Company No:
Contents
DIRECTOR | Ms D Griffin |
SECRETARY | Ms D Griffin |
REGISTERED OFFICE | Food 4 You Inwood Farm |
Quantock Lakes | |
Nether Stowey | |
TA5 1HY | |
England | |
United Kingdom |
COMPANY NUMBER | 05770740 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 31.03.2022 | 31.03.2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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26,630 | 36,710 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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70,766 | 16,801 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (20,909) | (102,766) | ||
Total assets less current liabilities | 5,721 | (66,056) | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Food 4 You (South West) Limited (registered number:
Ms D Griffin
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Food 4 You (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Food 4 You Inwood Farm, Quantock Lakes, Nether Stowey, TA5 1HY, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the director has given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The director is satisfied that, having considered no less than 12 months from the date of approval of the financial statements, the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Leasehold improvements |
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Vehicles |
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Tools and equipment |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Year ended 31.03.2022 |
Period from 01.10.2019 to 31.03.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Leasehold improve- ments |
Vehicles | Tools and equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2021 |
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Disposals |
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At 31 March 2022 |
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Accumulated depreciation | |||||||
At 01 April 2021 |
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Charge for the financial year |
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Disposals |
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At 31 March 2022 |
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Net book value | |||||||
At 31 March 2022 |
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At 31 March 2021 |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by director |
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Other debtors |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Bank loans |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Director loan subject to interest at the HMRC approved rate and repayable on demand | 12,280 | 2,851 |
Advances totalling £12,280 were made to the director during the year. Repayments totalling £2,851 were made by the director during the year.