| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
| FOR |
| NUOVO FOODS LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
| FOR |
| NUOVO FOODS LIMITED |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 16 |
| NUOVO FOODS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MAY 2024 |
| The director presents his strategic report for the year ended 31 May 2024. |
| REVIEW OF BUSINESS |
| The principal activity of the company in the year under review was that of the sale of food, beverages and general provisions. |
| Key Financial Performance Indicators |
| The company key financial and other performance indicators during the year were as follows: |
| 2024 | 2023 |
| Turnover (continuing operations) | 23,251,868 | 17,038,987 |
| Operating Profit | 1,737,680 | 2,196,940 |
| Profit after Tax | 1,241,548 | 1,738,178 |
| Shareholder's Equity | 6,740,986 | 5,559,438 |
| The increase in turnover and profit has been achieved through the hard work of the team. |
| Non-Financial Performance Indicators |
| The Management of Human Resources: |
| Director has regular meeting with key management employees to ensure any issues relating to staff are resolved as a priority. This has helped company to have low level of staff turnover and increased efficiencies. |
| Product and Service Price/Quality: |
| The company ensures that products sold are of good quality standards. Majority of the products are purchased directly from the manufacturers. |
| The company has continued to maintain its strategy of everyday low prices (EDLP) and has formed strategic |
| alliances with brands and its supply chain to achieve this. |
| Brand Awareness: |
| The company has been exhibiting worldwide to increase brand awareness. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The director holds regular meetings with key management employees to evaluate the company's risk management process. Full due diligence is carried out on customers and suppliers to ensure compliance with relevant legislation and to have a better understanding of their needs. |
| ON BEHALF OF THE BOARD: |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MAY 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 May 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the sale of food, beverages and tobacco. |
| DIVIDENDS |
| An interim dividend of £600 per share was paid on 31st May 2024. The director recommends that no final dividend be paid. |
| The total distribution of dividends for the year ended 31st May 2024 will be £60,000 (31st May 2023: £40,000). |
| DIRECTOR |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MAY 2024 |
| FINANCIAL INSTRUMENTS |
| Treasury operations and financial instruments |
| The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities. |
| The company principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company's activities, and bank overdrafts and loans, the main purpose of which is to raise finance for the company's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. Derivative transactions which the company enter into principally comprise forward exchange contracts. In accordance with the company's treasury policy, derivative instruments are not entered into for speculative purposes. |
| Liquidity risk |
| The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. |
| Interest rate risk |
| The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans. |
| Foreign currency risk |
| The company principal foreign currency exposures arise from trading with overseas companies. The company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts. |
| Credit risk |
| Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. |
| All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. |
| CHARITABLE DONATION |
| During the year company made charitable donations for the sum of £185,789 (2023 - £144,251) |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MAY 2024 |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Prestons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| NUOVO FOODS LIMITED |
| Opinion |
| We have audited the financial statements of Nuovo Foods Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for Qualified opinion |
| We were not appointed as auditors of the company until after 31st May 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 May 2023 and 2024, which are included in the balance sheet at £4,400,629 and £3,980,278 respectively, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to these amounts were necessary in respect of the recorded inventories, or whether consequential effects on cost of sales presented in the Income Statement for the year ended 31st May 2023 and 31st May 2024. |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
| Key audit matters |
| Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| NUOVO FOODS LIMITED |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| NUOVO FOODS LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities to detect material misstatement in respect of irregularities, including fraud. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 3,987,003 | 2,221,559 |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| BALANCE SHEET |
| 31 MAY 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MAY 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 June 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2024 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan received/repayments in | ( |
) |
| Capital repayments in year |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
364,965 |
| Cash and cash equivalents at end of year |
2 |
633,726 |
414,066 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Finance costs | 59,419 | 8,237 |
| 1,994,790 | 2,392,652 |
| Decrease/(increase) in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 May 2024 |
| 31/5/24 | 1/6/23 |
| £ | £ |
| Cash and cash equivalents | 633,726 | 414,066 |
| Year ended 31 May 2023 |
| 31/5/23 | 1/6/22 |
| £ | £ |
| Cash and cash equivalents | 414,066 | 364,965 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/6/23 | Cash flow | At 31/5/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 414,066 | 219,660 | 633,726 |
| 414,066 | 633,726 |
| Debt |
| Finance leases | (186,619 | ) | (428,301 | ) | (614,920 | ) |
| Debts falling due within 1 year | (1,877,263 | ) | 319,528 | (1,557,735 | ) |
| (2,063,882 | ) | (108,773 | ) | (2,172,655 | ) |
| Total | (1,649,816 | ) | 110,887 | (1,538,929 | ) |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 1. | STATUTORY INFORMATION |
| Nuovo Foods Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Turnover |
| Turnover is measured as 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. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Leasehold | 20% on Straight line basis |
| Plant & Machinery | 20% on Straight line basis |
| Motor Vehicles | 20% on Straight line basis |
| Fixture & Fittings | 20% on Straight line basis |
| Computer & Equipment | 20% on Straight line basis |
| The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss. |
| Stocks |
| Stocks and work in progress are values at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract-by-contract basis by recording turnover and related costs as contract activity progresses. |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| United Kingdom |
| Europe |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.5.24 | 31.5.23 |
| Senior Management | 1 | 1 |
| Sales, Administrative and other staff | 76 | 60 |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Director's remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Foreign exchange differences |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 6. | AUDITORS' REMUNERATION |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
7,500 |
7,500 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loan interest |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred Tax | 163,904 | 27,148 |
| Total tax charge | 436,713 | 450,525 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 9. | DIVIDENDS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Included in the Plant & Machinery are assets held under hire purchase contracts of net book value of £489,502 as at 31 May 2024. Depreciation charged on these assets in the period was £19,177. |
| 11. | STOCKS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Stocks |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase | contracts |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 16. | LEASING AGREEMENTS - continued |
| Non-cancellable | operating leases |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| The bank loans are secured by way of fixed and floating charge over the assets of the company. Interest is charged at the rate of 2.55% over base. |
| 18. | PROVISIONS FOR LIABILITIES |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Deferred tax | 213,415 | 49,511 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| Provided during year |
| Balance at 31 May 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2024 |
| 20. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 May 2024 |
| 21. | RELATED PARTY DISCLOSURES |
| During the year company paid rent for the sum of £99,000 (2023: £108,000) to Nuovo Investments Ltd, a company which has common shareholder. As at year end company owed to Nuovo Investments Ltd £200,000 (2023: £222,600 Dr.) |
| 22. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |