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REGISTERED NUMBER: 02520332 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HFP FOODS LIMITED

HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


HFP FOODS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: J P Browning



REGISTERED OFFICE: Betton Mill
Betton Road
Market Drayton
Shropshire
TF9 1HH



REGISTERED NUMBER: 02520332 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: National Westminster Bank Plc
42 Chester Street
Market Drayton
Shropshire
TF9 1PG

HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 203,559 122,037
Investments 5 239,500 149,360
443,059 271,397

CURRENT ASSETS
Debtors 6 995,004 1,146,796
Cash at bank 454,462 509,936
1,449,466 1,656,732
CREDITORS
Amounts falling due within one year 7 1,117,414 1,212,672
NET CURRENT ASSETS 332,052 444,060
TOTAL ASSETS LESS CURRENT
LIABILITIES

775,111

715,457

PROVISIONS FOR LIABILITIES 21,232 1,190
NET ASSETS 753,879 714,267

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Capital redemption reserve 20 20
Retained earnings 743,859 704,247
SHAREHOLDERS' FUNDS 753,879 714,267

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 director and authorised for issue on 16 August 2024 and were signed by:





J P Browning - Director


HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

HFP 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

We have reviewed the management accounts and cash flows up to the date of signing the audit report and concur with the directors assessment that it remains appropriate to prepare these financial statements on a going concern basis.

Turnover
Turnover represents the net invoice value of goods sold and services provided, excluding value added tax.

Revenue from sale of goods is recognised when the Company has transferred to the buyer the significant risks and rewards of ownership of the goods.

Rental income is accrued on a time basis, by reference to the agreements entered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 171,974 35,726 - 207,700
Additions - 8,048 105,128 113,176
At 31 December 2023 171,974 43,774 105,128 320,876
DEPRECIATION
At 1 January 2023 50,968 34,695 - 85,663
Charge for year 3,440 1,932 26,282 31,654
At 31 December 2023 54,408 36,627 26,282 117,317
NET BOOK VALUE
At 31 December 2023 117,566 7,147 78,846 203,559
At 31 December 2022 121,006 1,031 - 122,037

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2023 149,360
Additions 90,140
At 31 December 2023 239,500
NET BOOK VALUE
At 31 December 2023 239,500
At 31 December 2022 149,360

HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Shares in
group
undertakings
£   
Cost 239,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 989,730 1,137,359
Other debtors 5,274 9,437
995,004 1,146,796

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,079,872 1,158,972
Taxation and social security 12,432 34,171
Other creditors 25,110 19,529
1,117,414 1,212,672

8. SECURED DEBTS

National Westminster Bank plc holds a debenture over all current and future assets of the company.

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

The Report of the Auditors was unqualified.

Mrs Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J P Browning
Balance outstanding at start of year 758 4,559
Amounts advanced 5,748 5,748
Amounts repaid (6,807 ) (9,549 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (301 ) 758

HFP FOODS LIMITED (REGISTERED NUMBER: 02520332)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The controlling party is HFP 2012 Limited.

The ultimate controlling party is J P Browning.