Campania Foods Limited
Registered number: 05010039
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,981 8,922
Current assets
Debtors 4 442,665 437,950
Investments held as current assets 59,876 69,876
Cash at bank and in hand 299,710 342,065
802,251 849,891
Creditors: amounts falling due within one year 5 (376,007) (420,610)
Net current assets 426,244 429,281
Total assets less current liabilities 458,225 438,203
Creditors: amounts falling due after more than one year 6 (17,803) -
Net assets 440,422 438,203
Capital and reserves
Called up share capital 2 2
Profit and loss account 440,420 438,201
Shareholder's funds 440,422 438,203
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Novi
Director
Approved by the board on 6 June 2024
Campania Foods Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Equipment 55% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 24,344 17,999 42,343
Additions 711 39,784 40,495
At 31 January 2024 25,055 57,783 82,838
Depreciation
At 1 February 2023 20,420 13,001 33,421
Charge for the year 1,491 15,945 17,436
At 31 January 2024 21,911 28,946 50,857
Net book value
At 31 January 2024 3,144 28,837 31,981
At 31 January 2023 3,924 4,998 8,922
4 Debtors 2024 2023
£ £
Trade debtors 412,758 395,938
Deferred tax asset 2,216 1,678
Director's account 15,386 31,386
Other debtors 12,305 8,948
442,665 437,950
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,246 -
Trade creditors 95,222 75,367
Amounts owed to group undertakings and undertakings in which the company has a participating interest 83,189 186,490
Corporation tax 158,095 106,185
Other taxes and social security costs 3,757 3,477
Other creditors 28,498 49,091
376,007 420,610
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 17,803 -
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 18,000 9,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N Novi 31,386 16,000 15,386
31,386 - 16,000 15,386
9 Related party transactions
During the year, the company paid dividends totalling £500,000 (2023 - £500,000) to the
holding company, Campania Trading Limited
10 Controlling party
The company is a wholly owned subsidiary of Campania Trading Limited, a company incorporated in England. That company is controlled by N Novi.
11 Other information
Campania Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Phipps Hatch Lane
Enfield
Middlesex
EN2 0HN
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