Company Registration No. 05820875 (England and Wales)
Sibilla Foods Limited
Unaudited accounts
for the year ended 30 September 2021
Sibilla Foods Limited
Unaudited accounts
Contents
Sibilla Foods Limited
Company Information
for the year ended 30 September 2021
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 2021
Tangible assets
8,382
18,035
Inventories
29,616
34,153
Cash at bank and in hand
150,055
72,198
Creditors: amounts falling due within one year
(40,825)
(66,559)
Net current assets
176,051
101,124
Total assets less current liabilities
184,433
119,159
Creditors: amounts falling due after more than one year
(150,000)
(50,000)
Provisions for liabilities
Deferred tax
(4,308)
(4,308)
Called up share capital
100
100
Profit and loss account
30,025
64,751
Shareholders' funds
30,125
64,851
For the year ending 30 September 2021 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 June 2022 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 2021
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 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 during the period under review.
The Director has taken a number of 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.
The Director believes that with careful management, the actions taken and the ongoing support of the Company's creditors and shareholders, are sufficient to help mitigate some of the effects of the Covid-19 pandemic.
The Director is of the opinion that the goodwill of the company, loyal customers, continued support of key staff, together with the return to normality, shows the potential for the business to recover to pre-pandemic levels.
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.
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 2021
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 2020
88,652
13,390
38,849
140,891
At 30 September 2021
88,652
13,390
38,849
140,891
At 1 October 2020
88,651
5,858
28,347
122,856
Charge for the year
-
1,883
7,770
9,653
At 30 September 2021
88,651
7,741
36,117
132,509
At 30 September 2021
1
5,649
2,732
8,382
At 30 September 2020
1
7,532
10,502
18,035
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
2,277
14,760
Accrued income and prepayments
7,242
18,885
Other debtors
27,686
27,687
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2021
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Creditors: amounts falling due within one year
2021
2020
Trade creditors
4,781
8,343
Taxes and social security
15,495
11,709
Other creditors
16,530
10,900
Loans from directors
-
75
Lease rental payments are secured by a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
150,000
50,000
8
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2021
2020
At 30 September 2021 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
The ultimate controlling party is Mr I Iacopini by virtue of his majority shareholding.
11
Average number of employees
During the year the average number of employees was 9 (2020: 13).