Company registration number 02264840 (England and Wales)
CLEONE FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CLEONE FOODS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
CLEONE FOODS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,948
3,854
Tangible assets
4
342,722
462,713
Investments
5
3
3
345,673
466,570
Current assets
Stocks
446,577
483,102
Debtors
6
1,702,365
1,582,687
Cash at bank and in hand
25,038
12,152
2,173,980
2,077,941
Creditors: amounts falling due within one year
7
(1,753,442)
(1,752,652)
Net current assets
420,538
325,289
Total assets less current liabilities
766,211
791,859
Creditors: amounts falling due after more than one year
8
(12,982)
(27,087)
Provisions for liabilities
(54,621)
(62,829)
Deferred income
(35,213)
(16,978)
Net assets
663,395
684,965
Capital and reserves
Called up share capital
999
999
Profit and loss reserves
662,396
683,966
Total equity
663,395
684,965

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CLEONE FOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mr Wade Lyn
Director
Company registration number 02264840 (England and Wales)
CLEONE FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
999
1,008,383
1,009,382
Year ended 31 March 2023:
Loss and total comprehensive income
-
(324,417)
(324,417)
Balance at 31 March 2023
999
683,966
684,965
Year ended 31 March 2024:
Loss and total comprehensive income
-
(21,570)
(21,570)
Balance at 31 March 2024
999
662,396
663,395
CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Cleone Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50, Icknield Street, Hockley, Birmingham, West Midlands, United Kingdom, B18 5AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Amortisation 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:

Trade Marks
Amortised over 10 years
1.5
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:

Leasehold land and buildings
over the lease term
Plant and equipment
over 5 years
Fixtures and fittings
over 5 years
Motor vehicles
25% Straight Line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
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.

CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

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.

2
Employees

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

2024
2023
Number
Number
Total
69
68
CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
18,559
Amortisation and impairment
At 1 April 2023
14,705
Amortisation charged for the year
906
At 31 March 2024
15,611
Carrying amount
At 31 March 2024
2,948
At 31 March 2023
3,854
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
141,419
2,321,757
190,810
314,208
2,968,194
Additions
-
0
16,901
7,115
-
0
24,016
Disposals
-
0
(2,650)
-
0
-
0
(2,650)
At 31 March 2024
141,419
2,336,008
197,925
314,208
2,989,560
Depreciation and impairment
At 1 April 2023
141,213
2,029,243
147,340
187,685
2,505,481
Depreciation charged in the year
206
85,063
13,788
44,949
144,006
Eliminated in respect of disposals
-
0
(2,649)
-
0
-
0
(2,649)
At 31 March 2024
141,419
2,111,657
161,128
232,634
2,646,838
Carrying amount
At 31 March 2024
-
0
224,351
36,797
81,574
342,722
At 31 March 2023
206
292,514
43,470
126,523
462,713
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 9 -

The company has three subsidiary companies which were incorporated on 4th April 2022 and were all dormant at the year end. Details are:

 

Island Metals Limited     100%

Island Patties Limited     100%

ID retail Limited         100%

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,232,004
1,290,582
Corporation tax recoverable
-
0
9,852
Amounts owed by group undertakings
181,993
103,493
Other debtors
288,368
178,760
1,702,365
1,582,687
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
573,490
555,938
Trade creditors
808,964
862,817
Corporation tax
29,322
38,219
Other taxation and social security
88,789
46,823
Other creditors
252,877
248,855
1,753,442
1,752,652
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
12,982
27,087
9
Loans and overdrafts
2024
2023
£
£
Bank loans
573,490
555,938
Payable within one year
573,490
555,938
CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Loans and overdrafts
(Continued)
- 10 -

A fixed and floating charge over the Company's assets have been given to secure the amounts due to the lender.

[An entity shall disclose information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and performance. For example, for long term debt such information would normally include the terms and conditions of the debt instrument (such as interest rate, maturity, repayment schedule, and restrictions that the debt instrument imposes on the entity.]

10
Pension commitments

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. At the balance sheet date, unpaid contributions of £10,120 (2023 - £8,310) were due to the fund. The liability is included in trade creditors.

 

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
935,000
30,000
CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Directors' transactions

W.C. Lyn Esq.
Director and majority shareholder

 

a) The company holds a lease for a term of 17 years from October 2006 from a company owned by an offshore trust whose ultimate beneficiary is Mr. W.C. Lyn. The rent payable under the lease was valued independently on a commercial basis and at the year end was £60,000 per annum, reviewed every five years. During the year, the company paid £60,000 (2023 - £60,000) under this year. There were no amounts outstanding at the end of the year.

 

b) Mr. Lyn has given personal guarantees to the Company's bankers and other financial institutions.

 

c) Mr. Lyn did not receive any dividends during the year (2023 - £nil).

 

d) Mr. Lyn has a loan account with the company which is interest free and repayable on demand. The loan was repaid during the year and further advances made.

 

The amount due (from)/to him at the year end amounted to (£43,111) (2023 - (£10,878)).

 

 

All directors

 

The Company has made loans to a Company controlled by the directors during the year. The loans are interest free and repayable on demand. There have been further advances during the year amounting to £78,500 and repayments received amounting to £nil. The balance due to the Company at the year end amounted to £181,993 (2023 - £103,493).

 

 

13
Parent company

The company is controlled by Mr. W.C. Lyn throughout the current and previous year by virtue of him being a director and controlling 100% of the called up share capital.

CLEONE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
14
Employee benefit trusts

The company has two employee benefit trusts, details of each are shown below.

 

a) 1999 Employee Benefit Trust

 

The company entered into an employee benefit trust in the Isle of Man in 1999 in order to recognise and reward past, present and future service to the company by its employees. There have been no contributions into the trust during the financial year (2022 - £nil). Neither the company nor its directors have any control over the trustees of this trust or the trustees actions. During the year, the directors do not believe that the trustees have allocated any funds from the main Trust into a sub-trust whose beneficiary is Mr. W.C. Lyn. The directors further believe that it is not possible for the sub-trust to fund the main trust.

 

The directors are informed by the trustees that the value of assets held by the trust as at 31st March 2023 are £134 (2022 - £134). On the basis that this value is not material and that the Company has adopted FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) when preparing these financial statements, the directors have not accounted for the value of the assets of the trust as required by UITF 17, UITF 32, UITF 38 and FRS5 or FRS102.

 

 

b) 2005 Guardian Trust

 

The company established a Guardian Trust in 2005 for the benefit of members of the family of present and future employees. There have been no contributions into the trust during the financial year (2022 - £nil). Neither the company nor its directors have any control over the trustees of this trust or the trustees actions. During the year, the directors do not believe that the trustees have allocated any funds from the main Trust into a sub-trust whose beneficiary is Mr. W.C. Lyn. The directors further believe that it is not possible for the sub-trust to fund the main trust.

 

The directors are informed by the trustees that the value of assets held by the trust as at 31st March 2023 are £191 (2022 - £191). On the basis that this value is not material and that the Company has adopted FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) when preparing these financial statements, the directors have not accounted for the value of the assets of the trust as required by UITF 17, UITF 32, UITF 38 and FRS5 or FRS102.

 

 

 

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