3 31/01/2023 2023-01-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03123119 2022-02-01 2023-01-31 03123119 2023-01-31 03123119 2022-01-31 03123119 2021-02-01 2022-01-31 03123119 2022-01-31 03123119 2021-01-31 03123119 core:PlantMachinery 2022-02-01 2023-01-31 03123119 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 03123119 core:NetGoodwill 2022-02-01 2023-01-31 03123119 bus:RegisteredOffice 2022-02-01 2023-01-31 03123119 bus:LeadAgentIfApplicable 2022-02-01 2023-01-31 03123119 bus:Director1 2022-02-01 2023-01-31 03123119 bus:Director2 2022-02-01 2023-01-31 03123119 bus:CompanySecretary1 2022-02-01 2023-01-31 03123119 core:NetGoodwill 2022-01-31 03123119 core:NetGoodwill 2023-01-31 03123119 core:LandBuildings 2022-01-31 03123119 core:PlantMachinery 2022-01-31 03123119 core:FurnitureFittingsToolsEquipment 2022-01-31 03123119 core:LandBuildings 2023-01-31 03123119 core:PlantMachinery 2023-01-31 03123119 core:FurnitureFittingsToolsEquipment 2023-01-31 03123119 core:WithinOneYear 2023-01-31 03123119 core:WithinOneYear 2022-01-31 03123119 core:AfterOneYear 2023-01-31 03123119 core:AfterOneYear 2022-01-31 03123119 core:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 03123119 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 03123119 core:ShareCapital 2023-01-31 03123119 core:ShareCapital 2022-01-31 03123119 core:RetainedEarningsAccumulatedLosses 2023-01-31 03123119 core:RetainedEarningsAccumulatedLosses 2022-01-31 03123119 core:ShareCapital 2021-01-31 03123119 core:RetainedEarningsAccumulatedLosses 2021-01-31 03123119 core:BetweenOneFiveYears 2023-01-31 03123119 core:BetweenOneFiveYears 2022-01-31 03123119 core:MoreThanFiveYears 2023-01-31 03123119 core:MoreThanFiveYears 2022-01-31 03123119 core:LandBuildings 2022-02-01 2023-01-31 03123119 core:NetGoodwill 2022-01-31 03123119 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-01-31 03123119 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 03123119 core:Non-currentFinancialInstruments 2023-01-31 03123119 core:LandBuildings 2022-01-31 03123119 core:PlantMachinery 2022-01-31 03123119 core:FurnitureFittingsToolsEquipment 2022-01-31 03123119 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-01-31 03123119 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-01-31 03123119 bus:SmallEntities 2022-02-01 2023-01-31 03123119 bus:Audited 2022-02-01 2023-01-31 03123119 bus:FullAccounts 2022-02-01 2023-01-31 03123119 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 03123119 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Company registration number: 03123119
L A FOODS (UK) LIMITED
Filleted financial statements
31 January 2023
Pearlman Rose
Chartered Accountants
39-40 Skylines Village
Limeharbour
London E14 9TS
L A FOODS (UK) LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
L A FOODS (UK) LIMITED
Directors and other information
Directors Mr Liaqat Hussain
Mrs Shafiat Hussain
Secretary Shafiat Hussain
Company number 03123119
Registered office 39-40 Skylines Village
Limeharbour
London
E14 9TS
Auditor Pearlman Rose
39-40 Skylines Village
Limeharbour
London
E14 9TS
Accountants Pearlman Rose
39-40 Skylines Village
Limeharbour
London
E14 9TS
Bankers Lloyds Bank Plc
39 Piccadilly, Mayfair
London
W1J 0AA
L A FOODS (UK) LIMITED
Directors responsibilities statement
Year ended 31 January 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
L A FOODS (UK) LIMITED
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 437,655 330,988
Tangible assets 6 4,175,079 2,456,872
Investments 7 378,529 -
_______ _______
4,991,263 2,787,860
Current assets
Debtors 8 213,442 971,688
Cash at bank and in hand 868,595 1,090,273
_______ _______
1,082,037 2,061,961
Creditors: amounts falling due
within one year 9 ( 636,002) ( 703,482)
_______ _______
Net current assets 446,035 1,358,479
_______ _______
Total assets less current liabilities 5,437,298 4,146,339
Creditors: amounts falling due
after more than one year 10 ( 2,102,137) ( 1,334,265)
_______ _______
Net assets 3,335,161 2,812,074
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Other reserves 30,712 30,712
Profit and loss account 3,254,449 2,731,362
_______ _______
Shareholders funds 3,335,161 2,812,074
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 07 July 2023 , and are signed on behalf of the board by:
Mr Liaqat Hussain
Director
Company registration number: 03123119
L A FOODS (UK) LIMITED
Statement of changes in equity
Year ended 31 January 2023
Called up share capital User defined reserve 1 Profit and loss account Total
£ £ £ £
At 1 February 2021 50,000 30,712 2,176,778 2,257,490
Profit for the year 591,588 591,588
_______ _______ _______ _______
Total comprehensive income for the year - - 591,588 591,588
Dividends paid and payable ( 37,004) ( 37,004)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 37,004) ( 37,004)
_______ _______ _______ _______
At 31 January 2022 and 1 February 2022 50,000 30,712 2,731,362 2,812,074
Profit for the year 568,087 568,087
_______ _______ _______ _______
Total comprehensive income for the year - - 568,087 568,087
Dividends paid and payable ( 45,000) ( 45,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 45,000) ( 45,000)
_______ _______ _______ _______
At 31 January 2023 50,000 30,712 3,254,449 3,335,161
_______ _______ _______ _______
L A FOODS (UK) LIMITED
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 39-40 Skylines Village, Limeharbour, London, E14 9TS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold and leasehold properties - 2& Straight line / life of the lease
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2022 516,995 516,995
Additions 155,000 155,000
_______ _______
At 31 January 2023 671,995 671,995
_______ _______
Amortisation
At 1 February 2022 186,007 186,007
Charge for the year 48,333 48,333
_______ _______
At 31 January 2023 234,340 234,340
_______ _______
Carrying amount
At 31 January 2023 437,655 437,655
_______ _______
At 31 January 2022 330,988 330,988
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 February 2022 2,309,409 687,239 1,475,065 4,471,713
Additions 1,841,328 - 118,943 1,960,271
_______ _______ _______ _______
At 31 January 2023 4,150,737 687,239 1,594,008 6,431,984
_______ _______ _______ _______
Depreciation
At 1 February 2022 776,894 103,086 1,134,861 2,014,841
Charge for the year 85,569 87,623 68,872 242,064
_______ _______ _______ _______
At 31 January 2023 862,463 190,709 1,203,733 2,256,905
_______ _______ _______ _______
Carrying amount
At 31 January 2023 3,288,274 496,530 390,275 4,175,079
_______ _______ _______ _______
At 31 January 2022 1,532,515 584,153 340,204 2,456,872
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 January 2023 161,952
_______
At 31 January 2022 190,532
_______
7. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 February 2022 - -
Additions 378,529 378,529
_______ _______
At 31 January 2023 378,529 378,529
_______ _______
Impairment
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 378,529 378,529
_______ _______
At 31 January 2022 - -
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 135,913 326,913
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 528,529
Other debtors 77,529 116,246
_______ _______
213,442 971,688
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 161,637 128,447
Trade creditors 11,456 12,165
Amounts owed to group undertakings and undertakings in which the company has a participating interest 46,903 2,496
Corporation tax 152,775 246,713
Social security and other taxes 93,590 102,576
Other creditors 169,641 211,085
_______ _______
636,002 703,482
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,913,716 1,100,380
Other creditors 188,421 233,885
_______ _______
2,102,137 1,334,265
_______ _______
The bank loan is secured.
11. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2023 2022
£ £
Not later than 1 year 45,464 45,464
Later than 1 year and not later than 5 years 99,603 145,068
_______ _______
145,067 190,532
_______ _______
Present value of minimum lease payments 145,067 190,532
_______ _______
The company leases certain items of plant and equipment under lease agreements with a 5 year term that are repayable in equal monthly instalments.
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 367,888 367,740
Later than 1 year and not later than 5 years 1,267,458 1,281,070
Later than 5 years 1,236,237 1,490,544
_______ _______
2,871,583 3,139,354
_______ _______
These include equipment and premises under operating lease agreements. The lease terms of these agreements vary between 3 and 20 years.
13. Summary audit opinion
The auditor's report for the year dated 18 July 2023 was unqualified.
The senior statutory auditor was Mohammad Jilani for and on behalf of Pearlman Rose
14. Controlling party
The company is owned 100% by LA Group Holdings Ltd, a company incorporated in England & Wales.