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REGISTERED NUMBER: 06708321 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Natural Food Commodities Limited

Natural Food Commodities Limited (Registered number: 06708321)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Natural Food Commodities Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: A Graham (Senior)
M Peters
O Hanlon





REGISTERED OFFICE: Grosvenor House
1 Crowland Close
Southport
Merseyside
PR9 7RR





REGISTERED NUMBER: 06708321 (England and Wales)





ACCOUNTANTS: Topping & Company
Chartered Accountants
209 Liverpool Road
Birkdale
Southport
Merseyside
PR8 4PH

Natural Food Commodities Limited (Registered number: 06708321)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,032 -

CURRENT ASSETS
Stocks 699,199 471,545
Debtors 5 362,248 263,788
Cash at bank 32,952 296,175
1,094,399 1,031,508
CREDITORS
Amounts falling due within one year 6 857,920 883,593
NET CURRENT ASSETS 236,479 147,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

237,511

147,915

CREDITORS
Amounts falling due after more than one
year

7

(38,922

)

(65,530

)

PROVISIONS FOR LIABILITIES (295 ) -
NET ASSETS 198,294 82,385

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 198,293 82,384
198,294 82,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

Natural Food Commodities Limited (Registered number: 06708321)

Balance Sheet - continued
30 June 2023


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 7 November 2023 and were signed on its behalf by:





M Peters - Director


Natural Food Commodities Limited (Registered number: 06708321)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Natural Food Commodities Limited is a private limited company, incorporated and registered in England and Wales (registered number 06708321). The address of the registered office is Grosvenor House, 1 Crowland Close, Southport, Merseyside, PR9 7RR. The principal activity of the company is the wholesale of natural food commodities.

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.

The presentation currency of the financial statements is GBP.

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

The company sells natural food commodities. The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first in first out method.

The carrying amount of stock is recognised as an expense in the period in which the related revenue is recognised.

Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or similar items, is compared with its selling price less costs to sell. If an item of stock or a group of similar items is impaired, its carrying amount is reduced to selling price less costs to sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Natural Food Commodities Limited (Registered number: 06708321)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors receivable and payable and loans from banks.

Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial assets are derecognised when the rights to receive cash flows from the asset have expired. Provision is made when there is objective evidence that the company will not be able to collect certain debts. Bad debts are written off when identified. Financial liabilities are derecognised when the obligations under the liability is discharged, cancelled or expires.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Coronavirus (covid-19) grants and loans
The company's Bounce Back Loan, entered into with National Westminster Bank Plc in accordance with the Coronavirus Bounce Back Loan Scheme introduced by the Government, is initially measured at transaction price. The loan is repayable over five years by monthly instalments commencing twelve months after draw down. Interest is charged on the loan at a fixed rate of 2.5% per annum and will be paid for by the Government Business Interruption Payment for the first twelve months.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

Natural Food Commodities Limited (Registered number: 06708321)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 1,363
At 30 June 2023 1,363
DEPRECIATION
Charge for year 331
At 30 June 2023 331
NET BOOK VALUE
At 30 June 2023 1,032

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 355,967 254,733
Other debtors 6,281 9,055
362,248 263,788

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts (see note 8) 28,043 27,279
Trade creditors 762,874 808,005
Taxation and social security 37,715 18,740
Other creditors 29,288 29,569
857,920 883,593

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans (see note 8) 38,922 65,530

8. LOANS

An analysis of the maturity of loans is given below:

30.6.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 28,043 27,279

Natural Food Commodities Limited (Registered number: 06708321)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. LOANS - continued
30.6.23 30.6.22
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 24,503 27,353

Amounts falling due between two and five years:
Bank loans - 2-5 years 14,419 38,177

The company does not have a bank overdraft.

Outstanding bank loans payable to National Westminster Bank Plc amount to £66,965 as at 30 June 2023 (2022: £92,809) and include amounts payable of £34,768 (2022: £44,404) in respect of the company's Bounce Back Loan.

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 66,965 92,809

Bank loans are secured by way of a debenture and a guarantee given by Bulldog Products Limited, an associated company of Natural Food Commodities Limited.

The company's Bounce Back Loan, entered into with National Westminster Bank Plc, is supported by the Bounce Back Loan Scheme which in turn is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

10. CORONAVIRUS (COVID-19)

As with most businesses, the Company has been impacted by the Coronavirus (COVID-19) pandemic. The Company has utilised the benefits available from the Government and is taking all the steps it can to protect the future of its business. The Company received a Bounce Back Loan which is repayable over 5 years. Although the total impact is still uncertain, the Directors believe that it is appropriate to prepare the Accounts on a Going Concern basis because it is assumed that the Company will continue to be able to meet its liabilities as they fall due going forward.