Company Registration No. 12681835 (England and Wales)
RISEN INGREDIENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
RISEN INGREDIENTS LIMITED
COMPANY INFORMATION
Directors
Mr A B Papadimitriou
Mr B J Papadimitriou
Company number
12681835
Registered office
12 Devonshire Place
London
W1G 6HU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
1 Legg Street
Chelmsford
Essex
CM1 1JS
RISEN INGREDIENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
RISEN INGREDIENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RISEN INGREDIENTS LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Risen Ingredients Limited for the year ended 30 June 2023 which comprise, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Risen Ingredients Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Risen Ingredients Limited and state those matters that we have agreed to state to the Board of Directors of Risen Ingredients Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Risen Ingredients Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Risen Ingredients Limited 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 loss of Risen Ingredients Limited. You consider that Risen Ingredients Limited 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 Risen Ingredients Limited. 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.
Ormerod Rutter Limited
17 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
RISEN INGREDIENTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,116
23,642
Tangible assets
4
188
371
18,304
24,013
Current assets
Stocks
1,837
5,199
Debtors
5
606
219
Cash at bank and in hand
2,402
586
4,845
6,004
Creditors: amounts falling due within one year
6
(115,951)
(98,211)
Net current liabilities
(111,106)
(92,207)
Total assets less current liabilities
(92,802)
(68,194)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(92,902)
(68,294)
Total equity
(92,802)
(68,194)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 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 and delivered 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 17 October 2023 and are signed on its behalf by:
Mr A B Papadimitriou
Mr B J Papadimitriou
Director
Director
Company Registration No. 12681835
RISEN INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Risen Ingredients Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Devonshire Place, London, W1G 6HU.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website development
5 years
Patents & licences
10 years
1.5
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:
Computer equipment
33% on cost
RISEN INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Intangible fixed assets
Website development
Patents & licences
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
25,733
3,435
29,168
Amortisation and impairment
At 1 July 2022
5,147
379
5,526
Amortisation charged for the year
5,147
379
5,526
At 30 June 2023
10,294
758
11,052
Carrying amount
At 30 June 2023
15,439
2,677
18,116
At 30 June 2022
20,586
3,056
23,642
RISEN INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 July 2022 and 30 June 2023
554
Depreciation and impairment
At 1 July 2022
183
Depreciation charged in the year
183
At 30 June 2023
366
Carrying amount
At 30 June 2023
188
At 30 June 2022
371
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
606
219
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
259
Amounts owed to group undertakings
114,590
96,388
Other creditors
1,361
1,564
115,951
98,211
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
95 Ordinary of £1 each
95
95
5 Ordinary A of £1 each
5
5
100
100
RISEN INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.”
9
Control
Ultimate parent company
The ultimate parent company is Simply Ingredients Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr B J Papadimitriou, by virtue of his controlling interest in the ultimate parent company.