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Registration number: 09107043

Elm Valley Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Elm Valley Foods Limited
(Registration number: 09107043)

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

285,465

250,553

Current assets

 

Stocks

156,589

130,344

Debtors

5

360,294

308,008

Cash at bank and in hand

 

31,276

23,620

 

548,159

461,972

Creditors: Amounts falling due within one year

6

(288,501)

(223,470)

Net current assets

 

259,658

238,502

Total assets less current liabilities

 

545,123

489,055

Creditors: Amounts falling due after more than one year

6

(275,203)

(291,202)

Net assets

 

269,920

197,853

Capital and reserves

 

Called up share capital

3,000

3,000

Share premium reserve

893,100

893,100

Revaluation reserve

100,000

100,000

Retained earnings

(726,180)

(798,247)

Shareholders' funds

 

269,920

197,853

 

Elm Valley Foods Limited
(Registration number: 09107043)

Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mrs Lucinda Bartlett
Director

 

Elm Valley Foods Limited
(Registration number: 09107043)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Cold Store
Grove Lane Industrial Estate
Grove Lane
Elmswell
IP30 9HN

These financial statements were authorised for issue by the Board on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants received during the year have been recognised using the accrual model. Grants claimed were in relation to revenue and recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses already incurred or giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

Elm Valley Foods Limited
(Registration number: 09107043)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

25% straight line

Plant, machinery, fixtures & fittings

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Elm Valley Foods Limited
(Registration number: 09107043)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

Elm Valley Foods Limited
(Registration number: 09107043)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

274,840

2,450

65,239

342,529

Additions

-

4,167

32,103

36,270

Disposals

-

(2,450)

-

(2,450)

At 30 June 2023

274,840

4,167

97,342

376,349

Depreciation

At 1 July 2022

24,840

2,450

64,686

91,976

Charge for the year

-

694

664

1,358

Eliminated on disposal

-

(2,450)

-

(2,450)

At 30 June 2023

24,840

694

65,350

90,884

Carrying amount

At 30 June 2023

250,000

3,473

31,992

285,465

At 30 June 2022

250,000

-

553

250,553

Revaluation

The fair value of the company's Land and buildings was revalued on 30 June 2018 by an independent valuer . The name and qualification of the independent valuer are J Casson FRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £150,000 (2022 - £150,000).

5

Debtors

Current

2023
£

2022
£

Trade debtors

327,742

290,032

Prepayments

26,210

10,372

Other debtors

6,342

7,604

 

360,294

308,008

 

Elm Valley Foods Limited
(Registration number: 09107043)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

272,528

205,228

Taxation and social security

6,497

3,039

Accruals and deferred income

5,820

11,938

Other creditors

3,656

3,265

288,501

223,470

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

275,203

291,202

Other borrowings include an interest free loan of £275,103 (2022 - £291,102) from the director which has no fixed repayment date.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Redeemable preference shares

100

100

Other borrowings

275,103

291,102

275,203

291,202