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Company No: 08168250 (England and Wales)

ABC FOOD LAW LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

ABC FOOD LAW LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

ABC FOOD LAW LIMITED

BALANCE SHEET

As at 29 February 2024
ABC FOOD LAW LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,251 8,027
3,251 8,027
Current assets
Debtors 4 394,931 213,090
Cash at bank and in hand 2 2
394,933 213,092
Creditors: amounts falling due within one year 5 ( 237,515) ( 177,271)
Net current assets 157,418 35,821
Total assets less current liabilities 160,669 43,848
Creditors: amounts falling due after more than one year 6 ( 18,765) ( 26,756)
Provision for liabilities 7 ( 813) ( 2,007)
Net assets 141,091 15,085
Capital and reserves
Called-up share capital 500 500
Profit and loss account 140,591 14,585
Total shareholders' funds 141,091 15,085

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

Directors' responsibilities:

The financial statements of ABC Food Law Limited (registered number: 08168250) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr A P Bowles
Director

29 November 2024

ABC FOOD LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
ABC FOOD LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ABC Food Law Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2023 7,280 12,916 20,196
Disposals ( 6,664) ( 1,150) ( 7,814)
At 29 February 2024 616 11,766 12,382
Accumulated depreciation
At 01 March 2023 4,166 8,003 12,169
Charge for the financial year 556 1,228 1,784
Disposals ( 4,191) ( 631) ( 4,822)
At 29 February 2024 531 8,600 9,131
Net book value
At 29 February 2024 85 3,166 3,251
At 28 February 2023 3,114 4,913 8,027

4. Debtors

2024 2023
£ £
Trade debtors 28,710 25,210
S455 7,022 0
Other debtors 359,199 187,880
394,931 213,090

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 57,999 54,394
Corporation tax 81,951 71,928
Other taxation and social security 77,709 49,388
Other creditors 19,856 1,561
237,515 177,271

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,765 26,756

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 2,007) ( 4,489)
Credited to the Profit and Loss Account 1,194 2,482
At the end of financial year ( 813) ( 2,007)

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director's Advances 253,110 102,303

At the reporting date, the Company has advanced the Directors a balance of £253,110 (2023: £102,303). Interest has been charged on the loan at the official rate of interest and the loan is repayable on demand.