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Registration number: 07747341

Viva Foods Limited

Filleted Unaudited Financial Statements

for the Period from 1 January 2023 to 30 June 2023

 

Viva Foods Limited
(Registration number: 07747341)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Viva Foods Limited
(Registration number: 07747341)

Company Information

Director

Mr J Broke-Smith

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Viva Foods Limited
(Registration number: 07747341)

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,845

3,691

Tangible assets

5

31,521

32,569

 

33,366

36,260

Current assets

 

Stocks

6

322,363

341,699

Debtors

7

667,563

605,915

Cash at bank and in hand

 

168,367

20,010

 

1,158,293

967,624

Creditors: Amounts falling due within one year

8

(795,327)

(866,565)

Net current assets

 

362,966

101,059

Total assets less current liabilities

 

396,332

137,319

Creditors: Amounts falling due after more than one year

8

(369,796)

(67,589)

Provisions for liabilities

(4,271)

(4,300)

Net assets

 

22,265

65,430

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

1

1

Profit and loss account

22,164

65,329

Total equity

 

22,265

65,430

For the financial period ending 30 June 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 period 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.

 

Viva Foods Limited
(Registration number: 07747341)

Balance Sheet as at 30 June 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2024
 

.........................................
Mr J Broke-Smith
Director

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

Revenue recognition

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

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.

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Office equipment

straight line over 5 years

Fixtures and fittings

straight line over 5 years

Short leasehold

straight line over 6 years

Plant and machinery

straight line over 4 years

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.

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

straight line over 5 years

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.

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.

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 5 (2022 - 5).

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

267,126

18,454

285,580

At 30 June 2023

267,126

18,454

285,580

Amortisation

At 1 January 2023

267,126

14,763

281,889

Amortisation charge

-

1,846

1,846

At 30 June 2023

267,126

16,609

283,735

Carrying amount

At 30 June 2023

-

1,845

1,845

At 31 December 2022

-

3,691

3,691

The aggregate amount of research and development expenditure recognised as an expense during the period is £4,307 (2022 - £718).
 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

15,395

326,289

30,795

372,479

Additions

-

6,870

-

6,870

At 30 June 2023

15,395

333,159

30,795

379,349

Depreciation

At 1 January 2023

15,395

306,340

18,175

339,910

Charge for the period

-

4,102

3,816

7,918

At 30 June 2023

15,395

310,442

21,991

347,828

Carrying amount

At 30 June 2023

-

22,717

8,804

31,521

At 31 December 2022

-

19,949

12,620

32,569

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other stocks

322,363

341,699

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

545,929

472,835

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

13,161

9,269

Other debtors

 

57,987

57,534

Prepayments and accrued income

 

50,486

66,277

Total current trade and other debtors

 

667,563

605,915

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

159,430

316,083

Trade creditors

 

515,700

386,655

Taxation and social security

 

4,245

5,724

Other creditors

 

3,212

(1,220)

Accrued expenses

 

112,740

159,323

 

795,327

866,565

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

369,796

67,589

 

Viva Foods Limited
(Registration number: 07747341)

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

149,430

306,083

159,430

316,083

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

369,796

67,589

The invoice discounting liability is secured upon the assets of the company via a fixed and floating charge.

10

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Repayments by director
£

At 30 June 2023
£

Mr H Charteris

Interest free loan repayable on demand

2,190

(2,190)

-

       
     

Mr J Broke-Smith

Interest free loan repayable on demand

10,641

-

10,641

       
     

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr H Charteris

Interest free loan repayable on demand

9,000

15,657

(22,467)

2,190

         
       

Mr J Broke-Smith

Interest free loan repayable on demand

9,358

1,283

-

10,641