Company registration number SC360210 (Scotland)
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
COMPANY INFORMATION
Directors
Mr L R Personius
Mr T Fitzbgibbon
Mr J Mullen
Secretary
MBM Secretarial Services Limited
Company number
SC360210
Registered office
5th Floor
125 Princes Street
Edinburgh
United Kingdom
EH2 4AD
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Solicitors
Cameron Jones
Emily Pepin
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED) FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tugo Food Ltd (Formerly Tugo Food Systems Limited) for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulations.

This report is made solely to the board of directors of Tugo Food Ltd (Formerly Tugo Food Systems Limited), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tugo Food Ltd (Formerly Tugo Food Systems Limited) and state those matters that we have agreed to state to the board of directors of Tugo Food Ltd (Formerly Tugo Food Systems Limited), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tugo Food Ltd (Formerly Tugo Food Systems Limited) and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Tugo Food Ltd (Formerly Tugo Food Systems Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tugo Food Ltd (Formerly Tugo Food Systems Limited). You consider that Tugo Food Ltd (Formerly Tugo Food Systems Limited) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tugo Food Ltd (Formerly Tugo Food Systems Limited). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
25 February 2025
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
892,421
719,839
Investments
5
-
0
124,900
892,421
844,739
Current assets
Stocks
564,835
240,920
Debtors
6
2,503,530
2,383,524
Cash at bank and in hand
146,708
1,040,501
3,215,073
3,664,945
Creditors: amounts falling due within one year
7
(2,310,486)
(2,701,135)
Net current assets
904,587
963,810
Total assets less current liabilities
1,797,008
1,808,549
Creditors: amounts falling due after more than one year
8
(361,234)
(603,311)
Provisions for liabilities
(220,720)
(176,301)
Net assets
1,215,054
1,028,937
Capital and reserves
Called up share capital
10
166,667
166,667
Share premium account
44,933
44,933
Profit and loss reserves
1,003,454
817,337
Total equity
1,215,054
1,028,937
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr L R Personius
Director
Company registration number SC360210 (Scotland)
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

Tugo Food Ltd (Formerly Tugo Food Systems Limited) is a private company limited by shares incorporated in Scotland. The registered office is 5th Floor, 125 Princes Street, Edinburgh, United Kingdom, EH2 4AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
20% on cost
Plant and equipment
20% on cost
Fixtures and fittings
50% on cost
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
33
26
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
279,423
248,441
Adjustments in respect of prior periods
-
0
2,868
Total current tax
279,423
251,309
Deferred tax
Origination and reversal of timing differences
44,419
22,995
Total tax charge
323,842
274,304
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
287,801
1,189,658
1,477,459
Additions
133,326
377,152
510,478
Disposals
-
0
(2,996)
(2,996)
At 31 August 2024
421,127
1,563,814
1,984,941
Depreciation and impairment
At 1 September 2023
148,470
609,150
757,619
Depreciation charged in the year
29,502
305,524
335,026
Eliminated in respect of disposals
-
0
(125)
(125)
At 31 August 2024
177,972
914,548
1,092,520
Carrying amount
At 31 August 2024
243,155
649,266
892,421
At 31 August 2023
139,331
580,508
719,839
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
124,900
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
124,900
Disposals
(124,900)
At 31 August 2024
-
Carrying amount
At 31 August 2024
-
At 31 August 2023
124,900
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,390,180
1,708,223
Amounts owed by group undertakings and undertakings in which the company has a participating interest
328,150
269,379
Other debtors
785,200
405,922
2,503,530
2,383,524
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,197,945
1,503,704
Corporation tax
279,423
248,441
Other taxation and social security
46,511
34,038
Other creditors
786,607
914,952
2,310,486
2,701,135
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
361,234
572,810
Other creditors
-
0
30,501
361,234
603,311
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
220,720
176,301
TUGO FOOD LTD (FORMERLY TUGO FOOD SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 September 2023
176,301
Charge to profit or loss
44,419
Liability at 31 August 2024
220,720
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
166,667 Ordinary Shares of  £1 each
166,667
166,667
166,667
166,667
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
14,222
43,957
12
Related party transactions

At the year end a director owed the company £307,680 (2023: £nil).

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