REGISTERED NUMBER: |
FOLD HILL FOODS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: |
FOLD HILL FOODS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
FOLD HILL FOODS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
The principal activity of the company in the year under review was the manufacture of pet food and the marketing thereof to the retail trade. |
REVIEW OF BUSINESS |
During 2022 there was an increase in turnover of 12.5% during the year with gross profit margin increasing by 5.5%. |
During 2022 the business saw a strong recovery in turnover of 12.5%, following the negative impacts created by the iniquitous and unsubstantiated feline pancytopenia cat food recall which effected Fold hill in 2021. This has been as a result of improving the customer and product mix with the business focusing on products and sectors where the company has an advantage. Turnover has also been bolstered by compensation following the resolution of a dispute with one of the recall customers. |
The year also saw a 5.5% improvement in Gross Margin brought about by the improvement in customer and product mix, alongside a reduction in costs and especially in bad debt provisions, as recall claims are settled. |
The company continues to develop its product and customer base with the objective of generating additional turnover and sustainable profitability. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a challenging economic climate in which the price expectations of our customers have to be balanced against the volatility of the key raw material prices. The management of the company's business and the execution of the company's strategies are subject to a number of risks: |
- The volatility of raw material prices; |
- The pressures on labour costs; |
- The requirement to constantly upgrade equipment and invest in new equipment as new products are developed; |
- The reliance on a few key customers to generate the current level of turnover. |
These risks are being addressed by : |
- Working closely with our customers to ensure that we understand their needs and continue to offer competitive products and prices; |
- Continued development of and further diversification of the product range so that the products remain attractive to both current and prospective customers; |
- Investment in plant and equipment and engineers,so that production remains efficient and forecast volumes are achievable. Further investment in production planning and scheduling software and processes. |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company uses various financial instruments including cash , hire purchase agreements and items such as trade debtors and trade creditors that arise directly from its operations, the main purpose of which is to ensure liquidity for the company's activities. Certain overseas suppliers are paid in foreign currency. Forward currency contract derivatives may be taken out from time to time to hedge against the cash flow risk, following an assessment of the cash flows. These financial instruments expose the company to a number of financial risks,as set out below along with the means in which the company manages its exposures in these areas. |
Interest rate risk |
The company has no bank overdrafts or bank borrowings. |
Liquidity risks |
The company manages its financial risk by ensuring it has enough liquidity available to meet its operating commitments through operating cash inflows and hire purchase facilities. |
Credit risk |
The company's main financial assets are cash and trade debtors. The main credit risk is linked to trade debtors, albeit, this is mitigated as the customers tend to be "blue chip". The company's aim is to minimise the risk of doubtful debts through the use of credit agencies, trade references and general experience of the industry. A proactive approach to debt collection is adopted with accounts processed regularly for obtaining payments, with collection history, and credit limits being reviewed on an ongoing basis. |
KEY PERFORMANCE INDICATORS |
We consider our key performance indicators to be measured by both turnover and operating profit. Both turnover and operating profit have increased as discussed in the Business Review above. |
ON BEHALF OF THE BOARD: |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
RESEARCH AND DEVELOPMENT |
The company continues to research new recipes as part of its development into the dried pet food sector. A research laboratory and research team have been established specifically for this purpose. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 January 2022 to the date of this report. |
The beneficial interests of the directors holding office at 31 December 2022 in the shares of the company, according to the register of directors' interests, were as follows: |
31.12.22 | 1.1.22 |
"B" ordinary shares of £1 each |
1 | 1 |
1 | 1 |
- | - |
These directors did not hold any beneficial interests in the "A" ordinary shares of £1 each. |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
DISCLOSURE IN THE STRATEGIC REPORT |
The Financial Risk Management Objectives and Policies, Principal Risks and Uncertainties and The Review of the Business and Future Development are covered in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FOLD HILL FOODS LIMITED |
Opinion |
We have audited the financial statements of Fold Hill Foods Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FOLD HILL FOODS LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FOLD HILL FOODS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We have enquired of those charged with governance around actual and potential litigation and claims. |
- We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations. |
- Audited the risk of management override of controls including review of journal entries and large or unusual transaction, evaluating the business rationale of any significant transactions outside the course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
for and on behalf of |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | 3 | ( |
) | ( |
) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 4 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis in accordance with applicable accounting policies. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about Fold Hill Foods Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, J W Grant, Fold Hill, Old Leake, Boston. Lincolnshire PE22 9PJ. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
In the judgement of the directors a key estimate relates to stock provisioning, where it is possible that the outcome may differ to the estimates made. |
The company manufactures and packs dog biscuits for sale. Certain of the raw materials used and products manufactured have a shelf life. Packaging stocks have to be managed to suit current product ranges.These risks are managed to reduce obsolete stock to a minimum and provision is made for slow and obsolete stocks. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Analysis of turnover by market is not disclosed as the directors consider that such disclosure would be seriously prejudicial to the business. |
Goodwill |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Intangible assets |
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. |
Intangible fixed assets and amortisation |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over 20 years. |
Know-how represents the purchase of established methods of production. It is amortised to profit and loss over 4 years. |
Tangible fixed assets |
Buildings | - |
Plant and machinery | - |
Motor vehicles | - |
The directors have reviewed the depreciation estimate for land and buildings and feel that 2% is a more reasonable rate of depreciation considering the age and condition of the building. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Costs include all direct costs and an appropriate proportion of fixed and variable overheads. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
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. |
Government grants |
Grants received to fund the purchase of fixed tangible assets are included within provisions as deferred assets, and are credited to the profit and loss account over the expected lives of the related assets. |
Operating leases |
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to profit and loss account as incurred. |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors | 2 | 2 |
Managers | 10 | 10 |
Administration | 21 | 15 |
Operatives | 96 | 106 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
3. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Under / (Overprovision) in |
previous year | (42,080 | ) | (13,990 | ) |
Total current tax | ( |
) | ( |
) |
Deferred tax | ( |
) |
Tax on loss | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Deferred tax movement | - | (438,133 | ) |
R & D enhanced relief | (49,008 | ) | - |
respect of prior years |
Losses carried forward | 59,725 | 650,175 |
Total tax credit | (91,088 | ) | (452,123 | ) |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill | Knowhow | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
Buildings | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
8. | STOCKS |
2022 | 2021 |
£ | £ |
Raw materials |
Finished goods |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' current accounts | 105,121 | 105,121 |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
12. | ACCRUALS AND DEFERRED INCOME |
2022 | 2021 |
£ | £ |
Deferred government grants | 322,912 | 394,551 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
"A" ordinary | £1 | 8 | 8 |
"B" ordinary | £1 | 2 | 2 |
10 | 10 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Deficit for the year | ( |
) |
At 31 December 2022 |
15. | ULTIMATE PARENT COMPANY |
The ultimate holding company is J.W. Grant Co, a company incorporated in Great Britain and registered in England and Wales. |
FOLD HILL FOODS LIMITED (REGISTERED NUMBER: 01426126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | CONTINGENT LIABILITIES |
The company's bankers hold an unlimited guarantee to secure the liabilities of J.W. Grant Co. - its parent company - and that company's other subsidiary companies. At 31 December 2022 J. W Grant Co had bank loans amounting to £36,994 (31 December 2021 £90,349). |
17. | CAPITAL COMMITMENTS |
2022 | 2021 |
£ | £ |
Contracted but not provided for in the |
financial statements |
18. | RELATED PARTY DISCLOSURES |
Goods and services to a value of £1,816,662 (2021 £1,074,729) were purchased from J W Grant Co, the ultimate parent company, during the year. |
At 31 December 2022 £1,400,614 (2021 £1,510,015) was due by J W Grant Co . |