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Registered number: 05755312
Food Development Solutions Limited
Financial Statements
For The Year Ended 26 March 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05755312
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,997 3,522
2,997 3,522
CURRENT ASSETS
Debtors 5 316,482 318,746
Cash at bank and in hand 8,937 14,665
325,419 333,411
Creditors: Amounts Falling Due Within One Year 6 (258,865 ) (239,075 )
NET CURRENT ASSETS (LIABILITIES) 66,554 94,336
TOTAL ASSETS LESS CURRENT LIABILITIES 69,551 97,858
Creditors: Amounts Falling Due After More Than One Year 7 (27,588 ) (26,133 )
NET ASSETS 41,963 71,725
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 41,863 71,625
SHAREHOLDERS' FUNDS 41,963 71,725
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For the year ending 26 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mrs P Bowering
Director
11 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Food Development Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05755312 . The registered office is 64 Field Lane, Burton on Trent, DE13 0NN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 10% on reducing balance
Computer Equipment 33% on reducing balance
2.4. 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 profit and loss account 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 profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 2 2
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 28 March 2022 3,250 2,837 1,449 7,536
As at 26 March 2023 3,250 2,837 1,449 7,536
Depreciation
As at 28 March 2022 2,672 264 1,078 4,014
Provided during the period 144 257 124 525
As at 26 March 2023 2,816 521 1,202 4,539
Net Book Value
As at 26 March 2023 434 2,316 247 2,997
As at 28 March 2022 578 2,573 371 3,522
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 14,719 14,719
Directors' loan accounts 242,447 244,711
257,166 259,430
Due after more than one year
Corporation tax recoverable assets 59,316 59,316
59,316 59,316
316,482 318,746
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 515 -
Trade creditors 3,048 656
Bank loans and overdrafts 617 3,200
Corporation tax 99,657 102,715
VAT 138,217 116,309
Other creditors 14,700 12,478
Accruals and deferred income 2,111 3,717
258,865 239,075
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 27,588 26,133
27,588 26,133
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 515 -
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 28 March 2022 Amounts advanced Amounts repaid Amounts written off As at 26 March 2023
£ £ £ £ £
Mr Richard Bowering 244,711 125,084 (127,348 ) - 242,447
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
At the balance sheet date, R C Bowering, a director of the company, owed the company £242,447 (2022 £244,711).
12. Ultimate Controlling Party
There is no controlling party as the share capital is jointly held by the directors.
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