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Registered number: 09840091
108 Foods Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
108 Foods Limited
Contents
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
108 Foods Limited
Statement of Financial Position
As At 31 December 2024
Statement of Financial Position
Registered number: 09840091
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 - 253
- 253
CURRENT ASSETS
Stocks 6 376,419 360,733
Debtors 7 434,077 404,607
Cash at bank and in hand 75,653 30,915
886,149 796,255
Creditors: Amounts Falling Due Within One Year 8 (835,757 ) (744,931 )
NET CURRENT ASSETS (LIABILITIES) 50,392 51,324
TOTAL ASSETS LESS CURRENT LIABILITIES 50,392 51,577
NET ASSETS 50,392 51,577
CAPITAL AND RESERVES
Called up share capital 9 3,475,000 3,025,000
Income Statement (3,424,608 ) (2,973,423 )
SHAREHOLDERS' FUNDS 50,392 51,577
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
S Mehta
Director
30 September 2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
108 Foods Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
108 Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09840091 . The registered office is 49 Queens Gardens, London, W2 3AA.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined whether there are indicators of impairment of the company's tangible assets and intangible assets fixed assets. Factors taken into consideration in reaching such a decision include the financial viability and expected future financial performance of the asset.
- Determined that the measurement and recognition policies in place in respect of stock are reasonable and appropriate.
- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Brand asset are being amortised evenly over their estimated useful life of two years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model 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 cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer Equipment straight line over 3 years
The assets' 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 or loss.
Page 2
Page 3
108 Foods Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
2.7. 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 and cash and bank balances, 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
2.8. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.9. 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
2.10. Pensions
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.
Page 3
Page 4
108 Foods Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.11. Research and development
Expenditure on research and development is written off in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2024 90,358
As at 31 December 2024 90,358
Amortisation
As at 1 January 2024 90,358
As at 31 December 2024 90,358
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 January 2024 4,055
As at 31 December 2024 4,055
Depreciation
As at 1 January 2024 3,802
Provided during the period 253
As at 31 December 2024 4,055
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 253
6. Stocks
2024 2023
£ £
Finished goods 376,419 360,733
Page 4
Page 5
108 Foods Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 387,320 371,329
Other debtors 46,757 33,278
434,077 404,607
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 633,035 532,535
Other creditors 135,511 134,588
Taxation and social security 67,211 77,808
835,757 744,931
Trade creditors include an amount owed to 108 Foods Services SA, the parent company, totalling £471,997 (2023: £1,672,759).
Other creditors include loans owed to Ms S Mehta, the ultimate controlling party, totalling £134,376 (2023: £133,998). This amount is interest free and repayable on demand.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3,475,000 3,025,000
During the year the company issued 450,000 (2023: 550,000) ordinary shares of £1 each at par for cash consideration.
10. Ultimate Controlling Party
The company is a wholly owned subsidiary of 108 Foods Services SA, a company registered in Switzerland of which Ms S Mehta is the sole shareholder. The registered office of 108 Foods Services SA is Rue Du Pre-Salomon 18, 1242 Satigny.
Page 5