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REGISTERED NUMBER: SC467169 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Curio Food Machinery Limited

Curio Food Machinery Limited (Registered number: SC467169)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Curio Food Machinery Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R S Adam
J Hjortshoj



REGISTERED OFFICE: 17 Blackhouse Circle
Blackhouse Industrial Estate
Peterhead
Aberdeenshire
AB42 1BN



REGISTERED NUMBER: SC467169 (Scotland)



AUDITORS: Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL



BANKERS: The Royal Bank of Scotland
40 Albyn Place
Aberdeen
AB10 1YN

Curio Food Machinery Limited (Registered number: SC467169)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 668,188 803,919

CURRENT ASSETS
Stocks - 39,706
Debtors 5 91,961 88,564
Cash at bank 406,691 136,667
498,652 264,937
CREDITORS
Amounts falling due within one year 6 1,465,094 989,508
NET CURRENT LIABILITIES (966,442 ) (724,571 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(298,254

)

79,348

PROVISIONS FOR LIABILITIES 19,835 10,956
NET (LIABILITIES)/ASSETS (318,089 ) 68,392

CAPITAL AND RESERVES
Called up share capital 7 50,000 50,000
Retained earnings (368,089 ) 18,392
SHAREHOLDERS' FUNDS (318,089 ) 68,392

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





R S Adam - Director


Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Curio Food Machinery Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The going concern assumption is based upon confirmation of support from the immediate parent company of Curio Food Machinery Limited. A letter of support has been provided which confirms that the immediate parent company will continue to support the company by not demanding repayment of the intercompany debt of £1.42m as doing so would impede the company's ability to trade or to pay its debts as they fall due. The letter also confirms that the immediate parent company will also provide sufficient funding and financial support as required to enable Curio Food Machinery Limited to discharge all its liabilities and continue as a going concern for a minimum period of at least twelve months from the date of signing the audited financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 628,971 286,587 915,558
Additions - 407,452 407,452
Disposals - (151,379 ) (151,379 )
Revaluations (428,971 ) - (428,971 )
At 31 December 2023 200,000 542,660 742,660
DEPRECIATION
At 1 January 2023 27,659 83,980 111,639
Charge for year 12,580 60,954 73,534
Eliminated on disposal - (70,462 ) (70,462 )
Revaluation adjustments (40,239 ) - (40,239 )
At 31 December 2023 - 74,472 74,472
NET BOOK VALUE
At 31 December 2023 200,000 468,188 668,188
At 31 December 2022 601,312 202,607 803,919

The land and buildings were valued on 7 June 2023 by Graham + Sibbald LLP, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that the open market value remains appropriate on 31 December 2023.

If the land and buildings were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

2023 2022
£ £
Cost 628,971 628,971
Accumulated depreciation (40,239) (27,659)
Carrying amount 588,732 601,312

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 47,530 72,853
Amounts owed by group undertakings 41,474 14,925
Other debtors 2,957 786
91,961 88,564

Curio Food Machinery Limited (Registered number: SC467169)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 8,524 4,676
Amounts owed to group undertakings 1,420,988 961,137
Taxation and social security 8,928 9,703
Other creditors 26,654 13,992
1,465,094 989,508

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50,000 Ordinary £1 50,000 50,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Derek Mair, FCCA (Senior Statutory Auditor)
for and on behalf of Hall Morrice LLP

9. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous period by its immediate parent company, Curio ehf, a company incorporated in Iceland. The ultimate controlling party of Curio ehf is Marel, a limited company incorporated in Iceland.

The largest group in which the financial results of the company will be consolidated is that headed by Marel. No other group financial statements include the results of the company. The consolidated financial statements will be available to the public and may be obtained from Austurhraun 9, 210 Garðabær, Iceland.