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COMPANY REGISTRATION NUMBER: 03295706
Lingwood Food Services Limited
Unaudited financial statements
30 December 2023
Lingwood Food Services Limited
Statement of financial position
30 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
152,746
74,698
Current assets
Stocks
309,887
305,204
Debtors
6
334,400
838,582
Cash at bank and in hand
623,082
1,523,162
-----------
-----------
1,267,369
2,666,948
Creditors: Amounts falling due within one year
7
( 466,260)
( 1,177,580)
-----------
-----------
Net current assets
801,109
1,489,368
---------
-----------
Total assets less current liabilities
953,855
1,564,066
Creditors: Amounts falling due after more than one year
8
( 56,761)
( 40,511)
Provisions
Taxation including deferred tax
19,905
---------
-----------
Net assets
916,999
1,523,555
---------
-----------
Capital and reserves
Called up share capital
4,650
4,650
Profit and loss account
912,349
1,518,905
---------
-----------
Shareholders funds
916,999
1,523,555
---------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lingwood Food Services Limited
Statement of financial position (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
I W Hope
Director
Company registration number: 03295706
Lingwood Food Services Limited
Notes to the financial statements
Year ended 30 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, 8 & 9 Tomo Business Park, Stowmarket, Suffolk, IP14 5EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
33% straight line
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 12 (2022: 11 ).
5. Tangible assets
Property improve- ments
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 31 December 2022
8,754
7,108
203,974
58,918
278,754
Additions
5,215
110,949
743
116,907
------
-------
---------
-------
---------
At 30 December 2023
8,754
12,323
314,923
59,661
395,661
------
-------
---------
-------
---------
Depreciation
At 31 December 2022
8,754
5,284
149,717
40,301
204,056
Charge for the year
2,112
29,377
7,370
38,859
------
-------
---------
-------
---------
At 30 December 2023
8,754
7,396
179,094
47,671
242,915
------
-------
---------
-------
---------
Carrying amount
At 30 December 2023
4,927
135,829
11,990
152,746
------
-------
---------
-------
---------
At 30 December 2022
1,824
54,257
18,617
74,698
------
-------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
194,231
586,160
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,000
50,000
Other debtors
90,169
202,422
---------
---------
334,400
838,582
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
140,279
418,890
Social security and other taxes
10,278
339,412
Other creditors
305,703
409,278
---------
-----------
466,260
1,177,580
---------
-----------
Liabilities of £28,422 (2022: £6,389) in respect of hire purchase contracts are secured on the assets involved.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,669
26,669
Other creditors
40,092
13,842
-------
-------
56,761
40,511
-------
-------
Liabilities of £40,092 (2022: £13,842) in respect of hire purchase contracts are secured on the assets involved.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
32,145
32,145
-------
-------
10. Controlling party
The ultimate parent company is Lingwood Holdings 2011 Limited.