Company Registration No. 05404913 (England and Wales)
FIRST SERVICE FROZEN FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIRST SERVICE FROZEN FOODS LIMITED
COMPANY INFORMATION
Directors
Mr M Skitt
Mr W Sambidge
Company number
05404913
Registered office
25 Harris Business Park
Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4BD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
114 High Street
Stourbridge
West Midlands
DY8 1DZ
FIRST SERVICE FROZEN FOODS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FIRST SERVICE FROZEN FOODS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRST SERVICE FROZEN FOODS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Service Frozen Foods Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of First Service Frozen Foods Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of First Service Frozen Foods Limited and state those matters that we have agreed to state to the Board of Directors of First Service Frozen Foods Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Service Frozen Foods Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that First Service Frozen Foods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Service Frozen Foods Limited. You consider that First Service Frozen Foods Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of First Service Frozen Foods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
20 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIRST SERVICE FROZEN FOODS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
308,959
205,255
Current assets
Stocks
90,754
100,349
Debtors
4
143,819
185,063
Cash at bank and in hand
416,678
415,582
651,251
700,994
Creditors: amounts falling due within one year
5
(646,695)
(713,144)
Net current assets/(liabilities)
4,556
(12,150)
Total assets less current liabilities
313,515
193,105
Creditors: amounts falling due after more than one year
6
(64,410)
-
0
Provisions for liabilities
8
(65,938)
(39,928)
Net assets
183,167
153,177
Capital and reserves
Called up share capital
9
20,001
20,001
Profit and loss reserves
163,166
133,176
Total equity
183,167
153,177

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FIRST SERVICE FROZEN FOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr M Skitt
Director
Company Registration No. 05404913
FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

First Service Frozen Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Harris Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold
not provided
Plant and equipment
25% on reducing balance and 20% on cost
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided on short leasehold. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 21 (2022 - 20).

FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Short leasehold
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
561
178,885
67,891
33,507
252,123
532,967
Additions
-
0
-
0
208
670
174,364
175,242
Disposals
-
0
-
0
-
0
-
0
(3,000)
(3,000)
At 31 December 2023
561
178,885
68,099
34,177
423,487
705,209
Depreciation and impairment
At 1 January 2023
-
0
130,132
39,060
19,564
138,957
327,713
Depreciation charged in the year
-
0
13,724
5,147
3,694
46,722
69,287
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(750)
(750)
At 31 December 2023
-
0
143,856
44,207
23,258
184,929
396,250
Carrying amount
At 31 December 2023
561
35,029
23,892
10,919
238,558
308,959
At 31 December 2022
561
48,754
28,831
13,943
113,166
205,255
FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Tangible fixed assets
(Continued)
- 8 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
104,403
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
129,364
121,013
Other debtors
14,455
64,050
143,819
185,063
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
110,008
302,795
Amounts owed to group undertakings
359,731
304,296
Taxation and social security
110,428
50,372
Other creditors
66,528
55,681
646,695
713,144
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
64,410
-
0
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
84,355
-
Hire purchase contracts are secured against the assets to which they relate.
FIRST SERVICE FROZEN FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
65,938
39,928
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary A of £1 each
20,000
20,000
1 Ordinary B of £1 each
1
1
20,001
20,001
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

Ultimate parent company

The ultimate parent company is First Service Frozen Foods Holdings Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr M Skitt and Mrs M N Skitt, by virtue of their shareholding in the ultimate parent company.

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