Company registration number 13382617 (England and Wales)
MA ORIENTAL FOODS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MA ORIENTAL FOODS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MA ORIENTAL FOODS HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
2,800,000
2,800,000
Investments
5
100,000
100,000
2,900,000
2,900,000
Current assets
Debtors
6
380,563
551,184
Cash at bank and in hand
4,243
12,183
384,806
563,367
Creditors: amounts falling due within one year
7
(184,807)
(196,415)
Net current assets
199,999
366,952
Total assets less current liabilities
3,099,999
3,266,952
Creditors: amounts falling due after more than one year
8
(1,993,860)
(2,119,442)
Provisions for liabilities
(110,702)
(106,057)
Net assets
995,437
1,041,453
Capital and reserves
Called up share capital
700,100
700,100
Other reserves
332,106
336,751
Profit and loss reserves
(36,769)
4,602
Total equity
995,437
1,041,453
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 30 June 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.
MA ORIENTAL FOODS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
H S Chadha
Director
Company registration number 13382617 (England and Wales)
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
MA Oriental Foods Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex, United Kingdom, HA1 1BE.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income receivable for the year, and is shown net of VAT and other sales related taxes.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
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.
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Equity instruments
These financial statements for the year ended 30 June 2024 are the first financial statements of MA Oriental Foods Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,800,000
Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a open market valuation carried out at 30 June 2024 by the directors.
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,357,192
2,357,192
Accumulated depreciation
-
-
Carrying amount
2,357,192
2,357,192
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100,000
100,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
286,315
528,850
Other debtors
94,248
22,334
380,563
551,184
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
115,493
59,280
Trade creditors
2,064
42,529
Taxation and social security
5,131
14,553
Other creditors
62,119
80,053
184,807
196,415
The bank loans are secured by fixed, floating charges and contains negative pledge over all assets.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,993,860
2,119,442
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The bank loans are secured by fixed, floating charges and contains negative pledge over all assets.
9
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 and not disclosed transactions and balances with wholly owned members of the group.
10
Directors' transactions
At the year end, the company was owed £92,528 (2023: £59,900 creditor) by the directors of the company. The company has charged interest at a rate of 2.25% on the directors loan accounts.
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Current assets
Debtors due within one year
421,184
130,000
551,184
Creditors due within one year
Other creditors
(58,538)
(64,044)
(122,582)
Net assets
975,497
65,956
1,041,453
Capital and reserves
Profit and loss reserves
(61,354)
65,956
4,602
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Income from shares in group undertakings
-
250,000
250,000
Interest payable and similar expenses
(139,576)
(4,044)
(143,620)
Profit for the financial period
318,169
245,956
564,125
MA ORIENTAL FOODS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Preference share dividends understated
-
(4,044)
Dividends receivable understated
-
250,000
Dividends payable understated
-
(180,000)
Total adjustments
-
65,956
Equity as previously reported
(42,672)
975,497
Equity as adjusted
(42,672)
1,041,453
Analysis of the effect upon equity
Profit and loss reserves
-
65,956
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Preference share dividends understated
(4,044)
Dividends receivable understated
250,000
Total adjustments
245,956
Profit as previously reported
318,169
Profit as adjusted
564,125
Notes to reconciliation
Preference share dividends understated
While preparing the financial statements for the year ended 30 June 2024 it was identified that the preference share dividends stated in the year ended June 2023 were incorrectly disclosed as £2,860 when £6,904 was payable resulting in the profit and loss reserves to be overstated by £4,044 in 2023.
Dividends receivable understated
While preparing the financial statements for the year ended 30 June 2024 it was identified that the dividends receivable stated in the year ended 30 June 2023 were incorrectly disclosed as £Nil when £250,000 was voted resulting in the profit and loss reserves to be understated by £250,000 in 2023.
Dividends payable understated
While preparing the financial statements for the year ended 30 June 2024 it was identified that the dividends stated in the year ended June 2023 were incorrectly disclosed as £Nil when £180,000 was voted resulting in the profit and loss reserves to be overstated by £180,000 in 2023.
2024-06-302023-07-01falsefalsefalse20 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityG K ChadhaH K ChadhaH S ChadhaTejbir Chadha133826172023-07-012024-06-30133826172024-06-30133826172023-06-3013382617core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3013382617core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3013382617core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3013382617core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3013382617core:CurrentFinancialInstruments2024-06-3013382617core:CurrentFinancialInstruments2023-06-3013382617core:ShareCapital2024-06-3013382617core:ShareCapital2023-06-3013382617core:OtherMiscellaneousReserve2024-06-3013382617core:OtherMiscellaneousReserve2023-06-3013382617core:RetainedEarningsAccumulatedLosses2024-06-3013382617core:RetainedEarningsAccumulatedLosses2023-06-3013382617bus:Director32023-07-012024-06-30133826172022-07-012023-06-30133826172023-06-3013382617core:WithinOneYear2024-06-3013382617core:WithinOneYear2023-06-3013382617core:Non-currentFinancialInstruments2024-06-3013382617core:Non-currentFinancialInstruments2023-06-3013382617bus:PrivateLimitedCompanyLtd2023-07-012024-06-3013382617bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3013382617bus:FRS1022023-07-012024-06-3013382617bus:AuditExemptWithAccountantsReport2023-07-012024-06-3013382617bus:Director12023-07-012024-06-3013382617bus:Director22023-07-012024-06-3013382617bus:Director42023-07-012024-06-3013382617bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP