Silverfin false 28/02/2023 01/03/2022 28/02/2023 P D Dean 27/08/1991 S L Dean 07/06/2006 S J Rutt 02/10/2020 15 November 2023 no description of principal activity 02598368 2023-02-28 02598368 bus:Director1 2023-02-28 02598368 bus:Director2 2023-02-28 02598368 bus:Director3 2023-02-28 02598368 2022-02-28 02598368 core:CurrentFinancialInstruments 2023-02-28 02598368 core:CurrentFinancialInstruments 2022-02-28 02598368 core:ShareCapital 2023-02-28 02598368 core:ShareCapital 2022-02-28 02598368 core:RevaluationReserve 2023-02-28 02598368 core:RevaluationReserve 2022-02-28 02598368 core:RetainedEarningsAccumulatedLosses 2023-02-28 02598368 core:RetainedEarningsAccumulatedLosses 2022-02-28 02598368 core:LandBuildings 2022-02-28 02598368 core:OtherPropertyPlantEquipment 2022-02-28 02598368 core:LandBuildings 2023-02-28 02598368 core:OtherPropertyPlantEquipment 2023-02-28 02598368 core:DeferredTaxation 2023-02-28 02598368 core:DeferredTaxation 2022-02-28 02598368 core:OtherProvisionsContingentLiabilities 2023-02-28 02598368 core:OtherProvisionsContingentLiabilities 2022-02-28 02598368 2021-02-28 02598368 2022-03-01 2023-02-28 02598368 bus:FullAccounts 2022-03-01 2023-02-28 02598368 bus:SmallEntities 2022-03-01 2023-02-28 02598368 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 02598368 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02598368 bus:Director1 2022-03-01 2023-02-28 02598368 bus:Director2 2022-03-01 2023-02-28 02598368 bus:Director3 2022-03-01 2023-02-28 02598368 2021-03-01 2022-02-28 02598368 core:LandBuildings 2022-03-01 2023-02-28 02598368 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 02598368 (England and Wales)

NOBLE FOODS (WE) LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

NOBLE FOODS (WE) LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

NOBLE FOODS (WE) LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
NOBLE FOODS (WE) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
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)
NOBLE FOODS (WE) LIMITED

BALANCE SHEET

As at 28 February 2023
NOBLE FOODS (WE) LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 5,195,741 4,913,785
5,195,741 4,913,785
Current assets
Debtors 5 383,693 268,089
Cash at bank and in hand 862,141 270,527
1,245,834 538,616
Creditors: amounts falling due within one year 6 ( 872,174) ( 58,849)
Net current assets 373,660 479,767
Total assets less current liabilities 5,569,401 5,393,552
Provision for liabilities 7, 8 ( 852,763) ( 593,200)
Net assets 4,716,638 4,800,352
Capital and reserves
Called-up share capital 1,000,002 2,000,002
Revaluation reserve 1,799,221 1,589,478
Profit and loss account 1,917,415 1,210,872
Total shareholder's funds 4,716,638 4,800,352

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Noble Foods (WE) Limited (registered number: 02598368) were approved and authorised for issue by the Board of Directors on 15 November 2023. They were signed on its behalf by:

S J Rutt
Director
NOBLE FOODS (WE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
NOBLE FOODS (WE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

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.

General information and basis of accounting

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is recognised at the fair value of the consideration received for the provision of electricity in the period in which it is provided, shown net of value added tax.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are valued using the revaluation model and are revalued annually by the directors to an amount equal to fair value, based on value in use from discounted cashflows.

Land and buildings not depreciated
Plant and machinery etc. not depreciated

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. On the disposal of a revalued asset a transfer would be made from the revaluation reserve to profit and loss account.

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.

Trade and other debtors

Trade debtors are amounts due from customers for services provided in the ordinary course of business. Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. Trade creditors are recognised initially at the transaction price.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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).

Ordinary share capital

The ordinary and preferred share capital of the Company is presented as equity.

Borrowings

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.

2. Prior year adjustment

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.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost/Valuation
At 01 March 2022 67,850 4,845,935 4,913,785
Additions 0 2,300 2,300
Revaluations 0 279,656 279,656
At 28 February 2023 67,850 5,127,891 5,195,741
Accumulated depreciation
At 01 March 2022 0 0 0
At 28 February 2023 0 0 0
Net book value
At 28 February 2023 67,850 5,127,891 5,195,741
At 28 February 2022 67,850 4,845,935 4,913,785

The fair value of the company's plant and machinery was revalued on 28 February 2023 by the Directors based on value in use from discounted cashflows. An independent valuer was not involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,728,930 (2022 - £2,726,630).

5. Debtors

2023 2022
£ £
Trade debtors 383,693 249,183
Other debtors 0 18,906
383,693 268,089

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,789 463
Other taxation and social security 17,578 16,153
Other creditors 849,807 42,233
872,174 58,849

7. Provision for liabilities

2023 2022
£ £
Deferred tax 773,821 516,558
Other provisions 78,942 76,642
852,763 593,200

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.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 516,558) ( 382,073)
Charged to the Profit and Loss Account ( 187,350) ( 123,821)
Charged to the Statement of Comprehensive Income ( 69,913) ( 10,664)
At the end of financial year ( 773,821) ( 516,558)

9. Related party transactions

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.