SKOULIKAS BEDFORD LIMITED

Company Registration Number:
02485291 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

SKOULIKAS BEDFORD LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SKOULIKAS BEDFORD LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principle activity of the Company is that of import and wholesaling of food.

Political and charitable donations

The company made no political contributions or incurred any political expenditure during the year.

Additional information

Disclosure of information to auditors The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Cost of Living The company continues to receive cost price increases from the supply base.. There are signs though that these increases are not as high as previous years. The Company expects to continue to trade in a similar way as before and does not expect any material total sale value decrease as a result of price increases. As food inflation and interest rates gets closer to normal levels the company stands to benefit from customers who wish to buy a quality premium product. Whilst it is not possible to predict the full effects of the cost-of-living crisis, the Company is continuing to trade satisfactorily, considering the challenging economic environment. The Company is in a strong financial position and its cash flow also remains strong. The company is loss making for accounting reporting purposes, due to the annual £152,000 amortisation charge of the intangible assets which will be fully amortised by 2026.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Brendan Coakley
Cillian Molloy
Paul Garrod
Darryl Murphy


Secretary Darryl Murphy

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 May 2024

And signed on behalf of the board by:
Name: Paul Garrod
Status: Director

SKOULIKAS BEDFORD LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 6,816,000 6,595,000
Cost of sales: ( 4,528,000 ) ( 4,279,000 )
Gross profit(or loss): 2,288,000 2,316,000
Administrative expenses: ( 2,402,000 ) ( 2,363,000 )
Operating profit(or loss): (114,000) (47,000)
Profit(or loss) before tax: (114,000) (47,000)
Tax: 21,000 ( 3,000 )
Profit(or loss) for the financial year: (93,000) (50,000)

SKOULIKAS BEDFORD LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 320,000 472,000
Tangible assets: 4 91,000 102,000
Total fixed assets: 411,000 574,000
Current assets
Stocks: 5 644,000 649,000
Debtors: 6 946,000 978,000
Cash at bank and in hand: 708,000 662,000
Total current assets: 2,298,000 2,289,000
Creditors: amounts falling due within one year: 7 ( 1,300,000 ) ( 1,361,000 )
Net current assets (liabilities): 998,000 928,000
Total assets less current liabilities: 1,409,000 1,502,000
Total net assets (liabilities): 1,409,000 1,502,000
Capital and reserves
Called up share capital: 10,000 10,000
Profit and loss account: 1,399,000 1,492,000
Total Shareholders' funds: 1,409,000 1,502,000

The notes form part of these financial statements

SKOULIKAS BEDFORD LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 17 May 2024
and signed on behalf of the board by:

Name: Paul Garrod
Status: Director

The notes form part of these financial statements

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    The total turnover of the Company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. The Company’s turnover represents the value of amounts invoiced, excluding value added tax, for goods and services supplied during the year. Turnover is recognised at the point of delivery.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Tangible fixed assets include investment property whose fair value cannot be measured reliably without undue cost or effort. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings. Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, including any incremental costs directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments.

    Intangible fixed assets amortisation policy

    Goodwill is stated at cost less any accumulated amortisation and accumulated impairment losses. Goodwill is allocated to cash-generating units or group of cash-generating units that are expected to benefit from the synergies of the business combination from which it arose. During 2016 the trade and net assets of Bedford Continental Wholesale Limited, a subsidiary undertaking, were transferred to the Company at their book value which was equal to their fair value. The cost of the Company's investment in the subsidiary undertakings reflected the underlying fair value of its net assets and goodwill at the time of acquisition. As a result of this transfer, the value of the Company's investment in the subsidiary undertakings fell below the amount at which it was stated in the Company's accounting records. Schedule 1 to the Companies Act 2006; The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008 No. 410) requires that the investment be written down accordingly and that the amount be charged as a loss in the Company's statement of income and retained earnings. However, the directors considered that, as there had been no overall loss to the Company, it would have failed to give a true and fair view to charge that diminution to the Company's statement of income and retained earnings for the year and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise in the Company's individual balance sheet the effective cost to the Company of those net assets and goodwill. Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation Amortisation is charged to administrative expenses in the statement of income and retained earnings on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Capitalised development costs - 3 years Goodwill is amortised on a straight-line basis over its useful life and is charged to administrative expenses in the statement of income and retained earnings. Goodwill has no residual value. The finite useful life of goodwill is estimated to be ten years and there is four years and two months remaining of amortisation until goodwill is fully amortised. The Company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date.

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 25 25

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 1,526,000 34,000 1,560,000
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 1,526,000 34,000 1,560,000
Amortisation
At 1 January 2023 1,054,000 34,000 1,088,000
Charge for year 152,000 152,000
On disposals
Other adjustments
At 31 December 2023 1,206,000 34,000 1,240,000
Net book value
At 31 December 2023 320,000 0 320,000
At 31 December 2022 472,000 0 472,000

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 246,000 125,000 371,000
Additions 22,000 22,000
Disposals
Revaluations
Transfers
At 31 December 2023 268,000 125,000 393,000
Depreciation
At 1 January 2023 196,000 73,000 269,000
Charge for year 16,000 17,000 33,000
On disposals
Other adjustments
At 31 December 2023 212,000 90,000 302,000
Net book value
At 31 December 2023 56,000 35,000 91,000
At 31 December 2022 50,000 52,000 102,000

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Stocks

2023 2022
£ £
Stocks 644,000 649,000
Total 644,000 649,000

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

2023 2022
£ £
Trade debtors 861,000 849,000
Prepayments and accrued income 51,000 68,000
Other debtors 34,000 61,000
Total 946,000 978,000

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 897,000 846,000
Taxation and social security 5,000
Accruals and deferred income 170,000 205,000
Other creditors 228,000 310,000
Total 1,300,000 1,361,000

SKOULIKAS BEDFORD LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial Commitments

There are no capital commitments as at 31st December 2023.