Company Registration No. 05820875 (England and Wales)
Sibilla Foods Limited
Unaudited accounts
for the year ended 30 September 2019
Sibilla Foods Limited
Unaudited accounts
Contents
Sibilla Foods Limited
Company Information
for the year ended 30 September 2019
Company Number
05820875 (England and Wales)
Registered Office
No. 5 Monmouth Street
Covent Garden
London
WC2H 9DA
Sibilla Foods Limited
Statement of financial position
as at
30 September 2019
Tangible assets
27,917
20,834
Inventories
46,663
41,001
Cash at bank and in hand
100,868
63,256
Creditors: amounts falling due within one year
(78,296)
(67,296)
Net current assets
120,027
74,123
Total assets less current liabilities
147,944
94,958
Provisions for liabilities
Deferred tax
(4,308)
(4,308)
Net assets
143,636
90,650
Called up share capital
100
100
Profit and loss account
143,536
90,550
Shareholders' funds
143,636
90,650
For the year ending 30 September 2019 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2020 and were signed on its behalf by
Mr I Iacopini
Director
Company Registration No. 05820875
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2019
Sibilla Foods Limited is a private company, limited by shares, registered in England and Wales, registration number 05820875. The registered office is No. 5 Monmouth Street, Covent Garden, London, WC2H 9DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The COVID-19 pandemic has developed rapidly in 2020. The resulting impact of the virus on the operations and measures taken by the Government to contain the virus have negatively affected the company subsequent to the period under review.
The Director has taken certain actions to mitigate the effects of the pandemic including taking advantage of those Government schemes available to the company. Attention has also been given to the potential for diversifying the core business activities and since re-opening, an increase in footfall and custom has been noted. The Director is of the opinion that the goodwill of the company and loyal customer base, together with a slow return to normality shows the potential for the business to recover over the next 12 months.
The Director believes that the actions taken and the continued support of its creditors are sufficient to help mitigate some of the effects of the Covid-19 pandemic.
On this basis, the accounts have been prepared on a going concern basis.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods and services associated with the company's principal activity provided to customers and recharges to its subsidiary company.
Tangible fixed assets policy
Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
20% straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2019
Stocks is valued at the lower of cost and net realisable value.
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets and liabilities are not discounted.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2018
88,652
-
33,720
122,372
Additions
-
13,390
4,730
18,120
At 30 September 2019
88,652
13,390
38,450
140,492
At 1 October 2018
88,651
-
12,887
101,538
Charge for the year
-
3,347
7,690
11,037
At 30 September 2019
88,651
3,347
20,577
112,575
At 30 September 2019
1
10,043
17,873
27,917
At 30 September 2018
1
-
20,833
20,834
5
Investments
Subsidiary undertakings
Valuation at 1 October 2018
1
Valuation at 30 September 2019
-
Finished goods
46,663
41,001
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2019
Trade debtors
39,516
8,002
Amounts due from group undertakings etc.
-
5,523
Accrued income and prepayments
-
12,361
Other debtors
11,276
11,276
8
Creditors: amounts falling due within one year
2019
2018
Trade creditors
19,357
20,242
Taxes and social security
44,367
31,657
Other creditors
12,630
13,112
Loans from directors
75
307
Lease rental payments are secured by a fixed and floating charge over the assets of the company.
9
Share capital
2019
2018
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2019
2018
At 30 September 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
60,000
60,000
11
Transactions with related parties
During the year, the company received a repayment of a loan from its subsidiary, Il Marchigiano Limited, amounting to £5,253. The subsidiary was subsequently closed.
The ultimate controlling party is Mr I Iacopini by virtue of his majority shareholding.
13
Average number of employees
During the year the average number of employees was 12 (2018: 10).