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REGISTERED NUMBER: 01866112 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

TWO COUNTIES FOODS LIMITED

TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TWO COUNTIES FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: D F Smith
R A Scott
S Davies
J Wells
A Bird
S Harper
D Lewins





SECRETARY: R A Scott





REGISTERED OFFICE: Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE





REGISTERED NUMBER: 01866112 (England and Wales)





AUDITORS: Spain Brothers & Co
Chartered Accountants and Statutory Auditors
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 29,386 33,415

CURRENT ASSETS
Stocks 6 454,914 452,046
Debtors 7 3,372,082 2,967,309
Cash at bank 1,175,327 1,305,044
5,002,323 4,724,399
CREDITORS
Amounts falling due within one year 8 4,003,147 3,815,070
NET CURRENT ASSETS 999,176 909,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,028,562

942,744

PROVISIONS FOR LIABILITIES 6,861 8,354
NET ASSETS 1,021,701 934,390

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,011,701 924,390
SHAREHOLDERS' FUNDS 1,021,701 934,390

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 8th August 2024 and were signed on its behalf by:





D F Smith - Director


TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024


1. STATUTORY INFORMATION

Two Counties 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements are presented in sterling which is the functional currency of the company.

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

Turnover from the sale of goods is recognised when sufficient risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvements to property- 20% on cost
Plant and machinery- 33 1/3% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.


TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


3. ACCOUNTING POLICIES - continued
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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


5. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1st February 2023 13,149 98,871 112,020
Additions - 7,994 7,994
Disposals (13,149 ) (53,216 ) (66,365 )
At 31st January 2024 - 53,649 53,649
DEPRECIATION
At 1st February 2023 13,149 65,456 78,605
Charge for year - 12,023 12,023
Eliminated on disposal (13,149 ) (53,216 ) (66,365 )
At 31st January 2024 - 24,263 24,263
NET BOOK VALUE
At 31st January 2024 - 29,386 29,386
At 31st January 2023 - 33,415 33,415

6. STOCKS
2024 2023
£    £   
Finished goods 454,914 452,046

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,326,594 2,991,118
Bad Debt Provision (100,860 ) (102,148 )
Other debtors 28,436 28,436
VAT 50,450 48,320
Prepayments 67,462 1,583
3,372,082 2,967,309

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,604,302 3,543,863
Amounts owed to group undertakings 102,454 80,604
Corporation tax 235,717 144,302
Social security and other taxes 34,095 29,801
Accruals and deferred income 26,579 16,500
4,003,147 3,815,070

TWO COUNTIES FOODS LIMITED (REGISTERED NUMBER: 01866112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


9. SECURED DEBTS

The overdraft facility is secured by a fixed charge over book debts and a floating charge over all other assets.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Flood FCA (Senior Statutory Auditor)
for and on behalf of Spain Brothers & Co

11. RELATED PARTY DISCLOSURES

At the year end the company owed £102,454 (2023 £80,604) to Two Counties Foods Holdings Limited which is included in creditors, amounts due in less than one year.

12. ULTIMATE PARENT COMPANY

The ultimate parent company is Two Counties Foods Holdings Limited.
Its registered office is situate at Westgate House, 87 St Dunstan's Street, Canterbury, Kent, CT2 8AE.