Company registration number 11890807 (England and Wales)
FOUNDRY FOOD GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FOUNDRY FOOD GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FOUNDRY FOOD GROUP LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,413
8,438
Tangible assets
4
148,533
98,155
157,946
106,593
Current assets
Stocks
-
5,231
Debtors
5
3,129,558
2,878,112
Cash at bank and in hand
719,628
643,117
3,849,186
3,526,460
Creditors: amounts falling due within one year
6
(2,740,967)
(2,500,106)
Net current assets
1,108,219
1,026,354
Total assets less current liabilities
1,266,165
1,132,947
Creditors: amounts falling due after more than one year
7
(9,075)
(14,182)
Provisions for liabilities
7,000
8,000
Net assets
1,264,090
1,126,765
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
1,264,087
1,126,762
Total equity
1,264,090
1,126,765

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 21 March 2025 and are signed on its behalf by:
Mr C P Scothorne
Director
Company registration number 11890807 (England and Wales)
FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Foundry Food Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1b, Heather Lane, Hathersage, Hope Valley, England, S32 1DP.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Trademarks and website development
20% straight line
1.5
Tangible fixed assets

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

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

Fixtures and fittings
20% straight line
Office and computer equipment
20% straight line
Motor vehicles
20% straight line
FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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 period. 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

1.14
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 employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023
27,202
Additions
6,414
At 30 September 2024
33,616
Amortisation and impairment
At 1 October 2023
18,764
Amortisation charged for the year
5,439
At 30 September 2024
24,203
Carrying amount
At 30 September 2024
9,413
At 30 September 2023
8,438
4
Tangible fixed assets
Fixtures and fittings
Office and computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
93,666
15,160
43,583
152,409
Additions
7,235
-
0
82,551
89,786
Disposals
-
0
-
0
(43,583)
(43,583)
At 30 September 2024
100,901
15,160
82,551
198,612
Depreciation and impairment
At 1 October 2023
18,975
9,722
25,557
54,254
Depreciation charged in the year
12,337
858
8,760
21,955
Eliminated in respect of disposals
-
0
-
0
(26,130)
(26,130)
At 30 September 2024
31,312
10,580
8,187
50,079
Carrying amount
At 30 September 2024
69,589
4,580
74,364
148,533
At 30 September 2023
74,691
5,438
18,026
98,155
FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,867,538
2,496,047
Other debtors
103,325
104,751
Prepayments and accrued income
158,695
277,314
3,129,558
2,878,112
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
7,260
5,723
Trade creditors
2,132,363
2,024,751
Corporation tax
302,600
264,152
Other creditors
148,809
104,578
Accruals and deferred income
149,935
100,902
2,740,967
2,500,106

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
9,075
14,182

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
100
100
1
1
B Ordinary shares of 1p each
200
200
2
2
300
300
3
3

 

FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Terri Pierpoint
Statutory Auditor:
BHP LLP
Date of audit report:
24 March 2025
10
Operating lease commitments

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

2024
2023
£
£
99,167
126,500
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
40,181
12
Related party transactions

As permitted by FRS 102, these financial statements do not disclose transactions with the parent undertaking where 100% of the voting rights are held within the group.

 

Underwood Meat Company Limited is a company in which Mr T M S Bennett is a director. During the year Foundry Food Group Ltd made purchases of £623,086 (2023: £560,987) from and sales of £ 8,925,115 (2023: £12,521,512) to the company at market rate. At the year end a debit balance of £7,788 (2023: £20,943) is included in trade creditors and a balance of £764,832 (2023: £700,136) is included in trade debtors.

FOUNDRY FOOD GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
13
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr T M S Bennett - Loan
2.00
(104,578)
169,943
171
(214,345)
(148,809)
Mr C P Scothorne - Loan
2.00
79,268
636,076
1,662
(657,701)
59,305
(25,310)
806,019
1,833
(872,046)
(89,504)
14
Parent company

Foundry Holdings Ltd is the ultimate parent company. The controlling party is C P Scothorne by virtue of his shareholding.

 

 

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