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REGISTERED NUMBER: 07623323 (England and Wales)















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: Z S Ayub





REGISTERED OFFICE: Cygnus 6 Richmond Street,
West Bromwich
England
B70 0DD





REGISTERED NUMBER: 07623323 (England and Wales)





AUDITORS: Prestons
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:





Z S Ayub - Director


14 May 2025

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
Z S Ayub held office during the whole of the period from 1 June 2023 to the date of this report.


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:





Z S Ayub - Director


14 May 2025

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.




Anwer Patel BA (Hons) FCA,BFP (Senior Statutory Auditor)
for and on behalf of Prestons
Chartered Accountants
Statutory Auditors
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

19 May 2025

NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £    £   

TURNOVER 3 23,251,868 17,038,987

Cost of sales 17,527,185 12,620,488
GROSS PROFIT 5,724,683 4,418,499

Distribution costs 439,020 241,772
Administrative expenses 3,547,983 1,979,787
3,987,003 2,221,559
OPERATING PROFIT 5 1,737,680 2,196,940


Interest payable and similar expenses 7 59,419 8,237
PROFIT BEFORE TAXATION 1,678,261 2,188,703

Tax on profit 8 436,713 450,525
PROFIT FOR THE FINANCIAL
YEAR

1,241,548

1,738,178

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 1,241,548 1,738,178


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

1,241,548

1,738,178

NUOVO FOODS LIMITED (REGISTERED NUMBER: 07623323)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 1,195,304 595,012

CURRENT ASSETS
Stocks 11 3,980,278 4,400,629
Debtors 12 5,533,915 3,912,120
Cash at bank and in hand 633,726 414,066
10,147,919 8,726,815
CREDITORS
Amounts falling due within one year 13 3,924,045 3,558,069
NET CURRENT ASSETS 6,223,874 5,168,746
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,419,178

5,763,758

CREDITORS
Amounts falling due after more than one
year

14

(464,777

)

(154,809

)

PROVISIONS FOR LIABILITIES 18 (213,415 ) (49,511 )
NET ASSETS 6,740,986 5,559,438

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 6,740,886 5,559,338
SHAREHOLDERS' FUNDS 6,740,986 5,559,438

The financial statements were approved by the director and authorised for issue on 14 May 2025 and were signed by:





Z S Ayub - Director


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 100 3,861,160 3,861,260

Changes in equity
Dividends - (40,000 ) (40,000 )
Total comprehensive income - 1,738,178 1,738,178
Balance at 31 May 2023 100 5,559,338 5,559,438

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 1,241,548 1,241,548
Balance at 31 May 2024 100 6,740,886 6,740,986

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 1,350,338 497,575
Interest paid (59,419 ) (8,237 )
Tax paid (262,630 ) (348,000 )
Net cash from operating activities 1,028,289 141,338

Cash flows from investing activities
Purchase of tangible fixed assets (869,902 ) (531,471 )
Sale of tangible fixed assets 12,500 5,250
Net cash from investing activities (857,402 ) (526,221 )

Cash flows from financing activities
Loan received/repayments in (319,528 ) 287,365
Capital repayments in year 428,301 186,619
Equity dividends paid (60,000 ) (40,000 )
Net cash from financing activities 48,773 433,984

Increase in cash and cash equivalents 219,660 49,101
Cash and cash equivalents at
beginning of year

2

414,066

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 1,678,261 2,188,703
Depreciation charges 262,764 172,935
(Profit)/loss on disposal of fixed assets (5,654 ) 22,777
Finance costs 59,419 8,237
1,994,790 2,392,652
Decrease/(increase) in stocks 420,351 (961,140 )
Increase in trade and other debtors (1,621,795 ) (1,360,608 )
Increase in trade and other creditors 556,992 426,671
Cash generated from operations 1,350,338 497,575

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
414,066 219,660 633,726
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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:

Leasehold20% on Straight line basis
Plant & Machinery20% on Straight line basis
Motor Vehicles20% on Straight line basis
Fixture & Fittings20% on Straight line basis
Computer & Equipment20% 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 23,221,705 16,904,811
Europe 30,163 134,176
23,251,868 17,038,987

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 1,493,747 860,917
Social security costs 126,690 66,337
Other pension costs 3,132 1,658
1,623,569 928,912

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
77 61

31.5.24 31.5.23
£    £   
Director's remuneration 10,200 10,200

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 19,850 4,493
Depreciation - owned assets 262,764 172,935
(Profit)/loss on disposal of fixed assets (5,654 ) 22,777
Foreign exchange differences 14,071 47,103

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 59,419 8,237

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 272,809 423,377

Deferred tax 163,904 27,148
Tax on profit 436,713 450,525

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 1,678,261 2,188,703
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 20.825%)

419,565

455,797

Effects of:
Expenses not deductible for tax purposes 68,366 42,917
Capital allowances in excess of depreciation (215,122 ) (75,282 )
Adjustments to tax charge in respect of previous periods - (55 )
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 60,000 40,000

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2023 170,532 189,032 265,237
Additions - 600,013 218,280
Disposals - - (26,180 )
At 31 May 2024 170,532 789,045 457,337
DEPRECIATION
At 1 June 2023 93,853 114,618 89,506
Charge for year 26,500 56,047 83,763
Eliminated on disposal - - (26,180 )
At 31 May 2024 120,353 170,665 147,089
NET BOOK VALUE
At 31 May 2024 50,179 618,380 310,248
At 31 May 2023 76,679 74,414 175,731

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 435,637 19,237 1,079,675
Additions 42,661 8,948 869,902
Disposals (17,828 ) - (44,008 )
At 31 May 2024 460,470 28,185 1,905,569
DEPRECIATION
At 1 June 2023 173,597 13,089 484,663
Charge for year 92,094 4,360 262,764
Eliminated on disposal (10,982 ) - (37,162 )
At 31 May 2024 254,709 17,449 710,265
NET BOOK VALUE
At 31 May 2024 205,761 10,736 1,195,304
At 31 May 2023 262,040 6,148 595,012

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 3,980,278 4,400,629

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 4,339,408 2,956,640
Other debtors 1,157,187 814,933
VAT 7,675 27,661
Prepayments and accrued income 29,645 112,886
5,533,915 3,912,120

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) 1,557,735 1,877,263
Hire purchase contracts (see note 16) 150,143 31,810
Trade creditors 771,990 623,252
Tax 696,638 686,459
Social security and other taxes 34,549 35,516
Other creditors 640,864 243,803
Accrued expenses 72,126 59,966
3,924,045 3,558,069

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 16) 464,777 154,809

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 1,557,735 1,877,263

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 150,143 31,810
Between one and five years 464,777 154,809
614,920 186,619

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 572,000 618,000
Between one and five years 1,908,750 1,993,500
2,480,750 2,611,500

17. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 1,557,735 1,877,263

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 49,511
Provided during year 163,904
Balance at 31 May 2024 213,415

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 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 5,559,338
Profit for the year 1,241,548
Dividends (60,000 )
At 31 May 2024 6,740,886

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 Z S Ayub.