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Registration number: 13626572

Cereals Fruit Focus (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Cereals Fruit Focus (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Cereals Fruit Focus (UK) Limited

Company Information

Director

Ms Allison McEntyre

Registered office

8th Floor
1 Southampton Street
London
WC2R 0LR

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
WC2R 0LR

 

Cereals Fruit Focus (UK) Limited

(Registration number: 13626572)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,945

-

Tangible assets

5

29,861

34,238

 

36,806

34,238

Current assets

 

Debtors

6

812,430

917,795

Cash at bank and in hand

 

297,949

148,212

 

1,110,379

1,066,007

Creditors: Amounts falling due within one year

7

(1,493,911)

(1,331,569)

Net current liabilities

 

(383,532)

(265,562)

Net liabilities

 

(346,726)

(231,324)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(346,727)

(231,325)

Shareholders' deficit

 

(346,726)

(231,324)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

Ms Allison McEntyre
Director

   
     
 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
8th Floor
1 Southampton Street
London
WC2R 0LR
U.K.

These financial statements were authorised for issue by the director on 24 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 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.

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

IT equipment

33% straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible asset

Straight line over 10 years

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.

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

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.

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 the director) during the year, was 3 (2022 - 1).

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

7,717

7,717

At 30 September 2023

7,717

7,717

Amortisation

Amortisation charge

772

772

At 30 September 2023

772

772

Carrying amount

At 30 September 2023

6,945

6,945

The company acquired assets from Comexposium Cereals Ltd on 7 January 2022. The acquisition price agreed was deferred contingent consideration entirely based on the direct performance of the company at each event. The end date is 6th year anniversary of the date of the agreement. In the year 30 September 2023, the performance indicator was met and it resulted in the company owing money. The company also incurred legal fees in relation to the transaction which have been included as part of the asset cost. It should be noted, the seller holds a debenture in relation to this transaction as shown at Companies House.

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

21,261

24,389

45,650

Additions

648

5,000

5,648

At 30 September 2023

21,909

29,389

51,298

Depreciation

At 1 October 2022

5,315

6,097

11,412

Charge for the year

4,202

5,823

10,025

At 30 September 2023

9,517

11,920

21,437

Carrying amount

At 30 September 2023

12,392

17,469

29,861

At 30 September 2022

15,946

18,292

34,238

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

581,581

599,379

Amounts owed by related parties

9

1,689

1

Prepayments

 

59,982

54,866

Other debtors

 

169,178

263,549

   

812,430

917,795

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

209,715

94,149

Taxation and social security

133,260

121,851

Accruals and deferred income

1,077,185

972,004

Other creditors

73,751

143,565

1,493,911

1,331,569

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Advances by director
£

At 30 September 2023
£

Ms Allison McEntyre

141,701

(77,706)

9,242

73,237

         
       

 

2022

At 16 September 2021
£

Repayments by director
£

At 30 September 2022
£

Ms Allison McEntyre

-

141,701

141,701

 

Cereals Fruit Focus (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Summary of transactions with parent

Cereals Fruit Focus Ltd (parent company)
 The company paid expenses on behalf of Cereals Fruit Focus Ltd amounting to £1. At the balance sheet date the amount due from Cereals Fruit Focus Ltd was £1.
 

10

Parent and ultimate parent undertaking

The ultimate controlling party is Ms Allison McEntyre.