Food Supplies (Earlswood) Limited
Annual Report and Unaudited Financial Statements
For the year ended 29 February 2024
Company Registration No. 00905498 (England and Wales)
Food Supplies (Earlswood) Limited
Company Information
Directors
S. Hampson
D. W. Dove
Secretary
S. Hampson
Company number
00905498
Registered office
80 Brighton Road
Horley
Surrey
RH6 7JQ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Food Supplies (Earlswood) Limited
Directors' Report
For the year ended 29 February 2024
Page 1

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities
The principal activity of the company throughout the year was that of the ownership and rental of properties.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S. Hampson
D. W. Dove
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
S. Hampson
Secretary
1 November 2024
Food Supplies (Earlswood) Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Food Supplies (Earlswood) Limited for the year ended 29 February 2024
Page 2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Food Supplies (Earlswood) Limited for the year ended 29 February 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made solely to the Board of Directors of Food Supplies (Earlswood) Limited, as a body, in accordance with the terms of our engagement letter dated 26 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Food Supplies (Earlswood) Limited and state those matters that we have agreed to state to the Board of Directors of Food Supplies (Earlswood) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Food Supplies (Earlswood) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Food Supplies (Earlswood) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Food Supplies (Earlswood) Limited. You consider that Food Supplies (Earlswood) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Food Supplies (Earlswood) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Kingston Smith LLP
1 November 2024
Chartered Accountants
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Food Supplies (Earlswood) Limited
Profit and Loss Account
For the year ended 29 February 2024
Page 3
2024
2023
Notes
£
£
Turnover
199,810
195,081
Administrative expenses
(45,892)
(59,349)
Other operating income
786
22,740
Operating profit
154,704
158,472
Interest receivable and similar income
11,826
446
Profit before taxation
166,530
158,918
Tax on profit
4
(41,612)
(129,535)
Profit for the financial year
124,918
29,383
Food Supplies (Earlswood) Limited
Balance Sheet
As at 29 February 2024
Page 4
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
15,242
20,322
Investment properties
6
4,424,742
4,242,392
4,439,984
4,262,714
Current assets
Debtors
7
27,694
20,672
Investments
8
300,000
-
0
Cash at bank and in hand
178,887
523,378
506,581
544,050
Creditors: amounts falling due within one year
9
(56,230)
(41,347)
Net current assets
450,351
502,703
Total assets less current liabilities
4,890,335
4,765,417
Provisions for liabilities
10
(409,394)
(409,394)
Net assets
4,480,941
4,356,023
Capital and reserves
Called up share capital
12
100
100
Revaluation reserve
1,316,020
1,316,020
Capital redemption reserve
149,470
149,470
Profit and loss reserves
3,015,351
2,890,433
Total equity
4,480,941
4,356,023

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Food Supplies (Earlswood) Limited
Balance Sheet (Continued)
As at 29 February 2024
Page 5
The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
D. W. Dove
Director
Company Registration No. 00905498
Food Supplies (Earlswood) Limited
Statement of Changes in Equity
For the year ended 29 February 2024
Page 6
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 March 2022
100
1,418,550
149,470
2,758,520
4,326,640
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
29,383
29,383
Transfer of movement on the deferred tax provision on fair value gains
-
(102,530)
-
102,530
-
Balance at 28 February 2023
100
1,316,020
149,470
2,890,433
4,356,023
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
-
124,918
124,918
Balance at 29 February 2024
100
1,316,020
149,470
3,015,351
4,480,941
Food Supplies (Earlswood) Limited
Notes to the Financial Statements
For the year ended 29 February 2024
Page 7
1
Accounting policies
Company information

Food Supplies (Earlswood) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Brighton Road, Horley, Surrey, RH6 7JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover
The company's turnover represents the income earned from investment properties and is earned entirely within the United Kingdom.
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5
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.

Food Supplies (Earlswood) Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
Page 8
1.6
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Food Supplies (Earlswood) Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 9
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The investment properties owned by the company have been revalued as at 28 February 2024 by the directors on a fair value basis.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023: 2).

4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
41,612
27,005
Deferred tax
Deferred tax charge on investment properties
-
0
102,530
Total tax charge
41,612
129,535
Food Supplies (Earlswood) Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 10
5
Tangible fixed assets
Motor Vehicles
£
Cost
At 1 March 2023 and 29 February 2024
53,895
Depreciation and impairment
At 1 March 2023
33,573
Depreciation charged in the year
5,080
At 29 February 2024
38,653
Carrying amount
At 29 February 2024
15,242
At 28 February 2023
20,322
6
Investment property
2024
£
Fair value
At 1 March 2023
4,242,392
Additions
182,350
At 29 February 2024
4,424,742

The investment properties were valued on a fair value basis at 28 February 2024 by the directors, and are stated at their valuation amount. The directors are considered qualified to value the investment properties held by the company due to their vast experience in the field, having worked in the property industry since the 1960s.

 

The historical cost of the properties included at valuation at the balance sheet date is £2,699,327 (2023: £2,516,977).

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,400
3,177
Other debtors
19,407
14,855
Prepayments and accrued income
3,887
2,640
27,694
20,672
Food Supplies (Earlswood) Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 11
8
Current asset investments
2024
2023
£
£
Other investments
300,000
-
0

Other investments represent amounts invested in short term deposits that have an original maturity date of no more than twelve months. The interest rate is 3.21%.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
41,612
27,005
Other creditors
9,878
9,878
Accruals and deferred income
4,740
4,464
56,230
41,347
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
409,394
409,394
11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
409,394
409,394
There were no deferred tax movements in the year.
12
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
Food Supplies (Earlswood) Limited
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 12
13
Related party transactions

During the year the company paid secretarial fees of £14,250 (2023: £11,750) to D.W.D. Property and Investment Company Limited, which was under the control of D.W. Dove, a director and shareholder.

 

Included in debtors is an amount due from D.W.D. Property and Investment Company Limited of £16,494 (2023: £14,789).

 

Included in creditors is a balance of £1,777 (2023: £1,777) which is due to D.W. Dove.

 

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