REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Natural Food Commodities Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
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 |
Plant and machinery etc | - |
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 |
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 |
At 30 June 2023 |
DEPRECIATION |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans (see note 8) |
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 |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
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. |