Company registration number 05425530 (England and Wales)
Bulgarian American Foods Limited
Financial Statements
For the year ended
31 December 2024
Pages for filing with registrar
Bulgarian American Foods Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Bulgarian American Foods Limited
Statement Of Financial Position
As at 31 December 2024
- 1 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investments
6
10,784,054
10,783,017
Current assets
Debtors
4
2,646
Cash at bank and in hand
6,672,489
1,303,647
6,675,135
1,303,647
Creditors: amounts falling due within one year
5
(3,722)
(1,143,779)
Net current assets
6,671,413
159,868
Net assets
17,455,467
10,942,885
Capital and reserves
Called up share capital
804,001
804,001
Profit and loss reserves
16,651,466
10,138,884
Total equity
17,455,467
10,942,885
The notes on pages 2 to 4 form part of these financial statements.
For the financial year ended 31 December 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 director acknowledges his 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 director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 12 March 2025
K.R. Ridgway
Director
Company registration number 05425530 (England and Wales)
Bulgarian American Foods Limited
Notes To The Financial Statements
For the year ended 31 December 2024
- 2 -
1
General information
Bulgarian American Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2B Brosnan House, 175 Drakes Lane, Potters Bar, London, EN6 1BW.
2
Accounting policies
2.1
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 euros, 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.
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.
2.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Fixed asset investments
Interests in subsidiaries and associates 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
2.4
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.
2.5
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 classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Bulgarian American Foods Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2024
2
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
2.6
Foreign exchange
Transactions in currencies other than euros 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.
3
Employees
There were no employees in the current and preceding years.
4
Debtors
2024
2023
Amounts falling due within one year:
€
€
Other debtors
2,646
5
Creditors: amounts falling due within one year
2024
2023
€
€
Other creditors
3,722
1,143,779
6
Fixed asset investments
2024
2023
€
€
Shares in group undertakings and participating interests
10,722,960
10,722,960
Loans to group undertakings and participating interests
61,094
60,057
10,784,054
10,783,017
Bulgarian American Foods Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2024
6
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries and associates
Loans to subsidiaries
Total
€
€
€
Cost or valuation
At 1 January 2024
10,722,960
60,057
10,783,017
Additions
-
1,037
1,037
At 31 December 2024
10,722,960
61,094
10,784,054
Carrying amount
At 31 December 2024
10,722,960
61,094
10,784,054
At 31 December 2023
10,722,960
60,057
10,783,017
7
Parent company
The company is controlled by its parent company BBH Enterprise Capital Ltd, incorporated in the British Virgin Islands, with registered office at Road Town, Tortola, British Virgin Islands.