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Registration number: 14061321

THE KITCHEN OF MULTICUISINES LIMITED

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

THE KITCHEN OF MULTICUISINES LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

THE KITCHEN OF MULTICUISINES LIMITED

Company Information

Director

N Metla

Registered office

4 Crown Point Parade
London
England
SE19 3NG

Accountants

SKS Accountax
Chartered Certified Accountants
786 London Road
Thornton Heath
Surrey
CR7 6JB

 

THE KITCHEN OF MULTICUISINES LIMITED

(Registration number: 14061321)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

960

1,080

Tangible assets

5

1,906

4,185

 

2,866

5,265

Current assets

 

Stocks

6

9,720

2,662

Debtors

7

13,698

15,598

Cash at bank and in hand

 

550

145

 

23,968

18,405

Creditors: Amounts falling due within one year

8

(41,741)

(26,244)

Net current liabilities

 

(17,773)

(7,839)

Net liabilities

 

(14,907)

(2,574)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(14,908)

(2,575)

Shareholders' deficit

 

(14,907)

(2,574)

For the financial year ending 30 April 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.

Approved and authorised by the director on 5 January 2025
 

.........................................
N Metla
Director

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
4 Crown Point Parade
London
England
SE19 3NG

The principal activity of the business is take-away food shops under the franchise arrangements.

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.

The presentation currency of the financial statements is the Pound Streling (GBP).

Key source of estimation, uncertainty and judgment

The preparation of financial statements in accordance with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation and amortisation. A full line by line review of fixed assets is carried out by management regularly.While every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating stock provisions. A review of stock is carried out at the year end. Whilst every attempt is made to ensure that the stock provision is as accurate as possible, there remains a risk that the provision does not match the level of stock which ultimately prove to be obsolete.

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Going concern

At the balance sheet date, the company's net assets reflected a net deficit amounting to £14,907. The director has reviewed the company's future trading which shows positive results and at the same time, agreed to provide continued financial support to the business when required. Therefore, the director is of the view that the going concern basis remains appropriate.

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 current and 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.

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.

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

Computer equipment

50% Straight Line

Plant and machinery

33% Straight Line

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:

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Amortisation method and rate

Franchise fees

10% 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.

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.

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Franchise fees
£

Total
£

Cost or valuation

At 1 May 2023

1,200

1,200

At 30 April 2024

1,200

1,200

Amortisation

At 1 May 2023

120

120

Amortisation charge

120

120

At 30 April 2024

240

240

Carrying amount

At 30 April 2024

960

960

At 30 April 2023

1,080

1,080

5

Tangible assets

Equipment, plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

6,537

6,537

Additions

108

108

At 30 April 2024

6,645

6,645

Depreciation

At 1 May 2023

2,352

2,352

Charge for the year

2,387

2,387

At 30 April 2024

4,739

4,739

Carrying amount

At 30 April 2024

1,906

1,906

At 30 April 2023

4,185

4,185

6

Stocks

2024
£

2023
£

Other inventories

9,720

2,662

 

THE KITCHEN OF MULTICUISINES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

5,103

3,981

Deferred tax asset

3,904

-

Other debtors

4,691

11,617

 

13,698

15,598

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other loans

3,186

-

Trade creditors

 

-

734

Social security and other taxes

 

6,636

7,313

Accruals and deferred income

 

1,749

2,273

Other creditors

 

30,170

15,924

 

41,741

26,244

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

10

Related party transactions

Included within other creditors due within one year is an amount of £23,470 ( 2023: £ 14,907) due to director of the company.