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REGISTERED NUMBER: SC145354 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 31 December 2023

for

Foodservice Equipment Marketing Limited

Foodservice Equipment Marketing Limited (Registered number: SC145354)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Foodservice Equipment Marketing Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: H Hogan
M P Hogan





SECRETARY: H Hogan





REGISTERED OFFICE: 10 Carron Place
Kelvin Industrial Estate
East Kilbride
Glasgow
Lanarkshire
G75 OYL





REGISTERED NUMBER: SC145354 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Strategic Report
For The Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Managing Director, Harry Hogan, wrote on behalf of the board: The Directors are pleased with the performance during the year as the market continued to stabilise although there was not much growth on the previous year as the industry struggled with rising food, labour and operating costs. Capital investment was reduced by many operators as they held on to cash due to difficult trading conditions. We are confident that the market will recover in 2024 and that our Company is well positioned to grow the business going forward.

Supplier lead times have substantially reduced from the difficult days of two years ago however Global shipping has been affected by the issues of the Suez Canal and the re-routing of shipping via the Horn of Africa and the added complication of a shortage of containers. This has affected shipping lead times and the cost of shipping with increases in costs for the foreseeable future.

The Directors consider that the Company is in a strong financial position and is well placed to meet any future challenges.

ON BEHALF OF THE BOARD:





H Hogan - Director


4 September 2024

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Report of the Directors
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the import and resale of commercial catering equipment.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 2,276,659 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

H Hogan
M P Hogan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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 (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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;
-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 company's 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





H Hogan - Director


4 September 2024

Report of the Independent Auditors to the Members of
Foodservice Equipment Marketing Limited

Opinion
We have audited the financial statements of Foodservice Equipment Marketing Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Foodservice Equipment Marketing Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Foodservice Equipment Marketing Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Foodservice Equipment Marketing Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Janice Alexander (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

12 September 2024

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Income Statement
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 20,297,621 20,164,410

Cost of sales 13,641,930 12,829,533
GROSS PROFIT 6,655,691 7,334,877

Administrative expenses 3,146,929 3,089,490
3,508,762 4,245,387

Other operating income - (130,135 )
OPERATING PROFIT 5 3,508,762 4,115,252

Interest receivable and similar income 112,568 2,331
PROFIT BEFORE TAXATION 3,621,330 4,117,583

Tax on profit 6 875,635 812,225
PROFIT FOR THE FINANCIAL YEAR 2,745,695 3,305,358

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,745,695

3,305,358

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 139,013 140,337

CURRENT ASSETS
Stocks 10 4,586,836 5,006,124
Debtors 11 3,261,920 2,895,539
Cash at bank 8,673,326 8,454,841
16,522,082 16,356,504
CREDITORS
Amounts falling due within one year 12 3,803,153 4,107,935
NET CURRENT ASSETS 12,718,929 12,248,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,857,942

12,388,906

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 12,857,842 12,388,806
SHAREHOLDERS' FUNDS 12,857,942 12,388,906

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





H Hogan - Director


Foodservice Equipment Marketing Limited (Registered number: SC145354)

Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 10,831,428 10,831,528

Changes in equity
Dividends - (1,747,980 ) (1,747,980 )
Total comprehensive income - 3,305,358 3,305,358
Balance at 31 December 2022 100 12,388,806 12,388,906

Changes in equity
Dividends - (2,276,659 ) (2,276,659 )
Total comprehensive income - 2,745,695 2,745,695
Balance at 31 December 2023 100 12,857,842 12,857,942

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Statement of Cash Flows
For The Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,000,140 3,889,509
Tax paid (562,810 ) (858,874 )
Net cash from operating activities 2,437,330 3,030,635

Cash flows from investing activities
Purchase of tangible fixed assets (54,754 ) (98,455 )
Sale of tangible fixed assets - 24,658
Interest received 112,568 2,331
Net cash from investing activities 57,814 (71,466 )

Cash flows from financing activities
Equity dividends paid (2,276,659 ) (1,747,980 )
Net cash from financing activities (2,276,659 ) (1,747,980 )

Increase in cash and cash equivalents 218,485 1,211,189
Cash and cash equivalents at beginning of
year

2

8,454,841

7,243,652

Cash and cash equivalents at end of year 2 8,673,326 8,454,841

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Statement of Cash Flows
For The Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 3,621,330 4,117,583
Depreciation charges 56,078 54,426
Finance income (112,568 ) (2,331 )
3,564,840 4,169,678
Decrease/(increase) in stocks 419,288 (1,880,739 )
(Increase)/decrease in trade and other debtors (366,381 ) 59,373
(Decrease)/increase in trade and other creditors (617,607 ) 1,541,197
Cash generated from operations 3,000,140 3,889,509

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 8,673,326 8,454,841
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 8,454,841 7,243,652


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 8,454,841 218,485 8,673,326
8,454,841 218,485 8,673,326
Total 8,454,841 218,485 8,673,326

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Foodservice Equipment Marketing Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. 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 turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 33% on reducing balance and 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on reducing balance
Computer equipment - 33.33% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

The company uses derivative financial instruments to reduce exposure to foreign exchange risk. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the income statement.

Taxation
Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid of recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reserved at the statement of financial position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the statement of financial position date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods difference from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of available evidence, it can be regarded as more likely than not there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Hire purchases and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charges to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charges to the income statement on a straight line basis over the period of the lease.

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods and commission 20,297,621 20,164,410
20,297,621 20,164,410

During the year the company exported 6.67% of its turnover (2022 - 7.98%).

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,661,569 1,636,644
Social security costs 165,174 169,601
Other pension costs 128,642 114,820
1,955,385 1,921,065

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Administration 37 36
39 38

2023 2022
£    £   
Directors' remuneration 195,107 297,083
Directors' pension contributions to money purchase schemes 9,725 18,300

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 56,078 54,426
Auditors' remuneration 10,185 9,240

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 875,635 812,225
Tax on profit 875,635 812,225

UK corporation tax has been charged at 23.50% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,621,330 4,117,583
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

851,013

782,341

Effects of:
Timing differences 10,917 (661 )
Permanent differences 13,705 30,545

Total tax charge 875,635 812,225

7. DIVIDENDS
2023 2022
£    £   
Final 2,276,659 1,747,980

8. PENSION COMMITMENTS

The company participated in a money purchase scheme during the year ended 31 December 2023. The contributions for the period totalled £128,642 (2022 - £114,820). There were no amounts outstanding at 31 December 2023 or 31 December 2022.

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Fixed Fixtures
plant and and Motor Computer
equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 77,257 18,237 170,161 82,219 347,874
Additions 9,750 3,404 33,529 8,071 54,754
At 31 December 2023 87,007 21,641 203,690 90,290 402,628
DEPRECIATION
At 1 January 2023 54,823 13,923 75,925 62,866 207,537
Charge for year 9,827 1,264 34,785 10,202 56,078
At 31 December 2023 64,650 15,187 110,710 73,068 263,615
NET BOOK VALUE
At 31 December 2023 22,357 6,454 92,980 17,222 139,013
At 31 December 2022 22,434 4,314 94,236 19,353 140,337

10. STOCKS
2023 2022
£    £   
Stocks 4,586,836 5,006,124

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,907,932 2,665,913
Prepayments 353,988 229,626
3,261,920 2,895,539

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 478,613 872,813
Amounts owed to group undertakings 2,041,126 1,847,347
Tax 424,665 111,840
Social security and other taxes - 240,762
VAT 589,499 635,974
Accruals & deferred income 269,250 399,199
3,803,153 4,107,935

Foodservice Equipment Marketing Limited (Registered number: SC145354)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 418,836 418,836
Between one and five years 56,836 113,672
475,672 532,508

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

15. RELATED PARTY DISCLOSURES

Entities which have a common director
2023 2022
£    £   
Sales 390 -
Rent 362,000 298,000
Recharges 600 744
Management charge 36,100 15,400
Amount due from related party 85 387
Amount due to related party 133,440 -

16. ULTIMATE CONTROLLING PARTY

The controlling party is H Hogan.

The ultimate parent undertaking is Foodservice Equipment Marketing Holdings Limited, a company incorporated in the UK with its registered office at 10 Carron Place, Kelvin Industrial Estate, East Kilbride, Glasgow, United Kingdom, G75 0YL.