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COMPANY REGISTRATION NUMBER: 01628827
EN PLACE FOODS (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
EN PLACE FOODS (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Chartered 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
EN PLACE FOODS (UK) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EN PLACE FOODS (UK) LIMITED
YEAR ENDED 31 DECEMBER 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 31 December 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.
HENRY MURRAY & COMPANY LTD. Chartered Accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
24 September 2024
EN PLACE FOODS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
122,308
115,658
CURRENT ASSETS
Stocks
152,563
150,263
Debtors
6
219,246
149,888
Cash at bank and in hand
117,588
30,476
---------
---------
489,397
330,627
CREDITORS: amounts falling due within one year
7
269,164
117,481
---------
---------
NET CURRENT ASSETS
220,233
213,146
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
342,541
328,804
CREDITORS: amounts falling due after more than one year
8
33,797
55,205
PROVISIONS
Taxation including deferred tax
9,538
1,926
---------
---------
NET ASSETS
299,206
271,673
---------
---------
CAPITAL AND RESERVES
Called up share capital
151,000
151,000
Profit and loss account
148,206
120,673
---------
---------
SHAREHOLDERS FUNDS
299,206
271,673
---------
---------
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 31 December 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 .
EN PLACE FOODS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr P M Hannan
Mr P C Clarke
Director
Director
Company registration number: 01628827
EN PLACE FOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 First Floor, Templeback, 10 Temple Back, Bristol, BS1 6FL.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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
-
10% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Computer Equipment
-
20% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
265,920
6,939
25,600
13,760
312,219
Additions
27,094
3,850
1,288
32,232
Disposals
( 15,791)
( 892)
( 8,700)
( 9,766)
( 35,149)
---------
-------
--------
--------
---------
At 31 December 2023
277,223
6,047
20,750
5,282
309,302
---------
-------
--------
--------
---------
Depreciation
At 1 January 2023
163,271
6,491
15,460
11,339
196,561
Charge for the year
18,433
70
4,150
942
23,595
Disposals
( 14,268)
( 595)
( 8,700)
( 9,599)
( 33,162)
---------
-------
--------
--------
---------
At 31 December 2023
167,436
5,966
10,910
2,682
186,994
---------
-------
--------
--------
---------
Carrying amount
At 31 December 2023
109,787
81
9,840
2,600
122,308
---------
-------
--------
--------
---------
At 31 December 2022
102,649
448
10,140
2,421
115,658
---------
-------
--------
--------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
188,243
129,739
Other debtors
31,003
20,149
---------
---------
219,246
149,888
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,739
9,672
Trade creditors
117,934
86,037
Social security and other taxes
8,439
4,759
Other creditors - Hannan Meats Ltd
100,000
Other creditors
33,052
17,013
---------
---------
269,164
117,481
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,039
25,906
Other creditors
17,758
29,299
--------
--------
33,797
55,205
--------
--------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
9,538
1,926
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
23,182
21,146
Unused tax losses
( 13,644)
( 19,220)
--------
--------
9,538
1,926
--------
--------
10. CONTINGENCIES
All control periods in relation to grants received have lapsed.
11. RELATED PARTY TRANSACTIONS
All transactions with related parties have been in the company's normal course of business and at open market value. At the year end £100,000 is owed to Hannan Meats Ltd. Hannan Meats Ltd is the parent company of the company.