Ready Eats Ltd 12163048 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the production and sale of food through wholesale markets and direct to the public Digita Accounts Production Advanced 6.30.9574.0 true true true 12163048 2023-04-01 2024-03-31 12163048 2024-03-31 12163048 bus:OrdinaryShareClass1 2024-03-31 12163048 core:CurrentFinancialInstruments 2024-03-31 12163048 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12163048 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 12163048 core:FurnitureFittingsToolsEquipment 2024-03-31 12163048 core:LandBuildings 2024-03-31 12163048 core:MotorVehicles 2024-03-31 12163048 core:OtherPropertyPlantEquipment 2024-03-31 12163048 core:ParentEntities 2024-03-31 12163048 bus:SmallEntities 2023-04-01 2024-03-31 12163048 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12163048 bus:FilletedAccounts 2023-04-01 2024-03-31 12163048 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12163048 bus:RegisteredOffice 2023-04-01 2024-03-31 12163048 bus:Director1 2023-04-01 2024-03-31 12163048 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12163048 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12163048 core:Goodwill 2023-04-01 2024-03-31 12163048 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 12163048 core:LandBuildings 2023-04-01 2024-03-31 12163048 core:MotorVehicles 2023-04-01 2024-03-31 12163048 core:OfficeEquipment 2023-04-01 2024-03-31 12163048 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 12163048 core:PlantMachinery 2023-04-01 2024-03-31 12163048 core:ParentEntities 2023-04-01 2024-03-31 12163048 1 2023-04-01 2024-03-31 12163048 countries:England 2023-04-01 2024-03-31 12163048 2023-03-31 12163048 core:FurnitureFittingsToolsEquipment 2023-03-31 12163048 core:LandBuildings 2023-03-31 12163048 core:MotorVehicles 2023-03-31 12163048 core:OtherPropertyPlantEquipment 2023-03-31 12163048 core:ParentEntities 2023-03-31 12163048 2022-04-01 2023-03-31 12163048 2023-03-31 12163048 bus:OrdinaryShareClass1 2023-03-31 12163048 core:CurrentFinancialInstruments 2023-03-31 12163048 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12163048 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12163048 core:FurnitureFittingsToolsEquipment 2023-03-31 12163048 core:LandBuildings 2023-03-31 12163048 core:MotorVehicles 2023-03-31 12163048 core:OtherPropertyPlantEquipment 2023-03-31 12163048 core:ParentEntities 2023-03-31 12163048 core:ParentEntities 2022-04-01 2023-03-31 12163048 2022-03-31 12163048 core:ParentEntities 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12163048

Ready Eats Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Ready Eats Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Ready Eats Ltd

Company Information

Director

Mr MA Wilsher

Registered office

Units 4&5 Windover Court
Huntingdon
Cambridgeshire
PE29 7EA

Accountants

Mr John Parker
AIMS Accountants for Business
30 Chestnut Close
Brampton
Huntingdon
Cambridgeshire
United Kingdom
PE28 4TP

 

Ready Eats Ltd

(Registration number: 12163048)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

531,100

542,250

Tangible assets

5

1,063,357

1,086,187

 

1,594,457

1,628,437

Current assets

 

Stocks

6

100,920

87,963

Debtors

7

63,703

92,220

Cash at bank and in hand

 

59,673

32,143

 

224,296

212,326

Prepayments and accrued income

 

15,342

19,278

Creditors: Amounts falling due within one year

8.1

(118,005)

(118,280)

Net current assets

 

121,633

113,324

Total assets less current liabilities

 

1,716,090

1,741,761

Creditors: Amounts falling due after more than one year

8.2

(1,856,717)

(1,909,894)

Accruals and deferred income

 

(17,966)

(17,790)

Net liabilities

 

(158,593)

(185,923)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(158,693)

(186,023)

Shareholders' deficit

 

(158,593)

(185,923)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ready Eats Ltd

(Registration number: 12163048)
Abridged Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr MA Wilsher
Director

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Units 4&5 Windover Court
Huntingdon
Cambridgeshire
PE29 7EA

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles

25% reducing balance

Plant & machinery

15% reducing balance

Office equipment

30% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 34 (2023 - 34).

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

603,000

Additions acquired separately

20,000

At 31 March 2024

623,000

Amortisation

At 1 April 2023

60,750

Amortisation charge

31,150

At 31 March 2024

91,900

Carrying amount

At 31 March 2024

531,100

At 31 March 2023

542,250

Goodwill represents the purchase costs of businesses above the cost of the relevant company net assets. The directors review annually the carrying amount of this goodwill and will recognise impairments as required.

The aggregate amount of research and development expenditure recognised as an expense during the period is £912 (2023 - £956).
 

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

844,792

748

53,995

304,170

1,203,705

Additions

-

-

16,376

140,075

156,451

Disposals

(102,164)

-

(8,739)

-

(110,903)

At 31 March 2024

742,628

748

61,632

444,245

1,249,253

Depreciation

At 1 April 2023

-

449

29,459

87,610

117,518

Charge for the year

-

225

8,043

60,110

68,378

At 31 March 2024

-

674

37,502

147,720

185,896

Carrying amount

At 31 March 2024

742,628

74

24,130

296,525

1,063,357

At 31 March 2023

844,792

299

24,536

216,560

1,086,187

Included within the net book value of land and buildings above is £742,628 (2023 - £844,792) in respect of freehold land and buildings.
 

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

99,213

83,442

Finished goods and goods for resale

1,707

4,521

100,920

87,963

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured on the company freehold property of £20,000 (2023 - £20,500).

Creditors: amounts falling due after more than one year

Creditors falling due over one year but less than five years include bank loans and overdrafts which are secured on the company property of £55,667 (2023 - £65,167).

Creditors include bank loans and overdrafts which are secured on the company property of £118,404 (2023 - £118,404) due after more than five years.

Creditors include loans not repayable by instalments of £1,671,329 (2023 - £1,726,322) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Loans from related parties

 

Ready Eats Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024

Parent
£

Total
£

At start of period

1,726,322

1,726,322

Repaid

(54,993)

(54,993)

At end of period

1,671,329

1,671,329

2023

Parent
£

Total
£

At start of period

1,676,395

1,676,395

Advanced

49,927

49,927

At end of period

1,726,322

1,726,322

Terms of loans from related parties

This loan is repayable on demand
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Wayfarer Investments International Ltd, incorporated in Guernsey.

 The ultimate controlling party is The Wayfarer Trust.