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REGISTERED NUMBER: 12205741 (England and Wales)












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: D De Muyer
J O De Pelsmaeker





SECRETARY: MY UK OFFICE LIMITED





REGISTERED OFFICE: Westwood House
South Cave
East Yorkshire
HU15 2HG





REGISTERED NUMBER: 12205741 (England and Wales)





AUDITORS: Try Lunn & Co
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 479,158 235,121
Debtors 4 2,712,829 1,237,225
Cash at bank - 47,979
3,191,987 1,520,325
CREDITORS
Amounts falling due within one year 5 1,453,456 389,995
NET CURRENT ASSETS 1,738,531 1,130,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,738,531

1,130,330

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 7 1,738,431 1,130,230
SHAREHOLDERS' FUNDS 1,738,531 1,130,330

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 2 August 2024 and were signed on its behalf by:





J O De Pelsmaeker - Director


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 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. 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.

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 2 (2022 - 2 ) .

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 1,550,427 1,090,561
Amounts owed by group undertakings 1,134,462 130,473
Other debtors 27,940 16,191
2,712,829 1,237,225

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40 -
Trade creditors 129,469 9,994
Amounts owed to group undertakings 628,774 291,959
Taxation and social security 87,046 -
Other creditors 608,127 88,042
1,453,456 389,995

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: £    £   
100 Ordinary £1 100 100

7. RESERVES
Retained
earnings
£   

At 1 January 2023 1,130,230
Profit for the year 608,201
At 31 December 2023 1,738,431

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

The Report of the Auditors was unqualified.

Simon Moss FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

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.