Registered number
08888190
HEALTHY SPICES LTD
Filleted Accounts
29 February 2024
HEALTHY SPICES LTD
Registered number: 08888190
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 85,925 56,735
95,925 66,735
Current assets
Stocks 17,650 14,750
Debtors 5 7,200 13,860
Cash at bank and in hand 451,757 458,449
476,607 487,059
Creditors: amounts falling due within one year 6 (297,799) (297,813)
Net current assets 178,808 189,246
Net assets 274,733 255,981
Capital and reserves
Called up share capital 4 4
Profit and loss account 274,729 255,977
Shareholders' funds 274,733 255,981
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
M Idrees
Director
Approved by the board on 11 June 2024
HEALTHY SPICES LTD
Notes to the Accounts
for the year ended 29 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 10,000
At 29 February 2024 10,000
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 10,000
At 28 February 2023 10,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 15,465 107,362 122,827
Additions - 41,620 41,620
At 29 February 2024 15,465 148,982 164,447
Depreciation
At 1 March 2023 - 66,092 66,092
Charge for the year - 12,430 12,430
At 29 February 2024 - 78,522 78,522
Net book value
At 29 February 2024 15,465 70,460 85,925
At 28 February 2023 15,465 41,270 56,735
5 Debtors 2024 2023
£ £
Trade debtors 4,142 9,907
Other debtors 3,058 3,953
7,200 13,860
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 46,505 16,929
Taxation and social security costs 50,308 44,847
Other creditors 200,986 236,037
297,799 297,813
7 Other information
HEALTHY SPICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
191 Soho Road
Handsworth
Birmingham
B21 9SU
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