Foodirect Europe Ltd
Filleted Accounts
30 June 2023
Registered number
05158770
Omega Accountants Ltd.
Certified & International Accountants
223 Wickham Road, Croydon, CR0 8TG
Tel: 020 8604 8860 Fax: 020 8604 8862
info@omegaaccountants.co.uk
Foodirect Europe Ltd
Registered number: 05158770
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 240,139 225,171
Current assets
Stocks 237,855 254,990
Debtors 4 584,074 520,788
Cash at bank and in hand 355,721 371,662
1,177,650 1,147,440
Creditors: amounts falling due within one year 5 (661,071) (644,949)
Net current assets 516,579 502,491
Total assets less current liabilities 756,718 727,662
Creditors: amounts falling due after more than one year 6 (346,992) (346,992)
Provisions for liabilities (24,390) (24,390)
Net assets 385,336 356,280
Capital and reserves
Called up share capital 100 100
Profit and loss account 385,236 356,180
Shareholders' funds 385,336 356,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Ahmed
Director
Approved by the board on 13 March 2024
Foodirect Europe Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing Balance
Motor vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 56,129 111,887 240,887 408,903
Additions - 25,232 15,873 41,105
At 30 June 2023 56,129 137,119 256,760 450,008
Depreciation
At 1 July 2022 - 70,025 113,707 183,732
Charge for the year - 13,419 12,718 26,137
At 30 June 2023 - 83,444 126,425 209,869
Net book value
At 30 June 2023 56,129 53,675 130,335 240,139
At 30 June 2022 56,129 41,862 127,180 225,171
4 Debtors 2023 2022
£ £
Trade debtors 570,531 506,161
Other debtors 13,543 14,627
584,074 520,788
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 291,827 252,653
Taxation and social security costs 11,780 11,590
Other creditors 357,464 380,706
661,071 644,949
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 346,992 346,992
7 Other information
Foodirect Europe Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 14 Hallsford Bridge Industrial
Est., Ongar Road ,Ongar, England,
CM5 9RB
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