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Registration number: 09541435

Nashville Food Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Nashville Food Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Nashville Food Group Limited

Company Information

Directors

Y. C. Dhutia

I. Peeva

Registered office

7 David Street
Bridgend Industrial Estate
Bridgend
CF31 3SA

Accountants

Robert Whowell & Partners LLP
Chartered AccountantsWestwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Nashville Food Group Limited

(Registration number: 09541435)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

18,613

22,570

Tangible assets

5

160,757

169,993

 

179,370

192,563

Current assets

 

Stocks

6

311,556

239,657

Debtors

7

220,073

186,596

Cash at bank and in hand

 

4,927

4,367

 

536,556

430,620

Creditors: Amounts falling due within one year

8

(462,444)

(314,245)

Net current assets

 

74,112

116,375

Total assets less current liabilities

 

253,482

308,938

Creditors: Amounts falling due after more than one year

8

(482,421)

(472,124)

Provisions for liabilities

-

(8,630)

Net liabilities

 

(228,939)

(171,816)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(229,039)

(171,916)

Shareholders' deficit

 

(228,939)

(171,816)

 

Nashville Food Group Limited

(Registration number: 09541435)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

.........................................
Y. C. Dhutia
Director

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 David Street
Bridgend Industrial Estate
Bridgend
CF31 3SA

These financial statements were authorised for issue by the Board on 17 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Fixtures, fittings and equipment

25% straight line

Motor vehicles

33.3% straight line

Plant and machinery

25% straight line

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 5).

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

39,570

39,570

At 30 April 2024

39,570

39,570

Amortisation

At 1 May 2023

17,000

17,000

Amortisation charge

3,957

3,957

At 30 April 2024

20,957

20,957

Carrying amount

At 30 April 2024

18,613

18,613

At 30 April 2023

22,570

22,570

5

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 May 2023

138,415

27,033

7,000

158,450

330,898

Additions

-

2,928

-

19,749

22,677

At 30 April 2024

138,415

29,961

7,000

178,199

353,575

Depreciation

At 1 May 2023

13,842

21,697

7,000

118,366

160,905

Charge for the year

6,921

2,403

-

22,589

31,913

At 30 April 2024

20,763

24,100

7,000

140,955

192,818

Carrying amount

At 30 April 2024

117,652

5,861

-

37,244

160,757

At 30 April 2023

124,573

5,336

-

40,084

169,993

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Stock held

311,556

239,657

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

152,744

163,210

Amounts owed by related parties

11

43,604

-

Prepayments

 

2,468

3,107

Other debtors

 

21,257

20,279

   

220,073

186,596

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

115,505

115,245

Trade creditors

 

308,615

194,402

Accruals and deferred income

 

1,500

1,500

Other creditors

 

36,824

3,098

 

462,444

314,245


Creditors include a bank overdraft, bank loan and net obligations under hire purchase contracts which are secured of £56,676 (2023 - £57,992).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

482,421

472,124


Creditors include a bank loan and net obligations under hire purchase contracts which are secured of £49,131 (2023 - £61,652).

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

68,990

85,718

Hire purchase contracts

11,827

13,157

Other borrowings

401,604

373,249

482,421

472,124

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,351

16,351

Bank overdrafts

49,137

50,970

Hire purchase contracts

6,041

3,947

Other borrowings

43,976

43,977

115,505

115,245

 

Nashville Food Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Related party transactions

Summary of transactions with other related parties

Included in other debtors are amounts receivable totalling £43,604 (2023 - £nil) from related parties connected to the director.

Included in other borrowings are amounts payable totalling £320,511 (2023 - £344,512) to related parties connected to the director.

There are consultancy charges totalling £93,070 (2023 - £61,830) from a company which is controlled by the director.