Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31food and drink distributor2023-04-01false3231falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05949189 2023-04-01 2024-03-31 05949189 2022-04-01 2023-03-31 05949189 2024-03-31 05949189 2023-03-31 05949189 c:Director1 2023-04-01 2024-03-31 05949189 d:PlantMachinery 2023-04-01 2024-03-31 05949189 d:PlantMachinery 2024-03-31 05949189 d:PlantMachinery 2023-03-31 05949189 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05949189 d:MotorVehicles 2023-04-01 2024-03-31 05949189 d:MotorVehicles 2024-03-31 05949189 d:MotorVehicles 2023-03-31 05949189 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05949189 d:FurnitureFittings 2023-04-01 2024-03-31 05949189 d:FurnitureFittings 2024-03-31 05949189 d:FurnitureFittings 2023-03-31 05949189 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05949189 d:OfficeEquipment 2023-04-01 2024-03-31 05949189 d:ComputerEquipment 2023-04-01 2024-03-31 05949189 d:ComputerEquipment 2024-03-31 05949189 d:ComputerEquipment 2023-03-31 05949189 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05949189 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05949189 d:ComputerSoftware 2023-04-01 2024-03-31 05949189 d:ComputerSoftware 2024-03-31 05949189 d:ComputerSoftware 2023-03-31 05949189 d:CurrentFinancialInstruments 2024-03-31 05949189 d:CurrentFinancialInstruments 2023-03-31 05949189 d:Non-currentFinancialInstruments 2024-03-31 05949189 d:Non-currentFinancialInstruments 2023-03-31 05949189 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05949189 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05949189 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05949189 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05949189 d:ShareCapital 2024-03-31 05949189 d:ShareCapital 2023-03-31 05949189 d:RetainedEarningsAccumulatedLosses 2024-03-31 05949189 d:RetainedEarningsAccumulatedLosses 2023-03-31 05949189 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 05949189 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 05949189 c:FRS102 2023-04-01 2024-03-31 05949189 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05949189 c:FullAccounts 2023-04-01 2024-03-31 05949189 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05949189 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 05949189 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05949189 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 05949189 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05949189 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 05949189 6 2023-04-01 2024-03-31 05949189 13 2023-04-01 2024-03-31 05949189 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 05949189 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 05949189 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 05949189 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 05949189 d:LeasedAssetsHeldAsLessee 2024-03-31 05949189 d:LeasedAssetsHeldAsLessee 2023-03-31 05949189 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 05949189 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 05949189









UNISNACKS EUROPE LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
UNISNACKS EUROPE LTD
REGISTERED NUMBER: 05949189

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
53,287
165,916

Tangible assets
 6 
61,083
749,149

Investments
 7 
1,000
1,000

  
115,370
916,065

Current assets
  

Stocks
 8 
3,404,202
2,785,971

Debtors: amounts falling due within one year
 9 
932,777
914,627

Cash at bank and in hand
 10 
211,883
352,673

  
4,548,862
4,053,271

Creditors: amounts falling due within one year
 11 
(3,281,714)
(3,315,494)

Net current assets
  
 
 
1,267,148
 
 
737,777

Total assets less current liabilities
  
1,382,518
1,653,842

Creditors: amounts falling due after more than one year
 12 
-
(531,459)

Provisions for liabilities
  

Deferred tax
  
(15,273)
(161,986)

Other provisions
  
(3,908)
(3,908)

  
 
 
(19,181)
 
 
(165,894)

Net assets
  
1,363,337
956,489


Capital and reserves
  

Called up share capital 
  
260,000
260,000

Profit and loss account
  
1,103,337
696,489

  
1,363,337
956,489


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.
Page 1

 
UNISNACKS EUROPE LTD
REGISTERED NUMBER: 05949189
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


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 comprehensive income 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: 




................................................
I M H Haniffa
Director

Date: 17 October 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a private company limited by shares. The company’s registered office, which is also its principal place of business, is situated at: Unit 1-5 Ventura Business Park, Howitt Close, Upper Caldecote, Biggleswade, Bedfordshire, SG18 9GG.
The company’s principal activity during the year remained distributor of food and drink products.

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 following principal accounting policies have been applied:

 
2.2

Going concern

After making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The going concern basis contemplates the realisation of assets and the settlement of liabilities in the normal course of business for the foreseeable future.

 
2.3

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

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

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight line
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Straight line
Office equipment
-
25%
Straight line
Computer equipment
-
25%
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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Statement of Financial Position. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of Financial Position. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

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.

Page 7

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of Financial Position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make
judgments, estimates, and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income, and expenditure.
Estimates, associated assumptions and judgments are continually evaluated and are based on historical experience and various other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Estimated useful lives of tangible and intangible assets:
The estimated useful lives of the Company's tangible and intangible fixed assets determine the amount of depreciation expense recognised in the statement of financial activities and the carrying amount of the assets in the balance sheet. Management reviews the estimated useful lives of tangible fixed assets at each reporting date based on factors such as wear and tear of the assets, technological advancements, and industry practices. Changes in these estimates may result in changes to the amount of depreciation expense recognised in future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 31).

Page 8

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Intangible assets




Computer software

£



Cost


At 1 April 2023
299,445


Additions
9,644


Disposals
(141,265)



At 31 March 2024

167,824



Amortisation


At 1 April 2023
133,529


Charge for the year on owned assets
60,542


On disposals
(79,534)



At 31 March 2024

114,537



Net book value



At 31 March 2024
53,287



At 31 March 2023
165,916



Page 9

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
327,587
739,634
279,517
76,556
1,423,294


Additions
45,382
90,914
32,157
10,409
178,862


Disposals
(372,969)
(786,798)
(273,542)
-
(1,433,309)



At 31 March 2024

-
43,750
38,132
86,965
168,847



Depreciation


At 1 April 2023
160,831
324,383
148,620
40,311
674,145


Charge for the year on owned assets
80,101
110,002
68,125
17,609
275,837


Disposals
(240,918)
(407,404)
(193,896)
-
(842,218)



At 31 March 2024

14
26,981
22,849
57,920
107,764



Net book value



At 31 March 2024
(14)
16,769
15,283
29,045
61,083



At 31 March 2023
166,756
415,251
130,897
36,245
749,149

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
66,754

Motor vehicles
-
401,495

-
468,249

Page 10

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,000



At 31 March 2024
1,000





8.


Stocks

2024
2023
£
£

Finished goods and goods for resale
3,404,202
2,785,971

3,404,202
2,785,971


Stock includes stock in transit of £583k (2023: £603k).


9.


Debtors

2024
2023
£
£


Trade debtors
498,293
356,586

Amounts owed by joint ventures and associated undertakings
62,429
-

Other debtors
69,005
10,000

Prepayments and accrued income
303,050
548,041

932,777
914,627








Page 11

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
211,883
352,673

211,883
352,673



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,445,301
1,346,375

Trade creditors
407,754
716,735

Corporation tax
84,773
-

Other taxation and social security
64,371
53,479

Obligations under finance lease and hire purchase contracts
5,416
196,252

Other creditors
117,910
384,638

Accruals and deferred income
156,189
618,015

3,281,714
3,315,494


Page 12

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
531,459

-
531,459


The following liabilities were secured:

2024
2023
£
£



Bank loans and financing
2,445,301
1,346,375

2,445,301
1,346,375

Details of security provided:

As of the balance sheet date, the company has in place a short-term trade finance facility to support imports and an invoice discounting facility. Both facilities are secured by a fixed and floating charge over the undertaking and all present and future property and assets of the company.
The security for these facilities encompasses:
Fixed and floating charge over the entire undertaking of the company.
All present and future assets and property, including but not limited to:
  - Goodwill
  - Book debts
  - Uncalled capital
  - Buildings
  - Fixtures
  - Fixed plant and machinery.
By virtue of these charges, HSBC Bank Plc has a secured interest in the aforementioned assets, giving it priority rights in the event of default or insolvency of the company.

Page 13

 
UNISNACKS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,416
196,252

Between 1-5 years
-
531,459

5,416
727,711


14.


Provisions




Other provision

£





At 1 April 2023
3,908



At 31 March 2024
3,908


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £17.7k (2023: £14.9k). Contributions totalling £4.5k (2023 - £2.7k) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 14