REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
BALANCE SHEET |
31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
1. | STATUTORY INFORMATION |
F.M.X. Food Merchants Import Export Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Having taken into account the anticipated residual value of the freehold property, as well as the long useful life of the asset, it is the opinion of the directors that no depreciation charge is required. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Deferred tax |
Deferred tax is recognised in respect of the revalued freehold property. |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 contributes to personal pension schemes for its directors and employees. The assets of the schemes are held independently of the company by a pension provider. The amount charged to the profit and loss account is the contributions payable in the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
The historic cost of the freehold property is £668,506 which, following a previous policy of revaluation, was brought up to the current book value of £2,600,000 in August 2022. |
In line with options available for companies upon adoption of Financial Reporting Standard 102, this freehold property valuation is being carried as deemed cost. |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st January 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 350,000 | - | - | - | 350,000 |
Valuation in 2010 | 50,000 | - | - | - | 50,000 |
Valuation in 2009 | 685,120 | - | - | - | 685,120 |
Valuation in 2002 | 400,000 | - | - | - | 400,000 |
Valuation in 1999 | 649,620 | - | - | - | 649,620 |
Valuation in 1992 | (203,246 | ) | - | - | - | (203,246 | ) |
Cost | 668,506 | 88,227 | 20,851 | 75,258 | 852,842 |
2,600,000 | 88,227 | 20,851 | 75,258 | 2,784,336 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 1,349 | - |
Corporation tax recoverable |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accrued expenses |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Deferred tax | 161,146 | 161,146 |
Deferred taxation movement | 138,388 | - |
299,534 | 161,146 |
Other provisions |
Exceptional items | 419,006 | 408,255 |
Aggregate amounts | 718,540 | 569,401 |
Deferred | Exceptiona l |
tax | items |
£ | £ |
Balance at 1st February 2023 |
Provided during year |
Balance at 31st January 2024 |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
8. | PROVISIONS FOR LIABILITIES - continued |
Provision has been made for taxation that would be payable if the company's freehold property was sold at its book value. |
Exceptional items |
The Company has been involved for a number of years in a dispute with HMRC regarding customs duty on various items imported in 2003. |
In earlier Tribunal Hearings judgement had been found in favour of the Company, but HMRC appealed the decision and following a further Hearing in the Supreme Court a judgement was made in January 2020 in favour of HMRC. |
As a result the Company became liable for the duty of £503,577 for which a provision was made in the financial statements to 31st January 2020. Although no formal agreement has been reached with HM Revenue and Customs regarding payment, the liability is being paid by instalments. At the 31st January 2024 Balance Sheet date, the outstanding balance of £31,577 (2023 - £163,577) is included within other creditors. At the date of the signing of these financial statements the liability has been reduced to £Nil. |
In addition, any interest payable thereon, has been accrued for up to the current year's balance sheet date. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,617 | 1,617 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
Further to the note regarding Provisions for Liabilities and the exceptional items therein, the company may be liable to a penalty based on a percentage of the duty of £503,577, the amount of which is not yet known. If any amount is determined, it will be reflected in a subsequent year's financial statements. |
F.M.X. FOOD MERCHANTS IMPORT EXPORT |
COMPANY LIMITED (REGISTERED NUMBER: 01461706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |