Company registration number 06818750 (England and Wales)
Magro Foods (UK) Limited
Audited Financial Statements
For the year ended
31 March 2024
Pages for filing with registrar
Magro Foods (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Magro Foods (UK) Limited
Statement Of Financial Position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
58,527
124,995
Debtors
4
484,523
484,168
Cash at bank and in hand
9,156
63,210
552,206
672,373
Creditors: amounts falling due within one year
5
(483,519)
(627,139)
Net current assets
68,687
45,234
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
63,687
40,234
Total equity
68,687
45,234
The notes on pages 2 to 4 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
J. Magro
Director
Company registration number 06818750 (England and Wales)
Magro Foods (UK) Limited
Notes To The Financial Statements
For the year ended 31 March 2024
- 2 -
1
General information
Magro Foods (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Glass Wharf, Bristol, BS2 0ZX.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, with the company’s parent undertaking, Magro Brothers (Foods) Limited, confirming ongoing financial support as necessary for a period of at least twelve months from the date of signing of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
2.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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. Cost is based on the cost of purchase on a first in, first out basis.
2.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Magro Foods (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
2
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
2.7
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.8
Foreign exchange
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.
3
Employees
There were no employees in the current and preceding years.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
479,120
478,290
Other debtors
5,403
5,878
484,523
484,168
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,564
17,539
Amounts owed to group undertakings
426,304
578,484
Corporation tax
7,818
3,022
Other creditors
29,833
28,094
483,519
627,139
Magro Foods (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
- 4 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Julia Wigram FCA
Statutory Auditor:
Dixcart Audit LLP
Date of audit report:
6 September 2024
7
Parent company
The company is controlled by its parent company Magro Brothers (Foods) Limited, incorporated in Malta, with registered office at The Magro Food Village, Xewkija Industrial Estate, XWK3000, Gozo, Malta.