Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.107trueFood hallfalsefalse2023-02-01false120 05980763 2023-02-01 2024-01-31 05980763 2022-02-01 2023-01-31 05980763 2024-01-31 05980763 2023-01-31 05980763 c:Director1 2023-02-01 2024-01-31 05980763 c:Director2 2023-02-01 2024-01-31 05980763 d:Buildings 2023-02-01 2024-01-31 05980763 d:Buildings 2024-01-31 05980763 d:Buildings 2023-01-31 05980763 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:PlantMachinery 2023-02-01 2024-01-31 05980763 d:PlantMachinery 2024-01-31 05980763 d:PlantMachinery 2023-01-31 05980763 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:MotorVehicles 2023-02-01 2024-01-31 05980763 d:MotorVehicles 2024-01-31 05980763 d:MotorVehicles 2023-01-31 05980763 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:FurnitureFittings 2023-02-01 2024-01-31 05980763 d:FurnitureFittings 2024-01-31 05980763 d:FurnitureFittings 2023-01-31 05980763 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:ComputerEquipment 2023-02-01 2024-01-31 05980763 d:ComputerEquipment 2024-01-31 05980763 d:ComputerEquipment 2023-01-31 05980763 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05980763 d:CurrentFinancialInstruments 2024-01-31 05980763 d:CurrentFinancialInstruments 2023-01-31 05980763 d:Non-currentFinancialInstruments 2024-01-31 05980763 d:Non-currentFinancialInstruments 2023-01-31 05980763 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 05980763 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05980763 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 05980763 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05980763 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 05980763 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 05980763 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 05980763 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 05980763 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 05980763 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 05980763 d:ShareCapital 2024-01-31 05980763 d:ShareCapital 2023-01-31 05980763 d:RetainedEarningsAccumulatedLosses 2024-01-31 05980763 d:RetainedEarningsAccumulatedLosses 2023-01-31 05980763 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 05980763 d:OtherDeferredTax 2024-01-31 05980763 c:FRS102 2023-02-01 2024-01-31 05980763 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05980763 c:FullAccounts 2023-02-01 2024-01-31 05980763 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05980763 2 2023-02-01 2024-01-31 05980763 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 05980763









SUFFOLK FOOD HALL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
SUFFOLK FOOD HALL LIMITED
REGISTERED NUMBER: 05980763

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,551,285
3,665,616

  
3,551,285
3,665,616

Current assets
  

Stocks
 5 
216,366
177,617

Debtors: amounts falling due within one year
 6 
57,345
49,597

Cash at bank and in hand
  
544,243
205,902

  
817,954
433,116

Creditors: amounts falling due within one year
 7 
(881,104)
(770,249)

Net current liabilities
  
 
 
(63,150)
 
 
(337,133)

Total assets less current liabilities
  
3,488,135
3,328,483

Creditors: amounts falling due after more than one year
 8 
(1,503,865)
(1,632,091)

Provisions for liabilities
  

Deferred tax
 10 
(192,738)
(197,326)

  
 
 
(192,738)
 
 
(197,326)

Net assets
  
1,791,532
1,499,066


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
1,791,232
1,498,766

  
1,791,532
1,499,066


Page 1

 
SUFFOLK FOOD HALL LIMITED
REGISTERED NUMBER: 05980763
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R J Paul
................................................
O W Paul
Director
Director
Date: 2 October 2024
Date2 October 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The principal activity of the Company in the year under review was that of selling local produce.
Suffolk Food Hall Limited is a private Company, limited by shares and is incorporated in England and Wales.
The registered office address is Wherstead Hall, Peppers Lane, Wherstead, Ipswich, IP9 2AB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line (no depreciation on land)
Plant and machinery
-
10%, 20% & 50% reducing balance and straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the
 
Page 6

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

recognition of financial assets and liabilities like trade and other debtors and creditors and loans to
and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies,
are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted
at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income
and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) control of the asset has been transferred to another party who has
the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional
restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised attransaction price, unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future receipts discounted at a market rate of
interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade creditors are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.
 

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 120 (2023 - 107).

Page 7

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
3,973,378
677,911
15,250
327,101
163,885


Additions
4,165
49,959
-
26,086
17,429


Disposals
(4,883)
(154,409)
-
(61,350)
(35,190)


Transfers between classes
95,960
(47,049)
-
(44,112)
(4,799)



At 31 January 2024

4,068,620
526,412
15,250
247,725
141,325



Depreciation


At 1 February 2023
864,563
405,267
15,250
94,063
112,765


Charge for the year on owned assets
77,191
53,482
-
34,572
26,070


Disposals
(989)
(143,439)
-
(56,437)
(34,311)


Transfers between classes
38,619
(19,632)
-
(16,032)
(2,955)



At 31 January 2024

979,384
295,678
15,250
56,166
101,569



Net book value



At 31 January 2024
3,089,236
230,734
-
191,559
39,756



At 31 January 2023
3,108,814
272,644
-
233,038
51,120
Page 8

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 February 2023
5,157,525


Additions
97,639


Disposals
(255,832)


Transfers between classes
-



At 31 January 2024

4,999,332



Depreciation


At 1 February 2023
1,491,908


Charge for the year on owned assets
191,315


Disposals
(235,176)


Transfers between classes
-



At 31 January 2024

1,448,047



Net book value



At 31 January 2024
3,551,285



At 31 January 2023
3,665,616

Page 9

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
216,366
177,617



6.


Debtors

2024
2023
£
£


Trade debtors
24,684
16,013

Other debtors
70
1,683

Prepayments and accrued income
32,591
31,901

57,345
49,597





7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
24
-

Bank loans
121,002
117,671

Trade creditors
244,613
231,935

Corporation tax
117,629
42,177

Other taxation and social security
151,666
98,175

Other creditors
147,153
198,477

Accruals and deferred income
99,017
81,814

881,104
770,249


Page 10

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
735,795
858,024

Other creditors
768,070
774,067

1,503,865
1,632,091


Secured loans
Bank loans are secured by a first legal charge dated 17 July 2009 against freehold land and property at
Wherstead Hall, Peppers Lane, Wherstead, Ipswich, Suffolk, IP9 2AB, an unlimited debenture dated 13
May 2009. 

Page 11

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
121,002
117,671


121,002
117,671

Amounts falling due 1-2 years

Bank loans
330,648
121,840


330,648
121,840

Amounts falling due 2-5 years

Bank loans
270,228
252,318


270,228
252,318

Amounts falling due after more than 5 years

Bank loans
134,920
483,866

134,920
483,866

856,798
975,695





10.


Deferred taxation



2024


£






At beginning of year
(197,326)


Charged to profit or loss
4,588



At end of year
(192,738)

Page 12

 
SUFFOLK FOOD HALL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
£


Accelerated capital allowances
(193,541)

Other short term differences
803

(192,738)


11.


Controlling party

The company is under control of R J W Paul, O W Paul and A J Paul, three of the directors, by virtue of their shareholding.

 
Page 13