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REGISTERED NUMBER: 01461706 (England and Wales)













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: G Pignatelli
P Pignatelli
C A Izarra
J Pignatelli





SECRETARY: R Pignatelli





REGISTERED OFFICE: Unit 2 & 3
Leeside Trading Estate
60 Garman Road
Tottenham
London
N17 0QH





REGISTERED NUMBER: 01461706 (England and Wales)





AUDITORS: Sproull & Co.
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 2,681,465 2,305,577

CURRENT ASSETS
Stocks 487,231 234,789
Debtors 5 2,602,935 2,095,736
Cash at bank 539,899 427,343
3,630,065 2,757,868
CREDITORS
Amounts falling due within one year 6 2,479,147 1,856,322
NET CURRENT ASSETS 1,150,918 901,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,832,383

3,207,123

CREDITORS
Amounts falling due after more than one year 7 (13,333 ) (59,909 )

PROVISIONS FOR LIABILITIES 8 (718,540 ) (569,401 )
NET ASSETS 3,100,510 2,577,813

CAPITAL AND RESERVES
Called up share capital 9 1,617 1,617
Revaluation reserve 1,631,959 1,420,347
Capital redemption reserve 3,383 3,383
Retained earnings 1,463,551 1,152,466
SHAREHOLDERS' FUNDS 3,100,510 2,577,813

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th January 2025 and were signed on its behalf by:



G Pignatelli - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - depreciation is not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST OR VALUATION
At 1st February 2023 2,250,000 51,496 29,189 75,258 2,405,943
Additions - 45,600 2,042 - 47,642
Disposals - (8,869 ) (10,380 ) - (19,249 )
Revaluations 350,000 - - - 350,000
At 31st January 2024 2,600,000 88,227 20,851 75,258 2,784,336
DEPRECIATION
At 1st February 2023 - 35,731 21,125 43,510 100,366
Charge for year - 11,339 2,427 7,937 21,703
Eliminated on disposal - (8,850 ) (10,348 ) - (19,198 )
At 31st January 2024 - 38,220 13,204 51,447 102,871
NET BOOK VALUE
At 31st January 2024 2,600,000 50,007 7,647 23,811 2,681,465
At 31st January 2023 2,250,000 15,765 8,064 31,748 2,305,577

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 2,520,976 2,012,123
Other debtors 11,743 23,221
Directors' current accounts 1,349 -
Corporation tax recoverable 455 -
VAT 36,928 20,090
Prepayments 31,484 40,302
2,602,935 2,095,736

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans 10,000 10,000
Hire purchase contracts 33,075 1,397
Trade creditors 1,524,937 1,196,872
Taxation 97,377 38,798
Social security and other taxes 18,683 20,189
Other creditors 71,425 170,864
Accrued expenses 723,650 418,202
2,479,147 1,856,322

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 13,333 23,333
Hire purchase contracts - 36,576
13,333 59,909

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 161,146 408,255
Provided during year 138,388 10,751
Balance at 31st January 2024 299,534 419,006

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: £ £
1,617 Ordinary £1 1,617 1,617

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michelle Wickwar (Senior Statutory Auditor)
for and on behalf of Sproull & Co.

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
£ £
P Pignatelli
Balance outstanding at start of year - -
Amounts advanced 1,349 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,349 -