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COMPANY REGISTRATION NUMBER: 04367373
Irthing Vale Quality Foods Limited
Filleted Unaudited Financial Statements
31 March 2024
Irthing Vale Quality Foods Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
133,617
171,016
Current assets
Stocks
117,000
297,023
Debtors
6
573,894
489,218
Cash at bank and in hand
124,095
65,212
---------
---------
814,989
851,453
Creditors: amounts falling due within one year
7
465,126
491,877
---------
---------
Net current assets
349,863
359,576
---------
---------
Total assets less current liabilities
483,480
530,592
Creditors: amounts falling due after more than one year
8
43,730
60,129
Provisions
Taxation including deferred tax
19,403
31,822
---------
---------
Net assets
420,347
438,641
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
420,247
438,541
---------
---------
Shareholders funds
420,347
438,641
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Irthing Vale Quality Foods Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 March 2025 , and are signed on behalf of the board by:
Mr J E Smith
Mr G E Smith
Director
Director
Company registration number: 04367373
Irthing Vale Quality Foods Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tyne Street, Carlisle, Cumbria, CA1 2NP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
28,500
32,928
126,285
305,188
7,866
500,767
Disposals
( 13,973)
( 4,937)
( 899)
( 19,809)
--------
--------
---------
---------
-------
---------
At 31 Mar 2024
28,500
18,955
121,348
305,188
6,967
480,958
--------
--------
---------
---------
-------
---------
Depreciation
At 1 Apr 2023
23,287
119,092
182,176
5,196
329,751
Charge for the year
2,394
1,776
30,753
2,322
37,245
Disposals
( 13,908)
( 4,849)
( 898)
( 19,655)
--------
--------
---------
---------
-------
---------
At 31 Mar 2024
11,773
116,019
212,929
6,620
347,341
--------
--------
---------
---------
-------
---------
Carrying amount
At 31 Mar 2024
28,500
7,182
5,329
92,259
347
133,617
--------
--------
---------
---------
-------
---------
At 31 Mar 2023
28,500
9,641
7,193
123,012
2,670
171,016
--------
--------
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
573,876
474,980
Other debtors
18
14,238
---------
---------
573,894
489,218
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
374,854
350,651
Corporation tax
9,609
16,604
Social security and other taxes
14,249
5,391
Other creditors
66,414
119,231
---------
---------
465,126
491,877
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
43,730
60,129
--------
--------
9. Related party transactions
The company was under the joint control of Mr J E Smith , Mrs P I Smith and Mr G E Smith throughout the current and previous year. During the year premises were rented at market value of £ 52,000 (2023 - £53,000) from Mr Smith, Mr Smith and Mrs Smith. During the year dividends of £ 343 30 (2023 - £43,707) were paid to Messrs Smith. On the balance sheet date the company owed Messrs Smith £ 48,615 (2023 - £87,619) and this is included in Other creditors.