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Company Registration number: 12887291

Tom's Kitchen Cumbria Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 July 2024

 

Tom's Kitchen Cumbria Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Tom's Kitchen Cumbria Ltd

Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

526,051

32,662

Current assets

 

Stocks

5

9,367

737

Debtors

6

18,072

80,512

Cash at bank and in hand

 

7,708

62,654

 

35,147

143,903

Creditors: Amounts falling due within one year

7

(153,400)

(96,742)

Net current (liabilities)/assets

 

(118,253)

47,161

Total assets less current liabilities

 

407,798

79,823

Creditors: Amounts falling due after more than one year

7

(337,370)

-

Provisions for liabilities

(16,352)

(7,345)

Net assets

 

54,076

72,478

Capital and reserves

 

Called up share capital

1

1

Retained earnings

54,075

72,477

Shareholders' funds

 

54,076

72,478

 

Tom's Kitchen Cumbria Ltd

Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 12887291

Approved and authorised by the director on 2 December 2024
 

.........................................
Mr T E Towle
Director

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 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:
The Sally
Irthington
Carlisle
CA6 4NJ

These financial statements were authorised for issue by the director on 2 December 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 corporation 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:

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Freehold land and buildings

2% Straight line

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

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.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 44 (2023 - 48).

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 2024 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Fixtures and Fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

-

1,125

24,000

-

29,820

54,945

Additions

393,510

-

61,399

72,031

-

526,940

At 31 July 2024

393,510

1,125

85,399

72,031

29,820

581,885

Depreciation

At 1 August 2023

-

70

9,167

-

13,046

22,283

Charge for the year

6,559

264

7,545

14,989

4,194

33,551

At 31 July 2024

6,559

334

16,712

14,989

17,240

55,834

Carrying amount

At 31 July 2024

386,951

791

68,687

57,042

12,580

526,051

At 31 July 2023

-

1,055

14,833

-

16,774

32,662

Included within the net book value of land and buildings above is £386,951 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Tom's Kitchen Cumbria Ltd

Notes to the financial statements for the Year Ended 31 July 2024 (continued)

5

STOCKS

2024
£

2023
£

Stock

9,367

737

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

18,072

80,512

 

18,072

80,512

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

31,314

-

Trade creditors

 

30,664

32,491

Taxation and social security

 

86,998

62,095

Accruals and deferred income

 

2,000

2,000

Other creditors

 

2,424

156

 

153,400

96,742


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £23,307 (2023 - £nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

337,370

-


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £329,012 (2023 - £nil).

Creditors include bank loans repayable by instalments of £242,080 (2023 - £nil) due after more than five years.