Company registration number 07077336 (England and Wales)
MOGUNTIA FOOD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MOGUNTIA FOOD LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
MOGUNTIA FOOD LIMITED
COMPANY INFORMATION
Directors
Mr P Yeates
Mr S Jones
Ms J Harris
Secretary
Mr D Ferguson
Company number
07077336
Registered office
Great Bowden Road
Market Harborough
Leicestershire
LE16 7DE
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
MOGUNTIA FOOD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

2023 proved to be a challenge for our Fosters Traditional Foods Business, sales declined significantly due to a loss of an exclusive brand partner.

 

Our Supermarket and our Hamper businesses performed more satisfactorily so a strategic decision to focus on these 2 areas has been taken and to divest Fosters which happened post year end in February.

 

A transitional period in 2024 will result in a more efficient long term profitable business.

Principal risks and uncertainties

The company has an established, structured approach to risk management.

 

The company's activities expose it to a variety of financial risks, including effect of credit, liquidity and cash flows, and foreign currency risk. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist primarily of trade creditors, bank loans and inter company loan agreements.

 

Credit Risk

Credit risk is the loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. The company performs ongoing credit evaluations of its customer's financial condition.

 

Liquidity Risk

Liquidity risk if the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at the prudent level and the company ensure there is adequate liquidity buffer to cover contingencies. The company maintains sufficient cash and credit lines from its bankers to meet its funding requirements.

On behalf of the board

Mr P Yeates
Director
29 February 2024
MOGUNTIA FOOD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Yeates
Mr S Jones
Ms J Harris
Auditor

In accordance with the company's articles, a resolution proposing that Robson Laidler Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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). 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

MOGUNTIA FOOD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr P Yeates
Director
29 February 2024
MOGUNTIA FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOGUNTIA FOOD LIMITED
- 4 -
Opinion

We have audited the financial statements of Moguntia Food Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

MOGUNTIA FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MOGUNTIA FOOD LIMITED
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

MOGUNTIA FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MOGUNTIA FOOD LIMITED
- 6 -
Michael T Moran BA FCA
Senior Statutory Auditor
For and on behalf of Robson Laidler Accountants Limited
19 March 2024
Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
MOGUNTIA FOOD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
23,496,077
22,255,673
Cost of sales
(19,354,267)
(18,503,615)
Gross profit
4,141,810
3,752,058
Distribution costs
(3,559,401)
(2,923,547)
Administrative expenses
(3,214,466)
(2,264,086)
Other operating income
4,718,678
125,934
Exceptional item
3
(2,383,143)
-
0
Operating loss
4
(296,522)
(1,309,641)
Interest receivable and similar income
7
176,780
45,482
Interest payable and similar expenses
8
(178,101)
(1,055)
Loss before taxation
(297,843)
(1,265,214)
Tax on loss
9
1,144,569
(233,700)
Profit/(loss) for the financial year
846,726
(1,498,914)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MOGUNTIA FOOD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
149,583
169,766
Current assets
Stocks
11
2,780,559
3,042,424
Debtors
12
11,398,607
4,233,940
Cash at bank and in hand
265,647
63,673
14,444,813
7,340,037
Creditors: amounts falling due within one year
13
(9,864,465)
(3,618,735)
Net current assets
4,580,348
3,721,302
Total assets less current liabilities
4,729,931
3,891,068
Creditors: amounts falling due after more than one year
14
(15,822)
(23,685)
Net assets
4,714,109
3,867,383
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
4,714,108
3,867,382
Total equity
4,714,109
3,867,383

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
Mr P Yeates
Director
Company registration number 07077336 (England and Wales)
MOGUNTIA FOOD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
5,366,296
5,366,297
Year ended 31 December 2022:
Loss and total comprehensive income
-
(1,498,914)
(1,498,914)
Balance at 31 December 2022
1
3,867,382
3,867,383
Year ended 31 December 2023:
Profit and total comprehensive income
-
846,726
846,726
Balance at 31 December 2023
1
4,714,108
4,714,109
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Moguntia Food Limited is a private company limited by shares incorporated in England and Wales. The registered office is Great Bowden Road, Market Harborough, Leicestershire, LE16 7DE.

 

On the 1st July 2022 the company changed its name to Moguntia Food Limited from Sherriffs Foods Limited.

1.1
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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
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.

2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
22,057,632
21,263,287
Europe
883,160
801,824
Rest of World
555,285
190,562
23,496,077
22,255,673
2023
2022
£
£
Other revenue
Interest income
176,780
45,482
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
3
Exceptional items
2023
2022
£
£
Income
Loan write off
4,695,538
-
Expenditure
License fee termination
2,383,143
-
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(26,646)
16,346
Fees payable to the company's auditor for the audit of the company's financial statements
26,003
16,281
Depreciation of owned tangible fixed assets
81,967
112,853
Profit on disposal of tangible fixed assets
(18,917)
(34,858)
Operating lease charges
474,471
456,112
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
-
1
Administration and sales
50
37
Production
20
30
Total
70
68

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,963,546
2,045,193
Social security costs
174,026
182,141
Pension costs
43,006
43,944
2,180,578
2,271,278
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
-
0
30,000
Company pension contributions to defined contribution schemes
-
863
-
0
30,863

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2022 - 1).

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
175,996
44,932
Other interest income
784
550
Total income
176,780
45,482
8
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
177,122
-
0
Interest on finance leases and hire purchase contracts
979
1,055
178,101
1,055
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(903,185)
-
0
Adjustments in respect of prior periods
38,514
-
0
Total current tax
(864,671)
-
0
Deferred tax
Origination and reversal of timing differences
(279,898)
233,700
Total tax (credit)/charge
(1,144,569)
233,700
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 16 -

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(297,843)
(1,265,214)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(56,590)
(240,391)
Tax effect of income not taxable in determining taxable profit
(892,152)
-
0
Unutilised tax losses carried forward
950,064
269,522
Group relief
(903,185)
-
0
Permanent capital allowances in excess of depreciation
2,272
(22,508)
Under/(over) provided in prior years
38,514
-
0
Profit/loss on disposal of assets
(3,594)
(6,623)
Deferred tax
(279,898)
233,700
Taxation (credit)/charge for the year
(1,144,569)
233,700
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
152,021
130,347
269,750
-
0
185,001
737,119
Additions
39,870
17,937
-
0
482
4,078
62,367
Disposals
-
0
-
0
-
0
-
0
(53,500)
(53,500)
Transfers
-
0
-
0
-
0
-
0
14,941
14,941
At 31 December 2023
191,891
148,284
269,750
482
150,520
760,927
Depreciation and impairment
At 1 January 2023
115,860
96,483
196,558
-
0
158,452
567,353
Depreciation charged in the year
12,036
15,588
31,232
110
23,001
81,967
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(52,917)
(52,917)
Transfers
-
0
-
0
-
0
-
0
14,941
14,941
At 31 December 2023
127,896
112,071
227,790
110
143,477
611,344
Carrying amount
At 31 December 2023
63,995
36,213
41,960
372
7,043
149,583
At 31 December 2022
36,161
33,864
73,192
-
0
26,549
169,766
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,780,559
3,042,424
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,444,177
3,648,632
Corporation tax recoverable
1,950
18,960
Amounts owed by group undertakings
7,507,508
283,862
Other debtors
30,427
989
Prepayments and accrued income
64,596
211,446
11,048,658
4,163,889
Deferred tax asset (note 16)
349,949
70,051
11,398,607
4,233,940

A factoring facility is in place for all trade debtors up to a maximum of £3.5m.

13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
15
6,884
6,884
Trade creditors
2,887,749
3,164,350
Amounts owed to group undertakings
4,519,936
220,744
Taxation and social security
299,792
142,693
Other creditors
2,047,499
778
Accruals and deferred income
102,605
83,286
9,864,465
3,618,735
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
15
15,822
23,685
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
15
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,884
6,884
In two to five years
15,822
23,685
22,706
30,569

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
349,949
70,051
2023
Movements in the year:
£
Asset at 1 January 2023
(70,051)
Credit to profit or loss
(279,898)
Asset at 31 December 2023
(349,949)
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,006
43,944

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
MOGUNTIA FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
397,122
400,728
Between two and five years
1,926,988
1,884,199
In over five years
964,000
1,331,000
3,288,110
3,615,927
20
Events after the reporting date

After the year end the strategic decision was taken to focus on the Supermarket and Hamper areas of the business and to divest Fosters, this occurred in February 2024.

21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Other related parties
749,626
567,428

The company has taken advantage of the exemption contained within FRS 102 and has not disclosed transactions with wholly owned group companies. There are however, some transactions with non 100% subsidiaries within the group and other related companies. The companies concerned in the group are The Treat Company (UK) Limited, Londinum A & C LLP, BMR UK Properties Limited. These transactions are aggregated above.

 

In addition to this included in the figures above are transactions and balances with Belle Baulk Associates Limited and MJY Security Systems Limited companies in which P Yeates is a common director.

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