10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 40,000 40,000 3,167 3,167 36,833 1,335 1,335 xbrli:pure xbrli:shares iso4217:GBP 12860161 2023-03-01 2024-02-29 12860161 2024-02-29 12860161 2023-02-28 12860161 2022-03-01 2023-02-28 12860161 2023-02-28 12860161 2022-02-28 12860161 core:NetGoodwill 2023-03-01 2024-02-29 12860161 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-29 12860161 core:FurnitureFittings 2023-03-01 2024-02-29 12860161 bus:Director1 2023-03-01 2024-02-29 12860161 core:NetGoodwill 2024-02-29 12860161 core:FurnitureFittings 2023-02-28 12860161 core:LandBuildings core:LongLeaseholdAssets 2024-02-29 12860161 core:FurnitureFittings 2024-02-29 12860161 core:DeferredTaxation 2023-03-01 2024-02-29 12860161 core:WithinOneYear 2024-02-29 12860161 core:WithinOneYear 2023-02-28 12860161 core:ShareCapital 2024-02-29 12860161 core:ShareCapital 2023-02-28 12860161 core:RetainedEarningsAccumulatedLosses 2024-02-29 12860161 core:RetainedEarningsAccumulatedLosses 2023-02-28 12860161 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 12860161 core:FurnitureFittings 2023-02-28 12860161 core:DeferredTaxation 2024-02-29 12860161 bus:SmallEntities 2023-03-01 2024-02-29 12860161 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12860161 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12860161 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12860161 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 12860161
THE LEEDS DELI LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
THE LEEDS DELI LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
36,833
Tangible assets
6
64,606
31,441
-----------
---------
101,439
31,441
CURRENT ASSETS
Stocks
5,370
4,780
Debtors
7
5,793
5,197
Cash at bank and in hand
14,872
1,406
---------
---------
26,035
11,383
CREDITORS: amounts falling due within one year
8
123,748
60,831
-----------
---------
NET CURRENT LIABILITIES
97,713
49,448
-----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,726
( 18,007)
PROVISIONS
Taxation including deferred tax
9
1,335
--------
---------
NET ASSETS/(LIABILITIES)
2,391
( 18,007)
--------
---------
THE LEEDS DELI LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
2,390
( 18,008)
--------
---------
SHAREHOLDERS FUNDS/(DEFICIT)
2,391
( 18,007)
--------
---------
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 year ending 29 February 2024 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 year 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr N Colley
Director
Company registration number: 12860161
THE LEEDS DELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
10% straight line
Fixtures, fittings & Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
Additions
Acquisitions through business combinations
40,000
---------
At 29 February 2024
40,000
---------
Amortisation
Charge for the year
3,167
---------
At 29 February 2024
3,167
---------
Carrying amount
At 29 February 2024
36,833
---------
At 28 February 2023
---------
6. TANGIBLE ASSETS
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023
40,902
40,902
Additions
15,276
25,837
41,113
Disposals
( 614)
( 614)
---------
---------
---------
At 29 February 2024
15,276
66,125
81,401
---------
---------
---------
Depreciation
At 1 March 2023
9,461
9,461
Charge for the year
891
6,613
7,504
Disposals
( 170)
( 170)
---------
---------
---------
At 29 February 2024
891
15,904
16,795
---------
---------
---------
Carrying amount
At 29 February 2024
14,385
50,221
64,606
---------
---------
---------
At 28 February 2023
31,441
31,441
---------
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
2,120
2,072
Other debtors
3,673
3,125
--------
--------
5,793
5,197
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,988
26,869
Social security and other taxes
15,635
8,665
Other creditors
69,125
25,297
-----------
---------
123,748
60,831
-----------
---------
9. PROVISIONS
Deferred tax (note 10)
£
At 1 March 2023
Additions
1,335
--------
At 29 February 2024
1,335
--------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
1,335
--------
-----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,335
--------
-----
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.