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REGISTERED NUMBER: 06623358 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Expo Foods (Midlands) Ltd

Expo Foods (Midlands) Ltd (Registered number: 06623358)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Expo Foods (Midlands) Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Mr Ozgur Yilmaz
Mr Gokhan Koseoglu





REGISTERED OFFICE: 293 Green Lanes
Palmers Green
London
N13 4XS





REGISTERED NUMBER: 06623358 (England and Wales)





ACCOUNTANTS: ADPL LLP
293 Green Lanes
London
N13 4XS

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 205,998 244,128

CURRENT ASSETS
Stocks 712,261 1,017,671
Debtors 5 636,833 526,126
Cash at bank and in hand 218,780 166,581
1,567,874 1,710,378
CREDITORS
Amounts falling due within one year 6 936,327 1,085,294
NET CURRENT ASSETS 631,547 625,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

837,545

869,212

CREDITORS
Amounts falling due after more than one
year

7

(42,729

)

(80,444

)

PROVISIONS FOR LIABILITIES 9 (36,473 ) (44,116 )
NET ASSETS 758,343 744,652

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 708,343 694,652
SHAREHOLDERS' FUNDS 758,343 744,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:




Mr Ozgur Yilmaz - Director



Mr Gokhan Koseoglu - Director


Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Expo Foods (Midlands) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

In carrying out this assessment, the directors have considered the impact of the Covid-19 pandemic on the trade and finances of the company and wider group and they have taken steps to protect liquidity.
The directors are therefore satisfied that there is no significant risk to the ability of the company to continue as a going concern for at least 12 months from the date of approval of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2020 - 50 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2021 8,553 46,058 69,849
Additions - 2,675 -
Disposals - - -
At 31 December 2021 8,553 48,733 69,849
DEPRECIATION
At 1 January 2021 5,130 38,914 64,225
Charge for year 855 1,963 1,125
Eliminated on disposal - - -
At 31 December 2021 5,985 40,877 65,350
NET BOOK VALUE
At 31 December 2021 2,568 7,856 4,499
At 31 December 2020 3,423 7,144 5,624

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 350,681 30,232 505,373
Additions 99,415 - 102,090
Disposals (111,191 ) - (111,191 )
At 31 December 2021 338,905 30,232 496,272
DEPRECIATION
At 1 January 2021 126,798 26,178 261,245
Charge for year 46,959 811 51,713
Eliminated on disposal (22,684 ) - (22,684 )
At 31 December 2021 151,073 26,989 290,274
NET BOOK VALUE
At 31 December 2021 187,832 3,243 205,998
At 31 December 2020 223,883 4,054 244,128

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2021 350,681
Additions 51,488
Disposals (63,264 )
At 31 December 2021 338,905
DEPRECIATION
At 1 January 2021 126,798
Charge for year 46,959
Eliminated on disposal (22,684 )
At 31 December 2021 151,073
NET BOOK VALUE
At 31 December 2021 187,832
At 31 December 2020 223,883

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 344,703 323,638
Dragon London Ltd 47,000 -
Other debtors 14,029 7,832
Gokhan Koseoglu 12,000 -
Directors' current accounts 60,000 -
VAT - 17,341
Prepayments and accrued income 147,631 174,106
Advances 11,470 3,209
636,833 526,126

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 229,167 250,000
Hire purchase contracts (see note 8) 69,810 85,235
Trade creditors 567,206 694,462
Tax 8,510 24,535
Social security and other taxes 45,401 31,062
VAT 16,233 -
936,327 1,085,294

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts (see note 8) 42,729 80,444

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.21 31.12.20
£    £   
Gross obligations repayable:
Within one year 79,147 96,907
Between one and five years 50,340 93,812
129,487 190,719

Finance charges repayable:
Within one year 9,337 11,672
Between one and five years 7,611 13,368
16,948 25,040

Net obligations repayable:
Within one year 69,810 85,235
Between one and five years 42,729 80,444
112,539 165,679

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Within one year 158,744 116,026
Between one and five years 402,187 88,566
560,931 204,592

9. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 36,473 44,116

Deferred
tax
£   
Balance at 1 January 2021 44,116
Credit to Income Statement during year (7,643 )
Balance at 31 December 2021 36,473

10. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The company had outstanding commitments in respect of operating leases at 31 December 2021 of £560,931

Expo Foods (Midlands) Ltd (Registered number: 06623358)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director Mr Ozgur Yilmaz throughout the current and previous financial period by virtue of his majority shareholdings.