REGISTERED NUMBER: 06919062 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JUST LOVE FOOD COMPANY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Woods

REGISTERED OFFICE:

Unit 6 Oakdale Court

Bryn Brithdir

Oakdale Business Park

Blackwood

Gwent

NP12 4AD

REGISTERED NUMBER:

06919062 (England and Wales)

ACCOUNTANTS:

Xeinadin South Wales and West Limited

Court House

Court Road

Bridgend

CF31 1BE

FIXED ASSETS

Intangible assets

4

6,000

7,600

Tangible assets

5

207,123

288,697

213,123

296,297

CURRENT ASSETS

Stocks

355,433

354,537

Debtors

6

658,960

656,758

Cash at bank

176,124

111,895

1,190,517

1,123,190

CREDITORS

Amounts falling due within one year

7

1,039,560

912,178

NET CURRENT ASSETS

150,957

211,012

TOTAL ASSETS LESS CURRENT LIABILITIES

364,080

507,309

CREDITORS

Amounts falling due after more than one year

8

78,273

74,836

NET ASSETS

285,807

432,473

CAPITAL AND RESERVES

Called up share capital

2,800

2,800

Retained earnings

283,007

429,673

285,807

432,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

M J Woods - Director

1.	STATUTORY INFORMATION

Just Love Food Company Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with and for wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Sales are recognised on the date of delivery of the cakes.

Intangible assets

Costs incurred on research projects are charged directly to the profit and loss account. At the point in which a marketable product has been developed and a reliable estimate of the future revenues can be made to ascertain the net recoverable value of the costs incurred, then any costs incurred from that date are capitalised.

Development costs relate to the development of individual new product lines. Development costs are stated at cost less amortisation. Amortisation is provided at rates calculated to write-off costs over a period of up to two years starting from the date the company first delivers a finished product to market.

Software costs relate to the development of a new website. Software costs are stated at cost less amortisation. Amortisation is provided at rates calculated to write-off costs over a period of up to five years starting from the date the company website was fully completed and live.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for intended use.

Land and building costs consists of tenants improvements to the premises. The cost is amortised to the end of the contracted lease period.

Depreciation is provided at the following rates in order to write- off each asset over its estimated useful life:

Land and buildings - 20% on cost

Plant and machinery - 33% on cost and 20% on cost depending on the nature of the individual asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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. On this basis, a deferred tax asset has been provided for based on 2 years of estimated profits.

Pension costs and other post-retirement benefits

The company operates a auto-enrolment pensions scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rentals payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about 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.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimate.

(ii) Inventory provisioning

The company holds stock in line with expected custom. The directors consider the recoverability of the cost of inventory and the associated provisioning required on a regular basis. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods.

(iii) Deferred tax asset

The company provides for a deferred tax asset based on the next 2 years estimated EBITDA, the levels of which are revisited and updated annually based on available budgets at the time the accounts are prepared.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 77 (2023 - 96 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

70,559

AMORTISATION

At 1 January 2024

62,959

Charge for year

1,600

At 31 December 2024

64,559

NET BOOK VALUE

At 31 December 2024

6,000

At 31 December 2023

7,600

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

154,543

993,214

1,147,757

Additions

-

24,036

24,036

At 31 December 2024

154,543

1,017,250

1,171,793

DEPRECIATION

At 1 January 2024

141,934

717,126

859,060

Charge for year

2,945

102,665

105,610

At 31 December 2024

144,879

819,791

964,670

NET BOOK VALUE

At 31 December 2024

9,664

197,459

207,123

At 31 December 2023

12,609

276,088

288,697

Included in the net book value of plant and machinery are assets held under hire purchase contracts or finance leases with a carrying value of £80,425 (2023 - £121,815).

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

300,007

325,400

Amounts owed by group undertakings

133,539

94,965

Other debtors

162,914

161,393

596,460

581,758

Amounts falling due after more than one year:

Other debtors

62,500

75,000

Aggregate amounts

658,960

656,758

Other debtors due after one year relates to a deferred tax asset which will reduce amounts due for corporation tax arising on future profits.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,395

10,139

Hire purchase contracts

35,491

42,962

Trade creditors

605,028

491,221

Taxation and social security

122,287

64,939

Other creditors

266,359

302,917

1,039,560

912,178

Included within other creditors is a loan from a former shareholder amounting to £Nil (2023 - £43,243).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

4,409

14,806

Hire purchase contracts

24,665

60,030

Other creditors

49,199

-

78,273

74,836

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other creditors

49,199

-

Included within other creditors is a loan from a former shareholder amounting to £49,199 (2023 - £Nil).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Former shareholder loan

49,199

43,243

Invoice financing

90,266

51,684

139,465

94,927

The former shareholder loan is secured by way of fixed and floating charges over all assets of Just Love Food Company Ltd's parent company which includes those of Just Love Food Company Ltd itself.

Invoice financing liabilities are secured on the trade debtors the advances relate to along with a 25% personal guarantee of the director.

10.	FINANCIAL COMMITMENTS AND GUARANTEES

The company had total commitments (net of VAT recoverable) at the balance sheet date of £77,880 (2023 - £33,377).

The company has provided security, in the form of fixed and floating charges over all existing and future assets of the company, against a loan creditor of its parent holding company. The amount outstanding and owed per the accounts of the parent company at the year end was £446,725 (2023 - £464,675).

11.	INTERCOMPANY BALANCES

Amounts owed by group undertakings are interest free.