Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31true2023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity1415true 11304647 2023-04-01 2024-07-31 11304647 2022-04-01 2023-03-31 11304647 2024-07-31 11304647 2023-03-31 11304647 c:Director1 2023-04-01 2024-07-31 11304647 d:PlantMachinery 2023-04-01 2024-07-31 11304647 d:PlantMachinery 2024-07-31 11304647 d:PlantMachinery 2023-03-31 11304647 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-07-31 11304647 d:FurnitureFittings 2023-04-01 2024-07-31 11304647 d:FurnitureFittings 2024-07-31 11304647 d:FurnitureFittings 2023-03-31 11304647 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-07-31 11304647 d:OfficeEquipment 2023-04-01 2024-07-31 11304647 d:OfficeEquipment 2024-07-31 11304647 d:OfficeEquipment 2023-03-31 11304647 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-07-31 11304647 d:OtherPropertyPlantEquipment 2023-04-01 2024-07-31 11304647 d:OtherPropertyPlantEquipment 2024-07-31 11304647 d:OtherPropertyPlantEquipment 2023-03-31 11304647 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-07-31 11304647 d:OwnedOrFreeholdAssets 2023-04-01 2024-07-31 11304647 d:CurrentFinancialInstruments 2024-07-31 11304647 d:CurrentFinancialInstruments 2023-03-31 11304647 d:Non-currentFinancialInstruments 2024-07-31 11304647 d:Non-currentFinancialInstruments 2023-03-31 11304647 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 11304647 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11304647 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 11304647 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11304647 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 11304647 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 11304647 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 11304647 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 11304647 d:ShareCapital 2024-07-31 11304647 d:ShareCapital 2023-03-31 11304647 d:RetainedEarningsAccumulatedLosses 2024-07-31 11304647 d:RetainedEarningsAccumulatedLosses 2023-03-31 11304647 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 11304647 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11304647 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 11304647 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 11304647 c:OrdinaryShareClass1 2023-04-01 2024-07-31 11304647 c:OrdinaryShareClass1 2024-07-31 11304647 c:OrdinaryShareClass1 2023-03-31 11304647 c:FRS102 2023-04-01 2024-07-31 11304647 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-07-31 11304647 c:FullAccounts 2023-04-01 2024-07-31 11304647 c:PrivateLimitedCompanyLtd 2023-04-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11304647









HEALTHY ITALIAN FOOD LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2024

 
HEALTHY ITALIAN FOOD LTD
REGISTERED NUMBER: 11304647

BALANCE SHEET
AS AT 31 JULY 2024

31 July
31 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
141,304

  
-
141,304

Current assets
  

Stocks
  
-
5,500

Debtors: amounts falling due within one year
 5 
-
13,652

Cash at bank and in hand
  
-
6,723

  
-
25,875

Creditors: amounts falling due within one year
 6 
(42,034)
(96,653)

Net current liabilities
  
 
 
(42,034)
 
 
(70,778)

Total assets less current liabilities
  
(42,034)
70,526

Creditors: amounts falling due after more than one year
 7 
-
(21,717)

Provisions for liabilities
  

Deferred tax
 9 
-
(11,347)

  
 
 
-
 
 
(11,347)

Net (liabilities)/assets
  
(42,034)
37,462


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(42,134)
37,362

  
(42,034)
37,462


Page 1

 
HEALTHY ITALIAN FOOD LTD
REGISTERED NUMBER: 11304647
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.




J Khazaei
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 11304647.  The Company's registered office is Unit 4, 175 Broad Street, Birmingham, B15 1DA.
The company year end was extended to 31 July 2024.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash Flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 3

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance
Other fixed assets
-
8%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

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

 
2.10

Cash and cash equivalents

Cash is represented by 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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
Page 5

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Page 6

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 14 (2023 - 15).

Page 7

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

4.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Office equipment
Improve-ments
Total

£
£
£
£
£





At 1 April 2023
85,252
89,116
6,477
37,262
218,107


Additions
2,639
77,501
-
-
80,140


Disposals
(87,891)
(166,617)
(6,477)
(37,262)
(298,247)



At 31 July 2024

-
-
-
-
-





At 1 April 2023
40,525
24,570
2,395
9,316
76,806


Charge for the period on owned assets
9,373
19,326
816
3,105
32,620


Disposals
(49,898)
(43,896)
(3,211)
(12,421)
(109,426)



At 31 July 2024

-
-
-
-
-



Net book value



At 31 July 2024
-
-
-
-
-



At 31 March 2023
44,727
64,547
4,082
27,947
141,303


5.


Debtors

31 July
31 March
2024
2023
£
£


Trade debtors
-
1,482

Prepayments and accrued income
-
12,170

-
13,652


Page 8

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

6.


Creditors: Amounts falling due within one year

31 July
31 March
2024
2023
£
£

Bank loans
-
10,000

Trade creditors
-
49,488

Other taxation and social security
-
17,378

Other creditors
40,584
18,337

Accruals and deferred income
1,450
1,450

42,034
96,653



7.


Creditors: Amounts falling due after more than one year

31 July
31 March
2024
2023
£
£

Bank loans
-
21,717

-
21,717


Page 9

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

8.


Loans


Analysis of the maturity of loans is given below:


31 July
31 March
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
10,000


-
10,000

Amounts falling due 1-2 years

Bank loans
-
10,000


-
10,000

Amounts falling due 2-5 years

Bank loans
-
11,717


-
11,717


-
31,717



9.


Deferred taxation






2024


£






At beginning of year
(11,347)


Utilised in year
11,347



At end of year
-

Page 10

 
HEALTHY ITALIAN FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

31 July
31 March
2024
2023
£
£


Accelerated capital allowances
-
(18,488)

Tax losses carried forward
-
7,141

-
(11,347)


10.


Share capital

31 July
31 March
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.Other financial commitments

The company has total commitments at the balance sheet date of £Nil (2023 - £463,500).


12.


Related party transactions

During the year, the company received a loan from the director of £63,830 (2023 - £52,010) and made repayments of £25,197 (2023 - £50,059). As at the balance sheet date £40,584 (2023 - £1,951) was due to the director.
This loan is interest free and repayable on demand.

 
Page 11