Company registration number 06123554 (England and Wales)
SPELDHURST QUALITY FOODS LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2023
Pages For Filing With Registrar
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Company Information
Directors
M G Weaver
G P Von Horsten
Secretary
A West
Company number
06123554
Registered office
Unit 7A Sham Farm
Danegate
Eridge
Kent
England
TN3 9JA
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Speldhurst Quality Foods Limited For The Year Ended 31 July 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 Speldhurst Quality Foods Limited for the year ended 31 July 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Speldhurst Quality Foods Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Speldhurst Quality Foods Limited and state those matters that we have agreed to state to the board of directors of Speldhurst Quality 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 Speldhurst Quality Foods Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Speldhurst Quality 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 Speldhurst Quality Foods Limited. You consider that Speldhurst Quality 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 Speldhurst Quality 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.

Chavereys Limited
9 April 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Balance Sheet
As At 31 July 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,965
25,452
Tangible assets
4
165,804
120,834
182,769
146,286
Current assets
Stocks
86,829
68,508
Debtors
5
116,900
155,442
Cash at bank and in hand
144,526
128,888
348,255
352,838
Creditors: amounts falling due within one year
6
(122,311)
(132,108)
Net current assets
225,944
220,730
Total assets less current liabilities
408,713
367,016
Creditors: amounts falling due after more than one year
7
(30,645)
(37,333)
Provisions for liabilities
(28,903)
(20,210)
Net assets
349,165
309,473
Capital and reserves
Called up share capital
1,428
1,428
Share premium account
611,824
611,824
Profit and loss reserves
(264,087)
(303,779)
Total equity
349,165
309,473

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 July 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.

Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Balance Sheet (Continued)
As At 31 July 2023
31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
M G Weaver
Director
Company registration number 06123554 (England and Wales)
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2023
- 4 -
1
Accounting policies
Company information

Speldhurst Quality Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7A Sham Farm, Danegate, Eridge, Kent, England, TN3 9JA.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10%.

1.4
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:

Plant and equipment
10% reducing balance
Office equipment
33% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

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.

1.7
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.

1.8
Retirement benefits

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

Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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 profit or loss 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 leases asset are consumed.

1.10
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:

2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
103,047
Amortisation and impairment
At 1 August 2022
77,595
Amortisation charged for the year
8,487
At 31 July 2023
86,082
Carrying amount
At 31 July 2023
16,965
At 31 July 2022
25,452
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Office equipment
Total
£
£
£
Cost
At 1 August 2022
244,752
5,482
250,234
Additions
63,461
298
63,759
Disposals
(11,500)
-
0
(11,500)
At 31 July 2023
296,713
5,780
302,493
Depreciation and impairment
At 1 August 2022
127,227
2,173
129,400
Depreciation charged in the year
14,714
1,153
15,867
Eliminated in respect of disposals
(8,578)
-
0
(8,578)
At 31 July 2023
133,363
3,326
136,689
Carrying amount
At 31 July 2023
163,350
2,454
165,804
At 31 July 2022
117,525
3,309
120,834
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
104,191
130,896
Other debtors
12,709
24,546
116,900
155,442
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
6,687
6,687
Trade creditors
96,844
116,231
Taxation and social security
13,879
4,739
Accruals and deferred income
4,901
4,451
122,311
132,108
Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loan notes
25,000
25,000
Obligations under finance leases
5,645
12,333
30,645
37,333

Finance lease and hire purchase liabilities are secured against the asset to which they relate.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
25,000
25,000
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
30,152
20,361
Tax losses
(1,249)
(151)
28,903
20,210
2023
Movements in the year:
£
Liability at 1 August 2022
20,210
Charge to profit or loss
8,693
Liability at 31 July 2023
28,903

 

9
Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the pension scheme and amounted to £4,964 (2022 - £3,528). No amounts (2022 - £nil) were outstanding at the year end.

Speldhurst Quality Foods Limited
SPELDHURST QUALITY FOODS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
110,710
158,258

Lease commitments are in respect of agreements concerning vehicles and equipment and property used within the company's trade.

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