REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
International Spice & Food Import UK Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
International Spice & Food Import UK Ltd |
International Spice & Food Import UK Ltd (Registered number: 12205741) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
International Spice & Food Import UK Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
International Spice & Food Import UK Ltd (Registered number: 12205741) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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 |
International Spice & Food Import UK Ltd (Registered number: 12205741) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
International Spice & Food Import UK Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is dependent on the continued operational support of The Spice Factory SA. The Directors of The Spice Factory SA have agreed to provide continued operational support to ensure the company will be able to trade as a going concern for the foreseeable future. |
The accounts have therefore been prepared on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales of goods are recognised on despatch of the goods in accordance with the company's terms of sale. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
International Spice & Food Import UK Ltd (Registered number: 12205741) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included within Other Creditors is an amount due to invoice discounting advances. |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
ING Bank NV holds a fixed and floating charge over the company's assets in respect of the Group's borrowings. |
International Spice & Food Import UK Ltd (Registered number: 12205741) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | RELATED PARTY DISCLOSURES |
During the year the company purchased goods to the value of £5,364,223 (2022 - £3,840,202) from it's immediate parent company, The Spice Factory SA, a company registered in Belgium. The company also paid sales commissions in the year, totalling £413,236 (2022 - £325,390) to The Spice Factory SA. At the balance sheet date £1,134,462 (2022 - £130,473) was due from The Spice Factory SA. These transactions were at arms length and the amount is interest free and repayable on demand. |
During the year the company incurred management fees totalling £48,668 (2022 - £69,880) from Spices Signature NV, a company under the control of The Spice Factory Group SA. At the balance sheet date an amount of £231,922 (2022 - £183,254) was owed to Spices Signature NV. This transaction was at arms length and the amount is interest free and repayable on demand. |
During the year the company incurred management fees totalling £90,126 (2022 - £51,524) and costs of £41,668 (2022 - £32,384) from The Spice Factory Group SA, the company's ultimate parent company. a company registered in Belgium. The company also paid interest of £156,353 (2022 - £39,724) to The Spice Factory Group SA. At the balance sheet date an amount of £396,852 (2022 - £108,705l) was owed to The Spice Factory Group SA. These transaction were at arms length and the amount is interest free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is The Spice Factory SA, a company registered in Belgium. |
The ultimate parent company is The Spice Factory Group SA, a company registered in Belgium. |
There is no overall controlling party. |