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COMPANY REGISTRATION NUMBER: 8711578
H.Q. FOODS (B'HAM) LIMITED
Filleted Unaudited Financial Statements
30 September 2023
H.Q. FOODS (B'HAM) LIMITED
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
H.Q. FOODS (B'HAM) LIMITED
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of H.Q. FOODS (B'HAM) LIMITED
Year ended 30 September 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
25 September 2024
H.Q. FOODS (B'HAM) LIMITED
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
7
1
1
Tangible assets
8
155,409
157,661
---------
---------
155,410
157,662
Current assets
Stocks
9
289,245
268,384
Debtors
10
391,375
295,048
Cash at bank and in hand
126,258
69,036
---------
---------
806,878
632,468
Creditors: amounts falling due within one year
11
698,040
659,534
---------
---------
Net current assets/(liabilities)
108,838
( 27,066)
---------
---------
Total assets less current liabilities
264,248
130,596
Creditors: amounts falling due after more than one year
12
31,819
41,296
Provisions
Taxation including deferred tax
607
---------
---------
Net assets
231,822
89,300
---------
---------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
231,722
89,200
---------
--------
Shareholders funds
231,822
89,300
---------
--------
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 statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H.Q. FOODS (B'HAM) LIMITED
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr A. Singh
Director
Company registration number: 8711578
H.Q. FOODS (B'HAM) LIMITED
Notes to the Financial Statements
Year ended 30 September 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 1 Fawdry Street, Smethwick, B66 2SD, England.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
70,532
34,074
Deferred tax:
Origination and reversal of timing differences
607
--------
--------
Tax on profit
71,139
34,074
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 22 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
327,661
200,603
---------
---------
Profit on ordinary activities by rate of tax
68,737
38,114
Effect of expenses not deductible for tax purposes
( 466)
( 557)
Effect of capital allowances and depreciation
2,261
( 3,483)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
607
---------
---------
Tax on profit
71,139
34,074
---------
---------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
114,000
114,000
---------
---------
7. Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
10,000
--------
Amortisation
At 1 October 2022 and 30 September 2023
9,999
--------
Carrying amount
At 30 September 2023
1
--------
At 30 September 2022
1
--------
8. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
130,909
41,438
12,350
65,101
17,085
266,883
Additions
833
9,789
23,585
666
34,873
Disposals
( 21,701)
( 21,701)
---------
--------
--------
--------
--------
---------
At 30 Sep 2023
130,909
42,271
22,139
66,985
17,751
280,055
---------
--------
--------
--------
--------
---------
Depreciation
At 1 Oct 2022
41,437
3,930
51,680
12,175
109,222
Charge for the year
167
2,650
13,397
3,550
19,764
Disposals
( 4,340)
( 4,340)
---------
--------
--------
--------
--------
---------
At 30 Sep 2023
41,604
6,580
60,737
15,725
124,646
---------
--------
--------
--------
--------
---------
Carrying amount
At 30 Sep 2023
130,909
667
15,559
6,248
2,026
155,409
---------
--------
--------
--------
--------
---------
At 30 Sep 2022
130,909
1
8,420
13,421
4,910
157,661
---------
--------
--------
--------
--------
---------
9. Stocks
2023
2022
£
£
Raw materials and consumables
289,245
268,384
---------
---------
10. Debtors
2023
2022
£
£
Trade debtors
305,128
432,113
Other debtors
86,247
( 137,065)
---------
---------
391,375
295,048
---------
---------
11. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
645,470
573,522
Amounts owed to group undertakings and undertakings in which the company has a participating interest
( 149,830)
( 79,314)
Corporation tax
92,177
84,070
Social security and other taxes
9,830
4,422
Other creditors - desc in a/cs
47,923
Other creditors
52,470
76,834
---------
---------
698,040
659,534
---------
---------
12. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,819
41,296
--------
--------
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
607
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
607
----
----
14. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
15. Directors' advances, credits and guarantees
At 30th September 2023, other creditors include the following amounts due to the directors:- Mr A. Singh £6,026dr (2022-£19,749cr) Mr B. Singh £20,076dr (2022-£5,699cr) Mr J. Singh £31,723dr (2022-£6,277cr) The loans are interest-free and repayable on demand
16. Related party transactions
Mr A. Singh received dividends of £38,000 for the period under review Mr B. Singh received dividends of £38,000 for the period under review Mr J. Singh received dividends of £38,000 for the period under review HQ Foods (Bham) Ltd occupies freehold premises owned by Kang & Mand Ltd, an associated company. Mr A. Singh & Mr B. Singh are common directors and shareholders of both Companies. It has been agreed that £30,000 excluding Vat will be charged on an annual basis. Included within debtors is an amount owed by Kang & Mand Ltd, an associated company, amounting to £39,314 (£39,314 - 2022), AB&J Investments ltd an associated company, £105,785 (2022 - £40,000). These loans are for an indefinite period and interest-free, however they are repayable on demand.