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REGISTERED NUMBER: 03682509 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

The Better Food Company Limited

The Better Food Company Limited (Registered number: 03682509)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Better Food Company Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: P Haughton
M Bailey
G Joyner





SECRETARY: Mrs G J Hill-Male





REGISTERED OFFICE: The Bristol Proving House
Sevier Street
St Werburghs
Bristol
BS2 9LB





REGISTERED NUMBER: 03682509 (England and Wales)





ACCOUNTANTS: R A Leslie & Co. LLP
Chartered Accountants
Gowran House
56 Broad Street
Chipping Sodbury
Bristol
BS37 6AG

The Better Food Company Limited (Registered number: 03682509)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 803,768 342,820
803,768 342,820

CURRENT ASSETS
Stocks 6 285,655 242,425
Debtors 7 46,158 20,970
Cash at bank and in hand 526,380 720,123
858,193 983,518
CREDITORS
Amounts falling due within one year 8 733,477 977,132
NET CURRENT ASSETS 124,716 6,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

928,484

349,206

CREDITORS
Amounts falling due after more than one
year

9

(830,500

)

-

PROVISIONS FOR LIABILITIES - (54,375 )
NET ASSETS 97,984 294,831

CAPITAL AND RESERVES
Called up share capital 102,375 102,375
Share premium 22,826 22,826
Retained earnings (27,217 ) 169,630
SHAREHOLDERS' FUNDS 97,984 294,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

The Better Food Company Limited (Registered number: 03682509)

Balance Sheet - continued
31 March 2022


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 15 July 2022 and were signed on its behalf by:





P Haughton - Director


The Better Food Company Limited (Registered number: 03682509)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

The Better Food Company Limited 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment, fixtures & fittings - 12% - 20% on cost
Motor vehicles - 20% on cost

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.

Based on the understanding of current legislation, it is believed that the "superdeduction" increasing annual investment allowances on equipment from 100% to 130%, does not reverse, provided that subsequent sales are not made before 31/3/23. Therefore the deferred taxation reserve does not take the additional 30% into account.

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. In light of the "superdeduction" and resulting additional losses, the deferred tax account has been cancelled at 31/3/22.

The Better Food Company Limited (Registered number: 03682509)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 120 (2021 - 114 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 86,999
AMORTISATION
At 1 April 2021
and 31 March 2022 86,999
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

5. TANGIBLE FIXED ASSETS
Equipment,
fixtures Motor
& fittings vehicles Totals
£    £    £   
COST
At 1 April 2021 751,713 52,784 804,497
Additions 567,635 28,750 596,385
Disposals (1,500 ) - (1,500 )
At 31 March 2022 1,317,848 81,534 1,399,382
DEPRECIATION
At 1 April 2021 446,921 14,756 461,677
Charge for year 125,269 9,818 135,087
Eliminated on disposal (1,150 ) - (1,150 )
At 31 March 2022 571,040 24,574 595,614
NET BOOK VALUE
At 31 March 2022 746,808 56,960 803,768
At 31 March 2021 304,792 38,028 342,820

6. STOCKS
31.3.22 31.3.21
£    £   
Stock and work in progress 285,655 242,425

The Better Food Company Limited (Registered number: 03682509)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Prepayments and deposits 34,445 20,970
Corporation tax repayable 11,713 -
46,158 20,970

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors and accruals 644,558 753,650
Corporation tax - 11,713
Social security and other taxes 31,196 39,157
VAT 15,603 8,612
7% fixed-rate unsecured bond - 164,000
5% fixed-rate unsecured bond
interest 40,000 -
Hire purchase 2,120 -
733,477 977,132

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Directors loan accounts 10,000 -
5% fixed-rate unsecured bond 800,000 -
Hire purchase 20,500 -
830,500 -

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.22 31.3.21
£    £   
Within one year 320,000 285,000
Between one and five years 990,000 990,000
In more than five years 115,000 -
1,425,000 1,275,000

11. RELATED PARTY DISCLOSURES

The company is under the control of the director, P H Haughton. At the year end the director is owed £10,000 (2021: £0), and is interest-free, but is not repayable before 30/6/28, in accordance with the terms of the new bond.
He also received consultancy fees during the year, charged at normal market rates, amounting to £54,950 (2021: £56,975).
A limited company, owned by another director, received further consultancy fees during the year, charged at normal market rates, amounting to £7050 ( 2021 not applicable, as he was not a director).

The Better Food Company Limited (Registered number: 03682509)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

12. BOND ISSUE

A new bond issue raised additional funding of £800,000, unsecured, to finance the opening of a new retail store in Bristol, with interest payable at 5% per annum, repayable on 30/6/28.

13. SHARE PREMIUM ACCOUNT

26,445 new ordinary £1 shares were issued during the year ended 31st March 2006 for £48,400 and therefore a share premium account has been created at £21,955, representing the difference between the issue price and par.
929 new ordinary £1 shares were issued during the year ended 31st March 2009 for £1,800 and therefore a further amount of £871 was added to the share premium account..