Company registration number 08117087 (England and Wales)
FOOD MATTERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FOOD MATTERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FOOD MATTERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOOD MATTERS LIMITED FOR THE PERIOD ENDED 31 DECEMBER 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 Food Matters Limited for the period ended 31 December 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 Food Matters Limited, as a body, in accordance with the terms of our engagement letter dated 26 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Food Matters Limited and state those matters that we have agreed to state to the board of directors of Food Matters 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 Food Matters Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Food Matters 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 loss of Food Matters Limited. You consider that Food Matters Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Food Matters 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.

Carpenter Box
30 July 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
FOOD MATTERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
183,050
247,030
Tangible assets
4
21,412
43,878
204,462
290,908
Current assets
Debtors
5
207,619
215,700
Cash at bank and in hand
145
-
0
207,764
215,700
Creditors: amounts falling due within one year
6
(500,810)
(649,983)
Net current liabilities
(293,046)
(434,283)
Total assets less current liabilities
(88,584)
(143,375)
Creditors: amounts falling due after more than one year
7
(12,426,096)
(10,736,096)
Net liabilities
(12,514,680)
(10,879,471)
Capital and reserves
Called up share capital
8
1,848
1,848
Profit and loss reserves
(12,516,528)
(10,881,319)
Total equity
(12,514,680)
(10,879,471)

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 period ended 31 December 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 period 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.

FOOD MATTERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr D D Wood
Director
Company registration number 08117087 (England and Wales)
FOOD MATTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Food Matters Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.

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
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

At the balance sheet date the company has net current liabilities. The company is reliant on the ongoing support of its directors and connected company and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for services net of VAT and trade discounts provided in the normal course of business. Turnover represents sponsorship income from events and is recognised upon completion of the event.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% straight line basis per annum
FOOD MATTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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:

Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
25% straight line basis per annum
Computers
33% straight line basis per annum

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Leases

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 23 (2022 - 19).

FOOD MATTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
319,901
Amortisation and impairment
At 1 January 2023
72,871
Amortisation charged for the period
63,980
At 31 December 2023
136,851
Carrying amount
At 31 December 2023
183,050
At 31 December 2022
247,030
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
16,125
7,722
56,171
80,018
Depreciation and impairment
At 1 January 2023
13,258
6,847
16,035
36,140
Depreciation charged in the period
2,867
875
18,724
22,466
At 31 December 2023
16,125
7,722
34,759
58,606
Carrying amount
At 31 December 2023
-
0
-
0
21,412
21,412
At 31 December 2022
2,867
875
40,136
43,878
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
148,149
143,214
Other debtors
59,470
72,486
207,619
215,700
FOOD MATTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
174,909
127,045
Trade creditors
105,587
151,611
Taxation and social security
22,621
213,730
Other creditors
197,693
157,597
500,810
649,983

Bank loans and overdrafts represents a bank overdraft secured over the assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,426,096
10,736,096
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
380
380
380
380
Ordinary B shares of £1 each
1,468
1,468
1,468
1,468
1,848
1,848
1,848
1,848
9
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
£
£
45,900
15,000
10
Related party transactions
2023
2022
Amounts due to related parties
£
£
Director's loan
8,386,096
8,386,096
Connected company loan
4,040,000
2,350,000
FOOD MATTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 8 -

The above loans are interesting bearing. No interest has been charged to the company during the year, with all interest being waived by the lenders. The loans will not be called for repayment within the next 12 months.

2023-12-312023-01-01false30 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMs B M Mansell-LewisMr A F WoodMr D D WoodMiss P E Woodfalsefalse081170872023-01-012023-12-31081170872023-12-31081170872022-12-3108117087core:ComputerSoftware2023-12-3108117087core:ComputerSoftware2022-12-3108117087core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3108117087core:FurnitureFittings2023-12-3108117087core:ComputerEquipment2023-12-3108117087core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3108117087core:FurnitureFittings2022-12-3108117087core:ComputerEquipment2022-12-3108117087core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108117087core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108117087core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108117087core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108117087core:CurrentFinancialInstruments2023-12-3108117087core:CurrentFinancialInstruments2022-12-3108117087core:ShareCapital2023-12-3108117087core:ShareCapital2022-12-3108117087core:RetainedEarningsAccumulatedLosses2023-12-3108117087core:RetainedEarningsAccumulatedLosses2022-12-3108117087core:ShareCapitalOrdinaryShares2023-12-3108117087core:ShareCapitalOrdinaryShares2022-12-3108117087bus:Director32023-01-012023-12-3108117087core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108117087core:ComputerSoftware2023-01-012023-12-3108117087core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3108117087core:FurnitureFittings2023-01-012023-12-3108117087core:ComputerEquipment2023-01-012023-12-31081170872022-01-012022-12-3108117087core:ComputerSoftware2022-12-3108117087core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3108117087core:FurnitureFittings2022-12-3108117087core:ComputerEquipment2022-12-31081170872022-12-3108117087core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3108117087core:WithinOneYear2023-12-3108117087core:WithinOneYear2022-12-3108117087core:Non-currentFinancialInstruments2023-12-3108117087core:Non-currentFinancialInstruments2022-12-3108117087bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108117087bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108117087bus:FRS1022023-01-012023-12-3108117087bus:AuditExemptWithAccountantsReport2023-01-012023-12-3108117087bus:Director12023-01-012023-12-3108117087bus:Director22023-01-012023-12-3108117087bus:Director42023-01-012023-12-3108117087bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP