FOODATION LTD 31/12/2021 iXBRL

FOODATION LTD 31/12/2021 iXBRL

FOODATION LTD - Company Information

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Company registration number: 10831237
FOODATION LTD
Unaudited filleted financial statements
31 December 2021
FOODATION LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
FOODATION LTD
Directors and other information
Directors Riccardo Cortese
Pietro Marini
Marco De Palma
Federico Pinna
Simone Moresco
Katarina Safai
Gerald Taylor
Secretary Lincoln Secretaries Limited
Company number 10831237
Registered office 12 Bridewell Place
Third Floor East
London
EC4V 3AP
Accountants Somers Baker Prince Kurz LLP
Chancellors House
3 Brampton Lane
London
NW4 4AB
FOODATION LTD
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of FOODATION LTD
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FOODATION LTD for the year ended 31 December 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of FOODATION LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of FOODATION LTD and state those matters that we have agreed to state to the board of directors of FOODATION LTD as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FOODATION LTD and its board of directors as a body for our work or for this report.
It is your duty to ensure that FOODATION LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of FOODATION LTD. You consider that FOODATION LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of FOODATION LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Somers Baker Prince Kurz LLP
Chartered Accountants
Chancellors House
3 Brampton Lane
London
NW4 4AB
28 November 2022
FOODATION LTD
Statement of financial position
31 December 2021
2021 2020
Note € € € €
Fixed assets
Intangible assets 5 - 60,000
Current assets
Debtors 7 156,171 130,589
Cash at bank and in hand - 3,161
________ ________
156,171 133,750
Creditors: amounts falling due
within one year 8 ( 11,637) ( 36,231)
________ ________
Net current assets 144,534 97,519
__________ __________
Total assets less current liabilities 144,534 157,519
__________ __________
Net assets 144,534 157,519
__________ __________
Capital and reserves
Called up share capital 9 8,445,806 8,445,806
Share premium account 124,194 124,194
Capital contribution 2,017,539 2,017,539
Profit and loss account ( 10,443,005) ( 10,430,020)
__________ __________
Shareholders funds 144,534 157,519
__________ __________
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2022 , and are signed on behalf of the board by:
Katarina Safai
Director
Company registration number: 10831237
FOODATION LTD
Statement of changes in equity
Year ended 31 December 2021
Called up share capital Share premium account Capital contribution Profit and loss account Total
€ € € € €
At 1 January 2020 8,445,806 124,194 2,017,539 ( 10,401,021) 186,518
_________ ________ __________ __________ __________
Loss for the year ( 28,999) ( 28,999)
_________ ________ __________ __________ __________
Total comprehensive income for the year - - - ( 28,999) ( 28,999)
_________ ________ __________ __________ __________
_________ ________ __________ __________ __________
At 31 December 2020 and 1 January 2021 8,445,806 124,194 2,017,539 ( 10,430,020) 157,519
_________ ________ __________ __________ __________
Loss for the year ( 12,985) ( 12,985)
_________ ________ __________ __________ __________
Total comprehensive income for the year - - - ( 12,985) ( 12,985)
_________ ________ __________ __________ __________
At 31 December 2021 8,445,806 124,194 2,017,539 ( 10,443,005) 144,534
_________ ________ __________ __________ __________
FOODATION LTD
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Bridewell Place, Third Floor East, London, EC4V 3AP.The principal activity of the company is that of an investment holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention. The financial statements are presented in euros which is the functional currency of the company and rounded to the nearest euro.
Going concern
The company made recurring losses and, at the reporting date, the realisable value of its investments remained uncertain. These conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. However, at the time of approving the financial statements, the directors are confident that the company will continue to receive financial support from its parent and ultimate parent undertakings and therefore has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the exemption from the requirement to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences - Between 3 to 8 years on a straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 7 ).
5. Intangible assets
Other intangible assets
€
Cost
At 1 January 2021 207,638
Disposals (110,340)
_______
At 31 December 2021 97,298
_______
Amortisation
At 1 January 2021 147,638
Reversal of impairment losses recognised in statement of comprehensive income ( 50,340)
_______
At 31 December 2021 97,298
_______
Carrying amount
At 31 December 2021 -
_______
At 31 December 2020 60,000
_______
6. Investments
Investment in subsidiary undertaking
€
Cost
At 1 January 2021 and 31 December 2021 9,102,278
_________ |
Impairment
At 1 January 2021 9,102,278
_________ |
At 31 December 2021 9,102,278
_________ |
Carrying amount
At 31 December 2021 -
_________ |
At 31 December 2020 -
_________ |
7. Debtors
2021 2020
€ €
Other debtors 156,171 130,589
________ ________
8. Creditors: amounts falling due within one year
2021 2020
€ €
Corporation tax - 12,759
Social security and other taxes - 180
Other creditors 11,637 23,292
_______ _______
11,637 36,231
_______ _______
9. Called up share capital
Issued, called up and fully paid
2021 2020
No. € No. €
A Ordinary shares of € 1.1344 each 142,800 162,000 142,800 162,000
Peference shares of € 1.07 each 7,157,463 7,658,485 7,157,463 7,658,485
__________ _________ __________ _________
7,300,263 7,820,485 14,457,726 8,607,806
__________ _________ __________ _________
The A Ordinary shares do not and shall not confer on each holder the right to receive notice of and to attend, speak and vote at all general meetings nor to receive and vote on proposed written resolutions of the company.The Preference shares shall confer on each holder the right to receive notice of and to attend, speak and vote at all general meetings and to receive and vote on proposed written resolutions of the company.In the event of a distribution or liquidation, the company shall first pay the holders of Preference shares pro-rata to the number of Preference shares held up to repayment in full of the amount paid up by each such shareholder plus compound interest at 1% per annum on such amount and, thereafter, the company shall pay to the holders of Ordinary shares pro-rata to the number of Ordinary shares held. Dividends in respect of preference shares are non-cumulative.
10. Other financial commitments
The company has given a guarantee in respect of a bank loan amounting to €600,000 from Mediocredito Italiano SpA to group undertaking, Briscola Milano Srl. This guarantee is effective from 21 November 2018.
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Exchange differences Balance o/standing
€ € €
Riccardo Cortese 93,523 (42,120) 51,403
_______ _______ _______
2020
Balance brought forward Exchange differences Balance o/standing
€ € €
Riccardo Cortese 98,965 (5,442) 93,523
_______ _______ _______
12. Controlling party
The company's parent undertaking is Argenta Sub-Holding Limited, a company registered in the UK, and its ultimate parent undertaking is Argenta Holdings Sarl, a company registered in Luxembourg.