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Registration number: SC230289

Food Options UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Food Options UK Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Food Options UK Limited

Company Information

Directors

A Reilly

H Vareille

A Cadona

A Lamond

A Maxwell

Company secretary

A Lamond

Registered office

 

8 Oakbank Park Place
Oakbank Industrial Estate
Livingston
West Lothian
EH53 0TN

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Food Options UK Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Food Options UK Limited for the year ended 31 May 2024 as set out on pages 3 to 12 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Food Options UK 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 accounts of Food Options UK Limited and state those matters that we have agreed to state to the Board of Directors of Food Options UK Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Food Options UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Food Options UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Food Options UK Limited. You consider that Food Options UK 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 accounts of Food Options UK 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 accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

27 February 2025

 

Food Options UK Limited

(Registration number: SC230289)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

132,023

157,759

Other financial assets

6

10,000

10,000

 

142,024

167,760

Current assets

 

Stocks

7

453,983

566,525

Debtors

8

1,547,308

1,666,036

Cash at bank and in hand

 

402,319

601,887

 

2,403,610

2,834,448

Creditors: Amounts falling due within one year

9

(1,599,375)

(1,868,725)

Net current assets

 

804,235

965,723

Total assets less current liabilities

 

946,259

1,133,483

Creditors: Amounts falling due after more than one year

9

(120,000)

(240,000)

Provisions for liabilities

(30,612)

(36,521)

Net assets

 

795,647

856,962

Capital and reserves

 

Called up share capital

12

175,770

175,770

Share premium reserve

99,392

99,392

Capital redemption reserve

6,000

6,000

Retained earnings

514,485

575,800

Shareholders' funds

 

795,647

856,962

 

Food Options UK Limited

(Registration number: SC230289)
Balance Sheet as at 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 27 February 2025 and signed on its behalf by:
 

.........................................
A Maxwell
Director

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
8 Oakbank Park Place
Oakbank Industrial Estate
Livingston
West Lothian
EH53 0TN

These financial statements were authorised for issue by the Board on 27 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the importation, sale and distribution of chilled foods and delicatessen products to independent retailers, caterers and industrial user. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

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 andinstallation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

Tenants improvements

50% on cost, 15% on cost and 10% on cost

Motor vehicles

33.33% on cost and 25% on cost

Fixed plant and equipment

50% on cost, 33.33% on cost, 25% on cost, 20% on cost and 10% on cost

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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% on cost

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.

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.

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.

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 28 (2023 - 29).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

246,259

246,259

At 31 May 2024

246,259

246,259

Amortisation

At 1 June 2023

246,258

246,258

At 31 May 2024

246,258

246,258

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

1

1

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Tenants improvements
£

Fixed plant and equipment
£

Total
£

Cost or valuation

At 1 June 2023

338,827

713,438

1,052,265

Additions

-

10,330

10,330

At 31 May 2024

338,827

723,768

1,062,595

Depreciation

At 1 June 2023

195,135

699,372

894,507

Charge for the year

22,359

13,706

36,065

At 31 May 2024

217,494

713,078

930,572

Carrying amount

At 31 May 2024

121,333

10,690

132,023

At 31 May 2023

143,692

14,067

157,759

6

Investments

Fixed asset investment
£

Total
£

FA investment - listed other shares bfwd

10,000

10,000

At 31 May 2024

10,000

10,000

At 31 May 2024

10,000

10,000

7

Stocks

2024
£

2023
£

Stock

453,983

566,525

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,045,172

906,996

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

259,234

497,249

Prepayments

 

152,222

184,351

Other debtors

 

90,680

77,440

 

1,547,308

1,666,036

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

120,000

120,000

Trade creditors

 

1,052,760

1,187,636

Taxation and social security

 

107,818

113,488

Accruals and deferred income

 

315,112

443,766

Other creditors

 

3,685

3,835

 

1,599,375

1,868,725

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

120,000

240,000

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

120,000

240,000

The bank loan is supported by a 100% guarantee from the UK Government.

Current loans and borrowings

2024
£

2023
£

Bank borrowings

120,000

120,000

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

137,371

115,007

Later than one year and not later than five years

242,794

345,020

380,165

460,027

 

Food Options UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

1,757,700

175,770

1,757,700

175,770

       

13

Related party transactions

The company operates a loan account with the director, A Reilly.
During the year, the company advanced loans totalling £21,030 to the director. At the year end, the balance due from the director was £47,127 (2023 - £26,097). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the parent company, Food Options Holdings Limited.
During the year, Food Options Holdings Limited repaid loans totalling £238,535 to the company, paid interest of £18,969 (2023 - £27,922) and received dividends of £257,504 (2023 - £257,504). At the year end, the balance due from Food Options Holdings Limited was £258,714 (2023 - £497,249).

The company operates a loan account with the related company, Lothian Catering Butchers Limited, a company in which company directors are shareholders.
During the period the company made sales of £16,449 (2023 - £29,243) and acquired goods of £967,860 (2023 - £1,013,254). Food Options UK Limited has provided a bank guarantee of up to £50,000 against the bank loan to Lothian Catering Butchers Limited. At the balance sheet date, £0 (2023 - £0 ) was due to Bank of Scotland by Lothian Catering Butchers Limited. At the year end, the debtor balance owed from Lothian Catering Butchers Limited to the company was £89,620 (2023 - £74,809) and the creditor balance owed to Lothian Catering Butchers Limited from the company was £120,913 (2023 - £52,075). This arrangement is unsecured, interest free and has no fixed repayment terms.

A Lamond
The company has entered into a Buy Back Agreement to purchase the ordinary shares in the company held by A Lamond, a director. The agreement will be exercised at the option of A Lamond and the exercise may be at any time after 5 December 2008. The purchase price will be determined based on a formula related to the company's profitability at the time of the exercise, and is subject to various other conditions.

 

14

Parent and ultimate parent undertaking

The ultimate controlling party is Mr A Reilly.