Taste at No.1 Ltd 09951998 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the retail of craft spirits and cafe. Digita Accounts Production Advanced 6.30.9574.0 true true 09951998 2023-02-01 2024-01-31 09951998 2024-01-31 09951998 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-31 09951998 core:CurrentFinancialInstruments 2024-01-31 09951998 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09951998 core:Non-currentFinancialInstruments 2024-01-31 09951998 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09951998 core:FurnitureFittingsToolsEquipment 2024-01-31 09951998 core:LandBuildings 2024-01-31 09951998 core:OtherPropertyPlantEquipment 2024-01-31 09951998 bus:SmallEntities 2023-02-01 2024-01-31 09951998 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09951998 bus:FilletedAccounts 2023-02-01 2024-01-31 09951998 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09951998 bus:RegisteredOffice 2023-02-01 2024-01-31 09951998 bus:Director3 2023-02-01 2024-01-31 09951998 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 09951998 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09951998 core:FurnitureFittings 2023-02-01 2024-01-31 09951998 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09951998 core:LandBuildings 2023-02-01 2024-01-31 09951998 core:LeaseholdImprovements 2023-02-01 2024-01-31 09951998 core:OfficeEquipment 2023-02-01 2024-01-31 09951998 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 09951998 core:PlantMachinery 2023-02-01 2024-01-31 09951998 countries:EnglandWales 2023-02-01 2024-01-31 09951998 2023-01-31 09951998 core:FurnitureFittingsToolsEquipment 2023-01-31 09951998 core:LandBuildings 2023-01-31 09951998 core:OtherPropertyPlantEquipment 2023-01-31 09951998 2022-02-01 2023-01-31 09951998 2023-01-31 09951998 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-31 09951998 core:CurrentFinancialInstruments 2023-01-31 09951998 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09951998 core:Non-currentFinancialInstruments 2023-01-31 09951998 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09951998 core:FurnitureFittingsToolsEquipment 2023-01-31 09951998 core:LandBuildings 2023-01-31 09951998 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09951998

Taste at No.1 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Taste at No.1 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Taste at No.1 Ltd

Company Information

Director

A N Murphy

Registered office

1 High Street
Ludlow
Shropshire
SY8 1BS

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Taste at No.1 Ltd

(Registration number: 09951998)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,608

3,284

Current assets

 

Stocks

5

8,426

6,135

Debtors

6

8,373

26,792

Cash at bank and in hand

 

52,510

74,636

 

69,309

107,563

Creditors: Amounts falling due within one year

7

(21,439)

(29,636)

Net current assets

 

47,870

77,927

Total assets less current liabilities

 

51,478

81,211

Creditors: Amounts falling due after more than one year

7

(19,280)

(28,805)

Net assets

 

32,198

52,406

Capital and reserves

 

Called up share capital

8

113

113

Share premium reserve

49,767

49,767

Retained earnings

(17,682)

2,526

Shareholders' funds

 

32,198

52,406

For the financial year ending 31 January 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.

 

Taste at No.1 Ltd

(Registration number: 09951998)
Balance Sheet as at 31 January 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 30 October 2024
 


A N Murphy
Director

 

Taste at No.1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
1 High Street
Ludlow
Shropshire
SY8 1BS

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 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.

 

Taste at No.1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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 improvements

3 years straight line

Plant and machinery

3 years straight line

Office equipment

3 years straight line

Fixtures and fittings

3 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Taste at No.1 Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

11,068

18,281

6,373

35,722

Additions

-

142

920

1,062

At 31 January 2024

11,068

18,423

7,293

36,784

Depreciation

At 1 February 2023

11,068

14,997

6,373

32,438

Charge for the year

-

687

51

738

At 31 January 2024

11,068

15,684

6,424

33,176

Carrying amount

At 31 January 2024

-

2,739

869

3,608

At 31 January 2023

-

3,284

-

3,284

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

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

8,426

6,135

 

Taste at No.1 Ltd

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

6

Debtors

2024
£

2023
£

Prepayments

3,931

4,354

Other debtors

4,442

22,438

8,373

26,792

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

9,999

Trade creditors

 

2,985

3,135

Taxation and social security

 

445

1,338

Accruals and deferred income

 

1,301

8,108

Other creditors

 

6,708

7,056

 

21,439

29,636

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

19,280

28,805

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.27 each

421

112

421

112

       
 

Taste at No.1 Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,280

28,805

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

9,999