Company Registration No. 13940676 (England and Wales)
STOCKVALE FOODS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STOCKVALE FOODS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
STOCKVALE FOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Fixed assets
Intangible assets
3
1,000
Current assets
Stocks
42,952
Debtors
4
4,137
Cash at bank and in hand
5,583
52,672
Creditors: amounts falling due within one year
5
(58,750)
Net current liabilities
(6,078)
Net liabilities
(5,078)
Capital and reserves
Called up share capital
1,000
Profit and loss reserves
(6,078)
Total equity
(5,078)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
PA Miller
Director
Company Registration No. 13940676
STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Stockvale Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 19 Clifftown Road, Southend-On-Sea, Essex, SS1 1AB. The company's place of business is Adventure Island, Sunken Gardens West, Eastern Esplanade, Southend-on-Sea, Essex, SS11EE.

1.1
Reporting period

These financial statements have been prepared for the period commencing 25 February 2022 to 31 December 2022, in order to align the period end with other companies in the group. The company was incorporated on 25 February 2022, therefore no comparative figures are available.

1.2
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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on the going concern basis.true

 

The company remains reliant on the continued support of other entities in the group. Support continues to be provided as the group directors consider the company strategically important given the diversification across industries and the future opportunities provided by the company's brand.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the support required to continue in operational existence will be afforded to the company for at least 12 months after the signing of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

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.

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.

STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

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:

Trademarks
3 year straight line
1.6
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.

1.7
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.

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.

1.8
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.

1.9
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.

STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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 and loans from fellow group companies 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 payments 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.

1.10
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
-
0
STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
3
Intangible fixed assets
Trademarks
£
Cost
At 25 February 2022
-
0
Additions
1,500
At 31 December 2022
1,500
Amortisation and impairment
At 25 February 2022
-
0
Amortisation charged for the period
500
At 31 December 2022
500
Carrying amount
At 31 December 2022
1,000
4
Debtors
2022
Amounts falling due within one year:
£
Other debtors
4,137
5
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
52,700
Other creditors
6,050
58,750
STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

However we draw attention to Note 1.3 to the financial statements, which indicates that the company is fully reliant on the support of group entities. As stated in note 1.3 these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Terri Smith
Statutory Auditor:
Rickard Luckin Limited
7
Parent company

The parent company of Stockvale Foods Limited is Stockvale Investments Limited and its registered office is 1st Floor 19 Clifftown Road, Southend-On-Sea, Essex, United Kingdom, SS1 1AB.

The company's results are included in the consolidated accounts of Stockvale Investments Limited which is both the largest and smallest group into which the entity is consolidated. The consolidated accounts of Stockvale Investments Limited are publically available from the Companies House, Crown Way, Cardiff CF14 3UZ.

STOCKVALE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
8
Related party transactions
Transactions with related parties

During the year the company incurred costs of £53,498 (2021 - £nil) with non-wholly owned Group companies. Amounts due to non-wholly owned group companies at the year end totaled £52,700 (2021 - £nil).

 

In accordance with FRS102 1A the company has not disclosed transactions with wholly owned members of the group.

 

Included within other debtors is an interest free loan due from directors totalling £490.

2022-12-312022-02-25false28 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedPA MillerTC PeirsonFG Griffin139406762022-02-252022-12-31139406762022-12-3113940676core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3113940676core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113940676core:CurrentFinancialInstruments2022-12-3113940676core:ShareCapital2022-12-3113940676core:RetainedEarningsAccumulatedLosses2022-12-3113940676bus:Director12022-02-252022-12-3113940676core:IntangibleAssetsOtherThanGoodwill2022-02-252022-12-3113940676core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-252022-12-3113940676core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2413940676core:WithinOneYear2022-12-3113940676bus:PrivateLimitedCompanyLtd2022-02-252022-12-3113940676bus:SmallCompaniesRegimeForAccounts2022-02-252022-12-3113940676bus:FRS1022022-02-252022-12-3113940676bus:Audited2022-02-252022-12-3113940676bus:Director22022-02-252022-12-3113940676bus:Director32022-02-252022-12-3113940676bus:FullAccounts2022-02-252022-12-31xbrli:purexbrli:sharesiso4217:GBP