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Company registration number: 12406837
Brothers Foods Ltd
Trading as SK Foods
Unaudited abridged financial statements
31 March 2024
Brothers Foods Ltd
Contents
Directors and other information
Director's report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Brothers Foods Ltd
Directors and other information
Director Mr Feroz Khan
Company number 12406837
Registered office 105
Barton Road
Luton
LU3 2BL
Business address 320-324
Dunstable Road
Luton
LU4 8JP
Accountants Sultan & Company
And Registered Auditors
141 Franciscan Road
London
SW17 8DS
Bankers Natwest Bank Plc
Brothers Foods Ltd
Director's report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024.
Director
The director who served the company during the year was as follows:
Mr Feroz Khan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 February 2025 and signed on behalf of the board by:
Mr Feroz Khan
Director
Brothers Foods Ltd
Statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Turnover 5,513,404 4,859,476
Cost of sales ( 4,494,535) ( 4,024,649)
_______ _______
Gross profit 1,018,869 834,827
Administrative expenses ( 636,150) ( 501,999)
_______ _______
Operating profit 382,719 332,828
Other interest receivable and similar income 916 1,202
Interest payable and similar expenses ( 7,200) ( 2,544)
Profit before taxation 5 376,435 331,486
Tax on profit ( 100,688) ( 61,985)
_______ _______
Profit for the financial year and total comprehensive income 275,747 269,501
_______ _______
All the activities of the company are from continuing operations.
Brothers Foods Ltd
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 64,000 68,000
Tangible assets 7 752,911 310,346
_______ _______
816,911 378,346
Current assets
Stocks 129,475 195,375
Debtors 25,404 50,660
Cash at bank and in hand 344,843 500,739
_______ _______
499,722 746,774
Creditors: amounts falling due
within one year ( 230,116) ( 170,526)
_______ _______
Net current assets 269,606 576,248
_______ _______
Total assets less current liabilities 1,086,517 954,594
Creditors: amounts falling due
after more than one year - ( 119,824)
_______ _______
Net assets 1,086,517 834,770
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,086,417 834,670
_______ _______
Shareholder funds 1,086,517 834,770
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
Mr Feroz Khan
Director
Company registration number: 12406837
Brothers Foods Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 589,169 589,269
Profit for the year 269,501 269,501
_______ _______ _______
Total comprehensive income for the year - 269,501 269,501
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 834,670 834,770
Profit for the year 275,747 275,747
_______ _______ _______
Total comprehensive income for the year - 275,747 275,747
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 31 March 2024 100 1,086,417 1,086,517
_______ _______ _______
Brothers Foods Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Brothers Foods Ltd, 105, Barton Road, Luton, LU3 2BL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 34 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 4,000 4,000
Depreciation of tangible assets 38,079 31,221
_______ _______
6. Intangible assets
£
Cost
At 1 April 2023 and 31 March 2024 80,000
_______
Amortisation
At 1 April 2023 12,000
Charge for the year 4,000
_______
At 31 March 2024 16,000
_______
Carrying amount
At 31 March 2024 64,000
_______
At 31 March 2023 68,000
_______
7. Tangible assets
£
Cost
At 1 April 2023 385,423
Additions 552,063
Disposals ( 74,200)
_______
At 31 March 2024 863,286
_______
Depreciation
At 1 April 2023 75,078
Charge for the year 38,079
Disposals ( 2,782)
_______
At 31 March 2024 110,375
_______
Carrying amount
At 31 March 2024 752,911
_______
At 31 March 2023 310,345
_______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Feroz Khan ( 82,631) ( 1,788) ( 84,419)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Feroz Khan ( 114,092) 31,461 ( 82,631)
_______ _______ _______