Company registration number 08654811 (England and Wales)
FOOD BRUT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FOOD BRUT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
FOOD BRUT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOOD BRUT LIMITED FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Food Brut Limited for the year ended 31 August 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Food Brut Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Food Brut Limited and state those matters that we have agreed to state to the Board of Directors of Food Brut Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Food Brut Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Food Brut Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Food Brut Limited. You consider that Food Brut Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Food Brut Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
29 May 2025
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
FOOD BRUT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
166,586
184,723
Current assets
Stocks
73,632
83,409
Debtors
4
367,062
540,515
Cash at bank and in hand
603,270
576,498
1,043,964
1,200,422
Creditors: amounts falling due within one year
5
(764,669)
(715,586)
Net current assets
279,295
484,836
Total assets less current liabilities
445,881
669,559
Provisions for liabilities
(37,499)
(43,207)
Net assets
408,382
626,352
Capital and reserves
Called up share capital
100
100
Share premium account
136,000
136,000
Profit and loss reserves
272,282
490,252
Total equity
408,382
626,352
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOOD BRUT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Mr D J Gingell
Director
Company registration number 08654811 (England and Wales)
FOOD BRUT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 August 2023:
Balance at 1 September 2022
100
563,833
563,933
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
358,619
358,619
Dividends
-
-
(432,200)
(432,200)
Other movements
-
136,000
-
136,000
Balance at 31 August 2023
100
136,000
490,252
626,352
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
190,030
190,030
Dividends
-
-
(408,000)
(408,000)
Balance at 31 August 2024
100
136,000
272,282
408,382
FOOD BRUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Company information
Food Brut Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Victoria House, 178-180 Fleet Road, Fleet, GU51 4DA.
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
Turnover
Turnover represents amounts receivable for goods and services provided (excluding value added tax and service charges applied for the benefit of employees) and is recognised at the point of sale.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
6.67% & 15% straight line
Fixtures and fittings
20%, 25% & 40% straight line
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
FOOD BRUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.6
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Creditors
Creditors are not interest bearing and are included at their nominal value.
1.8
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 year. 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FOOD BRUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
53
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
422,910
215,043
637,953
Additions
44,670
16,602
61,272
Disposals
(39,075)
(10,943)
(50,018)
At 31 August 2024
428,505
220,702
649,207
Depreciation and impairment
At 1 September 2023
274,316
178,914
453,230
Depreciation charged in the year
39,007
13,736
52,743
Eliminated in respect of disposals
(12,409)
(10,943)
(23,352)
At 31 August 2024
300,914
181,707
482,621
Carrying amount
At 31 August 2024
127,591
38,995
166,586
At 31 August 2023
148,594
36,129
184,723
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
367,062
540,515
FOOD BRUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
82,024
128,614
Amounts owed to group undertakings
148,078
Taxation and social security
185,176
278,841
Other creditors
349,391
308,131
764,669
715,586
6
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
£
£
176,134
197,634
7
Related party transactions
During the year, Food Brut Limited carried out trading transactions with a company under common control. The balance outstanding at the year-end was £218,252 owed to (2023: £49,652 owed to) the connected company.
Food Brut Limited also carried out transactions with its parent entity. The balance due at the year-end was £148,078 due to (2023: £73,264 due to) the parent entity.
Funding was also provided to a subsidiary of the connected company. The outstanding receivable balance at the year end was £17,064 (2023: £0) owed from the subsidiary.
Balances with related parties are interest-free and repayable on demand.
8
Directors' transactions
Loans, which carry no interest and are repayable on demand, have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr J Cometto - Loan
-
447,694
(343,194)
104,500
447,694
(343,194)
104,500
9
Parent company
The parent company, of which Food Brut Limited is a majority owned subsidiary, is Brut Holdings Ltd, which is registered at Victoria House, 178-180 Fleet Road, Fleet, GU51 4DA.
FOOD BRUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
10
Prior period adjustment
Adjustments to equity
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Share premium initially recognised as other creditors
-
136,000
Analysis of the effect upon equity
Share premium
-
136,000
Adjustments to profit for the previous financial period
2023
£
Total adjustments
-
Notes to adjustments
A reclassification for share premium recognised previously as shareholder loans has been restated to equity to recognise correctly as share premium.
There is no impact on the profit and loss accounts from the restatement made.