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Company registration number: 10445520







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


FN GLOBAL MEAT UK LIMITED (Formerly South Pacific Meats Limited)






































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FN GLOBAL MEAT UK LIMITED
 


 
COMPANY INFORMATION


Director
M Hooreman 




Registered number
10445520



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Bankers
HSBC UK Bank Plc
1 Centenary Square

Birmingham

B1 1HQ





 


FN GLOBAL MEAT UK LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 5


 


FN GLOBAL MEAT UK LIMITED
REGISTERED NUMBER:10445520



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

Unaudited
2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
1
-

  
1
-

Current assets
  

Stocks
 5 
2,290,044
320,497

Debtors: amounts falling due within one year
 6 
1,642,897
4,220,565

Cash at bank and in hand
  
39,335
167,818

  
3,972,276
4,708,880

Creditors: amounts falling due within one year
 7 
(3,461,017)
(4,060,376)

Net current assets
  
 
 
511,259
 
 
648,504

Total assets less current liabilities
  
511,260
648,504

  

Net assets
  
511,260
648,504


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
511,160
648,404

  
511,260
648,504


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M Hooreman
Director

Date: 26 February 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


FN GLOBAL MEAT UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

FN Global Meat UK Limited (formerly South Pacific Meats Limited) is a private company limited by shares and incorporated in England and Wales.  The principal place of business is 1 Monk Lodge, 2A Friars Stile Road, Richmond, Surrey, TW10 6NE.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is generated by wholesale of meat and meat products. This is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. This determination is made at the point of delivery or when the customer collects the goods. Revenue is measured as the fair value of the consideration received or receivable excluding discounts.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares..

Page 2

 


FN GLOBAL MEAT UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 -1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 December 2022
1




The prior year financial statements did not include the investment held by the entity in a subsidiary, FNGM Limited. This has been recognised in the year and not through a prior year restatement as it is not expected to materially impact the users of financial statements.

Page 3

 


FN GLOBAL MEAT UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Stocks

As restated
2022
2021
£
£

Meat products
2,290,044
240,434

Stock in transit
-
80,063

2,290,044
320,497


The prior year meat stock balance has been restated from £600,771 to £240,434 after reclassifying £80,063 to stock in transit and £280,274 to prepayments. The stock in transit and prepayments have been restated from £Nil to £80,063 and £280,274 respectively. There has been no impact on the profit and loss in respect of this adjustment. 


6.


Debtors

As restated
2022
2021
£
£


Trade debtors
1,089,335
3,930,603

Other debtors
254,612
9,688

Prepayments
298,950
280,274

1,642,897
4,220,565



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
769,014
3,969,359

Amounts owed to group undertakings
2,646,542
-

Corporation tax
-
84,533

Other creditors
21,711
2,734

Accruals and deferred income
23,750
3,750

3,461,017
4,060,376



8.


Post balance sheet events

Following the year-end, the net realisable value of certain stocks was below its cost price which is attributable to the decline in the global meat prices and has resulted in an estimated loss of £152,737 which will be accounted for in the financial statements for the year ended 31 December 2023.  

Page 4

 


FN GLOBAL MEAT UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Controlling party

The parent company is FN Global Meat Holding B.V., a company registered in the Netherlands after it acquired the shares in the company during the year. The address of the registered office is Heliotroopring 700, 3316 KG Dordrecht, The Netherlands. 
The company's results are consolidated in the financial statements of FN Global Meat Holding B.V. and these can be obtained from its registered office.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the balance sheet at £2,290,044, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Additionally the financial statements for the year ended 31 December 2021 were unaudited and thus we did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £320,497 included in the balance sheet at 31 December 2021 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2021 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2022.

The audit report was signed on 27 February 2024 by Sophie Said FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 5