COMPANY REGISTRATION NUMBER:
10262483
FILLETED FINANCIAL STATEMENTS |
|
31 March 2023
FIXED ASSETS
Tangible assets |
4 |
564,635 |
576,158 |
|
|
|
|
CURRENT ASSETS
Cash at bank and in hand |
1,312 |
306 |
|
|
|
CREDITORS: amounts falling due within one year |
5 |
(
369,730) |
(
255,441) |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
(
368,418) |
(
255,135) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
196,217 |
321,023 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
6 |
(
374,856) |
(
410,509) |
|
--------- |
--------- |
NET LIABILITIES |
(
178,639) |
(
89,486) |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
60 |
60 |
Profit and loss account |
(
178,699) |
(
89,546) |
|
--------- |
-------- |
SHAREHOLDERS FUNDS |
(
178,639) |
(
89,486) |
|
--------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2024
, and are signed on behalf of the board by:
Company registration number:
10262483
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 March 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Efg Food Technology Park, Llantarnam Park Way, Llantarnam Industrial Park, Cwmbran, NP44 3GA, Wales.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The company has net liabilities of £178,639. The directors have assessed cashflow requirements for the next 12 months. The company is currently able to trade due to support from group companies and one of the directors. Were this support not available then the company would not be able to meet its financial obligations. These group companies have confirmed that they will continue to support the company for the foreseeable future. On this basis the director believes it is appropriate for the financial statement to be produced on a going concern basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
|
|
|
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
TANGIBLE ASSETS
|
Freehold property |
|
£ |
Cost |
|
At 31 March 2022 and 31 March 2023 |
576,158 |
|
--------- |
Depreciation |
|
At 31 March 2022 |
– |
Charge for the year |
11,523 |
|
--------- |
At 31 March 2023 |
11,523 |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
564,635 |
|
--------- |
At 30 March 2022 |
576,158 |
|
--------- |
|
|
5.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
37,155 |
36,891 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
114,423 |
48,747 |
Other creditors |
218,152 |
169,803 |
|
--------- |
--------- |
|
369,730 |
255,441 |
|
--------- |
--------- |
|
|
|
6.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
374,856 |
410,509 |
|
--------- |
--------- |
|
|
|
7.
SUMMARY AUDIT OPINION
The auditor's report for the year dated
20 September 2024
was
unqualified
.
The senior statutory auditor was
Ataf Salim
, for and on behalf of
Kilsby & Williams LLP
.
8.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors is a balance of £82,176 (2022 - £66,449) due to a director. This balance is interest free and repayable on demand.
9.
RELATED PARTY TRANSACTIONS
Included within debtors/(creditors) due within one year are the following amounts due from/(to) the following companies.
Group companies - included within creditors |
(114,421) |
(48,747) |
|
---------- |
---------- |
|
(114,421) |
(48,747) |
|
---------- |
---------- |
|
|
|
The above loans are interest free and repayable on demand.
10.
CONTROLLING PARTY
The company is controlled by its ultimate controlling party, Mr S Hussain. In the opinion of the directors, the company's ultimate parent company is EFG Food and Tech Holdings Limited, a company registered in England and Wales. The parent undertaking of the smallest and largest group, which includes the company and for which group accounts are prepared, is EFG Food and Tech Holdings Limited, whos registered office address is E F G Food Technology Park, Llantarnam Way, Cwmbran, Torfaen, NP44 3GA. Copies of group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.