Company registration number 05633122 (England and Wales)
THOUGHT FOR FOOD RETAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THOUGHT FOR FOOD RETAIL LIMITED
COMPANY INFORMATION
Directors
Mr P Gravelle
Mrs M Gravelle
Secretary
Mrs M Gravelle
Company number
05633122
Registered office
East Wing Goffs Lane
Goffs Oak
Waltham Cross
Hertfordshire
United Kingdom
EN7 5BW
Accountants
Moore Northern Home Counties Limited
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
THOUGHT FOR FOOD RETAIL LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 8
THOUGHT FOR FOOD RETAIL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THOUGHT FOR FOOD RETAIL LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thought For Food Retail Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Thought For Food Retail Limited, as a body, in accordance with the terms of our engagement letter.Our work has been undertaken solely to prepare for your approval the financial statements of Thought For Food Retail Limited and state those matters that we have agreed to state to the Board of Directors of Thought For Food Retail Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thought For Food Retail Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Thought For Food Retail Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thought For Food Retail Limited. You consider that Thought For Food Retail Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thought For Food Retail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore Northern Home Counties Limited
Chartered Accountants
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
20 September 2024
THOUGHT FOR FOOD RETAIL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,136
1,681
Investment property
4
3,604,000
3,618,345
3,605,136
3,620,026
Current assets
Debtors
5
27,795
60,060
Cash at bank and in hand
2,000,259
2,627,874
2,028,054
2,687,934
Creditors: amounts falling due within one year
6
(112,432)
(643,319)
Net current assets
1,915,622
2,044,615
Total assets less current liabilities
5,520,758
5,664,641
Provisions for liabilities
(585,018)
(676,486)
Net assets
4,935,740
4,988,155
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
4,935,640
4,988,055
Total equity
4,935,740
4,988,155
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THOUGHT FOR FOOD RETAIL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr P Gravelle
Director
Company registration number 05633122 (England and Wales)
THOUGHT FOR FOOD RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Thought For Food Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is East Wing Goffs Lane, Goffs Oak, Waltham Cross, Hertfordshire, United Kingdom, EN7 5BW.
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 as applicable to companies subject to the small companies regime. 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 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 £.
1.2
Turnover
Property income consisting of rents from investment properties and is recognised on a straight-line basis over the term of the lease.
1.3
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:
Plant and equipment
25% on cost
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THOUGHT FOR FOOD RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to theextent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THOUGHT FOR FOOD RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
24
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
2,182
Depreciation and impairment
At 1 April 2023
501
Depreciation charged in the year
545
At 31 March 2024
1,046
Carrying amount
At 31 March 2024
1,136
At 31 March 2023
1,681
4
Investment property
2024
£
Fair value
At 1 April 2023
3,618,345
Revaluations
(14,345)
At 31 March 2024
3,604,000
The fair value of the investment property as at 31 March 2024 has been determined by the directors by reference to market prices of similar properties in the area.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
27,795
60,060
THOUGHT FOR FOOD RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,273
242
Corporation tax
44,390
548,928
Other taxation and social security
9,327
25,005
Other creditors
52,442
69,144
112,432
643,319
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
18,500
18,500
Between two and five years
74,000
74,000
In over five years
242,042
260,542
334,542
353,042
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
425
425
43
43
Ordinary B shares of 10p each
425
425
42
42
Ordinary C shares of 10p each
50
50
5
5
Ordinary D shares of 10p each
50
50
5
5
Ordinary E shares of 10p each
50
50
5
5
1,000
1,000
100
100
All shares were allotted and fully paid for cash at par during the period.
THOUGHT FOR FOOD RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Related party transactions
The following loans (to)/from the directors subsisted during the periods ended 31 March 2024 and 31 March 2023:
| | | | | | |
| | | | | | |
| | | | |
| | | | |
Balance outstanding at start of year | | | |
Balance outstanding at end of year | | | |
Maximum balance outstanding during year | | | |
| | | |
This is an interest free loan repayable on demand.