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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020 |
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FOODWAY LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020 |
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FOODWAY LIMITED |
FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FOODWAY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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P O Box 3 |
Croydon |
Surrey |
CR9 1UF |
FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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BALANCE SHEET |
31ST MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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BALANCE SHEET - continued |
31ST MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Foodway Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of value added tax. |
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Tangible fixed assets |
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Investment property |
Investment properties are revalued annually and any surplus or deficit is shown in the profit and loss account. No depreciation is provided in respect of investment properties. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
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Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks remain with the lessor are charged to profit and loss account on a straight line basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2019 |
and 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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Investment properties were valued on an open market basis on 31st March 2020 by Nalin Patel director. |
The historic cost of property investments is £4,173,130. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors and prepayments |
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Directors' current accounts | 159,359 | 113,091 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Social security and other taxes |
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Other creditors and accruals |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - over 5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans - over 5 years | 2,995,000 | 2,995,000 |
FOODWAY LIMITED (REGISTERED NUMBER: 01370019) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Barclays Bank holds legal charges over the Company's freehold assets. |
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9. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred taxation | 1,723,343 | 1,663,495 |
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Deferred |
tax |
£ |
Balance at 1st April 2019 |
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Provided during year |
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Balance at 31st March 2020 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 10,000 | 10,000 |
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11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1st April 2019 |
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10,317,767 |
Deficit for the year | ( |
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Reserve transfer | 616,184 | (616,184 | ) | - |
At 31st March 2020 |
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10,294,778 |
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12. | RELATED PARTY DISCLOSURES |
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At the year end the directors owed the company £ 159,359 (2019 £113,091 ) |