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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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EUROPEAN FREEZE DRY LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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EUROPEAN FREEZE DRY LIMITED |
EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Contents of the Financial Statements |
for the year ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EUROPEAN FREEZE DRY LIMITED |
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Company Information |
for the year ended 31 December 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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Current assets |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account 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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EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements |
for the year ended 31 December 2021 |
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1. | Statutory information |
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European Freeze Dry Limited is a
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2. | Statement of compliance |
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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. |
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3. | Accounting policies |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Preparation of consolidated financial statements |
The financial statements contain information about European Freeze Dry Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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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. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results.The company applies an overhead absorption rate to finished goods. Following a change in management the company has revised the overhead absorption rate. If the stock had been valued on a consistent basis it would have been £280,854 higher in the prior year. The company provides for obsolete and slow moving inventory. Other than those discussed above there are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover in respect of goods supplied is recognised on the despatch of goods to customers. |
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Turnover in respect of contract drying services is recognised when the service has been performed. |
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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. |
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Amortisation is provided at 33% in order to write off each asset over it's estimated useful life. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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No depreciation is charged on assets in the course of construction. |
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Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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3. | Accounting policies - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle (FIFO method). Cost of raw material and consumables consists of purchase price plus direct costs. Cost of manufactured goods and work in progress consists of raw materials, consumables, direct labour and other direct costs. Net realisable value is the estimated selling price in the ordinary course of business, less completion costs and applicable variable selling expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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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. |
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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. |
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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. |
EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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3. | Accounting policies - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
Basic financial assets, including trade, intercompany debtors, other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss. |
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There are no assets which are initially measured at fair value. |
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Financial liabilities |
Basic financial liabilities, including trade and other creditors and intercompany 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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Dividends |
Dividends and other distributions to the company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and the other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
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4. | Employees and directors |
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The average number of employees during the year was
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EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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5. | Intangible fixed assets |
Other |
intangible |
assets |
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Cost |
At 1 January 2021 |
and 31 December 2021 |
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Amortisation |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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6. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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7. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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8. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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9. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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10. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 1,600,000 | 1,600,000 |
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12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | Related party disclosures |
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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 wholly owned subsidiaries within the group. |
EUROPEAN FREEZE DRY LIMITED (REGISTERED NUMBER: 02979293) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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14. | Ultimate controlling party |
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The company's immediate parent undertaking and the smallest group of undertakings to consolidate these financial statements is European Freeze Dry ApS, a company incorporated in Denmark. The company's ultimate parent and controlling party is EFD Investment A/S, which is incorporated in Denmark. |
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EFD Investment A/S, is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2021. The consolidated financial statements of European Freeze Dry ApS and EFD Investment A/S are available from Erhvervsinvest Management A/S, Jaegersborg Alle 4, 5. sal, DK-2920 Charlottenlund. |