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Registered Number: 04890920
England and Wales

 

 

 

SPECIALITY FOOD TRADERS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Directors Marcello Bizio
Marlena Joanna Wegielek
Registered Number 04890920
Registered Office Unit 66
Raymouth Road
London
SE16 2DB
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Secretary Marlena Joanna Wegielek
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the financial year was that of specialist food wholesalers.
Directors
The directors who served the company throughout the year were as follows:
Marcello Bizio
Marlena Joanna Wegielek
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.


Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Marcello Bizio
Director

Date approved: 10 September 2024
2
Report to the directors on the preparation of the unaudited statutory accounts of Speciality Food Traders Limited for the year ended 31 December 2023.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Speciality Food Traders Limited for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.


As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.


This report is made solely to the Board of Directors of Speciality Food Traders Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Speciality Food Traders Limited and state those matters that we have agreed to state to the Board of Directors of Speciality Food Traders Limited, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speciality Food Traders Limited and its Board of Directors as a body for our work or for this report.


It is your duty to ensure that Speciality Food Traders Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Speciality Food Traders Limited.You consider that Speciality Food Traders Limited is exempt from the statutory audit requirement for the year.


We have not been instructed to carry out an audit of the accounts of Speciality Food Traders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements 31 December 2023.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
10 September 2024
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 29,597    35,719 
29,597    35,719 
Current assets      
Stocks 6 151,612    145,862 
Debtors 7 474,188    574,319 
Cash at bank and in hand 208,363    108,986 
834,163    829,167 
Creditors: amount falling due within one year 8 (336,104)   (302,121)
Net current assets 498,059    527,046 
 
Total assets less current liabilities 527,656    562,765 
Creditors: amount falling due after more than one year 9 (29,378)   (51,241)
Provisions for liabilities 10 (6,956)   (6,786)
Net assets 491,322    504,738 
 

Capital and reserves
     
Called up share capital 11 20    20 
Profit and loss account 491,302    504,718 
Shareholders' funds 491,322    504,738 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 September 2024 and were signed on its behalf by:


-------------------------------
Marlena Joanna Wegielek
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2022 20  452,460  452,480 
Profit for the year 297,258  297,258 
Total comprehensive income for the year 297,258  297,258 
Dividends (245,000) (245,000)
Total investments by and distributions to owners (245,000) (245,000)
At 31 December 2022 20  504,718  504,738 
At 01 January 2023 20  504,718  504,738 
Profit for the year 179,584  179,584 
Total comprehensive income for the year 179,584  179,584 
Dividends (193,000) (193,000)
Total investments by and distributions to owners (193,000) (193,000)
At 31 December 2023 20  491,302  491,322 
5
General Information
Speciality Food Traders Limited is a private company, limited by shares, registered in England and Wales, registration number 04890920, registration address Unit 66, Raymouth Road, London, SE16 2DB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Office Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

2023
£
  2022
£
Administrative Expenses
Directors Remuneration 23,385    18,000 
23,385    18,000 

3.

Staff Costs

2023
£
  2022
£
Wages and salaries 221,457    188,347 
Social security costs 15,989    12,291 
Pension costs, defined contribution plan 3,371    2,852 
Other staff costs 2,519    1,156 
243,336    204,646 

4.

Average number of employees

Average number of employees during the year was 8 (2022 : 8).
5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Office Equipment   Total
  £   £   £   £
At 01 January 2023 46,877    44,552    12,000    103,429 
Additions 498      3,245    3,743 
Disposals      
At 31 December 2023 47,375    44,552    15,245    107,172 
Depreciation
At 01 January 2023 44,782    15,253    7,675    67,710 
Charge for year 648    7,325    1,892    9,865 
On disposals      
At 31 December 2023 45,430    22,578    9,567    77,575 
Net book values
Closing balance as at 31 December 2023 1,945    21,974    5,678    29,597 
Opening balance as at 01 January 2023 2,095    29,299    4,325    35,719 


6.

Stocks

2023
£
  2022
£
Stocks 151,612    145,862 
151,612    145,862 

7.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 473,567    568,416 
VAT 621    5,903 
474,188    574,319 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 186,774    167,553 
Bank Loans & Overdrafts (Secured) 16,000    16,000 
Corporation Tax 57,320    70,008 
PAYE & Social Security 10,370    10,401 
Accrued Expenses 49,335    14,804 
Other Creditors 1,180    1,145 
Obligations under HP/Financial Leases 10,375    12,746 
Credit Card Account 687    1,237 
Unpaid Pension Contributions 1,256   
Directors Current Account 2,807    8,227 
336,104    302,121 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 25,333    41,333 
Obligations Under HP/Financial Leases 4,045    9,908 
29,378    51,241 

10.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 6,787    6,923 
Charged to Profit & Loss 169    (137)
6,956    6,786 

11.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
20 Class A shares of £1.00 each 20    20 
20    20 

6