Gourmet Food Company Limited 1967236 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is manufacturer and distributor of food products. Digita Accounts Production Advanced 6.30.9574.0 true true 1967236 2023-06-01 2024-05-31 1967236 2024-05-31 1967236 core:CurrentFinancialInstruments 2024-05-31 1967236 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 1967236 core:FurnitureFittings 2024-05-31 1967236 bus:SmallEntities 2023-06-01 2024-05-31 1967236 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 1967236 bus:FilletedAccounts 2023-06-01 2024-05-31 1967236 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 1967236 bus:RegisteredOffice 2023-06-01 2024-05-31 1967236 bus:Director2 2023-06-01 2024-05-31 1967236 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 1967236 core:FurnitureFittings 2023-06-01 2024-05-31 1967236 core:OfficeEquipment 2023-06-01 2024-05-31 1967236 countries:England 2023-06-01 2024-05-31 1967236 2023-05-31 1967236 core:FurnitureFittings 2023-05-31 1967236 2022-06-01 2023-05-31 1967236 2023-05-31 1967236 core:CurrentFinancialInstruments 2023-05-31 1967236 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 1967236 core:FurnitureFittings 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 1967236

Gourmet Food Company Limited
Annual Report and
Unaudited Financial Statements

31 May 2024

 

Gourmet Food Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Gourmet Food Company Limited

Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

647

729

Current assets

 

Stocks

6

59,198

84,228

Debtors

7

160,280

67,178

Cash at bank and in hand

 

403,921

348,425

 

623,399

499,831

Creditors: Amounts falling due within one year

8

(63,984)

(29,477)

Net current assets

 

559,415

470,354

Total assets less current liabilities

 

560,062

471,083

Provisions for liabilities

(25)

(25)

Net assets

 

560,037

471,058

Capital and reserves

 

Called up share capital

2

2

Retained earnings

560,035

471,056

Shareholders' funds

 

560,037

471,058

 

Gourmet Food Company Limited

Balance Sheet
31 May 2024

For the financial year ending 31 May 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 13 February 2025 and signed on its behalf by:
 

.........................................
Mr D E Fruhman
Director

Company Registration Number: 1967236

 

Gourmet Food Company Limited

Notes to the Financial Statements
Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

In forming this opinion the directors have considered the ongoing effects of the Covid-19 pandemic and the impact Brexit.

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 sales/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.

 

Gourmet Food Company Limited

Notes to the Financial Statements
Year Ended 31 May 2024

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% 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 receivables.

 

Gourmet Food Company Limited

Notes to the Financial Statements
Year Ended 31 May 2024

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 2).

 

Gourmet Food Company Limited

Notes to the Financial Statements
Year Ended 31 May 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

82

214

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2023

2,676

2,676

At 31 May 2024

2,676

2,676

Depreciation

At 1 June 2023

1,947

1,947

Charge for the year

82

82

At 31 May 2024

2,029

2,029

Carrying amount

At 31 May 2024

647

647

At 31 May 2023

729

729

6

Stocks

2024
£

2023
£

Other inventories

59,198

84,228

7

Debtors

Current

2024
£

2023
£

Trade debtors

58,473

66,715

Other debtors

101,807

463

 

160,280

67,178

 

Gourmet Food Company Limited

Notes to the Financial Statements
Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

24,034

5,006

Taxation and social security

37,492

22,060

Accruals and deferred income

2,369

2,369

Other creditors

89

42

63,984

29,477