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REGISTERED NUMBER: SC631384 (Scotland)











































Fenwick And Co Food Limited

Unaudited Financial Statements

for the Year Ended 31st May 2024






Fenwick And Co Food Limited (Registered number: SC631384)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3 to 6


Fenwick And Co Food Limited

Company Information
for the year ended 31st May 2024







Directors: D Norris
S Simmonds





Registered office: Goosehome
Paxton South Mains
Berwick-Upon-Tweed
Borders
TD15 1SZ





Registered number: SC631384 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Fenwick And Co Food Limited (Registered number: SC631384)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 23,248 21,065

Current assets
Stocks 6,782 6,899
Debtors 5 10,095 22,611
Cash at bank and in hand 7,503 11,016
24,380 40,526
Creditors
Amounts falling due within one year 6 43,299 60,603
Net current liabilities (18,919 ) (20,077 )
Total assets less current liabilities 4,329 988

Provisions for liabilities 4,417 829
Net (liabilities)/assets (88 ) 159

Capital and reserves
Called up share capital 2 2
Retained earnings (90 ) 157
Shareholders' funds (88 ) 159

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

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 10th January 2025 and were signed on its behalf by:



S Simmonds - Director


Fenwick And Co Food Limited (Registered number: SC631384)

Notes to the Financial Statements
for the year ended 31st May 2024

1. Statutory information

Fenwick And Co Food Limited is a private company, limited by shares , registered in Scotland. 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.

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

Turnover arising from the sale of the above is recognised immediately when the sale is made.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade creditors, accruals, hire purchase contracts, other loans and directors' loans.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade creditors, accruals and other loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

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 balance sheet date.


Fenwick And Co Food Limited (Registered number: SC631384)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the 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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern
The company has a deficit on the balance sheet and relies on the support of its shareholders and creditors, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the directors have prepared the financial statements on the going concern basis.

3. Employees and directors

The average number of employees during the year was 10 (2023 - 8 ) .

Fenwick And Co Food Limited (Registered number: SC631384)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

4. Tangible fixed assets
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1st June 2023 18,950 4,872 557 24,379
Additions 5,914 1,267 417 7,598
At 31st May 2024 24,864 6,139 974 31,977
Depreciation
At 1st June 2023 2,316 731 267 3,314
Charge for year 4,177 1,020 218 5,415
At 31st May 2024 6,493 1,751 485 8,729
Net book value
At 31st May 2024 18,371 4,388 489 23,248
At 31st May 2023 16,634 4,141 290 21,065

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 10,095 22,611

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts - 1,190
Trade creditors 16,980 22,458
Taxation and social security 20,158 26,355
Other creditors 6,161 10,600
43,299 60,603

7. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 1,190

Hire purchase contracts are secured against the assets to which they relate.

8. Other financial commitments

At 31st May 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £3,782 (2023 - nil).

Fenwick And Co Food Limited (Registered number: SC631384)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st May 2024 and 31st May 2023:

20242023
££
Director 1
Balance outstanding at start of year11,3054,982
Amounts advanced21,14327,409
Amounts repaid(27,400)(21,086)
Balance outstanding at end of year5,04811,305

20232022
££
Director 2
Balance outstanding at start of year11,3054,982
Amounts advanced21,14227,409
Amounts repaid(27,400)(21,086)
Balance outstanding at end of year5,04711,305

These loans are unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.

10. Post balance sheet events

Since the year end, on 30th November 2024, an interim dividend for the year ending 31st May 2025 of £5,500 per share has been declared.