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REGISTERED NUMBER: 02715647 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FOOD CONNECTIONS LIMITED

FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOOD CONNECTIONS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: G J York
P R York
C J Haggis
G D Mason
D Spray





SECRETARY: D Spray





REGISTERED OFFICE: Quorn House
Comet Way
Hermitage Industrial Estate
Coalville
Leicestershire
LE67 3FS





REGISTERED NUMBER: 02715647 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 71,521 30,646
Investments 5 10,000 10,000
81,521 40,646

CURRENT ASSETS
Debtors 6 5,271,258 5,259,777
Cash at bank 1,000,624 566,431
6,271,882 5,826,208
CREDITORS
Amounts falling due within one year 7 (5,029,236 ) (4,713,851 )
NET CURRENT ASSETS 1,242,646 1,112,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,324,167

1,153,003

CREDITORS
Amounts falling due after more than one
year

8

(4,167

)

-
NET ASSETS 1,320,000 1,153,003

CAPITAL AND RESERVES
Share capital 20,000 20,000
Retained earnings 1,300,000 1,133,003
SHAREHOLDERS' FUNDS 1,320,000 1,153,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

BALANCE SHEET - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





C J Haggis - Director


FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Food Connections Limited is a private company, limited by shares, registered in England and Wales. The company's registered office and registered number 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.

Goverment grants
The company has received funding in the form of Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings10%-25% straight line
Motor vehicles25%-40% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.


FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 185,990 40,598 226,588
Additions 20,954 47,192 68,146
Disposals - (40,598 ) (40,598 )
At 31 December 2023 206,944 47,192 254,136
DEPRECIATION
At 1 January 2023 163,714 32,228 195,942
Charge for year 11,036 7,865 18,901
Eliminated on disposal - (32,228 ) (32,228 )
At 31 December 2023 174,750 7,865 182,615
NET BOOK VALUE
At 31 December 2023 32,194 39,327 71,521
At 31 December 2022 22,276 8,370 30,646

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 10,000
At 31 December 2022 10,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,005,811 1,187,303
Amounts owed by group undertakings 4,236,208 4,025,838
VAT 7,405 20,547
Deferred tax asset 5,149 9,384
Prepayments 16,685 16,705
5,271,258 5,259,777

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 12,500 1,633
Trade creditors 59,902 83,627
Tax 88,158 62,275
Social security and other taxes 13,205 15,709
Amounts due to group undertakings 4,380,568 4,040,101
Accrued expenses 474,903 510,506
5,029,236 4,713,851

FOOD CONNECTIONS LIMITED (REGISTERED NUMBER: 02715647)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 4,167 -