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Registration number: 07433255

Ideal Nutritional Foods Limited

Filleted Financial Statements

for the Year Ended 29 February 2024

 

Ideal Nutritional Foods Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

Ideal Nutritional Foods Limited

(Registration number: 07433255)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

1,446,420

1,910,303

Cash at bank and in hand

 

1,422,383

268,933

 

2,868,803

2,179,236

Creditors: Amounts falling due within one year

5

(2,836,439)

(2,168,801)

Total assets less current liabilities

 

32,364

10,435

Provisions for liabilities

570

570

Net assets

 

32,934

11,005

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

31,934

10,005

Shareholders' funds

 

32,934

11,005

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 


M Mcellone
Director

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
M Mcellone
Director

   
     
 

Ideal Nutritional Foods Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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:
The Courtyard
Trewolland
Liskeard
Cornwall
PL14 3BD

Principal activity

The principal activity of the company is wholesale of food including fish and crustaceans.

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 entity.

 

Ideal Nutritional Foods Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 15 August 2024 was Veronique Walkey, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Turnover

Revenue - described as turnover - is the value of goods (net of VAT) provided to customers during the year.

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

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tax

The tax expense for the period comprises current 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.

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 taxable income.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

 

Ideal Nutritional Foods Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Debtors

2024
£

2023
£

Trade debtors

832,902

1,411,059

Other debtors

613,518

499,244

1,446,420

1,910,303

 

Ideal Nutritional Foods Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,817,900

2,107,969

Taxation and social security

6,079

1,701

Accruals and deferred income

12,460

59,131

2,836,439

2,168,801

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Ultimate controlling party

The ultimate controlling company is Pelagia Holding AS, who’s registered office is Bradbenken 1 5003, Bregen, Vestland, Norway.