Caseware UK (AP4) 2023.0.135 2023.0.135 falsefalse2023-05-01No description of principal activity2122true 06351192 2023-05-01 2024-04-30 06351192 2022-05-01 2023-04-30 06351192 2024-04-30 06351192 2023-04-30 06351192 c:Director1 2023-05-01 2024-04-30 06351192 d:PlantMachinery 2023-05-01 2024-04-30 06351192 d:PlantMachinery 2024-04-30 06351192 d:PlantMachinery 2023-04-30 06351192 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06351192 d:MotorVehicles 2023-05-01 2024-04-30 06351192 d:MotorVehicles 2024-04-30 06351192 d:MotorVehicles 2023-04-30 06351192 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06351192 d:FurnitureFittings 2023-05-01 2024-04-30 06351192 d:FurnitureFittings 2024-04-30 06351192 d:FurnitureFittings 2023-04-30 06351192 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06351192 d:OfficeEquipment 2023-05-01 2024-04-30 06351192 d:OfficeEquipment 2024-04-30 06351192 d:OfficeEquipment 2023-04-30 06351192 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06351192 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06351192 d:CurrentFinancialInstruments 2024-04-30 06351192 d:CurrentFinancialInstruments 2023-04-30 06351192 d:CurrentFinancialInstruments 1 2024-04-30 06351192 d:CurrentFinancialInstruments 1 2023-04-30 06351192 d:Non-currentFinancialInstruments 2024-04-30 06351192 d:Non-currentFinancialInstruments 2023-04-30 06351192 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 06351192 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06351192 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 06351192 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 06351192 d:ShareCapital 2024-04-30 06351192 d:ShareCapital 2023-04-30 06351192 d:OtherMiscellaneousReserve 2023-05-01 2024-04-30 06351192 d:OtherMiscellaneousReserve 2024-04-30 06351192 d:OtherMiscellaneousReserve 2023-04-30 06351192 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 06351192 d:RetainedEarningsAccumulatedLosses 2024-04-30 06351192 d:RetainedEarningsAccumulatedLosses 2023-04-30 06351192 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 06351192 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 06351192 d:OtherDeferredTax 2024-04-30 06351192 d:OtherDeferredTax 2023-04-30 06351192 c:FRS102 2023-05-01 2024-04-30 06351192 c:Audited 2023-05-01 2024-04-30 06351192 c:FullAccounts 2023-05-01 2024-04-30 06351192 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06351192 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 06351192 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 06351192 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 06351192 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 06351192 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06351192 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 06351192 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 06351192 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 06351192 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 06351192 d:LeasedAssetsHeldAsLessee 2024-04-30 06351192 d:LeasedAssetsHeldAsLessee 2023-04-30 06351192 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 06351192









Binghams Food Limited









Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Binghams Food Limited
Registered number: 06351192

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
229,091
270,654

Current assets
  

Stocks
  
182,822
204,139

Debtors: amounts falling due within one year
 5 
3,079,028
2,291,861

Cash at bank and in hand
 6 
182,104
274,546

  
3,443,954
2,770,546

Creditors: amounts falling due within one year
 7 
(577,905)
(402,654)

Net current assets
  
 
 
2,866,049
 
 
2,367,892

Total assets less current liabilities
  
3,095,140
2,638,546

Creditors: amounts falling due after more than one year
 8 
(22,360)
(41,525)

Provisions for liabilities
  

Deferred tax
 10 
(52,568)
(63,471)

Net assets
  
3,020,212
2,533,550


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Other reserves
 11 
30,156
30,156

Profit and loss account
 11 
2,940,056
2,453,394

  
3,020,212
2,533,550


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 comprehensive income 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: 


G R Norfolk
Director
Date: 31 January 2025

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

1.


General information

Binghams Food Limited is a private company, limited by shares, registered in England and Wales, registered number 06351192. The company's registered office address is 148-154 Western Road, Sheffield, South Yorkshire, S10 1LD.
The principal activity of the company is production of meat products.

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.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

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 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.

Page 4

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
33%
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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.
Page 6

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 22).

Page 7

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
574,133
62,824
2,904
37,850
677,711


Additions
-
-
-
1,780
1,780


Disposals
-
-
-
(2,200)
(2,200)



At 30 April 2024

574,133
62,824
2,904
37,430
677,291



Depreciation


At 1 May 2023
318,216
54,755
1,466
32,620
407,057


Charge for the year
38,388
2,018
288
2,649
43,343


Disposals
-
-
-
(2,200)
(2,200)



At 30 April 2024

356,604
56,773
1,754
33,069
448,200



Net book value



At 30 April 2024
217,529
6,051
1,150
4,361
229,091



At 30 April 2023
255,917
8,069
1,438
5,230
270,654

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Plant and machinery
61,533
72,230

Motor vehicles
3,650
5,018

65,183
77,248

Page 8

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

5.


Debtors

2024
2023
£
£

Trade debtors
374,394
259,338

Amounts owed by group undertakings
2,647,049
1,987,049

Other debtors
26,817
24,522

Prepayments and accrued income
30,768
20,952

3,079,028
2,291,861



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
182,104
274,546



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
203,290
140,466

Corporation tax
99,216
75,107

Other taxation and social security
12,447
12,687

Obligations under finance lease and hire purchase contracts
19,166
19,166

Proceeds of factored debts
74,980
-

Other creditors
10,892
10,268

Accruals and deferred income
157,914
144,960

577,905
402,654


Secured loans
Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate. 

Page 9

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
22,360
41,525


Secured loans
Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate
Security on invoice disounting facility
Obligations under invoice discounting arrangements are secured against the trade receivables financed under the facility.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
19,166
19,166

Between 1-5 years
22,360
41,525

41,526
60,691


10.


Deferred taxation




2024


£






At beginning of year
(63,471)


Charged to profit or loss
10,903



At end of year
(52,568)

Page 10

 
Binghams Food Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(57,140)
(67,664)

Other timing differences
4,572
4,193

(52,568)
(63,471)


11.


Reserves

Other reserves

Included within retained earnings are non-distributable reserves of £30,156 (2023: £30,156) in respect of the write off of un-amortised goodwill.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.


Controlling party

The immediate parent company is Panicium Limited, its registered office address is Fawside Farm, Longnor, Buxton, England, SK17 0RA.
There is no overall controling party of Panicium Limited


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was qualified.

The qualification in the audit report was as follows:

The company was not audited in the previous period and we did not observe the counting of physical stocks at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 30 April 2023.
Since opening stocks enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit for the period reported in the statement of income and retained earnings.

The audit report was signed on 31 January 2025 by Chris Stewardson (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 11