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REGISTERED NUMBER: 04093997 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Disotto Foods Limited

Disotto Foods Limited (Registered number: 04093997)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Disotto Foods Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Marcello Dionisi
Patrizia Dionisi
Robert Marciano





SECRETARY: Marcello Dionisi





REGISTERED OFFICE: 26 Park Royal Road
London
NW10 7JW





REGISTERED NUMBER: 04093997 (England and Wales)





ACCOUNTANTS: CWF & Partners Ltd
Chartered Accountants
67 Westow Street
Upper Norwood
London
SE19 3RW

Disotto Foods Limited (Registered number: 04093997)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 1,923,287 1,162,933
1,923,288 1,162,934

CURRENT ASSETS
Stocks 6 1,095,431 1,819,452
Debtors 7 1,222,196 1,820,217
Cash at bank and in hand 2,162,945 240,041
4,480,572 3,879,710
CREDITORS
Amounts falling due within one year 8 3,444,460 2,157,622
NET CURRENT ASSETS 1,036,112 1,722,088
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,959,400

2,885,022

CREDITORS
Amounts falling due after more than one
year

9

915,687

859,727
NET ASSETS 2,043,713 2,025,295

CAPITAL AND RESERVES
Called up share capital 13 750 750
Capital redemption reserve 14 250 250
Retained earnings 14 2,042,713 2,024,295
SHAREHOLDERS' FUNDS 2,043,713 2,025,295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Disotto Foods Limited (Registered number: 04093997)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





Marcello Dionisi - Director


Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Disotto Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue represents net invoiced sales of goods, which fall within the company's ordinary activities, excluding value added tax. Turnover is reduced for customer returns, rebates and other similar allowances.

Revenue related to the sale of goods is recognised at the point where the company has transferred to the buyer the significant risks and rewards of ownership of the goods, the amount of the revenue can be measured reliably and it is probable the economic benefits associated with the transaction will flow to the company.

Specifically, revenue from sale of goods is recognised at the point when the goods are despatched from the warehouse.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the period of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

No depreciation was provided in the year for assets under construction as the assets were not available for use in the year.

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs, which comprise of direct production costs, are based on the method most appropriate to the type of stock class, but usually on a first in first out basis. Overheads are charged to the profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down o stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged to the profit and loss account as incurred.

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 235,057
AMORTISATION
At 1 April 2023
and 31 March 2024 235,056
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

5. TANGIBLE FIXED ASSETS
Assets Improvements
under to Plant and
construction property machinery
£    £    £   
COST
At 1 April 2023 - 1,283,966 3,053,069
Additions 831,575 - 72,625
At 31 March 2024 831,575 1,283,966 3,125,694
DEPRECIATION
At 1 April 2023 - 1,102,496 2,194,886
Charge for year - 19,349 114,950
At 31 March 2024 - 1,121,845 2,309,836
NET BOOK VALUE
At 31 March 2024 831,575 162,121 815,858
At 31 March 2023 - 181,470 858,183

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 495,357 29,250 254,849 5,116,491
Additions 12,832 - 12,816 929,848
At 31 March 2024 508,189 29,250 267,665 6,046,339
DEPRECIATION
At 1 April 2023 436,241 18,291 201,644 3,953,558
Charge for year 13,320 2,740 19,135 169,494
At 31 March 2024 449,561 21,031 220,779 4,123,052
NET BOOK VALUE
At 31 March 2024 58,628 8,219 46,886 1,923,287
At 31 March 2023 59,116 10,959 53,205 1,162,933

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 247,655 29,250 276,905
Transfer to ownership 262,678 (29,250 ) 233,428
At 31 March 2024 510,333 - 510,333
DEPRECIATION
At 1 April 2023 129,439 18,291 147,730
Charge for year 54,188 - 54,188
Transfer to ownership 9,747 (18,291 ) (8,544 )
At 31 March 2024 193,374 - 193,374
NET BOOK VALUE
At 31 March 2024 316,959 - 316,959
At 31 March 2023 118,216 10,959 129,175

6. STOCKS
31.3.24 31.3.23
£    £   
Raw materials 354,336 415,894
Finished goods 741,095 1,403,558
1,095,431 1,819,452

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 960,769 924,620
Amounts owed by group undertakings 1,669 100
Other debtors 259,758 895,497
1,222,196 1,820,217

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 10) 264,569 646,419
Hire purchase contracts (see note 11) 105,559 107,413
Trade creditors 706,077 529,123
Amounts owed to group undertakings 363,818 -
Taxation and social security 73,208 51,280
Other creditors 1,931,229 823,387
3,444,460 2,157,622

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 10) 765,687 604,167
Hire purchase contracts (see note 11) 150,000 255,560
915,687 859,727

10. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 396,419
Bank loans 264,569 250,000
264,569 646,419

Amounts falling due between one and two years:
Bank loans 264,569 250,000

Amounts falling due between two and five years:
Bank loans 501,118 354,167

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 122,489 124,527
Between one and five years 174,563 297,052
297,052 421,579

Finance charges repayable:
Within one year 16,930 17,114
Between one and five years 24,563 41,492
41,493 58,606

Net obligations repayable:
Within one year 105,559 107,413
Between one and five years 150,000 255,560
255,559 362,973

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 461,999 716,771
Between one and five years 1,462,482 1,778,229
In more than five years 1,756,961 1,835,675
3,681,442 4,330,675

12. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,030,256 854,167
Hire purchase contracts 255,559 362,973
1,285,815 1,217,140

One of the directors has provided a guarantee for one of the loan up to £500,000.

Disotto Foods Limited (Registered number: 04093997)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
750 Ordinary £1 750 750

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 2,024,295 250 2,024,545
Profit for the year 19,418 19,418
Dividends (1,000 ) (1,000 )
At 31 March 2024 2,042,713 250 2,042,963

15. CONTROLLING PARTY

The company's ultimate and immediate parent undertaking is Disotto Holdings Limited, a company incorporated in England and Wales.