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REGISTERED NUMBER: NI651679 (Northern Ireland)












Taboo Donuts Ltd

Unaudited Financial Statements for the Year Ended 31 March 2024






Taboo Donuts Ltd (Registered number: NI651679)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Taboo Donuts Ltd

Company Information
for the year ended 31 March 2024







Director: Mr B N Mckinney



Registered office: 50 Silverwood Road
Lurgan
Craigavon
BT66 6NA



Registered number: NI651679 (Northern Ireland)



Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ



Bankers: Bank Of Ireland
13 Market Street
Lurgan
BT66 6AR

Taboo Donuts Ltd (Registered number: NI651679)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 106,958 506,366

Current assets
Debtors 5 - 174,986
Cash at bank and in hand - 26,989
- 201,975
Creditors
Amounts falling due within one year 6 (1,820,073 ) (2,046,108 )
Net current liabilities (1,820,073 ) (1,844,133 )
Total assets less current liabilities (1,713,115 ) (1,337,767 )

Creditors
Amounts falling due after more than one
year

7

(22,500

)

(81,704

)
Net liabilities (1,735,615 ) (1,419,471 )

Capital and reserves
Called up share capital 120 120
Share premium 214,971 214,971
Retained earnings (1,950,706 ) (1,634,562 )
Shareholders' funds (1,735,615 ) (1,419,471 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Taboo Donuts Ltd (Registered number: NI651679)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 December 2024 and were signed by:





Mr B N Mckinney - Director


Taboo Donuts Ltd (Registered number: NI651679)

Notes to the Financial Statements
for the year ended 31 March 2024

1. Statutory information

Taboo Donuts Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taboo Donuts Ltd (Registered number: NI651679)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and
Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes
party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legal enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of
interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as
payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Taboo Donuts Ltd (Registered number: NI651679)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate legal entity, Once the contributions have been paid the company has not further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability on the Balance sheet. The assets of the company are held separately from the company in independently administered funds.

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.

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.

Taboo Donuts Ltd (Registered number: NI651679)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

3. Employees and directors

The average number of employees during the year was NIL (2023 - 20 ).

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2023 1,411,123
Disposals (346,910 )
Impairments (176,901 )
At 31 March 2024 887,312
Depreciation
At 1 April 2023 904,757
Eliminated on disposal (124,403 )
At 31 March 2024 780,354
Net book value
At 31 March 2024 106,958
At 31 March 2023 506,366

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors - 139,068
Other debtors - 35,918
- 174,986

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 31,080
Trade creditors 405,651 489,594
Taxation and social security 172,471 288,001
Other creditors 1,231,951 1,227,433
1,820,073 2,046,108

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 22,500 22,500
Hire purchase contracts - 59,204
22,500 81,704