Caseware UK (AP4) 2022.0.179 2022.0.179 The financial statements have been prepared in accordance with the provision 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.true92022-01-01falseNo description of principal activity11true 10561433 2022-01-01 2023-06-30 10561433 2021-01-01 2021-12-31 10561433 2023-06-30 10561433 2021-12-31 10561433 2021-01-01 10561433 1 2022-01-01 2023-06-30 10561433 d:CompanySecretary1 2022-01-01 2023-06-30 10561433 d:Director3 2022-01-01 2023-06-30 10561433 d:Director4 2022-01-01 2023-06-30 10561433 d:Director5 2022-01-01 2023-06-30 10561433 d:Director6 2022-01-01 2023-06-30 10561433 d:RegisteredOffice 2022-01-01 2023-06-30 10561433 d:Agent1 2022-01-01 2023-06-30 10561433 c:FurnitureFittings 2022-01-01 2023-06-30 10561433 c:FurnitureFittings 2023-06-30 10561433 c:FurnitureFittings 2021-12-31 10561433 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-01-01 2023-06-30 10561433 c:CurrentFinancialInstruments 2023-06-30 10561433 c:CurrentFinancialInstruments 2021-12-31 10561433 c:ShareCapital 2023-06-30 10561433 c:ShareCapital 2021-12-31 10561433 c:ShareCapital 2021-01-01 10561433 c:RetainedEarningsAccumulatedLosses 2022-01-01 2023-06-30 10561433 c:RetainedEarningsAccumulatedLosses 2023-06-30 10561433 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10561433 c:RetainedEarningsAccumulatedLosses 2021-12-31 10561433 c:RetainedEarningsAccumulatedLosses 2021-01-01 10561433 d:OrdinaryShareClass1 2022-01-01 2023-06-30 10561433 d:OrdinaryShareClass1 2021-01-01 2021-12-31 10561433 d:OrdinaryShareClass1 2023-06-30 10561433 d:OrdinaryShareClass1 2021-12-31 10561433 d:FRS102 2022-01-01 2023-06-30 10561433 d:Audited 2022-01-01 2023-06-30 10561433 d:FullAccounts 2022-01-01 2023-06-30 10561433 d:PrivateLimitedCompanyLtd 2022-01-01 2023-06-30 10561433 c:WithinOneYear 2023-06-30 10561433 c:WithinOneYear 2021-12-31 10561433 c:BetweenOneFiveYears 2023-06-30 10561433 c:BetweenOneFiveYears 2021-12-31 10561433 d:SmallCompaniesRegimeForAccounts 2022-01-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

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Financial Statements
Strong Roots Food Company UK Limited
For the period ended 30 June 2023





































Registered number: 10561433

 
Strong Roots Food Company UK Limited
 

Company Information


Directors
Samuel Dennigan 
Geoff Read 
Peter Dawe 
Howard Snape 




Company secretary
Geoff Read



Registered number
10561433



Registered office
75b Great Eastern Street

London

EC2A 3HN




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13 - 18 City Quay

Dublin 2
D02 ED70




Bankers
HSBC
First Floor

1 Old Street

London

EC1V 9HL




Solicitors
Mason Hayes & Curran
Barrow Street

Dublin 4
D02 TR29





 
Strong Roots Food Company UK Limited
 

Contents



Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11


 
Strong Roots Food Company UK Limited
Registered number:10561433

Statement of financial position
As at 30 June 2023

At 30 June
At 31 December
2023
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
72,196
61,817

  
72,196
61,817

Current assets
  

Stocks
 5 
1,506,858
1,052,941

Debtors: amounts falling due within one year
 6 
2,386,915
2,789,721

Cash at bank and in hand
 7 
216,893
286,742

  
4,110,666
4,129,404

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(8,341,286)
(5,897,095)

Net current liabilities
  
 
 
(4,230,620)
 
 
(1,767,691)

  

Net liabilities
  
(4,158,424)
(1,705,874)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(4,158,524)
(1,705,974)

Shareholders' deficit
  
(4,158,424)
(1,705,874)


The financial statements have been prepared in accordance with the provision 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 statement of comprehensive income 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: 




Samuel Dennigan
Geoff Read
Director
Director


Date: 27 October 2023


The notes on pages 4 to 11 form part of these financial statements.
Page 1

 
Strong Roots Food Company UK Limited
Registered number:10561433

Statement of financial position (continued)
As at 30 June 2023


Page 2

 
Strong Roots Food Company UK Limited
 

Statement of changes in equity
For the period ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(1,705,974)
(1,705,874)


Comprehensive expense for the financial period

Loss for the financial period
-
(2,452,550)
(2,452,550)


At 30 June 2023
100
(4,158,524)
(4,158,424)



Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
100
(577,012)
(576,912)


Comprehensive expense for the financial year

Loss for the financial year
-
(1,128,962)
(1,128,962)


At 31 December 2021
100
(1,705,974)
(1,705,874)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Strong Roots Food Company UK Limited
 
 
Notes to the financial statements
For the period ended 30 June 2023

1.


General information

Strong Roots Food Company UK is a private limited company incorporated in the United Kingdom with a registered address at 75b Great Eastern Street, London, EC2A 3HN.

The principal activity of the Company is that of the development, ingredient sourcing, manufacturing coordination and distribution of innovative tasty plant-based products designed for busy lives. All of the Company plant based products are made from the best quality ingredients, sustainably sourced. 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Going concern

As at the reporting date, the Company is in a net liability position amounting to £4,158,424 (2021: £1,705,874). The parent company has indicated its intention to continue to provide support to the Company in order to meet its liabilities, as they fall due and to facilitate its ongoing activities, for a period of at least twelve months from the date of approval of these financial statements.
Considering the factors mentioned above, the directors have a reasonable expectation that the Company will have sufficient financial resources available to it to continue in operational existence for the foreseeable future. Therefore, the directors have concluded it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Page 4

 
Strong Roots Food Company UK Limited
 

Notes to the financial statements
For the period ended 30 June 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.     
Sales discounts and rebates

The Company considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods to a customer. The transaction price is adjusted for any consideration payable to the customer, including credit or other items applied against the price such as returns, discounts, rebates, credits, incentives or other similar items. 

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
Strong Roots Food Company UK Limited
 

Notes to the financial statements
For the period ended 30 June 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.7

Pensions

The contributions to employee pension plan are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
12.5% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

 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 net relisable value 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.

Page 6

 
Strong Roots Food Company UK Limited
 

Notes to the financial statements
For the period ended 30 June 2023

2.Accounting policies (continued)

 
2.10

 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 7

 
Strong Roots Food Company UK Limited
 
 
Notes to the financial statements
For the period ended 30 June 2023

3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


18 month period ended
        30 June
       Year ended
      31 December
        2023
        2021
            No.
            No.







Management
4
5



Sales
7
4

11
9


4.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 January 2022
92,063


Additions
29,067


Disposals
(1,356)



At 30 June 2023

119,774



Depreciation


At 1 January 2022
30,246


Charge for the period on owned assets
17,332



At 30 June 2023

47,578



Net book value



At 30 June 2023
72,196



At 31 December 2021
61,817

Page 8

 
Strong Roots Food Company UK Limited
 
 
Notes to the financial statements
For the period ended 30 June 2023

5.


Stocks

30 June
31 December
2023
2021
£
£

Finished goods and goods for resale
1,506,858
1,052,941



6.


Debtors: Amounts falling due within one year

30 June
31 December
2023
2021
£
£


Trade debtors
1,621,105
1,737,535

Amounts owed by group undertakings
633,324
619,173

Other debtors
15,125
364,364

Prepayments and accrued income
42,001
21,225

VAT repayable
75,360
47,424

2,386,915
2,789,721


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


7.


Cash and cash equivalents

30 June
31 December
2023
2021
£
£

Cash at bank and in hand
216,893
286,742


8.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2021
£
£

Trade creditors
116,466
340,099

Amounts owed to group undertakings
7,112,337
3,318,055

Other taxation and social security
-
30,454

Invoice discounting facility
201,921
669,156

Other creditors
7,367
75,493

Accruals and deferred income
903,195
1,463,838

8,341,286
5,897,095


Page 9

 
Strong Roots Food Company UK Limited
 
 
Notes to the financial statements
For the period ended 30 June 2023

8.Creditors: Amounts falling due within one year (continued)

Trade creditors and obligations are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.


9.


Share capital

30 June
31 December
2023
2021
£
£
Allotted, called up and fully paid



100 (2021: 100) Ordinary shares of £1.00 each
100
100


10.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 December
2023
2021
£
£


Not later than 1 year
85,000
60,500

After 1 year and not later than 5 years
318,750
10,083

403,750
70,583


11.


Related party transactions

The Company has no transaction with its ultimate parent company during the period. The Company has availed of the exemption under section 33.1a of FRS 102 not to disclose transactions with other group companies. There were no other related party transactions requiring disclosure per section 33 of FRS 102.


12.


Controlling party

The Company's immediate parent undertaking is The Euclidean Holding Company Limited, a company incorporated in Ireland. The ultimate controlling party of the Company and the largest group to consolidate these financial statements is The Plant Room Holdings Limited, a company incorporated in Ireland. The Plant Room Holdings Limited is controlled by Samuel Dennigan.

Page 10

 
Strong Roots Food Company UK Limited
 
 
Notes to the financial statements
For the period ended 30 June 2023

13.


Events after the end of the period

There are no other significant events affecting the Company since the period end.


14.


Approval of financial statements

The board of directors approved these financial statements for issue on 27 October 2023.


15.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 27 October 2023 by Jason Crawford (Senior Statutory Auditor) on behalf of Grant Thornton.


Page 11