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Company registration number: 07433255
Ideal Nutritional Foods Limited
Filleted financial statements
28 February 2023
IDEAL NUTRITIONAL FOODS LIMITED
DIRECTORS AND OTHER INFORMATION
Directors A Horner
J Turpin
Mrs A Horner
L Gerry
Secretary S Horner
Company number 07433255
Registered office The Courtyard
Trewolland Farm
Liskeard
Cornwall
PL14 3BD
Auditor Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
Bankers National Westminster Bank
Trehawke House
Liskeard
Cornwall
PL14 4AG
IDEAL NUTRITIONAL FOODS LIMITED
DIRECTORS RESPONSIBILITIES STATEMENT
YEAR ENDED 28 FEBRUARY 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
IDEAL NUTRITIONAL FOODS LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 1,910,303 1,243,262
Cash at bank and in hand 268,933 864,078
_______ _______
2,179,236 2,107,340
Creditors: amounts falling due
within one year 6 ( 2,168,801) ( 2,097,168)
_______ _______
Net current assets 10,435 10,172
_______ _______
Total assets less current liabilities 10,435 10,172
Provisions for liabilities 570 570
_______ _______
Net assets 11,005 10,742
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 7 10,005 9,742
_______ _______
Shareholders funds 11,005 10,742
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:
A Horner
Director
Company registration number: 07433255
IDEAL NUTRITIONAL FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Courtyard, Trewolland Farm, Liskeard, Cornwall, PL14 3BD.
Principal activity
The principal activity of the company is that of wholesale of food including fish and crustaceans.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Revenue - described as turnover - is the value of goods (net of VAT) provided to customers during the year.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Debtors
2023 2022
£ £
Trade debtors 1,411,059 986,984
Other debtors 499,244 256,278
_______ _______
1,910,303 1,243,262
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,107,969 2,077,600
Accruals and deferred income 59,131 18,962
Social security and other taxes 1,701 606
_______ _______
2,168,801 2,097,168
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8. Summary audit opinion
The auditor's report for the year is dated 02 October 2023
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:The auditor's report was unqualified.The senior statutory auditor was Jonathan Stacey and the auditor was Westcotts (SW) LLP, of Plym House, 3 Longbridge Road, Plymouth, Devon, United Kingdom, PL6 8LT.
The senior statutory auditor was Jonathan Stacey for and on behalf of Westcotts
9. Controlling party
The ultimate controlling party is Ideal Foods Limited, a company registered in the UK. The registered office address is The Courtyard, Trewolland Farm, Liskeard, Cornwall, PL14 3NL.