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Registration number: 07224479

The Fresh Pasta Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Fresh Pasta Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Fresh Pasta Company Limited

Company Information

Director

Mr Mark Patrick Garcia-Oliver

Registered office

17-19 Armstrong Way
Southall
UB2 4SD

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

The Fresh Pasta Company Limited

(Registration number: 07224479)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Intangible assets

4

391,395

391,395

Tangible assets

5

1,381,859

970,626

 

1,773,254

1,362,021

Current assets

 

Stocks

6

157,608

191,656

Debtors

7

989,062

715,454

Cash at bank and in hand

 

65,776

181,025

 

1,212,446

1,088,135

Creditors: Amounts falling due within one year

8

(2,001,295)

(1,679,326)

Net current liabilities

 

(788,849)

(591,191)

Total assets less current liabilities

 

984,405

770,830

Creditors: Amounts falling due after more than one year

8

(345,726)

(296,789)

Provisions for liabilities

(297,085)

(164,638)

Net assets

 

341,594

309,403

Capital and reserves

 

Called up share capital

9

353

353

Retained earnings

341,241

309,050

Shareholders' funds

 

341,594

309,403

For the financial 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.

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 his 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.

 

The Fresh Pasta Company Limited

(Registration number: 07224479)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr Mark Patrick Garcia-Oliver
Director

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
17-19 Armstrong Way
Southall
UB2 4SD

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 & machinery

10% straight line basis

Office equipment

33% straight line basis

Leaseholder improvements

10% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Asset class

Amortisation method and rate

Goodwill

Not amortised but tested for impairment annually

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other debtors and creditors.

Debt intruments that are payable or receivable withing one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash consideration espected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2022 - 25).

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 January 2023

385,242

6,153

391,395

At 31 December 2023

385,242

6,153

391,395

Amortisation

Carrying amount

At 31 December 2023

385,242

6,153

391,395

At 31 December 2022

385,242

6,153

391,395

5

Tangible assets

Furniture, fittings and equipment
 £

Leaseholder improvements
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

29,004

94,316

1,017,290

1,140,610

Additions

4,480

136,841

325,730

467,051

At 31 December 2023

33,484

231,157

1,343,020

1,607,661

Depreciation

At 1 January 2023

18,804

16,809

134,371

169,984

Charge for the year

6,355

5,992

43,471

55,818

At 31 December 2023

25,159

22,801

177,842

225,802

Carrying amount

At 31 December 2023

8,325

208,356

1,165,178

1,381,859

At 31 December 2022

10,200

77,507

882,919

970,626

6

Stocks

31 December
2023
£

31 December
2022
£

Other inventories

157,608

191,656

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

372,016

425,817

Prepayments

56,283

32,129

Other debtors

560,763

257,508

989,062

715,454


 

8

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Loans and borrowings

10

278,958

387,474

Trade creditors

 

1,530,193

1,151,072

Taxation and social security

 

14,470

15,403

Accruals and deferred income

 

30,268

20,288

Other creditors

 

147,406

105,089

 

2,001,295

1,679,326

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

10

345,726

296,789

 

The Fresh Pasta Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

35,294

353

35,294

353

         

10

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

190,184

186,353

Other borrowings

155,542

110,436

345,726

296,789

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

127,452

-

Other borrowings

151,506

387,474

278,958

387,474

11

Related party transactions

As at 31 December 2023, the director is owed £16,129 from the Company. (2022 - £3,673 owed to the Company).

12

Non adjusting events after the financial period

After the balance sheet date, a net refund due of £94,350 for business rates incorrectly charged during the years ended 31 December 2022 and 31 December 2023 was identified. This has been recognised as a non adjusting event and any relevant receipt will be accounted for in the year ended 31st December 2024.