Company Registration No. 06910439 (England and Wales)
Food Freshness Technology Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Food Freshness Technology Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Food Freshness Technology Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
870,469
870,469
Current assets
Debtors
6
75,282
60,103
Cash at bank and in hand
1,220
3,557
76,502
63,660
Creditors: amounts falling due within one year
7
(33,565,222)
(31,082,375)
Net current liabilities
(33,488,720)
(31,018,715)
Net liabilities
(32,618,251)
(30,148,246)
Capital and reserves
Called up share capital
8
746,056
746,056
Share premium account
6,338
6,338
Profit and loss reserves
(33,370,645)
(30,900,640)
Total equity
(32,618,251)
(30,148,246)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
S Hollingsworth
Director
Company Registration No. 06910439
Food Freshness Technology Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
746,056
6,338
7,677
(27,741,098)
(26,981,027)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(3,159,542)
(3,159,542)
Other movements
-
-
(7,677)
-
(7,677)
Balance at 31 December 2023
746,056
6,338
-
(30,900,640)
(30,148,246)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(2,470,005)
(2,470,005)
Balance at 31 December 2024
746,056
6,338
-
(33,370,645)
(32,618,251)
Food Freshness Technology Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information
Food Freshness Technology Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is 19d Cobbett Road, Burntwood Business Park, Burntwood, England, WS7 3GL.
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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. Food Freshness Technology Limited is a wholly owned subsidiary of Food Freshness Technology Holdings Limited and the results of Food Freshness Technology Limited are included in the consolidated financial statements of Food Freshness Technology Holdings Limited.
1.2
Going concern
As part of the preparation of these financial statements, the directors have considered the appropriateness of adopting the going concern basis of accounting, having regard to the company’s financial position and expected obligations.true
The company is a non-trading holding entity and does not generate revenue through operating activities. Its principal function is to hold investments in and provide funding to its subsidiary undertakings, which carry out the commercial operations of the wider group.
During the year and subsequently, the company has continued to report losses of £2,470,005 (2023 - £3,159,542) and has a deficit on shareholders’ funds of £32,618,251 (2023 - £30,148,246) at 31 December 2024.
The company’s ability to meet its obligations as they fall due is dependent on the continued support of its shareholders and/or the ability of the trading subsidiaries to generate sufficient cash flows to provide intercompany funding where necessary.
The directors have prepared forecasts and cash flow projections covering at least 12 months from the date of approval of these financial statements. These forecasts demonstrate that the company will require additional funding during the period, which is expected to be met through further capital injections from existing investors.
The directors note the ongoing dialogue with the shareholder base, who have historically provided timely and adequate financial support, and have indicated their intention to continue to do so as required.
On this basis, the directors have a reasonable expectation that the company will have adequate financial resources to meet its liabilities as they fall due for the foreseeable future. Nevertheless, as this future funding is not committed at the date of approval of these financial statements, this constitutes a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.
Food Freshness Technology Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.3
Other operating income
Other operating income relates to management recharges and is recognised in the period to which the services relate.
1.4
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
Straight line over 5 years
Plant and equipment
Straight line over 3 years
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.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank and in hand.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Food Freshness Technology Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Bad and doubtful debts
The company has recognised provisions for bad and doubtful debts on its group debtors of £31,934,375 (2023: £29,308,702). This is based on an assessment of ageing and due date of receivables and other risk indicators. The judgement of management is then applied to provide for debts which are no longer considered recoverable.
Investments
The Company considers whether investments in subsidiary undertakings are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the future cash flows and net asset values from the subsidiary undertaking at a discounted rate. The judgment of management is used in determining an appropriate discount rate to be applied.
Food Freshness Technology Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
3
Employees
The average monthly number of persons, excluding non-remunerated directors, employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
11,416
128,833
140,249
Disposals
(11,416)
(87,725)
(99,141)
At 31 December 2024
41,108
41,108
Depreciation and impairment
At 1 January 2024
11,416
128,833
140,249
Eliminated in respect of disposals
(11,416)
(87,725)
(99,141)
At 31 December 2024
41,108
41,108
Carrying amount
At 31 December 2024
At 31 December 2023
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
870,469
870,469
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
75,282
60,103
Food Freshness Technology Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,500
12,332
Amounts owed to group undertakings
33,558,447
31,070,043
Other creditors
2,275
33,565,222
31,082,375
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 10p each
7,460,560
7,460,560
746,056
746,056
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
1 August 2025
10
Parent company
The company is a wholly owned subsidiary of Food Freshness Technology Holdings Limited, a company registered in England and Wales. Food Freshness Technology Holdings Limited is also the ultimate parent company.
The largest and smallest group that includes the company and for which consolidated financial statements are prepared is Food Freshness Technology Holdings Limited. Copies of these financial statements can be obtained from the registered office address at 19d Cobbett Road, Burntwood Business Park, Burntwood, England, WS7 3GL.