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Company No: 13684445 (England and Wales)

ALTCHEESE LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

ALTCHEESE LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

ALTCHEESE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
ALTCHEESE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 31.10.2023 31.10.2022
£ £
Fixed assets
Tangible assets 3 580 872
580 872
Current assets
Stocks 1,156 2,890
Debtors
- due within one year 4 1,490 3,896
- due after more than one year 4 0 11,378
Cash at bank and in hand 6,423 631
9,069 18,795
Creditors: amounts falling due within one year 5 ( 91,217) ( 53,065)
Net current liabilities (82,148) (34,270)
Total assets less current liabilities (81,568) (33,398)
Net liabilities ( 81,568) ( 33,398)
Capital and reserves
Called-up share capital 6 400 400
Profit and loss account ( 81,968 ) ( 33,798 )
Total shareholders' deficit ( 81,568) ( 33,398)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Altcheese Ltd (registered number: 13684445) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

A J Barber
Director
ALTCHEESE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
ALTCHEESE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Altcheese Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wards Farm Smiths Lane, Ditcheat, Shepton Mallet, BA4 6PR, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £81,568. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.10.2023
Period from
18.10.2021 to
31.10.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 November 2022 996 129 1,125
At 31 October 2023 996 129 1,125
Accumulated depreciation
At 01 November 2022 249 4 253
Charge for the financial year 249 43 292
At 31 October 2023 498 47 545
Net book value
At 31 October 2023 498 82 580
At 31 October 2022 747 125 872

4. Debtors

31.10.2023 31.10.2022
£ £
Debtors: amounts falling due within one year
Trade debtors 1,149 638
VAT recoverable 341 3,158
Other debtors 0 100
1,490 3,896
Debtors: amounts falling due after more than one year
Deferred tax asset 0 11,378

5. Creditors: amounts falling due within one year

31.10.2023 31.10.2022
£ £
Trade creditors 2,048 5,293
Amounts owed to directors 65,369 25,122
Accruals 22,650 22,650
Other creditors 1,150 0
91,217 53,065

6. Called-up share capital

31.10.2023 31.10.2022
£ £
Allotted, called-up and fully-paid
360,000 Ordinary shares of £ 0.001 each (31.10.2022: 4 shares of £ 100.00 each) 360 400
40,000 Ordinary B shares of £ 0.001 each (31.10.2022: nil shares) 40 0
400 400

7. Related party transactions

Transactions with the entity's directors

31.10.2023 31.10.2022
£ £
Amount owed to directors 65,369 25,122