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Registration number: 10718555

Granny's Kitchen Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Granny's Kitchen Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Granny's Kitchen Limited

Company Information

Directors

Mrs Lilian Judith Ramirez De Faulkner

Mr Christopher Charles Faulkner

Registered office

14 High Street
Lampeter
Ceredigion
SA48 7BG

 

Granny's Kitchen Limited

(Registration number: 10718555)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,317

1,121

Current assets

 

Stocks

5

2,490

2,500

Cash at bank and in hand

 

1,782

7,017

 

4,272

9,517

Creditors: Amounts falling due within one year

6

(119,640)

(109,261)

Net current liabilities

 

(115,368)

(99,744)

Total assets less current liabilities

 

(114,051)

(98,623)

Creditors: Amounts falling due after more than one year

6

(8,929)

(28,048)

Net liabilities

 

(122,980)

(126,671)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(122,982)

(126,673)

Total equity

 

(122,980)

(126,671)

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.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mrs Lilian Judith Ramirez De Faulkner
Director

   
     
 

Granny's Kitchen Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
14 High Street
Lampeter
Ceredigion
SA48 7BG

These financial statements were authorised for issue by the Board on 17 October 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.

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 & equipment

25% Reducing balance

 

Granny's Kitchen Limited

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

Fixtures & fittings

25% Reducing balance

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.

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.

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.

 

Granny's Kitchen Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Granny's Kitchen Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

369

6,215

6,584

Additions

636

-

636

At 30 April 2024

1,005

6,215

7,220

Depreciation

At 1 May 2023

369

5,094

5,463

Charge for the year

159

281

440

At 30 April 2024

528

5,375

5,903

Carrying amount

At 30 April 2024

477

840

1,317

At 30 April 2023

-

1,121

1,121

5

Stocks

2024
£

2023
£

Other inventories

2,490

2,500

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

19,323

19,252

Trade creditors

 

84

11,462

Taxation and social security

 

11,737

5,247

Other related parties

 

79,255

73,300

Other creditors

 

9,241

-

 

119,640

109,261

Due after one year

 

Loans and borrowings

8

8,929

28,048

 

Granny's Kitchen Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,929

28,048

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,492

6,279

Other borrowings

5,437

21,769

8,929

28,048

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,991

2,920

Other borrowings

16,332

16,332

19,323

19,252

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mrs Lilian Judith Ramirez De Faulkner

Interest free loan repayable on demand

(73,300)

3,065

(9,020)

(79,255)

         
       

 

 

Granny's Kitchen Limited

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

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mrs Lilian Judith Ramirez De Faulkner

Interest free loan repayable on demand

(99,522)

26,222

(73,300)