3 3 Munchies Cakes Limited 09210530 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of cakes and confectionary Digita Accounts Production Advanced 6.30.9574.0 true 09210530 2023-10-01 2024-09-30 09210530 2024-09-30 09210530 core:CurrentFinancialInstruments 2024-09-30 09210530 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09210530 core:Goodwill 2024-09-30 09210530 core:FurnitureFittings 2024-09-30 09210530 core:LandBuildings core:ShortLeaseholdAssets 2024-09-30 09210530 core:MotorVehicles 2024-09-30 09210530 core:PlantMachinery 2024-09-30 09210530 1 2024-09-30 09210530 bus:SmallEntities 2023-10-01 2024-09-30 09210530 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09210530 bus:FilletedAccounts 2023-10-01 2024-09-30 09210530 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09210530 bus:RegisteredOffice 2023-10-01 2024-09-30 09210530 bus:Director1 2023-10-01 2024-09-30 09210530 bus:Director2 2023-10-01 2024-09-30 09210530 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09210530 core:Goodwill 2023-10-01 2024-09-30 09210530 core:FurnitureFittings 2023-10-01 2024-09-30 09210530 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 09210530 core:LandBuildings core:ShortLeaseholdAssets 2023-10-01 2024-09-30 09210530 core:MotorVehicles 2023-10-01 2024-09-30 09210530 core:PlantMachinery 2023-10-01 2024-09-30 09210530 countries:EnglandWales 2023-10-01 2024-09-30 09210530 1 2023-10-01 2024-09-30 09210530 2023-09-30 09210530 core:Goodwill 2023-09-30 09210530 core:FurnitureFittings 2023-09-30 09210530 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 09210530 core:MotorVehicles 2023-09-30 09210530 core:PlantMachinery 2023-09-30 09210530 1 2023-09-30 09210530 2022-10-01 2023-09-30 09210530 2023-09-30 09210530 core:CurrentFinancialInstruments 2023-09-30 09210530 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09210530 core:FurnitureFittings 2023-09-30 09210530 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 09210530 core:MotorVehicles 2023-09-30 09210530 core:PlantMachinery 2023-09-30 09210530 1 2023-09-30 09210530 1 2022-10-01 2023-09-30 09210530 1 2022-09-30 xbrli:pure iso4217:GBP

Registration number: 09210530

Munchies Cakes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Munchies Cakes Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Munchies Cakes Limited

(Registration number: 09210530)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,668

10,423

Current assets

 

Stocks

6

11,689

13,241

Debtors

7

5,403

4,082

Cash at bank and in hand

 

20,878

11,212

 

37,970

28,535

Creditors: Amounts falling due within one year

8

(33,208)

(19,207)

Net current assets

 

4,762

9,328

Total assets less current liabilities

 

26,430

19,751

Provisions for liabilities

(2,662)

(1,981)

Net assets

 

23,768

17,770

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

23,668

17,670

Shareholders' funds

 

23,768

17,770

For the financial year ending 30 September 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 and 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

 

Munchies Cakes Limited

(Registration number: 09210530)
Statement of Financial Position as at 30 September 2024 (continued)


Mrs E J Tunks
Director


Mr D J Tunks
Director

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of cakes and confectionary

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.

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 statement of financial position 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.

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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 and machinery

25% reducing balance

Fittings fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

7,500

7,500

At 30 September 2024

7,500

7,500

Amortisation

At 1 October 2023

7,500

7,500

At 30 September 2024

7,500

7,500

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Tenants Improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

-

12,199

5,350

14,200

31,749

Additions

7,658

6,580

-

-

14,238

At 30 September 2024

7,658

18,779

5,350

14,200

45,987

Depreciation

At 1 October 2023

-

6,205

3,449

11,672

21,326

Charge for the year

-

1,886

475

632

2,993

At 30 September 2024

-

8,091

3,924

12,304

24,319

Carrying amount

At 30 September 2024

7,658

10,688

1,426

1,896

21,668

At 30 September 2023

-

5,994

1,901

2,528

10,423

Included within the net book value of land and buildings above is £7,658 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

11,689

13,241

7

Debtors

2024
£

2023
£

Trade debtors

1,757

1,233

Other debtors

1,940

1,729

Prepayments

1,706

1,120

5,403

4,082

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,343

4,132

Taxation and social security

7,763

7,468

Accruals and deferred income

3,758

2,994

Other creditors

17,344

4,613

33,208

19,207

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Munchies Cakes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Directors

(4,611)

17,267

(30,000)

(17,344)

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors

(15,638)

41,027

(30,000)

(4,611)