2023-04-012024-03-312024-03-31false01970768HOTCAKES 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HOTCAKES LIMITED

Registered Number
01970768
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

HOTCAKES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

James Brierley
Susan Pulley

Registered Address

Arena Buildings
Vulcan Road North
Norwich
NR6 6AQ

Registered Number

01970768 (England and Wales)
HOTCAKES LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3599,527634,103
599,527634,103
Current assets
Stocks41,115,7741,743,910
Debtors5740,395739,696
Cash at bank and on hand1,947,0371,390,287
3,803,2063,873,893
Creditors amounts falling due within one year6(606,247)(575,430)
Net current assets (liabilities)3,196,9593,298,463
Total assets less current liabilities3,796,4863,932,566
Provisions for liabilities7(25,575)(33,580)
Net assets3,770,9113,898,986
Capital and reserves
Called up share capital16,00016,000
Profit and loss account3,754,9113,882,986
Shareholders' funds3,770,9113,898,986
The financial statements were approved and authorised for issue by the Board of Directors on 29 October 2024, and are signed on its behalf by:
James Brierley
Director
Registered Company No. 01970768
HOTCAKES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings50
Plant and machinery6.66
Fixtures and fittings6.66
Vehicles25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year1212
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 April 23794,527152,83461,500308,8471,317,708
Additions--98,71514,647113,362
Disposals--(98,715)-(98,715)
At 31 March 24794,527152,83461,500323,4941,332,355
Depreciation and impairment
At 01 April 23281,41047,19052,531302,474683,605
Charge for year15,89019,7328,9694,63249,223
At 31 March 24297,30066,92261,500307,106732,828
Net book value
At 31 March 24497,22785,912-16,388599,527
At 31 March 23513,117105,6448,9696,373634,103
4.Stocks

2024

2023

££
Finished goods1,115,7741,743,910
Total1,115,7741,743,910
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables486,783584,421
Other debtors168,36058,939
Prepayments and accrued income85,25296,336
Total740,395739,696
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables99,82886,179
Bank borrowings and overdrafts93,141-
Taxation and social security287,940336,582
Other creditors2,6492,461
Accrued liabilities and deferred income122,689150,208
Total606,247575,430
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)25,57533,580
Total25,57533,580