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Registration number: 11056265

Oad Street Food and Crafts Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Oad Street Food and Crafts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Oad Street Food and Crafts Limited

Company Information

Director

Mr Michael Woodcock

Registered office

Oad Street
Borden
Sittingbourne
Kent
ME9 8LB

 

Oad Street Food and Crafts Limited

(Registration number: 11056265)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,600

5,250

Tangible assets

5

371,760

274,586

 

376,360

279,836

Current assets

 

Stocks

6

33,482

27,418

Debtors

7

62,658

98,927

Cash at bank and in hand

 

1,582

-

 

97,722

126,345

Creditors: Amounts falling due within one year

8

(297,790)

(199,147)

Net current liabilities

 

(200,068)

(72,802)

Total assets less current liabilities

 

176,292

207,034

Creditors: Amounts falling due after more than one year

8

(66,632)

(111,867)

Net assets

 

109,660

95,167

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

109,659

95,166

Shareholders' funds

 

109,660

95,167

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 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.

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 27 November 2024
 

 

Oad Street Food and Crafts Limited

(Registration number: 11056265)
Balance Sheet as at 29 February 2024

.........................................
Mr Michael Woodcock
Director

 

Oad Street Food and Crafts Limited

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:
Oad Street
Borden
Sittingbourne
Kent
ME9 8LB
England

These financial statements were authorised for issue by the director on 27 November 2024.

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.

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.

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.

 

Oad Street Food and Crafts Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 machinery

15%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

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.

 

Oad Street Food and Crafts Limited

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.

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.

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 30 (2023 - 30).

 

Oad Street Food and Crafts Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

8,500

8,500

At 29 February 2024

8,500

8,500

Amortisation

At 1 March 2023

3,250

3,250

Amortisation charge

650

650

At 29 February 2024

3,900

3,900

Carrying amount

At 29 February 2024

4,600

4,600

At 28 February 2023

5,250

5,250

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

205,626

23,604

124,505

-

Additions

93,060

23,107

29,626

1,843

At 29 February 2024

298,686

46,711

154,131

1,843

Depreciation

At 1 March 2023

12,446

11,470

55,233

-

Charge for the year

14,934

12,133

23,119

276

At 29 February 2024

27,380

23,603

78,352

276

Carrying amount

At 29 February 2024

271,306

23,108

75,779

1,567

At 28 February 2023

193,180

12,134

69,272

-

 

Oad Street Food and Crafts Limited

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

Total
£

Cost or valuation

At 1 March 2023

353,735

Additions

147,636

At 29 February 2024

501,371

Depreciation

At 1 March 2023

79,149

Charge for the year

50,462

At 29 February 2024

129,611

Carrying amount

At 29 February 2024

371,760

At 28 February 2023

274,586

Included within the net book value of land and buildings above is £271,306 (2023 - £193,180) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

33,482

27,418

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,325

12,959

Prepayments

10,913

7,384

Other debtors

49,420

78,584

 

62,658

98,927

 

Oad Street Food and Crafts Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

31,300

7,804

Trade creditors

 

111,739

34,457

Taxation and social security

 

40,820

44,985

Accruals and deferred income

 

10,301

5,682

Other creditors

 

103,630

106,219

 

297,790

199,147

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

66,632

111,867

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

16,797

7,804

Other borrowings

14,503

-

31,300

7,804