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COMPANY REGISTRATION NUMBER: 07877904
THE FANTASTIC FOOD COMPANY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 December 2023
THE FANTASTIC FOOD COMPANY LTD
STATEMENT OF FINANCIAL POSITION
30 December 2023
30 Dec 23
31 Dec 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
9,008
11,059
CURRENT ASSETS
Stocks
2,950
4,600
Debtors
6
18,745
11,905
Cash at bank and in hand
889
--------
--------
21,695
17,394
CREDITORS: amounts falling due within one year
7
( 15,597)
( 12,538)
--------
--------
NET CURRENT ASSETS
6,098
4,856
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
15,106
15,915
CREDITORS: amounts falling due after more than one year
8
( 12,455)
( 14,526)
PROVISIONS
( 1,712)
( 2,101)
--------
--------
NET ASSETS/(LIABILITIES)
939
( 712)
--------
--------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
938
( 713)
----
----
SHAREHOLDERS FUNDS/(DEFICIT)
939
( 712)
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 December 2023 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE FANTASTIC FOOD COMPANY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
M Payne Director
Company registration number: 07877904
THE FANTASTIC FOOD COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2023 TO 30 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 30 December 2023
20,534
1,976
7,000
29,510
--------
-------
-------
--------
Depreciation
At 1 January 2023
13,952
1,437
3,062
18,451
Charge for the period
987
80
984
2,051
--------
-------
-------
--------
At 30 December 2023
14,939
1,517
4,046
20,502
--------
-------
-------
--------
Carrying amount
At 30 December 2023
5,595
459
2,954
9,008
--------
-------
-------
--------
At 31 December 2022
6,582
539
3,938
11,059
--------
-------
-------
--------
6. DEBTORS
30 Dec 23
31 Dec 22
£
£
Other debtors
18,745
11,905
--------
--------
7. CREDITORS: amounts falling due within one year
30 Dec 23
31 Dec 22
£
£
Bank loans and overdrafts
5,026
2,552
Corporation tax
855
Nat West business card
5,402
5,882
Other creditors
4,314
4,104
--------
--------
15,597
12,538
--------
--------
8. CREDITORS: amounts falling due after more than one year
30 Dec 23
31 Dec 22
£
£
Bank loans and overdrafts
12,455
14,526
--------
--------