Registered number
07899542
SIPP FOOD (NORTHAMPTON) LIMITED
Filleted Accounts
29 February 2024
SIPP FOOD (NORTHAMPTON) LIMITED
Registered number: 07899542
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 29,695 36,866
Tangible assets 4 642,231 682,054
671,926 718,920
Current assets
Stocks 47,750 27,750
Debtors 5 207,716 128,987
Cash at bank and in hand 2,970 4,844
258,436 161,581
Creditors: amounts falling due within one year 6 (485,795) (330,849)
Net current liabilities (227,359) (169,268)
Total assets less current liabilities 444,567 549,652
Creditors: amounts falling due after more than one year 7 (252,115) (354,141)
Provisions for liabilities (104,477) (102,941)
Net assets 87,975 92,570
Capital and reserves
Called up share capital 4 4
Profit and loss account 87,971 92,566
Shareholder's funds 87,975 92,570
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S S Panesar
Director
Approved by the board on 29 November 2024
SIPP FOOD (NORTHAMPTON) LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Franchise Fees Over a 10 year period
Plant and machinery 10% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 35 35
3 Intangible fixed assets £
Franchise fees:
Cost
At 1 March 2023 71,714
At 29 February 2024 71,714
Amortisation
At 1 March 2023 34,848
Provided during the year 7,171
At 29 February 2024 42,019
Net book value
At 29 February 2024 29,695
At 28 February 2023 36,866
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 193,125 700,562 893,687
Additions 9,545 15,209 24,754
At 29 February 2024 202,670 715,771 918,441
Depreciation
At 1 March 2023 28,094 183,539 211,633
Charge for the year 12,875 51,702 64,577
At 29 February 2024 40,969 235,241 276,210
Net book value
At 29 February 2024 161,701 480,530 642,231
At 28 February 2023 165,031 517,023 682,054
5 Debtors 2024 2023
£ £
Trade debtors 27,854 23,465
Amounts owed by group undertakings and undertakings in which the company has a participating interest 120,046 87,000
Other debtors 59,816 18,522
207,716 128,987
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 102,255 48,000
Trade creditors 113,409 63,879
Amounts owed to group undertakings and undertakings in which the company has a participating interest 62,906 76,669
Taxation and social security costs 153,673 85,916
Other creditors 53,552 56,385
485,795 330,849
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 128,307 194,843
Obligations under finance lease and hire purchase contracts 123,808 159,298
252,115 354,141
Bank loans are secured by, fixed and floating charge covers all the property or undertaking of the company.
8 Other information
SIPP FOOD (NORTHAMPTON) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Charter House
8-10 Station Road
Manor Park
London
E12 5BT
SIPP FOOD (NORTHAMPTON) LIMITED 07899542 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts October 2023 release 2 Mr S S Panesar No description of principal activity 07899542 2022-03-01 2023-02-28 07899542 core:WithinOneYear 2023-02-28 07899542 core:AfterOneYear 2023-02-28 07899542 core:ShareCapital 2023-02-28 07899542 core:RetainedEarningsAccumulatedLosses 2023-02-28 07899542 2023-03-01 2024-02-29 07899542 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07899542 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07899542 bus:Director40 2023-03-01 2024-02-29 07899542 1 2023-03-01 2024-02-29 07899542 2 2023-03-01 2024-02-29 07899542 core:Goodwill 2023-03-01 2024-02-29 07899542 core:LandBuildings 2023-03-01 2024-02-29 07899542 core:PlantMachinery 2023-03-01 2024-02-29 07899542 countries:England 2023-03-01 2024-02-29 07899542 bus:FRS102 2023-03-01 2024-02-29 07899542 bus:FullAccounts 2023-03-01 2024-02-29 07899542 2024-02-29 07899542 core:WithinOneYear 2024-02-29 07899542 core:AfterOneYear 2024-02-29 07899542 core:ShareCapital 2024-02-29 07899542 core:RetainedEarningsAccumulatedLosses 2024-02-29 07899542 core:Goodwill 2024-02-29 07899542 core:LandBuildings 2024-02-29 07899542 core:PlantMachinery 2024-02-29 07899542 2023-02-28 07899542 core:Goodwill 2023-02-28 07899542 core:LandBuildings 2023-02-28 07899542 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure