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Registered number: 11047902
FFM Pasta Co Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
LAS Accountants LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 11047902
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 541,859 581,060
541,859 581,060
CURRENT ASSETS
Stocks 5 30,865 29,474
Debtors 6 235,772 207,992
Cash at bank and in hand 329,283 100,606
595,920 338,072
Creditors: Amounts Falling Due Within One Year 7 (827,413 ) (646,539 )
NET CURRENT ASSETS (LIABILITIES) (231,493 ) (308,467 )
TOTAL ASSETS LESS CURRENT LIABILITIES 310,366 272,593
Creditors: Amounts Falling Due After More Than One Year 8 (605,795 ) (684,195 )
NET LIABILITIES (295,429 ) (411,602 )
CAPITAL AND RESERVES
Called up share capital 10 120 120
Income Statement (295,549 ) (411,722 )
SHAREHOLDERS' FUNDS (295,429) (411,602)
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Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr F Gallenzi
Director
03/04/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
FFM Pasta Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11047902 . The registered office is 65 Old Brompton Road, London, SW7 3JS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged his financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements Over the remaining term of the lease
Plant & Machinery 25% on Straight Line
Motor Vehicles 25% on Reducing Balance
Fixtures & Fittings 25% on Straight Line
Computer Equipment 25% on Straight Line
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance obsolete and slow moving items.
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2.7. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred Tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
Other Government Grant
The company accounts for grants using the accrual method. The company received a government grant during the year of £Nil (2022:£8,000) which was in the form of the Other Government Grants.
2.10. Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.11. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.12. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 71 46
71 46
4. Tangible Assets
Land & Property
Leasehold Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 December 2022 212,800 203,614 17,995 485,451
Additions 23,727 54,201 - 24,610
As at 30 November 2023 236,527 257,815 17,995 510,061
Depreciation
As at 1 December 2022 13,859 68,030 7,873 257,921
Provided during the period 22,147 56,155 2,531 71,384
As at 30 November 2023 36,006 124,185 10,404 329,305
Net Book Value
As at 30 November 2023 200,521 133,630 7,591 180,756
As at 1 December 2022 198,941 135,584 10,122 227,530
Computer Equipment Total
£ £
Cost
As at 1 December 2022 10,770 930,630
Additions 16,778 119,316
As at 30 November 2023 27,548 1,049,946
Depreciation
As at 1 December 2022 1,887 349,570
Provided during the period 6,300 158,517
As at 30 November 2023 8,187 508,087
Net Book Value
As at 30 November 2023 19,361 541,859
As at 1 December 2022 8,883 581,060
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Included above are assets held under finance leases and hire purchase agreements with a net book value as follows:
2023 2022
£ £
Plant & Machinery 69,484 96,024
Fixtures & Fittings 14,276 19,630
Motor Vehicles 7,592 10,122
91,352 125,776
5. Stocks
2023 2022
£ £
Stock 30,865 29,474
30,865 29,474
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 48,750 47,176
Prepayments and accrued income 52,171 30,765
100,921 77,941
Due after more than one year
Other debtors 134,851 130,051
134,851 130,051
235,772 207,992
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 29,422 29,422
Trade creditors 243,470 158,764
Bank loans and overdrafts 33,333 33,333
Other taxes and social security 36,587 33,399
VAT 171,183 73,276
Net wages 114,386 108,288
Pensions payable 12,747 4,129
Accruals and deferred income 5,535 28,210
Director's loan account 180,750 177,718
827,413 646,539
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 68,999 98,422
Bank loans >1 Year 125,000 158,333
Other loans 50,000 50,000
Shareholders' loan account 328,297 328,297
Rent Free Period 24,005 19,769
Accruals and deferred income 9,494 29,374
605,795 684,195
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,422 29,422
Later than one year and not later than five years 68,999 98,422
98,421 127,844
98,421 127,844
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 120 120
The nominal value per share is £1 and there are 120 Ordinary Shares in issue.
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 262,500 262,500
Later than one year and not later than five years 1,202,500 1,050,000
Later than five years 1,634,375 1,896,875
3,099,375 3,209,375
12. Related Party Transactions
The Directors Loan Account, of which the balance as at the year-end of £180,750 owed to the director and a shareholder of the company, Mr F Gallenzi , is a current liability, interest free and repayable on demand.
The Shareholders' Loan Account of which the balance at the year-end owed to Ivo Poklepovic of £310,297, is a non- current liability, is interest free and repayable on demand.
The Shareholders' Loan Account of which the balance at the year-end owed to Finvest Holdings Ltd of £18,000, is a non- current liability, is interest free and repayable on demand.
The balance of £50,000 owed to Mr F Cuchiella, a shareholder of Finvest Holdings Ltd (a company shareholder) is a non- current liability, is interest free and repayable on demand.
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