Registered number
07337971
FOOD INC COLCHESTER LIMITED
Filleted Accounts
31 August 2024
FOOD INC COLCHESTER LIMITED
Registered number: 07337971
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,003,570 1,011,079
Current assets
Stocks 72,818 75,444
Debtors 4 50,607 41,118
Cash at bank and in hand 337,791 288,899
461,216 405,461
Creditors: amounts falling due within one year 5 (190,518) (231,487)
Net current assets 270,698 173,974
Total assets less current liabilities 1,274,268 1,185,053
Creditors: amounts falling due after more than one year 6 (1,064,432) (991,744)
Net assets 209,836 193,309
Capital and reserves
Called up share capital 100 100
Profit and loss account 209,736 193,209
Shareholder's funds 209,836 193,309
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Muhammad Hussain
Director
Approved by the board on 6 May 2025
FOOD INC COLCHESTER LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Vehicle 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 980,600 39,069 45,366 1,065,035
Additions 110 - - 110
At 31 August 2024 980,710 39,069 45,366 1,065,145
Depreciation
At 1 September 2023 - 30,412 23,544 53,956
Charge for the year - 2,164 5,455 7,619
At 31 August 2024 - 32,576 28,999 61,575
Net book value
At 31 August 2024 980,710 6,493 16,367 1,003,570
At 31 August 2023 980,600 8,657 21,822 1,011,079
4 Debtors 2024 2023
£ £
Trade debtors 2,552 1,264
Other debtors 48,055 39,854
50,607 41,118
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,247 -
Trade creditors 82,390 90,999
Taxation and social security costs 38,832 74,403
Other creditors 67,049 66,085
190,518 231,487
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,064,432 991,744
7 Other information
FOOD INC COLCHESTER LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
66 Barrack Street
Colchester
CO1 2LS
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