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Registration number: 09326672

Grandad's Sausages Ltd
Annual Report and
Unaudited Financial Statements

30 November 2023

 

Grandad's Sausages Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Grandad's Sausages Ltd

Balance Sheet
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

136

153

Tangible assets

5

21,489

13,647

 

21,625

13,800

Current assets

 

Debtors

6

27,392

32,889

Cash at bank and in hand

 

23,397

18,770

 

50,789

51,659

Creditors: Amounts falling due within one year

7

(61,530)

(60,487)

Net current liabilities

 

(10,741)

(8,828)

Total assets less current liabilities

 

10,884

4,972

Provisions for liabilities

(2,993)

(2,993)

Net assets

 

7,891

1,979

Capital and reserves

 

Called up share capital

10

10

Retained earnings

7,881

1,969

Shareholders' funds

 

7,891

1,979

For the financial year ending 30 November 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 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.

 

Grandad's Sausages Ltd

Balance Sheet
30 November 2023

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 25 November 2024
 

.........................................
Mr M D Kershaw
Director

Company Registration Number: 09326672

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
129 Radcliffe New Road
Whitefield
Manchester
M45 7RP

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.

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current 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.

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

Motor vehicles

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent

10% Straight-line

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 3 (2022 - 2).

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 December 2022

170

170

At 30 November 2023

170

170

Amortisation

Amortisation charge

34

34

At 30 November 2023

34

34

Carrying amount

At 30 November 2023

136

136

At 30 November 2022

153

153

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

14,348

14,050

28,398

Additions

-

14,995

14,995

At 30 November 2023

14,348

29,045

43,393

Depreciation

At 1 December 2022

9,251

5,500

14,751

Charge for the year

1,267

5,886

7,153

At 30 November 2023

10,518

11,386

21,904

Carrying amount

At 30 November 2023

3,830

17,659

21,489

At 30 November 2022

5,097

8,550

13,647

 

Grandad's Sausages Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

23,962

32,184

Other debtors

3,430

705

 

27,392

32,889

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,790

-

Taxation and social security

11,664

4,002

Accruals and deferred income

1,000

1,680

Other creditors

41,076

54,805

61,530

60,487

8

Related party transactions

Director's remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of the remuneration package.