15 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 611,991 481,452 30,600 512,052 99,939 130,539 xbrli:pure xbrli:shares iso4217:GBP 05361610 2021-04-01 2022-03-31 05361610 2022-03-31 05361610 2021-03-31 05361610 2020-04-01 2021-03-31 05361610 2021-03-31 05361610 core:NetGoodwill 2021-04-01 2022-03-31 05361610 core:FurnitureFittings 2021-04-01 2022-03-31 05361610 bus:Director1 2021-04-01 2022-03-31 05361610 core:NetGoodwill 2021-03-31 05361610 core:NetGoodwill 2022-03-31 05361610 core:LandBuildings 2021-03-31 05361610 core:PlantMachinery 2021-03-31 05361610 core:FurnitureFittings 2021-03-31 05361610 core:LandBuildings 2022-03-31 05361610 core:PlantMachinery 2022-03-31 05361610 core:FurnitureFittings 2022-03-31 05361610 core:LandBuildings 2021-04-01 2022-03-31 05361610 core:PlantMachinery 2021-04-01 2022-03-31 05361610 core:WithinOneYear 2022-03-31 05361610 core:WithinOneYear 2021-03-31 05361610 core:AfterOneYear 2022-03-31 05361610 core:AfterOneYear 2021-03-31 05361610 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 05361610 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 05361610 core:ShareCapital 2022-03-31 05361610 core:ShareCapital 2021-03-31 05361610 core:RevaluationReserve 2022-03-31 05361610 core:RevaluationReserve 2021-03-31 05361610 core:CapitalRedemptionReserve 2022-03-31 05361610 core:CapitalRedemptionReserve 2021-03-31 05361610 core:RetainedEarningsAccumulatedLosses 2022-03-31 05361610 core:RetainedEarningsAccumulatedLosses 2021-03-31 05361610 core:NetGoodwill 2021-03-31 05361610 core:LandBuildings 2021-03-31 05361610 core:PlantMachinery 2021-03-31 05361610 core:FurnitureFittings 2021-03-31 05361610 bus:SmallEntities 2021-04-01 2022-03-31 05361610 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 05361610 bus:FullAccounts 2021-04-01 2022-03-31 05361610 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 05361610 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05361610 core:LandBuildings core:LongLeaseholdAssets 2021-04-01 2022-03-31 05361610 core:AfterOneYear 2021-04-01 2022-03-31
COMPANY REGISTRATION NUMBER: 05361610
The Cambridge Food Company Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
The Cambridge Food Company Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
£
Fixed assets
Intangible assets
5
99,939
130,539
Tangible assets
6
1,546,289
1,608,012
------------
------------
1,646,228
1,738,551
Current assets
Stocks
96,519
60,311
Debtors
7
364,475
89,977
Cash at bank and in hand
86,376
129,083
---------
---------
547,370
279,371
Creditors: amounts falling due within one year
8
451,732
227,302
---------
---------
Net current assets
95,638
52,069
------------
------------
Total assets less current liabilities
1,741,866
1,790,620
Creditors: amounts falling due after more than one year
9
910,521
1,037,609
Provisions
Taxation including deferred tax
75,935
45,840
------------
------------
Net assets
755,410
707,171
------------
------------
Capital and reserves
Called up share capital
208,050
208,050
Revaluation reserve
522,219
525,671
Capital redemption reserve
12,045
12,045
Profit and loss account
13,096
( 38,595)
---------
---------
Shareholders funds
755,410
707,171
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The Cambridge Food Company Limited
Statement of Financial Position (continued)
31 March 2022
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr M Hulme
Director
Company registration number: 05361610
The Cambridge Food Company Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 Papworth Business Park, Atria Court, Stirling Way, Papworth Everard, Cambridge, CB23 3GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% Straight line (freehold land not depreciated)
Plant and machinery
-
25-33% Reducing balance
Fixtures and fittings
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2021: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
611,991
---------
Amortisation
At 1 April 2021
481,452
Charge for the year
30,600
---------
At 31 March 2022
512,052
---------
Carrying amount
At 31 March 2022
99,939
---------
At 31 March 2021
130,539
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2021
1,466,640
311,178
149,494
1,927,312
Additions
1,999
1,999
------------
---------
---------
------------
At 31 March 2022
1,466,640
311,178
151,493
1,929,311
------------
---------
---------
------------
Depreciation
At 1 April 2021
206,260
113,040
319,300
Charge for the year
29,333
26,230
8,159
63,722
------------
---------
---------
------------
At 31 March 2022
29,333
232,490
121,199
383,022
------------
---------
---------
------------
Carrying amount
At 31 March 2022
1,437,307
78,688
30,294
1,546,289
------------
---------
---------
------------
At 31 March 2021
1,466,640
104,918
36,454
1,608,012
------------
---------
---------
------------
Tangible assets held at valuation
The above land and buildings were revalued to market value at the previous balance sheet date .
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2022
Aggregate cost
1,015,214
Aggregate depreciation
(153,545)
------------
Carrying value
861,669
------------
At 31 March 2021
Aggregate cost
1,015,214
Aggregate depreciation
(133,240)
------------
Carrying value
881,974
------------
7. Debtors
2022
2021
£
£
Trade debtors
299,524
63,143
Other debtors
64,951
26,834
---------
--------
364,475
89,977
---------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
98,831
81,096
Trade creditors
275,064
91,355
Social security and other taxes
39,794
17,351
Other creditors
38,043
37,500
---------
---------
451,732
227,302
---------
---------
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £33,831 (2021: £33,831) included within the liabilities disclosed above under bank loans and overdrafts.
Security over the assets to which the liability relates has been given in respect of an amount of £30,928 (2021: £31,875) included within the liabilities disclosed above under other creditors.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
877,561
973,611
Other creditors
32,960
63,998
---------
------------
910,521
1,037,609
---------
------------
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £661,728 (2021: £695,693) included within the liabilities disclosed above under bank loans and overdrafts.
Security over the assets to which the liability relates has been given in respect of the liabilities disclosed above under other creditors.
Included within the liabilities disclosed above under bank loans and overdrafts is an amount of £661,728 in respect of a mortgage loan that technically falls due for repayment within one year. The directors anticipate that the loan will be successfully refinanced on similar terms to the existing mortgage loan and as a result believe it would be misleading to include this proportion of the debt within amounts falling due within one year. At the time of approval of the financial statements, the directors note that positive dialogue with the company's bankers is already underway in respect of this matter.
10. Other financial commitments
The total commitments, contingencies and guarantees at the year end is £1,344 (2021: £3,647).
11. Directors' advances, credits and guarantees
During the year the company made advances to and received repayments from the directors as detailed below. Joint position for 2 directors
2022 2021
£ £
Advances 35,514 11,951
Repayments 75,312
Balance due to the company at the year end 45,767 10,253
Interest has been charged on the outstanding balance calculated on a daily basis at the HMRC official beneficial loan rate.