REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2021 TO 31 DECEMBER 2022 |
FOR |
FRESCO FOOD SERVICE (GLASGOW) LTD |
REGISTERED NUMBER: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
At 31 December 2022 |
AMORTISATION |
Amortisation for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
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 |
DEPRECIATION |
At 1 October 2021 |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 September 2021 |
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 |
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 |
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. |