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REGISTERED NUMBER: SC349089 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2021 TO 31 DECEMBER 2022

FOR

FRESCO FOOD SERVICE (GLASGOW) LTD

FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 October 2021 to 31 December 2022




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 4


FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

ABRIDGED BALANCE SHEET
31 December 2022

31.12.22 30.9.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 63,214 -
Tangible assets 5 1,386,885 1,623,000
1,450,099 1,623,000

CURRENT ASSETS
Stocks 310,264 703,762
Debtors 148,000 286,328
Cash at bank and in hand 906,986 164,554
1,365,250 1,154,644
CREDITORS
Amounts falling due within one year 1,103,387 1,012,449
NET CURRENT ASSETS 261,863 142,195
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,711,962

1,765,195

CREDITORS
Amounts falling due after more than one
year

6

-

(321,677

)

PROVISIONS FOR LIABILITIES (273,517 ) (308,370 )
NET ASSETS 1,438,445 1,135,148

CAPITAL AND RESERVES
Called up share capital 100 1
Retained earnings 1,438,345 1,135,147
SHAREHOLDERS' FUNDS 1,438,445 1,135,148

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

ABRIDGED BALANCE SHEET - continued
31 December 2022


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

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

ABRIDGED BALANCE SHEET - continued
31 December 2022



The financial statements were approved by the director and authorised for issue on 20 October 2023 and were signed by:





A M Dursun - Director


FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 October 2021 to 31 December 2022

1. STATUTORY INFORMATION

Fresco Food Service (Glasgow) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC349089

Registered office: 22 Backbrae Street
Kilsyth
Glasgow
G65 0NH

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 and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

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.
Freehold property - not provided
Improvements to property - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% 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 period 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.


FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 October 2021 to 31 December 2022

2. ACCOUNTING POLICIES - continued
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 period 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.

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 period was 27 (2021 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 70,238
At 31 December 2022 70,238
AMORTISATION
Amortisation for period 7,024
At 31 December 2022 7,024
NET BOOK VALUE

At 31 December 2022 63,214

FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 October 2021 to 31 December 2022

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2021
and 31 December 2022 2,130,413
DEPRECIATION
At 1 October 2021 507,413
Charge for period 236,115
At 31 December 2022 743,528
NET BOOK VALUE
At 31 December 2022 1,386,885
At 30 September 2021 1,623,000

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 October 2021
and 31 December 2022 166,740
DEPRECIATION
At 1 October 2021 116,352
Charge for period 12,597
At 31 December 2022 128,949
NET BOOK VALUE
At 31 December 2022 37,791
At 30 September 2021 50,388

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.12.22 30.9.21
£    £   
Repayable by instalments
Bank loans more 5 yr by instal - 240,801

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.22 30.9.21
£    £   
Net obligations repayable:
Within one year 595 4,902

FRESCO FOOD SERVICE (GLASGOW) LTD (REGISTERED NUMBER: SC349089)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 October 2021 to 31 December 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 30.9.21
£    £   

The bank loan is secured over the business premises.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A M Dursun.

10. COVID RESTRICTIONS

As a member of the retail sector the business was not subject to the mandatory shut down imposed by both the UK and Scottish Governments and has been able to continue trading (albeit in a reduced capacity/with employees working from home). Some staff members have been placed on furlough and will subsequently be eligible for the Government's Coronavirus Job Retention Scheme (CJRS) which will reimburse 80% of the salaries of furloughed staff of all eligible businesses. It has also made an application to the Coronavirus Business Interruption Loan Scheme and received £50,000.

The director has made it clear that once the restrictions have been lifted they intend to resume trading at full capacity with immediate effect.