Registered number
13248649
Pivotal Foods Ltd
Filleted Accounts
31 March 2024
Pivotal Foods Ltd
Company Information
Directors
L J Evans
C P McVay
E C McVay
G M Wheeler
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit C2
6400 Severn Drive
Tewkesbury Business Park
Glos
Registered number
13248649
Pivotal Foods Ltd
Registered number: 13248649
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 5,312 6,062
Tangible assets 4 14,998 17,619
20,310 23,681
Current assets
Stocks 486,535 445,744
Debtors 5 718,433 618,942
Cash at bank and in hand 496,077 307,122
1,701,045 1,371,808
Creditors: amounts falling due within one year 6 (566,868) (607,641)
Net current assets 1,134,177 764,167
Net assets 1,154,487 787,848
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,154,387 787,748
Shareholders' funds 1,154,487 787,848
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L J Evans C P McVay E C McVay G M Wheeler
Director
Approved by the board on 31 July 2024
Pivotal Foods Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer expenses over 4 years
Fixtures, fittings, and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 7,500
At 31 March 2024 7,500
Amortisation
At 1 April 2023 1,438
Provided during the year 750
At 31 March 2024 2,188
Net book value
At 31 March 2024 5,312
At 31 March 2023 6,062
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Computer equipment Fixtures, fittings & equipment Total
£ £ £
Cost
At 1 April 2023 10,035 16,865 26,900
Additions - 5,448 5,448
At 31 March 2024 10,035 22,313 32,348
Depreciation
At 1 April 2023 3,570 5,711 9,281
Charge for the year 2,509 5,560 8,069
At 31 March 2024 6,079 11,271 17,350
Net book value
At 31 March 2024 3,956 11,042 14,998
At 31 March 2023 6,465 11,154 17,619
5 Debtors 2024 2023
£ £
Trade debtors 625,407 563,857
Other debtors 93,026 55,085
718,433 618,942
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 292,358 377,347
Taxation and social security costs 203,000 181,941
Other creditors 71,510 48,353
566,868 607,641
7 Controlling party
The company is controlled by the directors.
8 Other information
Pivotal Foods Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit C2
6400 Severn Drive
Tewkesbury Business Park
Glos
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