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Registration number: 06582910

FDL Cheese Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

FDL Cheese Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

FDL Cheese Ltd

Company Information

Directors

V. Albiniano

P. A. Young

Company secretary

P. A. Young

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

FDL Cheese Ltd

(Registration number: 06582910)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

179,657

215,228

Current assets

 

Stocks

5

85,697

109,258

Debtors

6

162,239

86,885

Cash at bank and in hand

 

20,510

10,278

 

268,446

206,421

Creditors: Amounts falling due within one year

7

(253,869)

(156,823)

Net current assets

 

14,577

49,598

Total assets less current liabilities

 

194,234

264,826

Creditors: Amounts falling due after more than one year

7

(101,666)

(138,708)

Net assets

 

92,568

126,118

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

92,468

126,018

Shareholders' funds

 

92,568

126,118

 

FDL Cheese Ltd

(Registration number: 06582910)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
V. Albiniano
Director

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board 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 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 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.

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 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.

Tax

The current income 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.

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% on cost

Motor vehicles

25% on cost

Plant and machinery

16.67% and 25% on cost

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 debtors.

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 stocks 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. 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 the profit and loss account.

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade 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. 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 5).

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

-

43,435

261,624

305,059

Additions

1,066

-

6,839

7,905

Disposals

-

(20,950)

(2,704)

(23,654)

At 30 April 2023

1,066

22,485

265,759

289,310

Depreciation

At 1 May 2022

-

32,235

57,596

89,831

Charge for the year

65

(2,800)

43,732

40,997

Eliminated on disposal

-

(20,950)

(225)

(21,175)

At 30 April 2023

65

8,485

101,103

109,653

Carrying amount

At 30 April 2023

1,001

14,000

164,656

179,657

At 30 April 2022

-

11,200

204,028

215,228

5

Stocks

2023
£

2022
£

Stocks

85,697

109,258

6

Debtors

Current

2023
£

2022
£

Trade debtors

156,376

75,116

Other debtors

5,863

11,769

 

162,239

86,885

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

37,042

38,500

Trade creditors

 

134,175

100,684

Taxation and social security

 

11,754

12,225

Accruals and deferred income

 

4,954

4,645

Other creditors

 

65,944

769

 

253,869

156,823

Creditors include other creditors which are secured of £65,692 (2022 - £nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

101,666

138,708

 

FDL Cheese Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

79,166

106,208

Other borrowings

22,500

32,500

101,666

138,708

2023
£

2022
£

Current loans and borrowings

Bank borrowings

37,042

38,500

10

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors' loan account

(528)

32,000

(30,720)

752

         
       

 

Summary of transactions with other related parties

During the year the directors received dividends amounting to £11,200 (2022 - £4,000).