REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH JUNE 2021 |
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AA FOODS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH JUNE 2021 |
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FOR |
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AA FOODS LIMITED |
AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2021 |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 3 |
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AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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STATEMENT OF FINANCIAL POSITION |
30TH JUNE 2021 |
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30/6/21 | 30/6/20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR |
7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR |
8 |
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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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The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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STATEMENT OF FINANCIAL POSITION - continued |
30TH JUNE 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2021 |
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1. | STATUTORY INFORMATION |
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AA Foods Limited is a
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Registered number: |
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Registered office: |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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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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TANGIBLE FIXED ASSETS |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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GOVERNMENT GRANTS |
Government grants relate to income received in respect of The Small Business Grant Fund which was provided by the government to small businesses in the UK through City Councils to meet the business costs incurred during COVID-19. It also includes income received in respect of the Coronavirus Job Retention Scheme ("JRS") which was provided by the government to businesses in the UK to help alleviate the financial impact of COVID-19 by placing staff on temporary leave. |
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Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Income Statement as operating income in the same period as the related expenditure when reasonable assurance is gained that the Company will comply with the conditions attached to the grant and the grant will be received. |
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INVESTMENT PROPERTY |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on surplus at the rate expected to apply when the property is sold. |
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STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position 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 statement of financial position 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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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2020 |
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Additions |
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At 30th June 2021 |
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DEPRECIATION |
At 1st July 2020 |
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Charge for year |
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At 30th June 2021 |
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NET BOOK VALUE |
At 30th June 2021 |
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At 30th June 2020 |
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AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2021 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2020 |
and 30th June 2021 |
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NET BOOK VALUE |
At 30th June 2021 |
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At 30th June 2020 |
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Investment property comprise freehold land and building. No depreciation is provided in respect of this property. |
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The fair value of the property has been arrived at on the basis of a valuation provided by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
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The director has confirmed the property is reflected at fair value based on market evidence of transaction prices to similar properties and their rental yields |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/21 | 30/6/20 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/21 | 30/6/20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 147,948 | 148,320 |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/21 | 30/6/20 |
£ | £ |
Bank loans |
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Other creditors |
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AA FOODS LIMITED (REGISTERED NUMBER: 08025842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2021 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/21 | 30/6/20 |
£ | £ |
Bank loans |
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Other loans |
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The bank loan is secured against 109 Crafton Road East, Leicester, 7-9 Brougham Street, Leicester and over all assets of the company. |
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10. | DEFERRED TAX |
£ |
Balance at 1st July 2020 | ( |
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Provided during year | ( |
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Balance at 30th June 2021 | ( |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/21 | 30/6/20 |
value: | £ | £ |
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Ordinary share capital | £1 | 100 | 100 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30th June 2021 and 30th June 2020: |
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30/6/21 | 30/6/20 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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13. | RELATED PARTY DISCLOSURES |
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As at year the company was owed a sum of £678 (2020: £Nil) from other companies which are owned and controlled by majority shareholders and directors of the company. Similarly, the company owed a sum of £147,948 (2020: £148,320) to other companies which are owned and controlled by majority shareholders and directors of the company. The relevant amounts are included within debtors and creditors note 6 and 7 respectively. |