Filberts Fine Foods Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 12

Filberts Fine Foods Limited

Balance Sheet

31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Intangible assets	4	72,514	13,132
Tangible assets	5	351,475	359,737
		423,989	372,869
Current assets
Stocks		826,182	720,258
Debtors	6	641,037	532,920
Cash at bank and in hand		853,583	924,742
		2,320,802	2,177,920
Creditors: Amounts falling due within one year	7	(741,074)	(708,630)
Net current assets		1,579,728	1,469,290
Total assets less current liabilities		2,003,717	1,842,159
Provisions for liabilities		(75,162)	(85,117)
Net assets		1,928,555	1,757,042
Capital and reserves
Called up share capital	8	10,171	10,171
Share premium reserve		22,815	22,815
Capital redemption reserve		76,779	76,779
Share-based payment reserve		41,340	34,753
Profit and loss account		1,777,450	1,612,524
Shareholders' funds		1,928,555	1,757,042

Filberts Fine Foods Limited

Balance Sheet

31 December 2024

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

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

......................................... Mr M Taylor Director

Company Registration Number: 07027999

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
Greens Barn
Page Lane
West Pennard
Glastonbury
Somerset
BA6 8NX

These financial statements were authorised for issue by the Board on 14 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of the company is considered to the pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest pound.

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Going concern

The financial statements have been prepared on a going concern basis. In forming this opinion, and in particular, the directors have considered the performance of the company both during the year and subsequent to the year end, and the forecasted financial performance. The directors have reviewed performance out to and including December 2026 and have considered macroeconomic and sector specific opportunities and challenges in making their assessment.

Prior period errors

The directors have identified that in the financial statements for the year ended 31 December 2023 the closing stock balance was overstated by £39,867 and have concluded that a restatement is required to the comparative information included within these financial statements. The impact of the restatement as at 31 December 2023 is to decrease the value of stock as at that date by £39,867 and to therefore increase the cost of sales for the year then ended by the same amount. The impact on the profit and loss account and net assets for the year ended 31 December 2023 is a reduction of £39,867 versus the previously reported performance and position.

The directors have made the decision to recognise a share based payment reserve in the financial statements for the year ending 31 December 2023. There was previously no share based payment reserve recognised and therefore they have concluded that a restatement is required ro the comparative information included within these financial statements. The impact of the restatement as at 31 December 2023 is to increase administrative expenses by £34,753 and to recognsie a share based payment reserve for the same value. The impact on the profit and loss accounts for the year ending 31 December 2023 is a reduction of £34,753 versus the previously reported performance and position.

Page 4

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the group as to whether an indicator of impairment has occurred. The carrying amount is £351,472 (2023 - £359,737).

Trade debtors are constantly being managed and are reviewed throughout the year. A provision for doubtful debt is made where recovery of debt is uncertan, this is on a case by case basis. The carrying amount is £607,436 (2023 - £461,583).

Stock is measured at the lower of cost and net realisable value. This requires estimation as to the net realisable value of each stock line, as to whether a provision is required. The carrying amount is £826,182 (2023 - £720,258).

Revenue recognition

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are made available to the customer.

Government grants

Grants receivable are accounted for using the accrual model. Grants relating to revenue are credited to the profit and loss account on a straight line basis over the relevant period in which the related costs are incurred. Grants which are 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. Grants relating to assets are recognised in income over the expected useful life of the asset, and any element of the grant that is deferred is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account.

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.

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

The current corporation 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 tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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 balance sheet 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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Improvements	4 Years Straight Line
Plant and Machinery	25% Reducing Balance
Fixture and Fittings	25% Reducing Balance
Office Equipment	25% Reducing Balance

Intangible assets

Separately acquired trademarks and other intangible assets are shown at historical cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Trademarks, patents and licenses	10 Years Straight Line
Other intangible assets	5 Years 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 stocks 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.

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 34).

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4	Intangible assets

	Trademarks  £	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	62,918	5,131	68,049
Additions	-	60,990	60,990
At 31 December 2024	62,918	66,121	129,039
Amortisation
At 1 January 2024	54,106	811	54,917
Amortisation charge	1,608	-	1,608
At 31 December 2024	55,714	811	56,525
Carrying amount
At 31 December 2024	7,204	65,310	72,514
At 31 December 2023	8,812	4,320	13,132

5	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	29,719	49,260	855,684	934,663
Additions	45,334	10,980	34,413	90,727
At 31 December 2024	75,053	60,240	890,097	1,025,390
Depreciation
At 1 January 2024	22,427	30,513	521,986	574,926
Charge for the year	12,864	5,190	80,935	98,989
At 31 December 2024	35,291	35,703	602,921	673,915
Carrying amount
At 31 December 2024	39,762	24,537	287,176	351,475
At 31 December 2023	7,292	18,747	333,698	359,737

Included within the net book value of land and buildings above is £39,762 (2023 - £7,292) in respect of short leasehold land and buildings.
 

Filberts Fine Foods Limited

Notes to the Financial Statements

Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	607,436	461,583
Prepayments	33,601	36,771
Other debtors	-	34,566
	641,037	532,920

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	468,263	388,228
Corporation tax	121,670	157,893
Taxation and social security	108,502	129,321
Other creditors	14,390	13,456
Accruals and deferred income	28,249	19,732
	741,074	708,630