sheet shows a net liability position. However, the director considers the company can continue to rely upon his own support to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures& fittings Plant and machinery etc Freehold property Total
£ £ £ £
Cost
At 1 February 2023 7,609 2,585 254,419 264,613
Additions - - 42,585 42,585
At 31 January 2024 7,609 2,585 297,004 307,198
Depreciation
At 1 February 2023 5,412 1,972 - 7,384
Charge for the year 549 153 - 702
At 31 January 2024 5,961 2,125 - 8,086
Net book value
At 31 January 2024 1,648 460 297,004 299,112
At 31 January 2023 2,197 613 254,419 257,229
4 Debtors 2024 2023
£ £
Other debtors 4,031 1,911
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 45,248 33,299
Other creditors 523,867 435,131
569,115 468,430
6 Related party transactions
The company has received loans of £15,665 (2023 £35,331) from The Boathouse (Torquay) Limited and Rumour Win Bar & Restaurant Ltd ,companies in which the directors has a controlling interest.
In the past the company has contracted the management services of Chescombe Limited ,a company in which the director Mr B Singh has a controlling interest. The total amount owed to this company at the year end was £37,190 (2023 £22,070).These transactions were carried out on an arms length basis.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,023 34,082
7 Other information
Fat Cow Torquay Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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