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REGISTERED NUMBER: 06430068 (England and Wales)














Fountain Frozen Limited

Strategic Report, Directors' Report and

Financial Statements

for the Year Ended 30 November 2023






Fountain Frozen Limited (Registered number: 06430068)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company information 1

Strategic report 2

Directors' report 4

Report of the independent auditors 6

Statement of comprehensive income 10

Statement of financial position 11

Statement of changes in equity 12

Statement of cash flows 13

Notes to the statement of cash flows 14

Notes to the financial statements 15


Fountain Frozen Limited

Company Information
for the Year Ended 30 November 2023







Directors: K Wilshire
K Lawrence
M Lawrence





Registered office: Monica House
St Augustines Road
Wisbech
Cambs
PE13 3AD





Business address: Salters Way
Cromwell Road
Wisbech
Cambridgeshire
PE13 0SH





Registered number: 06430068 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Fountain Frozen Limited (Registered number: 06430068)

Strategic Report
for the Year Ended 30 November 2023


The directors present their strategic report for the year ended 30 November 2023.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business, and is written in the context of the risks and uncertainties we face.

Review of business
Over the last year, trading has been extremely difficult. With another very poor season for onions due to the hot dry summer last year, onion yields were down and prices high. We have grown the relationship we have with a Chinese supplier that has allowed us to continue trading at "manageable" costs, but has still hit the business hard financially. Retail sales were down a lot last year and certain sectors in retail and food service (healthy options) were seriously struggling, which in turn has affected some of the co-producing we do for them.

With our wide business portfolio, we managed to get through the hard times and we are now looking in a much better position going forward.

Financial results to June 2024 have been much more positive. The company is producing results similar to previous years, and we hope this will continue for the foreseeable future.

Principal risks and uncertainties
Many businesses have struggled this year and understandably so.

Raw material, ingredients and packaging have all seen stagnant prices from last year, with suppliers either not prepared or able to lower their costs.

The NLW increase from April, will put pressure on the business, as it is a significant increase.

We must manage and monitor purchasing prices and negotiate best prices possible. All overhead costs will need to be closely monitored and findings acted upon without delay.

When necessary, selling prices may have to increase to compensate any additional costs.

Development and performance
The company ended the financial year in an unfavourable position, however trading results from the subsequent seven months have shown an upturn in fortunes which means the directors have a positive outlook on the business' future..

The company will continue to serve our customers with the excellent service they have received over the years, listen to their needs and requirements, and help them to achieve their targets. All of which will help our business to prosper in the future.


Fountain Frozen Limited (Registered number: 06430068)

Strategic Report
for the Year Ended 30 November 2023

Financial key performance indicators
Turnover is key to running the business, if we continue to maintain / increase sales, then hopefully the bottom line will look after itself.

Turnover decreased by a total of 6.8% when compared to the previous year and the gross profit margin for the year reduced to 16.9% (2022: 20.2%).

On behalf of the board:





K Lawrence - Director


14 August 2024

Fountain Frozen Limited (Registered number: 06430068)

Directors' Report
for the Year Ended 30 November 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

Principal activity
The principal activity of the company in the year under review was that of food manufacturing.

Dividends
No dividends will be distributed for the year ended 30 November 2023.

Future developments
The company will continue to look at new product development as well as focusing on our core products.

We would like to build on current customer relationships and expand into potential new markets with them.

We are continuing to re-invest in the business, carefully choosing where we spend our money for the best benefit to the business.

Directors
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

K Wilshire
K Lawrence
M Lawrence

Disclosure of information in the strategic report
The directors, in accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, have prepared the company's strategic report as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as per page 2.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Fountain Frozen Limited (Registered number: 06430068)

Directors' Report
for the Year Ended 30 November 2023


Auditors
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





K Lawrence - Director


14 August 2024

Report of the Independent Auditors to the Members of
Fountain Frozen Limited


Opinion
We have audited the financial statements of Fountain Frozen Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Directors' report, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fountain Frozen Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fountain Frozen Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.


Report of the Independent Auditors to the Members of
Fountain Frozen Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matt Storey FCCA, ACA, BFP (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

15 August 2024

Fountain Frozen Limited (Registered number: 06430068)

Statement of Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

Turnover 14,627,047 15,698,454

Cost of sales 12,147,932 12,519,644
Gross profit 2,479,115 3,178,810

Administrative expenses 3,047,991 3,124,019
(568,876 ) 54,791

Other operating income 152,126 138,086
Operating (loss)/profit 5 (416,750 ) 192,877

Interest receivable and similar income 9 15
(Loss)/profit before taxation (416,741 ) 192,892

Tax on (loss)/profit 7 (94,162 ) 27,912
(Loss)/profit for the financial year (322,579 ) 164,980

Other comprehensive income - -
Total comprehensive income for the
year

(322,579

)

164,980

Fountain Frozen Limited (Registered number: 06430068)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 8 - -
Tangible assets 9 1,431,909 1,161,120
1,431,909 1,161,120

Current assets
Stocks 10 1,629,998 1,850,234
Debtors 11 3,238,311 2,074,685
Cash at bank and in hand 944,788 2,062,747
5,813,097 5,987,666
Creditors
Amounts falling due within one year 12 2,098,111 1,604,152
Net current assets 3,714,986 4,383,514
Total assets less current liabilities 5,146,895 5,544,634

Provisions for liabilities 15 151,798 226,958
Net assets 4,995,097 5,317,676

Capital and reserves
Called up share capital 16 3 3
Retained earnings 17 4,995,094 5,317,673
Shareholders' funds 4,995,097 5,317,676

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:




K Lawrence - Director



K Wilshire - Director


Fountain Frozen Limited (Registered number: 06430068)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 3 5,152,693 5,152,696

Changes in equity
Total comprehensive income - 164,980 164,980
Balance at 30 November 2022 3 5,317,673 5,317,676

Changes in equity
Total comprehensive income - (322,579 ) (322,579 )
Balance at 30 November 2023 3 4,995,094 4,995,097

Fountain Frozen Limited (Registered number: 06430068)

Statement of Cash Flows
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (605,011 ) 691,897
Tax paid (21,259 ) (176,819 )
Net cash from operating activities (626,270 ) 515,078

Cash flows from investing activities
Purchase of tangible fixed assets (491,698 ) (263,850 )
Sale of tangible fixed assets - 5,000
Interest received 9 15
Net cash from investing activities (491,689 ) (258,835 )

(Decrease)/increase in cash and cash equivalents (1,117,959 ) 256,243
Cash and cash equivalents at
beginning of year

2

2,062,747

1,806,504

Cash and cash equivalents at end of
year

2

944,788

2,062,747

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Statement of Cash Flows
for the Year Ended 30 November 2023


1. Reconciliation of (loss)/profit before taxation to cash generated from operations
2023 2022
£    £   
(Loss)/profit before taxation (416,741 ) 192,892
Depreciation charges 220,909 239,435
Profit on disposal of fixed assets - (4,491 )
Finance income (9 ) (15 )
(195,841 ) 427,821
Decrease/(increase) in stocks 220,236 (710,920 )
(Increase)/decrease in trade and other debtors (1,142,353 ) 918,780
Increase in trade and other creditors 512,947 56,216
Cash generated from operations (605,011 ) 691,897

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 944,788 2,062,747
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 2,062,747 1,806,504


3. Analysis of changes in net funds

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 2,062,747 (1,117,959 ) 944,788
2,062,747 (1,117,959 ) 944,788
Total 2,062,747 (1,117,959 ) 944,788

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. Statutory information

Fountain Frozen 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. 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" and the Companies Act 2006.

3. Accounting policies

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

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Estimation of useful life
The useful economic life used to amortise intangible assets and depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset.

Estimation of residual value
The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Negative goodwill are being amortised evenly over their estimated useful life of ten years.

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% straight line & 25% reducing balance
Fixtures and fittings - 15% reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax has been provided at a rate of 25% (2021 - 25%).

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.

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued

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.

Operating leases - lessee
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4. Employees and directors
2023 2022
£    £   
Wages and salaries 1,266,045 1,226,317
Social security costs 116,586 115,663
Other pension costs 19,829 20,198
1,402,460 1,362,178

The average number of employees during the year was as follows:
2023 2022

Production staff 63 67
Administrative staff 7 7
Directors 3 3
73 77

2023 2022
£    £   
Directors' remuneration - -

5. Operating (loss)/profit

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 36,962 34,846
Other operating leases 110,000 110,000
Depreciation - owned assets 220,909 239,435
Profit on disposal of fixed assets - (4,491 )
Foreign exchange differences (3,196 ) (2,239 )

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. Auditors' remuneration
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,200

9,500

7. Taxation

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (19,002 ) 19,002

Deferred tax (75,160 ) 8,910
Tax on (loss)/profit (94,162 ) 27,912

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (416,741 ) 192,892
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

(79,181

)

36,649

Effects of:
Capital allowances in excess of depreciation (57,538 ) (17,647 )
Deferred tax movement (75,160 ) 8,910
Losses carried forward 115,470 -
Underprovision in 2022 2,247 -
Total tax (credit)/charge (94,162 ) 27,912

Deferred tax has been provided at a rate of 25% (2022: 25%)

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


8. Intangible fixed assets
Negative
Goodwill goodwill Totals
£    £    £   
Cost
At 1 December 2022
and 30 November 2023 1 (546,852 ) (546,851 )
Amortisation
At 1 December 2022
and 30 November 2023 1 (546,852 ) (546,851 )
Net book value
At 30 November 2023 - - -
At 30 November 2022 - - -

9. Tangible fixed assets
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 December 2022 505,178 3,363,950 36,736 116,062 4,021,926
Additions - 484,816 - 6,882 491,698
At 30 November 2023 505,178 3,848,766 36,736 122,944 4,513,624
Depreciation
At 1 December 2022 327,666 2,395,769 30,502 106,869 2,860,806
Charge for year 22,802 191,254 936 5,917 220,909
At 30 November 2023 350,468 2,587,023 31,438 112,786 3,081,715
Net book value
At 30 November 2023 154,710 1,261,743 5,298 10,158 1,431,909
At 30 November 2022 177,512 968,181 6,234 9,193 1,161,120

10. Stocks
2023 2022
£    £   
Raw materials 600,774 738,300
Finished goods 1,029,224 1,111,934
1,629,998 1,850,234

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


11. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 2,640,986 1,692,882
Other debtors 14,909 16,933
Tax 21,273 -
VAT 59,948 117,997
Prepayments and accrued income 501,195 246,873
3,238,311 2,074,685

12. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 1,783,029 1,380,076
Tax - 18,988
Social security and other taxes 107,765 46,414
Other creditors 9,759 8,858
Accruals and deferred income 197,558 149,816
2,098,111 1,604,152

13. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 91,666 110,000
Between one and five years - 91,666
91,666 201,666

14. Secured debts

Barclays Bank holds a fixed and floating charge over the assets of the company.

15. Provisions for liabilities
2023 2022
£    £   
Deferred tax 151,798 226,958

Deferred
tax
£   
Balance at 1 December 2022 226,958
Provided during year (75,160 )
Balance at 30 November 2023 151,798

Fountain Frozen Limited (Registered number: 06430068)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

17. Reserves
Retained
earnings
£   

At 1 December 2022 5,317,673
Deficit for the year (322,579 )
At 30 November 2023 4,995,094

Profit and loss account - This reserve records retained earnings and accumulated losses.