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COMPANY REGISTRATION NUMBER: 04367373
Irthing Vale Quality Foods Limited
Filleted Unaudited Financial Statements
31 March 2023
Irthing Vale Quality Foods Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
171,016
134,838
Current assets
Stocks
297,023
41,976
Debtors
6
489,218
455,525
Cash at bank and in hand
65,212
185,670
---------
---------
851,453
683,171
Creditors: amounts falling due within one year
7
491,877
426,449
---------
---------
Net current assets
359,576
256,722
---------
---------
Total assets less current liabilities
530,592
391,560
Creditors: amounts falling due after more than one year
8
60,129
12,025
Provisions
Taxation including deferred tax
31,822
19,490
---------
---------
Net assets
438,641
360,045
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
438,541
359,945
---------
---------
Shareholders funds
438,641
360,045
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Irthing Vale Quality Foods Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Mr J E Smith
Mr G E Smith
Director
Director
Company registration number: 04367373
Irthing Vale Quality Foods Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tyne Street, Carlisle, Cumbria, CA1 2NP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
28,500
29,823
126,285
280,228
11,361
476,197
Additions
5,579
84,870
1,041
91,490
Disposals
( 2,474)
( 59,910)
( 4,536)
( 66,920)
--------
--------
---------
---------
--------
---------
At 31 Mar 2023
28,500
32,928
126,285
305,188
7,866
500,767
--------
--------
---------
---------
--------
---------
Depreciation
At 1 Apr 2022
22,470
116,694
195,085
7,110
341,359
Charge for the year
3,214
2,398
41,004
2,622
49,238
Disposals
( 2,397)
( 53,913)
( 4,536)
( 60,846)
--------
--------
---------
---------
--------
---------
At 31 Mar 2023
23,287
119,092
182,176
5,196
329,751
--------
--------
---------
---------
--------
---------
Carrying amount
At 31 Mar 2023
28,500
9,641
7,193
123,012
2,670
171,016
--------
--------
---------
---------
--------
---------
At 31 Mar 2022
28,500
7,353
9,591
85,143
4,251
134,838
--------
--------
---------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
474,980
360,787
Other debtors
14,238
94,738
---------
---------
489,218
455,525
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
350,651
384,962
Corporation tax
16,604
21,968
Social security and other taxes
5,391
5,257
Other creditors
119,231
14,262
---------
---------
491,877
426,449
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
60,129
12,025
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors loan account was overdrawn and the maximum outstanding during the year was £26,091 (2022 - £29,017). On the balance sheet date the amount outstanding was £Nil (2022 - £26,091). This amount has been repaid since the balance sheet date.
10. Related party transactions
The company was under the joint control of Mr J E Smith , Mrs P I Smith and Mr G E Smith throughout the current and previous year. During the year premises were rented at market value of £53,000 (2022 - £36,640) from Mr Smith, Mr Smith and Mrs Smith. During the year dividends of £ 43,707 (2022 - £59,927) were paid to Messrs Smith. On the balance sheet date the company owed Messrs Smith £ 87,619 (2022 - £26,091 owed by Messrs Smith) and this is included in Other creditors.