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Registration number: 03878960

The Heritage Fine Food Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Heritage Fine Food Company Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Heritage Fine Food Company Limited

Company Information

Directors

T J Edwards

D R Powell

K Mortimer

K C Mortimer

J A Edwards

F P Palmer

Company secretary

D R Powell

Registered office

Lowerfields Farm
Bystone Lane
Coate
Devizes
SN10 3LQ

Accountants

Sansum & Co Limited
1 Meadow View
High Street
Burbage
Marlborough
SN8 3AF

 

The Heritage Fine Food Company Limited

(Registration number: 03878960)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

206,119

214,263

Current assets

 

Stocks

5

162,062

147,764

Debtors

6

1,027,106

857,026

Cash at bank and in hand

 

170,889

48,499

 

1,360,057

1,053,289

Creditors: Amounts falling due within one year

7

(924,029)

(757,792)

Net current assets

 

436,028

295,497

Total assets less current liabilities

 

642,147

509,760

Creditors: Amounts falling due after more than one year

7

(33,282)

(37,504)

Provisions for liabilities

(9,670)

(7,209)

Net assets

 

599,195

465,047

Capital and reserves

 

Called up share capital

8

55

55

Capital redemption reserve

70

70

Retained earnings

599,070

464,922

Shareholders' funds

 

599,195

465,047

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

 

The Heritage Fine Food Company Limited

(Registration number: 03878960)
Statement of Financial Position as at 31 December 2023

.........................................
D R Powell
Company secretary and director

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
Lowerfields Farm
Bystone Lane
Coate
Devizes
SN10 3LQ

These financial statements were authorised for issue by the Board on 3 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% Straight line

Motor vehicles

25% Straight line

Plant and machinery

25% Straight line

Office equipment

25% Straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

100% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 81 (2022 - 80).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

187,585

40,651

139,220

81,930

Additions

-

-

27,053

8,198

At 31 December 2023

187,585

40,651

166,273

90,128

Depreciation

At 1 January 2023

43,607

33,248

86,808

71,460

Charge for the year

9,379

4,563

23,102

6,351

At 31 December 2023

52,986

37,811

109,910

77,811

Carrying amount

At 31 December 2023

134,599

2,840

56,363

12,317

At 31 December 2022

143,978

7,403

52,412

10,470

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

449,386

Additions

35,251

At 31 December 2023

484,637

Depreciation

At 1 January 2023

235,123

Charge for the year

43,395

At 31 December 2023

278,518

Carrying amount

At 31 December 2023

206,119

At 31 December 2022

214,263

Included within the net book value of land and buildings above is £134,599 (2022 - £143,979) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

162,062

147,764

6

Debtors

2023
£

2022
£

Trade debtors

869,564

749,879

Prepayments

84,144

80,506

Other debtors

73,398

26,641

1,027,106

857,026

Current

2023
£

2022
£

Trade debtors

869,564

749,879

Prepayments

84,144

80,506

Other debtors

73,398

26,641

 

1,027,106

857,026

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

23,674

32,514

Trade creditors

 

719,006

581,213

Taxation and social security

 

163,210

121,617

Accruals and deferred income

 

11,898

20,050

Other creditors

 

6,241

2,398

 

924,029

757,792

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,282

37,504

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £0.10 each

337

34

337

34

Ordinary B Shares of £0.10 each

113

11

113

11

Ordinary C Shares of £0.10 each

100

10

100

10

550

55

550

55

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,891

25,903

Hire purchase contracts

17,391

11,601

33,282

37,504

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

13,674

22,514

23,674

32,514

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £331.74 (2022 - £389.43) per each Ordinary A Shares

111,796

131,239

Interim dividend of £332.74 (2022 - £415.24) per each Ordinary B Shares

37,600

46,922

Interim dividend of £873.48 (2022 - £635.68) per each Ordinary C Shares

87,348

63,568

236,744

241,729

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the Statement of Financial Position

The total amount of financial commitments not included in the Statement of Financial Position is £232,648 (2022 - £328,525).

 

The Heritage Fine Food Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,480

42,945

Contributions paid to money purchase schemes

129,999

35,500

175,479

78,445

13

Off-balance sheet arrangements

Financial Commitments
The total amount of financial commitments not included in the statement of financial position is £128,225 (2022 - £328,525).