Ready Eats Ltd 12163048 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the production and sale of food through wholesale markets and direct to the public Digita Accounts Production Advanced 6.30.9574.0 true true true 12163048 2022-04-01 2023-03-31 12163048 2023-03-31 12163048 bus:OrdinaryShareClass1 2023-03-31 12163048 bus:Original 2023-03-31 12163048 core:CurrentFinancialInstruments 2023-03-31 12163048 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12163048 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12163048 core:FurnitureFittingsToolsEquipment 2023-03-31 12163048 core:LandBuildings 2023-03-31 12163048 core:MotorVehicles 2023-03-31 12163048 core:OtherPropertyPlantEquipment 2023-03-31 12163048 core:ParentEntities 2023-03-31 12163048 bus:SmallEntities 2022-04-01 2023-03-31 12163048 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12163048 bus:FullAccounts 2022-04-01 2023-03-31 12163048 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12163048 bus:RegisteredOffice 2022-04-01 2023-03-31 12163048 bus:Director1 2022-04-01 2023-03-31 12163048 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12163048 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12163048 core:Goodwill 2022-04-01 2023-03-31 12163048 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12163048 core:LandBuildings 2022-04-01 2023-03-31 12163048 core:MotorVehicles 2022-04-01 2023-03-31 12163048 core:OfficeEquipment 2022-04-01 2023-03-31 12163048 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 12163048 core:PlantMachinery 2022-04-01 2023-03-31 12163048 core:ParentEntities 2022-04-01 2023-03-31 12163048 1 2022-04-01 2023-03-31 12163048 1 2022-04-01 2023-03-31 12163048 countries:England 2022-04-01 2023-03-31 12163048 2022-03-31 12163048 core:FurnitureFittingsToolsEquipment 2022-03-31 12163048 core:LandBuildings 2022-03-31 12163048 core:MotorVehicles 2022-03-31 12163048 core:OtherPropertyPlantEquipment 2022-03-31 12163048 core:ParentEntities 2022-03-31 12163048 2021-04-01 2022-03-31 12163048 2022-03-31 12163048 bus:OrdinaryShareClass1 2022-03-31 12163048 core:CurrentFinancialInstruments 2022-03-31 12163048 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12163048 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12163048 core:FurnitureFittingsToolsEquipment 2022-03-31 12163048 core:LandBuildings 2022-03-31 12163048 core:MotorVehicles 2022-03-31 12163048 core:OtherPropertyPlantEquipment 2022-03-31 12163048 core:ParentEntities 2022-03-31 12163048 core:ParentEntities 2021-04-01 2022-03-31 12163048 2021-03-31 12163048 core:ParentEntities 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12163048

Ready Eats Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Ready Eats Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Ready Eats Ltd

Company Information

Director

Mr MA Wilsher

Registered office

Units 4&5 Windover Court
Huntingdon
Cambridgeshire
PE29 7EA

Accountants

AIMS Accountants for Business
Mark Ellis FCA
134 High Street
Offord Cluny
St Neots
Cambridgeshire
PE19 5RQ

 

Ready Eats Ltd

(Registration number: 12163048)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

542,250

572,400

Tangible assets

5

1,086,187

1,108,305

 

1,628,437

1,680,705

Current assets

 

Stocks

6

87,963

55,338

Debtors

7

92,220

60,566

Cash at bank and in hand

 

32,143

46,172

 

212,326

162,076

Prepayments and accrued income

 

19,278

10,689

Creditors: Amounts falling due within one year

8.1

(118,280)

(142,295)

Net current assets

 

113,324

30,470

Total assets less current liabilities

 

1,741,761

1,711,175

Creditors: Amounts falling due after more than one year

8.2

(1,909,894)

(1,878,635)

Accruals and deferred income

 

(17,790)

(21,610)

Net liabilities

 

(185,923)

(189,070)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(186,023)

(189,170)

Shareholders' deficit

 

(185,923)

(189,070)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ready Eats Ltd

(Registration number: 12163048)
Abridged Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 November 2023
 

.........................................
Mr MA Wilsher
Director

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Units 4&5 Windover Court
Huntingdon
Cambridgeshire
PE29 7EA

These financial statements were authorised for issue by the director on 16 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles

25% reducing balance

Plant & machinery

15% reducing balance

Office equipment

30% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 34 (2022 - 38).

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

603,000

At 31 March 2023

603,000

Amortisation

At 1 April 2022

30,600

Amortisation charge

30,150

At 31 March 2023

60,750

Carrying amount

At 31 March 2023

542,250

At 31 March 2022

572,400

Goodwill represents the purchase costs of businesses above the cost of the relevant company net assets. The directors review annually the carrying amount of this goodwill and will recognise impairments as required.

The aggregate amount of research and development expenditure recognised as an expense during the period is £956 (2022 - £-).
 

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

842,628

748

55,245

277,591

1,176,212

Additions

2,164

-

-

26,579

28,743

Disposals

-

-

(1,250)

-

(1,250)

At 31 March 2023

844,792

748

53,995

304,170

1,203,705

Depreciation

At 1 April 2022

-

225

21,827

45,855

67,907

Charge for the year

-

224

8,179

41,755

50,158

Eliminated on disposal

-

-

(547)

-

(547)

At 31 March 2023

-

449

29,459

87,610

117,518

Carrying amount

At 31 March 2023

844,792

299

24,536

216,560

1,086,187

At 31 March 2022

842,628

523

33,418

231,736

1,108,305

Included within the net book value of land and buildings above is £844,792 (2022 - £842,628) in respect of freehold land and buildings.
 

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

83,442

55,338

Finished goods and goods for resale

4,521

-

87,963

55,338

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured on the company freehold property of £20,500 (2022 - £21,900).

Creditors: amounts falling due after more than one year

Creditors falling due over one year but less than five years include bank loans and overdrafts which are secured on the company property of £65,167 (2022 - £74,867).

Creditors include bank loans and overdrafts which are secured on the company property of £118,404 (2022 - £127,372) due after more than five years.

Creditors include bank loans not repayable by instalments of £1,726,322.84 (2022 - £1,676,395.80) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Loans from related parties

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

2023

Parent
£

Total
£

At start of period

1,676,395

1,676,395

Advanced

49,927

49,927

At end of period

1,726,322

1,726,322

2022

Parent
£

Total
£

At start of period

1,384,193

1,384,193

Advanced

292,202

292,202

At end of period

1,676,395

1,676,395

Terms of loans from related parties

This loan is repayable on demand
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Wayfarer Investments International Ltd, incorporated in Guernsey.

 The ultimate controlling party is The Wayfarer Trust.

12

Non adjusting events after the financial period

In August 2023 a commercial property was sold by the company to a third party for £125,000. The disposal will generate a profit of £23,000 for the 2023/24 period.