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REGISTERED NUMBER: 04350119 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 29 February 2024

for

Fyfield Fine Foods Limited

Fyfield Fine Foods Limited (Registered number: 04350119)

Contents of the Financial Statements
For The Year Ended 29 February 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Fyfield Fine Foods Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: Mr R A Mackley
Mrs L G Wallis
Mr M Wallis





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 04350119 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Fyfield Fine Foods Limited (Registered number: 04350119)

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 25,165 15,383
25,165 15,383

CURRENT ASSETS
Stocks 6 68,711 73,464
Debtors 7 89,837 70,513
Cash at bank and in hand 51,060 90,712
209,608 234,689
CREDITORS
Amounts falling due within one year 8 57,221 68,886
NET CURRENT ASSETS 152,387 165,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

177,552

181,186

CREDITORS
Amounts falling due after more than one
year

9

(3,930

)

(6,984

)

PROVISIONS FOR LIABILITIES 10 (4,781 ) (2,922 )
NET ASSETS 168,841 171,280

CAPITAL AND RESERVES
Called up share capital 11 925 925
Share premium 149,575 149,575
Retained earnings 18,341 20,780
SHAREHOLDERS' FUNDS 168,841 171,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fyfield Fine Foods Limited (Registered number: 04350119)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mrs L G Wallis - Director


Fyfield Fine Foods Limited (Registered number: 04350119)

Notes to the Financial Statements
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Fyfield Fine Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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 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.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% straight line basis
Plant and machinery - 33% on cost and 25% on reducing balance
Fixtures and fittings - 33% straight line basis
Motor vehicles - 25% straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Fyfield Fine Foods Limited (Registered number: 04350119)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued

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

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been fully amortised evenly over its estimated useful life of twenty years.
Following the adoption of FRS 102 "The Financial Reporting standard applicable in the Uk and Republic of Ireland" this policy has been revised to the amortisation of the balance of goodwill evenly over an estimated useful life of seven years.

Fyfield Fine Foods Limited (Registered number: 04350119)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 67,569
AMORTISATION
At 1 March 2023
and 29 February 2024 67,569
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

The company purchased the trade of Arran Foods Limited on the 1st March 2002 for £103,600 representing net assets of £36,031 and goodwill of £67,569.

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 7,206 25,836 10,222 115,064 158,328
Additions - - - 25,749 25,749
At 29 February 2024 7,206 25,836 10,222 140,813 184,077
DEPRECIATION
At 1 March 2023 7,206 21,206 8,691 105,842 142,945
Charge for year - 1,157 943 13,867 15,967
At 29 February 2024 7,206 22,363 9,634 119,709 158,912
NET BOOK VALUE
At 29 February 2024 - 3,473 588 21,104 25,165
At 28 February 2023 - 4,630 1,531 9,222 15,383

6. STOCKS
2024 2023
£    £   
Stocks 68,711 73,464

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 83,947 67,029
Other debtors 5,890 3,484
89,837 70,513

Fyfield Fine Foods Limited (Registered number: 04350119)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,052 3,003
Trade creditors 51,566 51,987
Taxation and social security 2,603 12,291
Other creditors - 1,605
57,221 68,886

Included within bank loans and overdrafts is a loan taken out under the BBL scheme.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,930 6,984

Included within bank loans is a loan taken out under the BBL scheme.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,781 2,922

Deferred
tax
£   
Balance at 1 March 2023 2,922
Charge to Statement of Income and Retained Earnings during year 1,859
Balance at 29 February 2024 4,781

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
925 Ordinary £1 925 925