Company registration number 15287556 (England and Wales)
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
COMPANY INFORMATION
- 1 -
Director
Mr. M Forder
(Appointed 15 November 2023)
Company number
15287556
Registered office
Unit 19 Vulcan Way
Ferndown Industrial Estate
Wimborne
England
BH21 7BU
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
Notes
£
£
Fixed assets
Intangible assets
4
38,912
Tangible assets
5
37,662
76,574
Current assets
Stocks
154,293
Debtors
6
462,578
Cash at bank and in hand
33,895
650,766
Creditors: amounts falling due within one year
7
(679,544)
Net current liabilities
(28,778)
Total assets less current liabilities
47,796
Provisions for liabilities
(9,416)
Net assets
38,380
Capital and reserves
Called up share capital
10
Profit and loss reserves
38,370
Total equity
38,380
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
Mr. M Forder
Director
Company registration number 15287556 (England and Wales)
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Special Products for Special Cakes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19 Vulcan Way, Ferndown Industrial Estate, Wimborne, England, BH21 7BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Cost of Investment
10% Straight Line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% Straight Line
Plant and machinery
20% Straight Line
Fixtures and fittings
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
12
3
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
4,245
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
3
Taxation
2024
£
(Continued)
- 7 -
Deferred tax
Origination and reversal of timing differences
9,416
Total tax charge
13,661
4
Intangible fixed assets
Goodwill
Cost of Investment
Total
£
£
£
Cost
At 15 November 2023
Additions
12,439
30,797
43,236
At 31 December 2024
12,439
30,797
43,236
Amortisation and impairment
At 15 November 2023
Amortisation charged for the period
1,244
3,080
4,324
At 31 December 2024
1,244
3,080
4,324
Carrying amount
At 31 December 2024
11,195
27,717
38,912
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 15 November 2023
Additions
26,308
13,341
8,323
47,972
Disposals
(174)
(174)
At 31 December 2024
26,308
13,341
8,149
47,798
Depreciation and impairment
At 15 November 2023
Depreciation charged in the period
2,937
4,427
2,824
10,188
Eliminated in respect of disposals
(52)
(52)
At 31 December 2024
2,937
4,427
2,772
10,136
Carrying amount
At 31 December 2024
23,371
8,914
5,377
37,662
6
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
354,619
Other debtors
74,768
Prepayments and accrued income
33,191
462,578
7
Creditors: amounts falling due within one year
2024
£
Trade creditors
211,827
Taxation and social security
41,280
Other creditors
413,086
Accruals and deferred income
13,351
679,544
SPECIAL PRODUCTS FOR SPECIAL CAKES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
£
214,928