Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-292024-04-29truefalse62023-04-30falsecontinued to be that of processing and preserving fruit and vegetables10The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03073818 2023-04-30 2024-04-29 03073818 2022-04-30 2023-04-29 03073818 2024-04-29 03073818 2023-04-29 03073818 c:Director2 2023-04-30 2024-04-29 03073818 d:Buildings d:LongLeaseholdAssets 2023-04-30 2024-04-29 03073818 d:Buildings d:LongLeaseholdAssets 2024-04-29 03073818 d:Buildings d:LongLeaseholdAssets 2023-04-29 03073818 d:PlantMachinery 2023-04-30 2024-04-29 03073818 d:PlantMachinery 2024-04-29 03073818 d:PlantMachinery 2023-04-29 03073818 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 03073818 d:MotorVehicles 2023-04-30 2024-04-29 03073818 d:MotorVehicles 2024-04-29 03073818 d:MotorVehicles 2023-04-29 03073818 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 03073818 d:FurnitureFittings 2023-04-30 2024-04-29 03073818 d:FurnitureFittings 2024-04-29 03073818 d:FurnitureFittings 2023-04-29 03073818 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 03073818 d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 03073818 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-29 03073818 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-29 03073818 d:CurrentFinancialInstruments 2024-04-29 03073818 d:CurrentFinancialInstruments 2023-04-29 03073818 d:Non-currentFinancialInstruments 2024-04-29 03073818 d:Non-currentFinancialInstruments 2023-04-29 03073818 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-29 03073818 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-29 03073818 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-29 03073818 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-29 03073818 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-29 03073818 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-29 03073818 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-29 03073818 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-29 03073818 d:ShareCapital 2024-04-29 03073818 d:ShareCapital 2023-04-29 03073818 d:RetainedEarningsAccumulatedLosses 2024-04-29 03073818 d:RetainedEarningsAccumulatedLosses 2023-04-29 03073818 c:FRS102 2023-04-30 2024-04-29 03073818 c:AuditExempt-NoAccountantsReport 2023-04-30 2024-04-29 03073818 c:FullAccounts 2023-04-30 2024-04-29 03073818 c:PrivateLimitedCompanyLtd 2023-04-30 2024-04-29 03073818 d:HirePurchaseContracts d:WithinOneYear 2024-04-29 03073818 d:HirePurchaseContracts d:WithinOneYear 2023-04-29 03073818 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-29 03073818 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-29 03073818 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-04-30 2024-04-29 03073818 2 2023-04-30 2024-04-29 03073818 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-30 2024-04-29 iso4217:GBP xbrli:pure

Registered number: 03073818










ESSENCE FOODS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 APRIL 2024

 
ESSENCE FOODS LIMITED
REGISTERED NUMBER: 03073818

STATEMENT OF FINANCIAL POSITION
AS AT 29 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
552
308

Tangible assets
 5 
29,432
7,170

  
29,984
7,478

Current assets
  

Stocks
  
19,593
11,079

Debtors: amounts falling due within one year
 6 
10,072
10,540

Cash at bank and in hand
  
40,910
10,950

  
70,575
32,569

Creditors: amounts falling due within one year
 7 
(121,038)
(99,473)

Net current liabilities
  
 
 
(50,463)
 
 
(66,904)

Total assets less current liabilities
  
(20,479)
(59,426)

Creditors: amounts falling due after more than one year
 8 
(18,774)
(6,250)

  

Net liabilities
  
(39,253)
(65,676)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(39,263)
(65,686)

  
(39,253)
(65,676)


Page 1

 
ESSENCE FOODS LIMITED
REGISTERED NUMBER: 03073818
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 APRIL 2024

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income statement 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 by: 


Mr E Savage
Director

Date: 29 January 2025

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

Page 2

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

1.


General information

Essence Foods Limited is a private company limited by shares and incorporated in England, registration number 03073818. The registered office is The Old Dairy Manor Farm, Back Lane, Stanfield, Dereham, Norfolk, NR20 4HY.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. 
Although the balance sheet at the period end is overdrawn, the Directors have undertaken to continue their financial support for the foreseeable future, and they are optimistic that a number of new projects which they are pursuing will result in an upturn in the company performance.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

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

Page 4

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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, on the following basis: 

Long-term leasehold property
-
33% Straight line
Plant and machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

Page 5

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value. 
At each reporting 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

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.

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
Page 6

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
10
6

Page 7

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

4.


Intangible assets




Trademarks

£



Cost


At 30 April 2023
440


Additions
320



At 29 April 2024

760



Amortisation


At 30 April 2023
132


Charge for the year on owned assets
76



At 29 April 2024

208



Net book value



At 29 April 2024
552



At 29 April 2023
308



Page 8

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 30 April 2023
5,619
9,450
-
4,000
19,069


Additions
-
541
28,390
-
28,931



At 29 April 2024

5,619
9,991
28,390
4,000
48,000



Depreciation


At 30 April 2023
5,619
4,165
-
2,116
11,900


Charge for the year on owned assets
-
874
5,323
471
6,668



At 29 April 2024

5,619
5,039
5,323
2,587
18,568



Net book value



At 29 April 2024
-
4,952
23,067
1,413
29,432



At 29 April 2023
-
5,286
-
1,884
7,170


6.


Debtors

2024
2023
£
£


Trade debtors
5,402
3,160

Other debtors
4,501
1,850

Deferred taxation
169
5,530

10,072
10,540


Page 9

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
167
-

Bank loans
3,000
3,000

Trade creditors
10,769
5,240

Other taxation and social security
9,185
3,946

Obligations under finance lease and hire purchase contracts
6,407
-

Other creditors
88,165
83,462

Accruals and deferred income
3,345
3,825

121,038
99,473



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,250
6,250

Net obligations under finance leases and hire purchase contracts
15,524
-

18,774
6,250


Page 10

 
ESSENCE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,000
3,000


3,000
3,000

Amounts falling due 1-2 years

Bank loans
3,000
3,000


3,000
3,000

Amounts falling due 2-5 years

Bank loans
250
3,250


250
3,250


6,250
9,250



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,407
-

Between 1-5 years
15,524
-

21,931
-


11.


Related party transactions

At the year end, the directors were owed £88,165 (2023: £78,202) by the Company, which is repayable when sufficent funds permit. This is an interest free loan to the company.

 
Page 11