Company Registration No. 09590458 (England and Wales)
BIG MOMMA'S WAFFLES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2021
PAGES FOR FILING WITH REGISTRAR
BIG MOMMA'S WAFFLES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BIG MOMMA'S WAFFLES LTD (REGISTERED NUMBER: 09590458)
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,747
21,923
Current assets
Stocks
15,024
15,015
Debtors
4
5,662
64,744
Cash at bank and in hand
123,736
39,696
144,422
119,455
Creditors: amounts falling due within one year
5
(92,367)
(80,488)
Net current assets
52,055
38,967
Total assets less current liabilities
68,802
60,890
Creditors: amounts falling due after more than one year
6
(66,200)
(27,000)
Net assets
2,602
33,890
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,502
33,790
Total equity
2,602
33,890
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BIG MOMMA'S WAFFLES LTD (REGISTERED NUMBER: 09590458)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 December 2021 and are signed on its behalf by:
Miss G Kaur
Mrs H Kaur
Director
Director
BIG MOMMA'S WAFFLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2021
- 3 -
1
Accounting policies
Company information
Big Momma's Waffles Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention.
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
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.
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:
Fixtures and fittings
20% reducing balance
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
.
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BIG MOMMA'S WAFFLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2021
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
17
18
BIG MOMMA'S WAFFLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2021
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 31 May 2020
61,752
Additions
318
At 30 May 2021
62,070
Depreciation and impairment
At 31 May 2020
39,829
Depreciation charged in the year
5,494
At 30 May 2021
45,323
Carrying amount
At 30 May 2021
16,747
At 30 May 2020
21,923
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
5,662
64,744
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
5,400
546
Trade creditors
37,296
16,416
Taxation and social security
22,999
20,706
Other creditors
26,672
42,820
92,367
80,488
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
66,200
27,000
BIG MOMMA'S WAFFLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2021
- 6 -
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
During the year the company borrowed £50,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months.