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Company registration number: 11431650







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


IDAHOAN UK LTD






































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IDAHOAN UK LTD
 


 
COMPANY INFORMATION


Directors
R S Carter 
A T Oberhansley (resigned 26 September 2023)
S Jean (appointed 26 September 2023)




Registered number
11431650



Registered office
2nd Floor Magna House
18-32 London Road

Staines-Upon-Thames

TW14 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


IDAHOAN UK LTD
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 4


 


IDAHOAN UK LTD
REGISTERED NUMBER:11431650



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
573,673
512,004

Debtors
 4 
2,390,971
1,931,909

Bank and cash balances
  
624,293
351,350

  
3,588,937
2,795,263

Creditors: amounts falling due within one year
 5 
(2,855,934)
(2,260,140)

Net current assets
  
 
 
733,003
 
 
535,123

Total assets less current liabilities
  
733,003
535,123

  

Net assets
  
733,003
535,123


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
732,903
535,023

  
733,003
535,123


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Jean
Director

Date: 6 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


IDAHOAN UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Idahoan UK Ltd is a private Company, limited by shares, incorporated in England and Wales, company registration number 11431650. The registered office of the Company can be found on the company information page. The principal place of business for the Company is 900 Pier View Dr., Ste.100, Idahoan Falls, Idaho 83402, United States.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.3

Revenue

Revenue from the sale of products is recognised at the point of delivery to its distributor.  It is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.  Revenue from the sale of goods is measured as the fair value of the consideration received, excluding discounts and sales related taxes.  

Page 2

 


IDAHOAN UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
£
£


Trade debtors
2,376,121
1,894,454

Other debtors
-
37,455

Prepayments and accrued income
14,850
-

2,390,971
1,931,909


Page 3

 


IDAHOAN UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
405,675
292,645

Amounts owed to group undertakings
2,247,436
1,646,856

Corporation tax
60,856
36,779

Accruals and deferred income
141,967
283,860

2,855,934
2,260,140



6.


Parent company

Idahoan Foods International LLC is the parent company of the smallest group for which consolidated financial statements are drawn up. The registered address of the parent company is 900 Pier View Dr., Ste.100, Idahoan Falls, Idaho 83402, United States.


7.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 gave an unmodified opinion.

The audit report was signed on 6 September 2024 by Sarah Hallam FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 4