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Registration number: 08247356

Food Machinery Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Food Machinery Solutions Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Food Machinery Solutions Limited

(Registration number: 08247356)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

235,733

160,911

Current assets

 

Stocks

5

130,225

250,000

Debtors

6

651,985

785,786

Cash at bank and in hand

 

415,158

823,333

 

1,197,368

1,859,119

Creditors: Amounts falling due within one year

7

(836,890)

(1,466,036)

Net current assets

 

360,478

393,083

Total assets less current liabilities

 

596,211

553,994

Creditors: Amounts falling due after more than one year

7

(19,658)

(6,128)

Provisions for liabilities

(10,310)

(16,137)

Net assets

 

566,243

531,729

Capital and reserves

 

Called up share capital

1

1

Retained earnings

566,242

531,728

Shareholders' funds

 

566,243

531,729

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 June 2025
 

.........................................
Mr J Hughes
Director

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Prairie Park
Common Road
South Cave
Brough
HU15 2EA
United Kingdom

These financial statements were authorised for issue by the director on 13 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared for the individual entity and are presented in sterling and rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% Straight line

Vehicles

25% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 4 (2023 - 4).

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

10,556

153,859

146,022

310,437

Additions

-

2,655

317,969

320,624

Disposals

-

(6,000)

(241,503)

(247,503)

At 31 October 2024

10,556

150,514

222,488

383,558

Depreciation

At 1 November 2023

-

59,707

89,819

149,526

Charge for the year

-

14,890

23,639

38,529

Eliminated on disposal

-

(1,900)

(38,330)

(40,230)

At 31 October 2024

-

72,697

75,128

147,825

Carrying amount

At 31 October 2024

10,556

77,817

147,360

235,733

At 31 October 2023

10,556

94,152

56,203

160,911

Included within the net book value of land and buildings above is £10,556 (2023 - £10,556) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

130,225

250,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

571,806

753,450

Prepayments

33,521

26,189

Other debtors

46,658

6,147

 

651,985

785,786

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

21,760

113,484

Trade creditors

 

285,536

258,557

Taxation and social security

 

15,376

268,598

Accruals and deferred income

 

512,758

824,095

Other creditors

 

1,460

1,302

 

836,890

1,466,036

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,294 (2023 - £30,062).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

19,658

6,128

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £19,658 (2023 - £6,128)

 

Food Machinery Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

5,834

-

Hire purchase contracts

13,824

6,128

19,658

6,128

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

25,833

Hire purchase contracts

8,295

30,062

Other borrowings

3,465

57,589

21,760

113,484