Posh Nosh (Westpoint) Limited 07788615 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is catering services. Digita Accounts Production Advanced 6.30.9574.0 true true 07788615 2023-03-01 2024-02-29 07788615 2024-02-29 07788615 core:RetainedEarningsAccumulatedLosses 2024-02-29 07788615 core:ShareCapital 2024-02-29 07788615 core:CurrentFinancialInstruments 2024-02-29 07788615 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07788615 core:Non-currentFinancialInstruments 2024-02-29 07788615 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 07788615 core:FurnitureFittingsToolsEquipment 2024-02-29 07788615 core:OtherPropertyPlantEquipment 2024-02-29 07788615 bus:SmallEntities 2023-03-01 2024-02-29 07788615 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07788615 bus:FullAccounts 2023-03-01 2024-02-29 07788615 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07788615 bus:RegisteredOffice 2023-03-01 2024-02-29 07788615 bus:Director4 2023-03-01 2024-02-29 07788615 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07788615 core:FurnitureFittings 2023-03-01 2024-02-29 07788615 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 07788615 core:MotorVehicles 2023-03-01 2024-02-29 07788615 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 07788615 core:PlantMachinery 2023-03-01 2024-02-29 07788615 countries:EnglandWales 2023-03-01 2024-02-29 07788615 2023-02-28 07788615 core:FurnitureFittingsToolsEquipment 2023-02-28 07788615 core:OtherPropertyPlantEquipment 2023-02-28 07788615 2022-03-01 2023-02-28 07788615 2023-02-28 07788615 core:RetainedEarningsAccumulatedLosses 2023-02-28 07788615 core:ShareCapital 2023-02-28 07788615 core:CurrentFinancialInstruments 2023-02-28 07788615 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07788615 core:Non-currentFinancialInstruments 2023-02-28 07788615 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07788615 core:FurnitureFittingsToolsEquipment 2023-02-28 07788615 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 07788615

Posh Nosh (Westpoint) Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Company Information

Director

J M Hall

Registered office

Unit 3
Houndbeare Business Park
Rockbeare Hill
Exeter
Devon
EX5 2EZ

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,618

47,105

Current assets

 

Stocks

5

2,000

1,000

Debtors

6

34,303

12,883

Cash at bank and in hand

 

8,526

7,707

 

44,829

21,590

Creditors: Amounts falling due within one year

7

(172,959)

(112,413)

Net current liabilities

 

(128,130)

(90,823)

Total assets less current liabilities

 

(94,512)

(43,718)

Creditors: Amounts falling due after more than one year

7

(25,660)

(31,265)

Provisions for liabilities

(5,728)

-

Net liabilities

 

(125,900)

(74,983)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(126,000)

(75,083)

Total equity

 

(125,900)

(74,983)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 November 2024
 

.........................................
J M Hall
Director

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit 3
Houndbeare Business Park
Rockbeare Hill
Exeter
Devon
EX5 2EZ

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. The director has acknowledged the negative reserves at the balance sheet date and continues to provide support to keep the company trading.
The director has put in place steps to reduce costs and with the events industry opening back up after Covid-19, the director asserts that the company can continue trading and return to a net asset position.

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.

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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

Plant and equipment

25% straight line

Motor vehicles

25% straight line

Furniture and fittings

25% straight line

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.

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 24 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

53,565

8,408

61,973

At 29 February 2024

53,565

8,408

61,973

Depreciation

At 1 March 2023

6,460

8,408

14,868

Charge for the year

13,487

-

13,487

At 29 February 2024

19,947

8,408

28,355

Carrying amount

At 29 February 2024

33,618

-

33,618

At 28 February 2023

47,105

-

47,105

Included within the net book value of motor vehicles is £NIL (2022 - £15,000) in respect of assets held under hire purchase agreements.

5

Stocks

2024
£

2023
£

Other stocks

2,000

1,000

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

20,704

10,700

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,586

-

Other debtors

 

12,013

2,183

Total current trade and other debtors

 

34,303

12,883

 

Posh Nosh (Westpoint) Limited
(Registration number: 07788615)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,768

10,000

Trade creditors

 

60,924

19,184

Taxation and social security

 

35,503

21,244

Other creditors

 

63,833

59,985

Accrued expenses

 

2,931

2,000

 

172,959

112,413

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

25,660

31,265

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,333

10,000

Bank overdrafts

1,435

-

9,768

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

25,660

31,265

Assets held under hire purchase agreements are pledged as security for their respective hire purchase liabilities.