Food Innovation Solutions Limited 07466651 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is a creative and innovative food consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true true true 07466651 2023-01-01 2023-12-31 07466651 2023-12-31 07466651 core:RetainedEarningsAccumulatedLosses 2023-12-31 07466651 core:ShareCapital 2023-12-31 07466651 core:CurrentFinancialInstruments 2023-12-31 07466651 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07466651 core:FurnitureFittingsToolsEquipment 2023-12-31 07466651 core:OtherPropertyPlantEquipment 2023-12-31 07466651 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 07466651 bus:SmallEntities 2023-01-01 2023-12-31 07466651 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07466651 bus:FilletedAccounts 2023-01-01 2023-12-31 07466651 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07466651 bus:RegisteredOffice 2023-01-01 2023-12-31 07466651 bus:Director1 2023-01-01 2023-12-31 07466651 bus:Director2 2023-01-01 2023-12-31 07466651 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07466651 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07466651 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07466651 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 07466651 1 2023-01-01 2023-12-31 07466651 countries:UnitedKingdom 2023-01-01 2023-12-31 07466651 2022-12-31 07466651 core:FurnitureFittingsToolsEquipment 2022-12-31 07466651 core:OtherPropertyPlantEquipment 2022-12-31 07466651 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 07466651 2022-01-01 2022-12-31 07466651 2022-12-31 07466651 core:RetainedEarningsAccumulatedLosses 2022-12-31 07466651 core:ShareCapital 2022-12-31 07466651 core:CurrentFinancialInstruments 2022-12-31 07466651 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07466651 core:FurnitureFittingsToolsEquipment 2022-12-31 07466651 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07466651

Food Innovation Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Food Innovation Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Food Innovation Solutions Limited

(Registration number: 07466651)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

15,931

17,594

Current assets

 

Debtors

5

61,102

203,857

Cash at bank and in hand

 

437,295

148,463

 

498,397

352,320

Creditors: Amounts falling due within one year

6

(917,927)

(335,769)

Net current (liabilities)/assets

 

(419,530)

16,551

Net (liabilities)/assets

 

(403,599)

34,145

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

(403,699)

34,045

Shareholders' (deficit)/funds

 

(403,599)

34,145

 

Food Innovation Solutions Limited

(Registration number: 07466651)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
M Faers
Director

.........................................
K Dowson
Director

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 10 Brunel Business Court
Eastern Way
Bury St Edmunds
Suffolk
IP32 7AJ
United Kingdom

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

116,558

77,911

194,469

Additions

9,999

-

9,999

At 31 December 2023

126,557

77,911

204,468

Depreciation

At 1 January 2023

110,250

66,626

176,876

Charge for the year

2,925

8,736

11,661

At 31 December 2023

113,175

75,362

188,537

Carrying amount

At 31 December 2023

13,382

2,549

15,931

At 31 December 2022

6,308

11,286

17,594

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

38,459

129,728

Amounts owed by related parties

8

6,426

5,282

Prepayments

 

13,457

19,763

Other debtors

 

2,760

49,084

   

61,102

203,857

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

6,631

-

Trade Creditors

 

4,737

11,173

Taxation and social security

 

226,892

48,818

Accruals and deferred income

 

119,456

17,961

Other creditors

 

560,211

257,817

 

917,927

335,769

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

6,631

-

8

Related party transactions

 

Food Innovation Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

49,084

49,084

Repaid

(49,084)

(49,084)

At end of period

-

-

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

205,842

205,842

Advanced

296,076

296,076

At end of period

501,918

501,918

Terms of loans from related parties

During the year the company received loans from group companies, these loand are repayable on demand and are interest free.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Urban Foraging Limited, incorporated in United Kingdom.

 

10

Going Concern

At 31 December 2023 the company had net liabilities of £403.599. Despite this the accounts have been prepared on a going conern basis as the group companies have provided a commitment to support the company. At the year end group companies were owed £501,918.