Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseRetail and distribition of daliry products, eggs and eliable oils and fats33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11040409 2023-01-01 2023-12-31 11040409 2022-01-01 2022-12-31 11040409 2023-12-31 11040409 2022-12-31 11040409 c:Director1 2023-01-01 2023-12-31 11040409 c:Director3 2023-01-01 2023-12-31 11040409 c:Director3 2023-12-31 11040409 c:RegisteredOffice 2023-01-01 2023-12-31 11040409 d:PlantMachinery 2023-01-01 2023-12-31 11040409 d:PlantMachinery 2023-12-31 11040409 d:PlantMachinery 2022-12-31 11040409 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11040409 d:ComputerEquipment 2023-01-01 2023-12-31 11040409 d:ComputerEquipment 2023-12-31 11040409 d:ComputerEquipment 2022-12-31 11040409 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11040409 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11040409 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11040409 d:ComputerSoftware 2023-12-31 11040409 d:ComputerSoftware 2022-12-31 11040409 d:CurrentFinancialInstruments 2023-12-31 11040409 d:CurrentFinancialInstruments 2022-12-31 11040409 d:Non-currentFinancialInstruments 2023-12-31 11040409 d:Non-currentFinancialInstruments 2022-12-31 11040409 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11040409 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11040409 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11040409 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11040409 d:ShareCapital 2023-12-31 11040409 d:ShareCapital 2022-12-31 11040409 d:SharePremium 2023-12-31 11040409 d:SharePremium 2022-12-31 11040409 d:RetainedEarningsAccumulatedLosses 2023-12-31 11040409 d:RetainedEarningsAccumulatedLosses 2022-12-31 11040409 c:FRS102 2023-01-01 2023-12-31 11040409 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11040409 c:FullAccounts 2023-01-01 2023-12-31 11040409 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11040409 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11040409 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11040409 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11040409














MED CUISINE (EU/UK) LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
MED CUISINE (EU/UK) LTD
 
 
COMPANY INFORMATION


Directors
O Aharonovich 
C E Watt Smith (appointed 1 June 2023)




Registered number
11040409



Registered office
3rd Floor
86-90 Paul Street

London

United Kingdom

EC2A 4NE




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
MED CUISINE (EU/UK) LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
MED CUISINE (EU/UK) LTD
REGISTERED NUMBER:11040409

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,107
6,598

Tangible assets
 5 
5,434
2,051

  
10,541
8,649

Current assets
  

Stocks
  
326,000
161,420

Debtors: amounts falling due within one year
 6 
281,722
182,750

Cash at bank and in hand
  
31,393
59,638

  
639,115
403,808

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(617,257)
(380,729)

Net current assets
  
 
 
21,858
 
 
23,079

Total assets less current liabilities
  
32,399
31,728

Creditors: amounts falling due after more than one year
 8 
(165,660)
(25,779)

  

Net (liabilities)/assets
  
(133,261)
5,949


Capital and reserves
  

Called up share capital 
  
144
144

Share premium account
  
191,198
191,198

Profit and loss account
  
(324,603)
(185,393)

  
(133,261)
5,949


Page 1

 
MED CUISINE (EU/UK) LTD
REGISTERED NUMBER:11040409
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




O Aharonovich
Director

Date: 8 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Med Cuisine (EU/UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 86-90 Paul Street, London, United Kingdom, EC2A 4NE.
The principal activity of the company continued to be that of the retail and distribution of Mediterranean and Middle Eastern food products.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have the continued support from its lenders and has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, other sales related taxes and is recognised at the point of sale.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 3

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
on straight line
Computer equipment
-
33%
on straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




Website

£



Cost


At 1 January 2023
12,419


Additions
1,243



At 31 December 2023

13,662



Amortisation


At 1 January 2023
5,822


Charge for the year on owned assets
2,733



At 31 December 2023

8,555



Net book value



At 31 December 2023
5,107



At 31 December 2022
6,598



Page 6

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost 


At 1 January 2023
-
3,323
3,323


Additions
5,275
-
5,275



At 31 December 2023

5,275
3,323
8,598



Depreciation


At 1 January 2023
-
1,272
1,272


Charge for the year on owned assets
967
925
1,892



At 31 December 2023

967
2,197
3,164



Net book value



At 31 December 2023
4,308
1,126
5,434



At 31 December 2022
-
2,051
2,051


6.


Debtors

2023
2022
£
£


Trade debtors
200,770
121,223

Other debtors
66,417
29,405

Prepayments and accrued income
14,535
9,884

Corporation tax recoverable
-
22,238

281,722
182,750


Page 7

 
MED CUISINE (EU/UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
15,669
-

Bank loans
10,119
9,870

Trade creditors
537,864
328,425

Other taxation and social security
-
337

Other creditors
38,330
40,696

Accruals and deferred income
15,275
1,401

617,257
380,729



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,660
25,779

Other loans
150,000
-

165,660
25,779


The bank loans above are guaranteed by the UK Government under BBLS. 


9.


Related party transactions

Included within other creditors are amounts totalling £38,330 (2022 - £38,338) owed to the directors.  These amounts are interest free and repayable on demand.

 
Page 8