4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,400 8,400 1,680 1,680 6,720 15,162 15,162 15,162 xbrli:pure xbrli:shares iso4217:GBP NI641892 2022-12-01 2023-11-30 NI641892 2023-11-30 NI641892 2022-11-30 NI641892 2021-12-01 2022-11-30 NI641892 2022-11-30 NI641892 2021-11-30 NI641892 core:FurnitureFittings 2022-12-01 2023-11-30 NI641892 core:MotorVehicles 2022-12-01 2023-11-30 NI641892 bus:Director1 2022-12-01 2023-11-30 NI641892 core:FurnitureFittings 2022-11-30 NI641892 core:MotorVehicles 2022-11-30 NI641892 core:FurnitureFittings 2023-11-30 NI641892 core:MotorVehicles 2023-11-30 NI641892 core:WithinOneYear 2023-11-30 NI641892 core:WithinOneYear 2022-11-30 NI641892 core:AfterOneYear 2023-11-30 NI641892 core:AfterOneYear 2022-11-30 NI641892 core:ShareCapital 2023-11-30 NI641892 core:ShareCapital 2022-11-30 NI641892 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI641892 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI641892 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 NI641892 core:Non-currentFinancialInstruments 2023-11-30 NI641892 core:Non-currentFinancialInstruments 2022-11-30 NI641892 core:FurnitureFittings 2022-11-30 NI641892 core:MotorVehicles 2022-11-30 NI641892 bus:SmallEntities 2022-12-01 2023-11-30 NI641892 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 NI641892 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI641892 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI641892 bus:FullAccounts 2022-12-01 2023-11-30 NI641892 core:ComputerSoftware 2022-12-01 2023-11-30 NI641892 core:OfficeEquipment 2022-12-01 2023-11-30 NI641892 core:ComputerSoftware 2023-11-30 NI641892 core:OfficeEquipment 2022-11-30 NI641892 core:OfficeEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: NI641892
Granny's Fayre Limited
Filleted Unaudited Financial Statements
30 November 2023
Granny's Fayre Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Granny's Fayre Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
6,720
Tangible assets
6
121,723
144,722
Investments
7
15,162
15,162
---------
---------
143,605
159,884
Current assets
Debtors
8
521,836
289,670
Cash at bank and in hand
116,333
156,834
---------
---------
638,169
446,504
Creditors: amounts falling due within one year
9
586,952
558,436
---------
---------
Net current assets/(liabilities)
51,217
( 111,932)
---------
---------
Total assets less current liabilities
194,822
47,952
Creditors: amounts falling due after more than one year
10
45,673
68,756
---------
--------
Net assets/(liabilities)
149,149
( 20,804)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
149,049
( 20,904)
---------
--------
Shareholders funds/(deficit)
149,149
( 20,804)
---------
--------
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 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 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 .
Granny's Fayre Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Mr Woods
Director
Company registration number: NI641892
Granny's Fayre Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Edenvale, Newry Road, Armagh, BT60 1JF.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
User defined 1
-
20% 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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 4 (2022: 10 ).
5. Intangible assets
Intangible asset user defined 1
£
Cost
Additions
8,400
-------
At 30 November 2023
8,400
-------
Amortisation
Charge for the year
1,680
-------
At 30 November 2023
1,680
-------
Carrying amount
At 30 November 2023
6,720
-------
At 30 November 2022
-------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
10,049
196,035
1,462
207,546
Additions
1,798
4,776
6,574
--------
---------
-------
---------
At 30 November 2023
11,847
196,035
6,238
214,120
--------
---------
-------
---------
Depreciation
At 1 December 2022
4,141
58,464
219
62,824
Charge for the year
1,156
27,514
903
29,573
--------
---------
-------
---------
At 30 November 2023
5,297
85,978
1,122
92,397
--------
---------
-------
---------
Carrying amount
At 30 November 2023
6,550
110,057
5,116
121,723
--------
---------
-------
---------
At 30 November 2022
5,908
137,571
1,243
144,722
--------
---------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
15,162
--------
Impairment
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
15,162
--------
At 30 November 2022
15,162
--------
8. Debtors
2023
2022
£
£
Trade debtors
472,148
247,662
Other debtors
49,688
42,008
---------
---------
521,836
289,670
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
317,364
136,421
Trade creditors
150,053
311,638
Corporation tax
16,401
Other creditors
119,535
93,976
---------
---------
586,952
558,436
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
45,673
68,756
--------
--------