Company Registration No. SC515880 (Scotland)
FINE FOOD HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
FINE FOOD HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FINE FOOD HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
4
390,195
625,473
Current assets
Cash at bank and in hand
21
Creditors: amounts falling due within one year
5
(280,717)
(238,739)
Net current liabilities
(280,696)
(238,739)
Total assets less current liabilities
109,499
386,734
Creditors: amounts falling due after more than one year
6
(26,143)
Net assets
109,499
360,591
Capital and reserves
Called up share capital
7
436,000
436,000
Profit and loss reserves
(326,501)
(75,409)
Total equity
109,499
360,591
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2021 and are signed on its behalf by:
A Currie
Director
Company Registration No. SC515880
FINE FOOD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Fine Food Holdings Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
98/6 Eastfield Drive, Penicuik, Midlothian, United Kingdom, EH26 8HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The company made a loss this year and at the balance sheet date it had net current liabilities. The company is also dependent on support from it's trading subsidiary company.
However, due to the ongoing Covid-19 pandemic it is difficult to predict what further impact this may have on the economy as a whole and the group’s business in particular.
Although it is not possible to reliably estimate the length or severity of the outbreak, at the date of signing these financial statements the group is continuing to trade. The directors are actively managing the business on a day to day basis taking account of all changes in market conditions and government support and interventions.
While the directors are confident that the business will not be significantly impacted by the pandemic, they have considered the impact of a potential reduction in income and cost cutting and cash preserving measures have been adopted to minimise the impact of any downturn in trade during this difficult period.
The directors consider that with prudent management and the government assistance in place to assist all companies in the coming months, the group will be able to continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
FINE FOOD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
FINE FOOD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
5
3
Exceptional item
During the year the company wrote down it's investment in it's subsidiary company as a one off adjustment to reflect a permanent impairment in its value.
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
390,195
625,473
The investment is stated at cost of acquisition less any impairment.
FINE FOOD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
625,473
Impairment
At 1 January 2020
-
Impairment losses
235,278
At 31 December 2020
235,278
Carrying amount
At 31 December 2020
390,195
At 31 December 2019
625,473
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
33,419
50,883
Amounts owed to group undertakings
232,524
182,302
Other creditors
14,774
5,554
280,717
238,739
The bank loan is secured by a floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
26,143
The bank loan is secured by a floating charge over the assets of the company.
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
236,000
236,000
236,000
236,000
FINE FOOD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
7
Called up share capital
(Continued)
- 6 -
2020
2019
2020
2019
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
200,000
200,000
200,000
200,000
Preference shares classified as equity
200,000
200,000
Total equity share capital
436,000
436,000