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Registered number: 08487078
Romix Foods Limited
Financial Statements
For The Year Ended 31 March 2024
Corinthian Tax LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08487078
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 550,215 466,964
Investments 5 100 100
550,315 467,064
CURRENT ASSETS
Stocks 6 729,133 859,771
Debtors 7 767,202 839,709
Cash at bank and in hand 1,501,274 1,042,331
2,997,609 2,741,811
Creditors: Amounts Falling Due Within One Year 8 (823,360 ) (831,221 )
NET CURRENT ASSETS (LIABILITIES) 2,174,249 1,910,590
TOTAL ASSETS LESS CURRENT LIABILITIES 2,724,564 2,377,654
PROVISIONS FOR LIABILITIES
Deferred Taxation (109,853 ) (39,953 )
NET ASSETS 2,614,711 2,337,701
CAPITAL AND RESERVES
Called up share capital 222 222
Profit and Loss Account 2,614,489 2,337,479
SHAREHOLDERS' FUNDS 2,614,711 2,337,701
Page 1
Page 2
For the year ending 31 March 2024 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
Mr D Ross
Director
22/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Romix Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08487078 . The registered office is Bright Street, Leigh, Lancashire, WN7 5QH.
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:
Leasehold 8% straight line
Plant & Machinery 10% straight line after 25% residual value
Fixtures & Fittings 10% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
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. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 68 (2023: 65)
68 65
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 - 704,894 82,213 15,883 802,990
Additions 95,284 65,006 8,358 5,601 174,249
Disposals - (3,811 ) - - (3,811 )
As at 31 March 2024 95,284 766,089 90,571 21,484 973,428
Depreciation
As at 1 April 2023 - 287,047 36,581 12,398 336,026
Provided during the period 4,349 75,041 8,496 1,612 89,498
Disposals - (2,311 ) - - (2,311 )
As at 31 March 2024 4,349 359,777 45,077 14,010 423,213
Net Book Value
As at 31 March 2024 90,935 406,312 45,494 7,474 550,215
As at 1 April 2023 - 417,847 45,632 3,485 466,964
5. Investments
Subsidiaries
£
Cost
As at 1 April 2023 100
As at 31 March 2024 100
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 100
As at 1 April 2023 100
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Page 5
6. Stocks
2024 2023
£ £
Materials 729,133 859,771
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 694,657 779,048
Prepayments and accrued income 46,587 24,071
Other debtors 100 2,379
Corporation tax debtor - 1,491
VAT 25,858 32,720
767,202 839,709
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 629,625 756,398
Corporation tax 4,704 -
Other taxes and social security 50,348 61,873
Net wages 125,184 -
Other creditors 100 100
Accruals and deferred income 13,399 8,850
Directors' loan accounts - 4,000
823,360 831,221
9. Other information
World events:
The inflationary and supply challenges of the war in Ukraine eased over the latter part of the year, leaving the team to refocus on internal improvements. I am pleased to report that the Romix team worked tirelessly to minimise the impact on our customers and maximise the benefit of continual improvement.
The UK economy continued facing challenges, from which the company has been largely protected by its diverse customer portfolio, responsive team and solid financial structure.
Development and performance: 
The business has performed well with strong sales growth at over 10% and an increase in product development activity. Innovation has been at the heart of the strategy, building additional business with existing customers and finding new routes to market for variations of tried and tested product lines.  
People:
The consistency of the Romix team continues to be a major benefit to the business, however this year the team has been developed with talented additions in Engineering and Technical to prepare for the continued growth. The Board wishes to thank the team for their outstanding commitment to achieving the successes over the year and their continued support.
Market position:
Romix strives to live up to the mission to be “your trusted blending partner” for all its stakeholders: its customers, suppliers and the Romix team all play a key role in the success. Romix continues to create and supply bespoke blends to the bakery and home baking markets in an efficient and personal way. BRC AA certification for general manufacturing and gluten free continues to underpin the fantastic work from the Romix team.
Investment:
...CONTINUED
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Romix's investment in process equipment and the team that operates it has continued to grow, with broader capabilities and efficiency generating new opportunities giving a continual pipeline in existing markets and some new closely related markets that are developed and planned to launch in the next 6 months.
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