Company Registration No. 02034313 (England and Wales)
KAYKEM FAST FOODS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
KAYKEM FAST FOODS LTD
COMPANY INFORMATION
Director
Mr C Ahmet
Company number
02034313
Registered office
Burger king
11B High Street
Colchester
CO1 1DA
Accountants
Munir Tatar & Associates
2 Church Walk
Colchester
Essex
CO INS
Business address
Burger king
11B High Street
Colchester
CO1 1DA
KAYKEM FAST FOODS LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 18
KAYKEM FAST FOODS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
- 1 -
The director presents his annual report and financial statements for the year ended 31 August 2020.
Principal activities
The principal activity of the company continued to be that of the business as caterers.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr C Ahmet
On behalf of the board
Mr C Ahmet
Director
28 May 2021
KAYKEM FAST FOODS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF KAYKEM FAST FOODS LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KAYKEM FAST FOODS LTD for the year ended 31 August 2020 set out on pages 3 to 18 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of KAYKEM FAST FOODS LTD, as a body, in accordance with the terms of our engagement letter dated 1 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of KAYKEM FAST FOODS LTD and state those matters that we have agreed to state to the Board of Directors of KAYKEM FAST FOODS LTD, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KAYKEM FAST FOODS LTD and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that KAYKEM FAST FOODS LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of KAYKEM FAST FOODS LTD. You consider that KAYKEM FAST FOODS LTD is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KAYKEM FAST FOODS LTD. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Munir Tatar & Associates
28 May 2021
Chartered Certified Accountants
2 Church Walk
Colchester
Essex
CO INS
KAYKEM FAST FOODS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
2020
2019
Notes
£
£
Turnover
3
2,523,907
3,625,303
Cost of sales
(711,525)
(1,053,975)
Gross profit
1,812,382
2,571,328
Distribution costs
(1,065,762)
(1,400,106)
Administrative expenses
(715,650)
(1,034,278)
Other operating income
164,772
16,572
Exceptional item
4
(249,251)
Operating (loss)/profit
5
(53,509)
153,516
Interest receivable and similar income
7
6,008
25,385
Interest payable and similar expenses
8
(35,367)
(49,243)
(Loss)/profit before taxation
(82,868)
129,658
Tax on (loss)/profit
9
(99,166)
(34,689)
(Loss)/profit for the financial year
(182,034)
94,969
The profit and loss account has been prepared on the basis that all operations are continuing operations.
KAYKEM FAST FOODS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2020
- 4 -
2020
2019
£
£
(Loss)/profit for the year
(182,034)
94,969
Other comprehensive income
-
-
Total comprehensive income for the year
(182,034)
94,969
KAYKEM FAST FOODS LTD
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 5 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
11
14,047
15,324
Tangible assets
12
2,705,466
3,017,715
Investments
13
351,886
351,886
3,071,399
3,384,925
Current assets
Stocks
15
18,176
26,955
Debtors
16
2,712,660
2,775,367
Investments
17
382,608
382,494
Cash at bank and in hand
688,736
385,933
3,802,180
3,570,749
Creditors: amounts falling due within one year
18
(576,742)
(706,708)
Net current assets
3,225,438
2,864,041
Total assets less current liabilities
6,296,837
6,248,966
Creditors: amounts falling due after more than one year
19
(1,273,978)
(1,051,697)
Provisions for liabilities
(55,124)
Net assets
4,967,735
5,197,269
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
4,966,735
5,196,269
Total equity
4,967,735
5,197,269
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 in accordance with the provisions applicable to companies subject to the small companies regime.
KAYKEM FAST FOODS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2020
31 August 2020
- 6 -
The financial statements were approved and signed by the director and authorised for issue on 28 May 2021
Mr C Ahmet
Director
Company Registration No. 02034313
KAYKEM FAST FOODS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2018
1,000
5,141,300
5,142,300
Year ended 31 August 2019:
Profit and total comprehensive income for the year
-
94,969
94,969
Dividends
10
-
(40,000)
(40,000)
Balance at 31 August 2019
1,000
5,196,269
5,197,269
Year ended 31 August 2020:
Loss and total comprehensive income for the year
-
(182,034)
(182,034)
Dividends
10
-
(47,500)
(47,500)
Balance at 31 August 2020
1,000
4,966,735
4,967,735
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 8 -
1
Accounting policies
Company information
KAYKEM FAST FOODS LTD is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Burger king, 11B High Street, Colchester, CO1 1DA.
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.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 9 -
1.4
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 20 years
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Franchise
5% on straight line basis
1.6
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:
Land and buildings Freehold
2% Straight line
Land and buildings Leasehold
1% Straight line
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% 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
.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 10 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
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.
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 11 -
1.11
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.12
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.
1.13
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.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 12 -
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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
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.
1.18
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.
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sale of goods
2,523,907
3,625,303
2020
2019
£
£
Other significant revenue
Interest income
2,558
22,175
Dividends received
3,450
3,210
Grants received
164,772
4
Exceptional item
2020
2019
£
£
Expenditure
Exceptional - Loss on disposal of Leasehold property at Braintree
249,251
-
The Braintree shop was closed on 22 October 2019.
5
Operating (loss)/profit
2020
2019
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(164,772)
Depreciation of owned tangible fixed assets
75,352
59,781
Amortisation of intangible assets
1,277
1,277
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 14 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Sales
35
46
Administration
3
3
Total
38
49
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
837,069
1,117,394
Social security costs
39,320
67,683
876,389
1,185,077
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
262
863
Other interest income
2,296
21,312
Total interest revenue
2,558
22,175
Other income from investments
Dividends received
3,450
3,210
Total income
6,008
25,385
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
2,453
22,175
Dividends from financial assets measured at fair value through profit or loss
3,450
3,210
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
35,367
49,243
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 15 -
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
43,723
34,786
Adjustments in respect of prior periods
319
(97)
Total current tax
44,042
34,689
Deferred tax
Origination and reversal of timing differences
(7,313)
Adjustment in respect of prior periods
62,437
Total deferred tax
55,124
Total tax charge
99,166
34,689
Factors affecting the tax charge for the year
2020
2019
£
£
(Loss)/profit before taxation
(82,868)
129,658
10
Dividends
2020
2019
£
£
Interim paid
47,500
40,000
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 16 -
11
Intangible fixed assets
Goodwill
Franchise
Total
£
£
£
Cost
At 1 September 2019 and 31 August 2020
105,643
25,540
131,183
Amortisation and impairment
At 1 September 2019
105,643
10,216
115,859
Amortisation charged for the year
1,277
1,277
At 31 August 2020
105,643
11,493
117,136
Carrying amount
At 31 August 2020
14,047
14,047
At 31 August 2019
15,324
15,324
12
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 September 2019
2,429,709
249,251
766,630
936,265
4,381,855
Additions
12,354
12,354
Disposals
(249,251)
(249,251)
Transfers
(990,854)
990,854
At 31 August 2020
1,438,855
990,854
778,984
936,265
4,144,958
Depreciation and impairment
At 1 September 2019
642,202
721,938
1,364,140
Depreciation charged in the year
12,777
9,909
20,517
32,149
75,352
At 31 August 2020
12,777
9,909
662,719
754,087
1,439,492
Carrying amount
At 31 August 2020
1,426,078
980,945
116,265
182,178
2,705,466
At 31 August 2019
2,429,709
249,251
124,428
214,327
3,017,715
13
Fixed asset investments
2020
2019
£
£
Unlisted investments
351,886
351,886
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 17 -
14
Financial instruments
2020
2019
£
£
15
Stocks
2020
2019
£
£
Finished goods and goods for resale
18,176
26,955
16
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
29,067
27,758
Other debtors
2,667,242
2,705,928
Prepayments and accrued income
16,351
41,681
2,712,660
2,775,367
The other debtors comprise amounts due from Yazeka Ltd, a related party £500,000 (2019: £534,688), Zignec Ltd,a related company £1,393,268 (2019: £1,398,987),Zignec Properties Ltd, a related company £768,474 (2019 £766,753) and Rent deposit £ 5,500 (2019: £5,500).
17
Current asset investments
2020
2019
£
£
Listed investments
382,608
382,494
Listed investments included above:
Listed investments carrying amount
382,608
382,494
Market value if different from carrying amount
59,676
67,797
18
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans
20
101,837
101,837
Trade creditors
135,002
244,944
Corporation tax
43,723
34,786
Other taxation and social security
136,217
160,507
Other creditors
93,132
39,168
Accruals and deferred income
66,831
125,466
576,742
706,708
KAYKEM FAST FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 18 -
19
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
20
1,273,978
1,051,697
20
Loans and overdrafts
2020
2019
£
£
Bank loans
1,375,815
1,153,534
Payable within one year
101,837
101,837
Payable after one year
1,273,978
1,051,697
The long-term loans are secured by fixed charges over all freehold and leasehold properties.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelarated capital allowances
55,124
62,437
Movements in the year
Liability at 1 September 2019
62,437
-
Credit to profit and loss
(7,313)
-
Liability at 31 August 2020
(55,124)
22
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
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