20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 611,991 145,360 757,351 542,652 39,079 581,731 175,620 69,339 xbrli:pure xbrli:shares iso4217:GBP 05361610 2023-04-01 2024-03-31 05361610 2024-03-31 05361610 2023-03-31 05361610 2022-04-01 2023-03-31 05361610 2023-03-31 05361610 2022-03-31 05361610 core:FurnitureFittings 2023-04-01 2024-03-31 05361610 bus:Director1 2023-04-01 2024-03-31 05361610 core:NetGoodwill 2023-03-31 05361610 core:NetGoodwill 2024-03-31 05361610 core:LandBuildings 2023-03-31 05361610 core:PlantMachinery 2023-03-31 05361610 core:FurnitureFittings 2023-03-31 05361610 core:LandBuildings 2024-03-31 05361610 core:PlantMachinery 2024-03-31 05361610 core:FurnitureFittings 2024-03-31 05361610 core:NetGoodwill 2023-04-01 2024-03-31 05361610 core:LandBuildings 2023-04-01 2024-03-31 05361610 core:PlantMachinery 2023-04-01 2024-03-31 05361610 core:WithinOneYear 2024-03-31 05361610 core:WithinOneYear 2023-03-31 05361610 core:AfterOneYear 2024-03-31 05361610 core:AfterOneYear 2023-03-31 05361610 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 05361610 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 05361610 core:ShareCapital 2024-03-31 05361610 core:ShareCapital 2023-03-31 05361610 core:RevaluationReserve 2024-03-31 05361610 core:RevaluationReserve 2023-03-31 05361610 core:CapitalRedemptionReserve 2024-03-31 05361610 core:CapitalRedemptionReserve 2023-03-31 05361610 core:RetainedEarningsAccumulatedLosses 2024-03-31 05361610 core:RetainedEarningsAccumulatedLosses 2023-03-31 05361610 core:NetGoodwill 2023-03-31 05361610 core:LandBuildings 2023-03-31 05361610 core:PlantMachinery 2023-03-31 05361610 core:FurnitureFittings 2023-03-31 05361610 bus:SmallEntities 2023-04-01 2024-03-31 05361610 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05361610 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05361610 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05361610 bus:FullAccounts 2023-04-01 2024-03-31 05361610 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 05361610
The Cambridge Food Company Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
The Cambridge Food Company Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
175,620
69,339
Tangible assets
6
1,889,117
1,781,922
------------
------------
2,064,737
1,851,261
Current assets
Stocks
109,683
130,277
Debtors
7
385,476
370,360
Cash at bank and in hand
71,552
115,420
---------
---------
566,711
616,057
Creditors: amounts falling due within one year
8
411,556
394,159
---------
---------
Net current assets
155,155
221,898
------------
------------
Total assets less current liabilities
2,219,892
2,073,159
Creditors: amounts falling due after more than one year
9
1,056,178
955,543
Provisions
Taxation including deferred tax
160,612
158,829
------------
------------
Net assets
1,003,102
958,787
------------
------------
Capital and reserves
Called up share capital
208,050
208,050
Revaluation reserve
760,225
685,225
Capital redemption reserve
12,045
12,045
Profit and loss account
22,782
53,467
------------
---------
Shareholders funds
1,003,102
958,787
------------
---------
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 comprehensive income has not been delivered.
For the year ending 31 March 2024 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 .
The Cambridge Food Company Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr M Hulme
Director
Company registration number: 05361610
The Cambridge Food Company Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 Papworth Business Park, Atria Court, Stirling Way, Papworth Everard, Cambridge, CB23 3GY.
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
The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% - 10% Straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Land and buildings
-
0% (2023: 2%) straight line (freehold land not depreciated)
Plant and machinery
-
25-33% reducing balance
Fixtures and fittings
-
15% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023
611,991
Additions
145,360
---------
At 31 March 2024
757,351
---------
Amortisation
At 1 April 2023
542,652
Charge for the year
39,079
---------
At 31 March 2024
581,731
---------
Carrying amount
At 31 March 2024
175,620
---------
At 31 March 2023
69,339
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 April 2023
1,650,000
352,890
165,905
2,168,795
Additions
33,159
12,823
45,982
Revaluations
100,000
100,000
------------
---------
---------
------------
At 31 March 2024
1,750,000
386,049
178,728
2,314,777
------------
---------
---------
------------
Depreciation
At 1 April 2023
257,049
129,824
386,873
Charge for the year
29,619
9,168
38,787
------------
---------
---------
------------
At 31 March 2024
286,668
138,992
425,660
------------
---------
---------
------------
Carrying amount
At 31 March 2024
1,750,000
99,381
39,736
1,889,117
------------
---------
---------
------------
At 31 March 2023
1,650,000
95,841
36,081
1,781,922
------------
---------
---------
------------
Tangible assets held at valuation
The land and buildings were revalued as at 31 March 2024 based on the directors assessment of the market value.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2024
Aggregate cost
1,015,214
Aggregate depreciation
(173,849)
------------
Carrying value
841,365
------------
At 31 March 2023
Aggregate cost
1,015,214
Aggregate depreciation
(173,849)
------------
Carrying value
841,365
------------
7. Debtors
2024
2023
£
£
Trade debtors
315,169
327,486
Other debtors
70,307
42,874
---------
---------
385,476
370,360
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
80,893
34,250
Trade creditors
292,535
305,904
Social security and other taxes
26,668
Other creditors
38,128
27,337
---------
---------
411,556
394,159
---------
---------
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £40,979 (2023: £34,250) included within the liabilities disclosed above under bank loans and overdrafts.
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £39,914 (2023: £0) included within the liabilities disclosed above under bank loans and overdrafts.
Security over the assets to which the liability relates has been given in respect of an amount of £15,075 (2023: £19,997) included within the liabilities disclosed above under other creditors.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,055,847
940,152
Other creditors
331
15,391
------------
---------
1,056,178
955,543
------------
---------
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £895,618 (2023: £940,152) included within the liabilities disclosed above under bank loans and overdrafts.
Security in the form of a fixed and floating charge over the undertaking has been given in respect of an amount of £160,229 (2023: £0) included within the liabilities disclosed above under bank loans and overdrafts.
Security over the assets to which the liability relates has been given in respect of the liabilities disclosed above under other creditors.
Included within creditors: amounts falling due after more than one year is an amount of £702,070 (2023: £757,243) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Other financial commitments
The total commitments, contingencies and guarantees at the year end is £ 220,627 (2023: £ 76,445 ).
11. Directors' advances, credits and guarantees
During the current and previous year the company made advances to and received repayments from the directors as detailed below. Joint position for 2 directors
2024 2023
£ £
Advances 7,473 1,075
Repayments 1,075 45,767
Balance due to the company at the year end 7,473 1,075
Interest has been charged on the outstanding balance calculated on a daily basis at the HMRC official beneficial loan rate.