Company registration number 8690681 (England and Wales)
THE GLOBAL FOOD SAFETY COMPANY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE GLOBAL FOOD SAFETY COMPANY LTD
COMPANY INFORMATION
Directors
Ian Abbotts
Liam Doyle
Company number
8690681
Registered office
42 Towns End Road
Sharnbrook
Bedford
Bedfordshire
United Kingdom
MK44 1HY
Accountants
Garner Associates LLP
Northwood House
138 Bromham Road
Bedford
Bedfordshire
MK40 2QW
THE GLOBAL FOOD SAFETY COMPANY LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
THE GLOBAL FOOD SAFETY COMPANY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
- 1 -
The directors present their annual report and financial statements for the year ended 5 April 2023.
Principal activities
The principal activity of the company continued to be that of food hygiene and safety consultancy.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ian Abbotts
Liam Doyle
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ian Abbotts
Director
22 September 2023
THE GLOBAL FOOD SAFETY COMPANY LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF THE GLOBAL FOOD SAFETY COMPANY LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Global Food Safety Company Ltd for the year ended 5 April 2023 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of The Global Food Safety Company Ltd, as a body, in accordance with the terms of our engagement letter dated 01/08/2016. Our work has been undertaken solely to prepare for your approval the financial statements of The Global Food Safety Company Ltd and state those matters that we have agreed to state to the Board of Directors of The Global Food Safety Company Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Global Food Safety Company Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Global Food Safety Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Global Food Safety Company Ltd. You consider that The Global Food Safety Company Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Global Food Safety Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Garner Associates LLP
22 September 2023
Chartered Certified Accountants
Northwood House
138 Bromham Road
Bedford
Bedfordshire
MK40 2QW
THE GLOBAL FOOD SAFETY COMPANY LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
2023
2022
£
£
Turnover
554,685
267,303
Cost of sales
(178,055)
(151,405)
Gross profit
376,630
115,898
Administrative expenses
(370,658)
(155,828)
Operating profit/(loss)
5,972
(39,930)
Interest receivable and similar income
92
Profit/(loss) before taxation
5,972
(39,838)
Tax on profit/(loss)
(583)
7,754
Profit/(loss) for the financial year
5,389
(32,084)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE GLOBAL FOOD SAFETY COMPANY LTD
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,064
2,001
Current assets
Debtors
4
102,023
69,781
Cash at bank and in hand
147,972
144,741
249,995
214,522
Creditors: amounts falling due within one year
5
(51,470)
(19,323)
Net current assets
198,525
195,199
Net assets
202,589
197,200
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
202,587
197,198
Total equity
202,589
197,200
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
Ian Abbotts
Liam Doyle
Director
Director
Company registration number 8690681 (England and Wales)
THE GLOBAL FOOD SAFETY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 5 -
1
Accounting policies
Company information
The Global Food Safety Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 42 Towns End Road, Sharnbrook, Bedford, Bedfordshire, United Kingdom, MK44 1HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE GLOBAL FOOD SAFETY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022
2,667
Additions
2,841
At 5 April 2023
5,508
Depreciation and impairment
At 6 April 2022
666
Depreciation charged in the year
778
At 5 April 2023
1,444
Carrying amount
At 5 April 2023
4,064
At 5 April 2022
2,001
THE GLOBAL FOOD SAFETY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
89,009
56,631
Corporation tax recoverable
7,754
7,754
Other debtors
5,260
5,396
102,023
69,781
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,000
Corporation tax
583
Other taxation and social security
14,504
14,480
Other creditors
6,383
4,843
51,470
19,323
THE GLOBAL FOOD SAFETY COMPANY LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023