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Company No: 03314567 (England and Wales)

CENTAUR FOODS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

CENTAUR FOODS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

CENTAUR FOODS LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2024
CENTAUR FOODS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS Mr Mark Catterall
Mr Dominic Jefferies
Mr Adrian Walton
SECRETARY Mr Adrian Walton
REGISTERED OFFICE Unit 4 Beaufort Trade Park
Pucklechurch
Bristol
BS16 9QH
United Kingdom
COMPANY NUMBER 03314567 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Unit 2
Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
SN15 1BN
CENTAUR FOODS LIMITED

BALANCE SHEET

As at 31 August 2024
CENTAUR FOODS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 219,251 154,280
Investments 5 50 50
219,301 154,330
Current assets
Stocks 1,821,242 1,831,569
Debtors 6 1,510,779 1,374,928
Cash at bank and in hand 1,174,880 986,813
4,506,901 4,193,310
Creditors: amounts falling due within one year 7 ( 1,178,599) ( 1,027,455)
Net current assets 3,328,302 3,165,855
Total assets less current liabilities 3,547,603 3,320,185
Creditors: amounts falling due after more than one year 8 ( 7,671) 0
Provision for liabilities 9 ( 117,664) ( 70,607)
Net assets 3,422,268 3,249,578
Capital and reserves
Called-up share capital 99 99
Profit and loss account 3,422,169 3,249,479
Total shareholders' funds 3,422,268 3,249,578

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Centaur Foods Limited (registered number: 03314567) were approved and authorised for issue by the Board of Directors on 11 February 2025. They were signed on its behalf by:

Mr Mark Catterall
Director
CENTAUR FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
CENTAUR FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Centaur Foods Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Beaufort Trade Park, Pucklechurch, Bristol, BS16 9QH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

It was noted when preparing the current year financial statements that in prior years a joint venture investment in Craic Foods Limited has been omitted. A prior year adjustment has therefore been recognised in respect of these omissions. The net effect on the profit and loss due to this adjustment was £nil. Further details of these adjustments can be seen in note 2.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

It was noted when preparing the current year financial statements that in prior years a joint venture investment in Craic Foods Limited has been omitted. A prior year adjustment has therefore been recognised in respect of these omissions. The net effect on the profit and loss due to this adjustment was £nil.
The schedules below illustrate the impact his has had on the financial statements:

As previously reported Adjustment As restated
Year ended 31 August 2023 £ £ £
Investment in Joint Venture 0 50 50
Amounts owed by Joint Venture 0 58,322 58,322
Other debtors 122,528 (58,372) 64,156

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 26

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 115,218 91,372 32,223 436,554 675,367
Additions 6,033 0 0 135,512 141,545
Disposals ( 6,033) 0 0 0 ( 6,033)
At 31 August 2024 115,218 91,372 32,223 572,066 810,879
Accumulated depreciation
At 01 September 2023 105,067 78,548 22,601 314,871 521,087
Charge for the financial year 4,260 11,189 4,474 50,618 70,541
At 31 August 2024 109,327 89,737 27,075 365,489 591,628
Net book value
At 31 August 2024 5,891 1,635 5,148 206,577 219,251
At 31 August 2023 10,151 12,824 9,622 121,683 154,280

5. Fixed asset investments

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 September 2023 50 50
At 31 August 2024 50 50
Carrying value at 31 August 2024 50 50
Carrying value at 31 August 2023 50 50

6. Debtors

2024 2023
£ £
Trade debtors 1,304,734 1,252,450
Amounts owed by joint ventures 84,950 58,322
Other debtors 121,095 64,156
1,510,779 1,374,928

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 749,023 763,189
Corporation tax 103,631 77,091
Other taxation and social security 28,323 31,345
Other creditors 297,622 155,830
1,178,599 1,027,455

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 7,671 0

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 52,331 37,940
Other provisions 65,333 32,667
117,664 70,607

Other

Included as 'other provisions' is a dilapidation provision relating to the operating lease commitment entered into by the company.

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 972,568 1,251,568

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by joint ventures 84,950 58,322

Transactions with the entity's directors

2024 2023
£ £
A director, balance owed by the company: 169,052 148,398

12. Events after the Balance Sheet date

On 12 November 2024, the company invested in a portfolio the total amount invested of £250,001 was paid immediately in cash.