Company Registration No. 09660835 (England and Wales)
JAMAICA SPICE BAKERY LIMITED
Unaudited accounts
for the year ended 31 March 2024
JAMAICA SPICE BAKERY LIMITED
Unaudited accounts
Contents
JAMAICA SPICE BAKERY LIMITED
Company Information
for the year ended 31 March 2024
Directors
Stafford Geohagen
Rose Marie Geohagen
Company Number
09660835 (England and Wales)
Registered Office
17 ELECTRIC AVENUE
LONDON
SW9 8JP
UNITED KINGDOM
Accountants
J. W. STEPHEN LTD.
Accountants and Tax Advisors
International House
12 Constance Street
Essex
E16 2DQ
JAMAICA SPICE BAKERY LIMITED
Accountants' report
Accountants' report to the board of directors of JAMAICA SPICE BAKERY LIMITED (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 March 2024. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
J. W. STEPHEN LTD.
Accountants and Tax Advisors
International House
12 Constance Street
Essex
E16 2DQ
13 February 2025
JAMAICA SPICE BAKERY LIMITED
Statement of financial position
as at 31 March 2024
Intangible assets
9,000
13,000
Tangible assets
23,881
21,658
Cash at bank and in hand
5,134
20,503
Creditors: amounts falling due within one year
(432,822)
(318,322)
Net current liabilities
(411,471)
(286,901)
Total assets less current liabilities
(378,590)
(252,243)
Creditors: amounts falling due after more than one year
(99,417)
(37,531)
Net liabilities
(478,007)
(289,774)
Called up share capital
2
2
Profit and loss account
(478,009)
(289,776)
Shareholders' funds
(478,007)
(289,774)
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by
Stafford Geohagen
Director
Company Registration No. 09660835
JAMAICA SPICE BAKERY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
JAMAICA SPICE BAKERY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09660835. The registered office is 17 ELECTRIC AVENUE, LONDON, SW9 8JP, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. Wages and salaries, light and Heat were excluded from administrative expenses for the year ended 30 June 2016. In the year to 30 June 2017, wages and salaries together with the cost accrued for light and heat have been corrected by way of a prior year adjustment. These have had the effect of decreasing retained profits in 2016 by £7,390.08 and a corresponding increase in accrued expenses for the year then ended.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates 10 % in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
JAMAICA SPICE BAKERY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
The COVID-19 pandemic had a significant impact on the company for a second year, and there are new risks to consider associated with inflationary pressures and consumer spending. During December 2021 and January 2022 there were further trading challenges as a result of the Omicron Covid variant and the Government’s instructions for office workers to stay at home where possible. However, since the end of legal restrictions in February 2022 the company has traded consistently and profitably.
The directors have prepared a base case forecast which indicates the company will be able to meet its liabilities as they fall due and meet lending covenants for a period of at least 12 months from the approval of the financial statements. These projections anticipate only a moderate increase in trade, mainly over periods where trading was subdued or unusually suppressed in the preceding year.
The company was fully supported by its lenders throughout the 2020-2022 pandemic, with waivers granted.
Accordingly, the directors consider the going concern assumption in the preparation of the financial statements to be appropriate as at the date the accounts are authorised for issue
The government grants of £26,000 (2021 -£50,500) relates to amounts that was received by the company in respect of the Coronavirus recovery strategy.
4
Intangible fixed assets
Other
JAMAICA SPICE BAKERY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
148,405
1,936
1,087
151,428
Additions
11,447
-
-
11,447
Revaluations
-
(164)
-
(164)
At 31 March 2024
159,852
1,772
1,087
162,711
At 1 April 2023
126,982
1,701
1,087
129,770
Charge for the year
13,021
115
-
13,136
Surplus on revaluation
(4,033)
(43)
-
(4,076)
At 31 March 2024
135,970
1,773
1,087
138,830
At 31 March 2024
23,882
(1)
-
23,881
At 31 March 2023
21,423
235
-
21,658
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
51,836
64,093
Taxes and social security
124,750
143,073
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
13,737
-
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).