Company registration number 06956507 (England and Wales)
MEDINA FOOD GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEDINA FOOD GROUP LIMITED
COMPANY INFORMATION
Director
S Jelani
Secretary
L Salvoni
Company number
06956507
Registered office
83 Park Road
Bradford
West Yorkshire
BD5 0SG
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
MEDINA FOOD GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
MEDINA FOOD GROUP LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MEDINA FOOD GROUP LIMITED
- 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 Medina Food Group Limited for the year ended 31 December 2023 which comprise, the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Medina Food Group Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Medina Food Group Limited and state those matters that we have agreed to state to the board of directors of Medina Food Group Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medina Food Group Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Medina Food Group 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 Medina Food Group Limited. You consider that Medina Food Group 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 Medina Food Group 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.
Jerroms GCN Limited
26 July 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
MEDINA FOOD GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
383,574
418,444
Tangible assets
4
467,970
453,398
851,544
871,842
Current assets
Stocks
5
16,399
15,403
Debtors
6
154,472
148,401
170,871
163,804
Creditors: amounts falling due within one year
7
(493,329)
(435,697)
Net current liabilities
(322,458)
(271,893)
Total assets less current liabilities
529,086
599,949
Creditors: amounts falling due after more than one year
8
(593,762)
(610,058)
Net liabilities
(64,676)
(10,109)
Capital and reserves
Called up share capital
10
600,000
600,000
Profit and loss reserves
(664,676)
(610,109)
Total equity
(64,676)
(10,109)
MEDINA FOOD GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 26 July 2024
S Jelani
Director
Company Registration No. 06956507
MEDINA FOOD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Medina Food Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 83 Park Road, Bradford, West Yorkshire, BD5 0SG.
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, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.
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:
Freehold property
2% on cost
Plant and machinery
20% on cost
Fixtures and fittings
15% & 33% on cost
Motor vehicles
25% & 33% on cost
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
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
MEDINA FOOD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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 income statement 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 income statement, 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
16
MEDINA FOOD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
697,407
Amortisation and impairment
At 1 January 2023
278,963
Amortisation charged for the year
34,870
At 31 December 2023
313,833
Carrying amount
At 31 December 2023
383,574
At 31 December 2022
418,444
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
588,498
257,956
71,504
56,990
974,948
Additions
22,384
540
15,250
38,174
Disposals
(6,500)
(6,500)
At 31 December 2023
588,498
280,340
72,044
65,740
1,006,622
Depreciation and impairment
At 1 January 2023
152,040
252,043
66,435
51,032
521,550
Depreciation charged in the year
11,731
3,414
2,308
191
17,644
Eliminated in respect of disposals
(542)
(542)
At 31 December 2023
163,771
255,457
68,743
50,681
538,652
Carrying amount
At 31 December 2023
424,727
24,883
3,301
15,059
467,970
At 31 December 2022
436,458
5,913
5,069
5,958
453,398
5
Stocks
2023
2022
£
£
Stocks
16,399
15,403
MEDINA FOOD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
137,987
125,580
Other debtors
7,609
6,641
Prepayments and accrued income
8,876
16,180
154,472
148,401
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9
31,932
31,490
Trade creditors
255,712
196,402
Taxation and social security
49,222
36,120
Other creditors
150,796
134,761
Accruals and deferred income
5,667
36,924
493,329
435,697
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
125,661
149,769
Amounts owed to group undertakings and undertakings in which the company has a participating interest
155,224
146,762
Other creditors
312,877
313,527
593,762
610,058
9
Loans and overdrafts
2023
2022
£
£
Bank loans
150,103
173,765
Bank overdrafts
7,490
7,494
Amounts due to debt factor
104,225
82,951
261,818
264,210
Payable within one year
136,157
114,441
Payable after one year
125,661
149,769
MEDINA FOOD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Loans and overdrafts
(Continued)
- 8 -
The bank loans and overdraft are secured by way of a Debenture over all the assets of the company, present and future, by HSBC Bank Plc dated 19 October 2009.
Amounts due to debt factor are secured by way of a Debenture over all the assets of the company, present and future, by Ultimate Finance Limited dated 1 December 2009.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
300,000
300,000
300,000
300,000
Ordinary B shares of £1 each
300,000
300,000
300,000
300,000
600,000
600,000
600,000
600,000