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Registration number: 00958378

Stute Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Stute Foods Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Stute Foods Limited

(Registration number: 00958378)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

934,622

772,367

Current assets

 

Stocks

5

214,542

116,240

Debtors

6

805,957

648,502

Cash at bank and in hand

 

790,575

579,975

 

1,811,074

1,344,717

Creditors: Amounts falling due within one year

7

(1,219,694)

(798,675)

Net current assets

 

591,380

546,042

Total assets less current liabilities

 

1,526,002

1,318,409

Provisions for liabilities

(45,050)

-

Net assets

 

1,480,952

1,318,409

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

570,902

415,952

Retained earnings

909,950

902,357

Shareholders' funds

 

1,480,952

1,318,409

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 August 2024
 

 

Stute Foods Limited

(Registration number: 00958378)
Balance Sheet as at 31 December 2023

L Hybs
Director

   
     
 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stute House
Sunderland Place
Clifton
Bristol
BS8 1EG

These financial statements were authorised for issue by the director on 20 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The director is confident that the company has adequate resources and accordingly the company has continued to prepare its financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Companies' activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation so as to write them down to residual values.

Asset class

Depreciation method and rate

Freehold buildings

Nil

Motor vehicles

Straight line over 4 years

Office and computer equipment

Straight line over 4 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 

 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2022 - 6).

4

Tangible assets

Freehold land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

703,471

237,640

225,836

1,166,947

Revaluations

96,529

-

-

96,529

At 31 December 2023

800,000

237,640

225,836

1,263,476

Depreciation

At 1 January 2023

103,471

232,952

58,157

394,580

Charge for the year

-

2,536

35,209

37,745

Impairment

(103,471)

-

-

(103,471)

At 31 December 2023

-

235,488

93,366

328,854

Carrying amount

At 31 December 2023

800,000

2,152

132,470

934,622

At 31 December 2022

600,000

4,688

167,679

772,367

Included within the net book value of land and buildings above is £800,000 (2022 - £600,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's Freehold buildings was revalued on 28 February 2024 by an independent valuer.
The basis of this valuation was market value. The name and qualification of the independent valuer are Maggs and Allen Chartered Valuation Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £184,048 (2022 - £184,048).

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

214,542

116,240

 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

781,203

623,577

Other debtors

4,077

8,645

Prepayments and accrued income

20,677

16,280

805,957

648,502

7

Creditors

Due within one year

2023
£

2022
£

Trade creditors

881,261

558,188

Social security and other taxes

29,075

24,390

Other creditors

8,276

8,276

Accruals

301,082

207,821

1,219,694

798,675

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/(deficit) on property revaluation

154,950

154,950

 

Stute Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Summary of transactions with other related parties

During the year Stute Foods Limited charged rent to a company of which one of the directors is an immediate family member of one of the directors of Stute Foods Limited.
 

Income and receivables from related parties

2023

Other related parties
£

Leases

6,000

2022

Other related parties
£

Leases

6,000