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Registered number: 08920495
Smokeworks Limited
Unaudited Financial Statements
For The Year Ended 28 February 2025
One Bean Limited
Chartered Accountants
Contents
Page
Statement of Financial Position 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Statement of Financial Position
Registered number: 08920495
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 290,953 351,181
290,953 351,181
CURRENT ASSETS
Stocks 5 19,200 19,961
Debtors 6 29,731 44,411
Cash at bank and in hand 1,076 64,943
50,007 129,315
Creditors: Amounts Falling Due Within One Year 7 (523,006 ) (550,563 )
NET CURRENT ASSETS (LIABILITIES) (472,999 ) (421,248 )
TOTAL ASSETS LESS CURRENT LIABILITIES (182,046 ) (70,067 )
Creditors: Amounts Falling Due After More Than One Year 8 (10,940 ) (97,631 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,747 ) (44,915 )
NET LIABILITIES (222,733 ) (212,613 )
CAPITAL AND RESERVES
Called up share capital 10 1,059 1,059
Income Statement (223,792 ) (213,672 )
SHAREHOLDERS' FUNDS (222,733) (212,613)
Page 1
Page 2
For the year ending 28 February 2025 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr M D Freeman
Director
18 November 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 March 2023 1,059 (150,699 ) (149,640)
Loss for the year and total comprehensive income - (62,973 ) (62,973)
As at 29 February 2024 and 1 March 2024 1,059 (213,672 ) (212,613)
Loss for the year and total comprehensive income - (10,120 ) (10,120)
As at 28 February 2025 1,059 (223,792 ) (222,733)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Smokeworks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08920495 . The registered office is 1-3 Station Road, Cambridge, CB1 2JB.
The principal activity of the company was the operation of restaurants and catering services.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Total liabilities exceed current assets at the balance sheet date. The director considers that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has continued to improve its trading performance during the current trading period which is forecast to continue for the next 12 months and beyond. Accordingly, the director considers that it is appropriate to prepare the accounts on a going concern basis.
2.3. Turnover
Revenue represents sales (excluding VAT) of goods and services, net of trade discounts provided in the normal course of business. Revenue is derived from food and beverage sales, and other revenue. Food and beverage revenue is recognised when served.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% per annum on cost
Plant & Machinery 20% per annum on cost
Fixtures & Fittings 20% per annum on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2024: 42)
36 42
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2024 764,766 264,879 319,476 1,349,121
Additions 13,469 7,503 2,900 23,872
As at 28 February 2025 778,235 272,382 322,376 1,372,993
...CONTINUED
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Page 6
Depreciation
As at 1 March 2024 521,252 225,066 251,622 997,940
Provided during the period 55,902 14,337 13,861 84,100
As at 28 February 2025 577,154 239,403 265,483 1,082,040
Net Book Value
As at 28 February 2025 201,081 32,979 56,893 290,953
As at 1 March 2024 243,514 39,813 67,854 351,181
5. Stocks
2025 2024
£ £
Stock 19,200 19,961
6. Debtors
2025 2024
£ £
Due within one year
Other debtors 29,731 44,411
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 98,463 120,989
Bank loans and overdrafts - 295
Other loans due within one year 94,728 89,037
Other creditors 202,573 239,554
Taxation and social security 127,242 100,688
523,006 550,563
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Other creditors 10,940 97,631
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2024 44,915 44,915
Origination and reversal of timing differences (15,168 ) (15,168 )
Balance at 28 February 2025 29,747 29,747
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,059 1,059
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 117,986 119,403
Later than one year and not later than five years 470,000 470,360
Later than five years 874,000 991,500
1,461,986 1,581,263
The majority of the commitments above relate to the lease of trading premises in Cambridge.
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £2,845 (2024: £170) were due to the fund. They are included in Other creditors.
13. Controlling Party
The company's controlling party is Mr M D Freeman by virtue of his ownership of 50.05% of the issued share capital in the company.
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