Company No:
Contents
DIRECTORS | P D Dean |
S L Dean | |
S J Rutt |
SECRETARY | P D Dean |
REGISTERED OFFICE | Beeches Farm |
Icknield Way | |
Tring | |
HP23 4LA | |
United Kingdom |
COMPANY NUMBER | 02598368 (England and Wales) |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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5,195,741 | 4,913,785 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,245,834 | 538,616 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 373,660 | 479,767 | ||
Total assets less current liabilities | 5,569,401 | 5,393,552 | ||
Provision for liabilities | 7, 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Noble Foods (WE) Limited (registered number:
S J Rutt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Noble Foods (WE) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
Beeches Farm
Icknield Way
Tring
Hertfordshire
HP23 4LA
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention except where otherwise stated.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The tax expense for the period comprises current tax and deferred tax. Deferred tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
The deferred tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Land and buildings | not depreciated |
Plant and machinery etc. | not depreciated |
Revaluation increases are recognised in the statement of other comprehensive income unless the increase reverses a revaluation decrease of the same asset previously recognised in the statement of profit and loss. Revaluation decreases are recognised in statement of other comprehensive income unless it exceeds accumulated revaluations gains. The non-depreciation of plant and machinery is a departure from FRS 102 and Companies Act. The Directors consider that the revaluation method presents a true and fair view of the assets held.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
Borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
A prior period restatement has been made for the year ended 28 February 2022 to correct the value of the revaluation reserve and retained earnings brought forward and the deferred tax charge. The retained earnings as at 1 March 2021 has been increased by £817,681 and the revaluation reserve decreased by £1,086,651 to bring in line with the expected value of the reserve based on the asset revaluation. In addition, the deferred tax provision has been increased by £268,970 with the charge through the statement of profit and loss increasing by £60,643 and the charge through the statement of other comprehensive income increasing by £208,327. As a result of these adjustments, the net assets at 28 February 2022 have been reduced by £268,970 from £5,069,322 to £4,800,352.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost/Valuation | |||||
At 01 March 2022 |
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Additions |
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Revaluations |
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At 28 February 2023 |
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Accumulated depreciation | |||||
At 01 March 2022 |
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At 28 February 2023 |
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Net book value | |||||
At 28 February 2023 |
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At 28 February 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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Included in other provisions is a decommissioning provision of £78,942 in relation to the decommissioning of plant and machinery at the end of its useful life.
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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Charged to the Statement of Comprehensive Income | (
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At the end of financial year | (
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One of the company's directors has provided a loan to the company which is interest free and repayable upon demand. At the balance sheet date the amount due to the director was £849,807 (2022 - £42,233 ). This amount is included in other creditors.