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Company No: 02598368 (England and Wales)

NOBLE FOODS (WE) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

NOBLE FOODS (WE) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

NOBLE FOODS (WE) LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
NOBLE FOODS (WE) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTORS S L Dean
P D Dean
S J Rutt
REGISTERED OFFICE Beeches Farm
Icknield Way
Tring
HP23 4LA
United Kingdom
COMPANY NUMBER 02598368 (England and Wales)
NOBLE FOODS (WE) LIMITED

BALANCE SHEET

As at 29 February 2024
NOBLE FOODS (WE) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,875,001 5,195,741
4,875,001 5,195,741
Current assets
Debtors 4 424,751 383,693
Cash at bank and in hand 986,639 862,141
1,411,390 1,245,834
Creditors: amounts falling due within one year 5 ( 10,372) ( 872,174)
Net current assets 1,401,018 373,660
Total assets less current liabilities 6,276,019 5,569,401
Provision for liabilities 6, 7 ( 1,031,193) ( 852,763)
Net assets 5,244,826 4,716,638
Capital and reserves
Called-up share capital 1,000,002 1,000,002
Revaluation reserve 1,556,890 1,799,221
Profit and loss account 2,687,934 1,917,415
Total shareholders' funds 5,244,826 4,716,638

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Noble Foods (WE) Limited (registered number: 02598368) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

S J Rutt
Director
NOBLE FOODS (WE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
NOBLE FOODS (WE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Noble Foods (WE) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Beeches Farm, Icknield Way, Tring, HP23 4LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of plant and machinery, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received for the provision of electricity in the period in which it is provided, shown net of value added tax.

Taxation

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax

The current 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 tax

The deferred 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.

Tangible fixed assets

Plant and machinery is valued using the revaluation model and are revalued annually by the directors to an amount equal to fair value, based on value in use from discounted cashflows. Land and buildings are held at historic cost.

Land and buildings not depreciated
Plant and machinery etc. not depreciated

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. On the disposal of a revalued asset a transfer would be made from the revaluation reserve to profit and loss account.

Revaluation increases are recognised in the statement of other comprehensive income unless the increase reverses a revaluation decrease of the same asset previously recognised in the statement of profit or loss. Revaluation decreases are recognised in statement of comprehensive income unless it exceeds accumulated revaluation gains. The non-depreciation of plant and machinery is a departure from FRS 102 and Companies Act. The Directors consider that the revaluation model presents a true and fair view of the assets held.

Trade and other debtors

Trade and other debtors are amounts due from customers for services provided in the ordinary course of business. Trade debtors are recognised at the transaction price. 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 debtors.

Trade and other creditors

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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. Trade creditors are recognised initially at the transaction price.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Borrowings

Borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 1 1

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost/Valuation
At 01 March 2023 67,850 5,127,891 5,195,741
Additions 0 2,368 2,368
Revaluations 0 ( 323,108) ( 323,108)
At 29 February 2024 67,850 4,807,151 4,875,001
Accumulated depreciation
At 01 March 2023 0 0 0
At 29 February 2024 0 0 0
Net book value
At 29 February 2024 67,850 4,807,151 4,875,001
At 28 February 2023 67,850 5,127,891 5,195,741

The fair value of the company's plant and machinery was revalued on 28 February 2024 by the Directors based on value in use from discounted cashflows. An independent valuer was not involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,731,298 (2023 - £2,728,930).

4. Debtors

2024 2023
£ £
Trade debtors 421,433 383,693
Other debtors 3,318 0
424,751 383,693

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,372 4,789
Other taxation and social security 0 17,578
Other creditors 0 849,807
10,372 872,174

6. Provision for liabilities

2024 2023
£ £
Deferred tax 949,884 773,821
Other provisions 81,309 78,942
1,031,193 852,763

Other

Included in other provisions is a decommissioning provision of £81,309 in relation to the decommissioning of plant and machinery at the end of its useful life.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 773,821) ( 516,558)
Charged to the Profit and Loss Account ( 256,840) ( 187,350)
Credited/(charged) to the Statement of Comprehensive Income 80,777 ( 69,913)
At the end of financial year ( 949,884) ( 773,821)

8. Related party transactions

One of the company's directors had provided a loan to the company which was interest free and repayable upon demand. All amounts were repaid within the year. At the balance sheet date the amount due to the director was £nil (2023 - £849,807).