FOODATION LTD 31/12/2020 iXBRL

FOODATION LTD 31/12/2020 iXBRL

FOODATION LTD - Company Information

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Company registration number: 10831237
FOODATION LTD
Filleted financial statements
31 December 2020
FOODATION LTD
Contents
Directors' responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
FOODATION LTD
Directors' responsibilities statement
Year ended 31 December 2020
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FOODATION LTD
Statement of financial position
31 December 2020
2020 2019
Note € € € €
Fixed assets
Intangible assets 5 60,000 59,000
Current assets
Debtors 7 130,589 140,931
Cash at bank and in hand 3,161 26,712
________ ________
133,750 167,643
Creditors: amounts falling due
within one year 8 ( 36,231) ( 40,125)
________ ________
Net current assets 97,519 127,518
__________ __________
Total assets less current liabilities 157,519 186,518
__________ __________
Net assets 157,519 186,518
__________ __________
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 ( 10,430,020) ( 10,401,021)
__________ __________
Shareholders funds 157,519 186,518
__________ __________
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 22 April 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 2020
Called up share capital Share premium account Capital contribution Profit and loss account Total
€ € € € €
At 1 January 2019 8,445,806 124,194 - ( 317,687) 8,252,313
_________ ________ __________ __________ __________
Loss for the year ( 10,083,334) ( 10,083,334)
_________ ________ __________ __________ __________
Total comprehensive income for the year - - - ( 10,083,334) ( 10,083,334)
_________ ________ __________ __________ __________
Capital contribution - - 2,017,539 - 2,017,539
_________ ________ __________ __________ __________
Total investments by owners - - 2,017,539 - 2,017,539
_________ ________ __________ __________ __________
At 31 December 2019 and 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 8,445,806 124,194 2,017,539 ( 10,430,020) 157,519
_________ ________ __________ __________ __________
FOODATION LTD
Notes to the financial statements
Year ended 31 December 2020
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 (2019: 7 ).
5. Intangible assets
Other intangible assets
€
Cost
At 1 January 2020 and 31 December 2020 207,638
_______
Amortisation
At 1 January 2020 148,638
Reversal of impairment losses recognised in statement of comprehensive income ( 1,000)
_______
At 31 December 2020 147,638
_______
Carrying amount
At 31 December 2020 60,000
_______
At 31 December 2019 59,000
_______
6. Investments
Investment in subsidiary undertaking
€
Cost
At 1 January 2020 and 31 December 2020 9,102,278
_________ |
Impairment
At 1 January 2020 9,102,278
_________ |
At 31 December 2020 9,102,278
_________ |
Carrying amount
At 31 December 2020 -
_________ |
At 31 December 2019 -
_________ |
7. Debtors
2020 2019
€ €
Other debtors 130,589 140,931
________ ________
8. Creditors: amounts falling due within one year
2020 2019
€ €
Corporation tax 12,759 13,501
Social security and other taxes 180 -
Other creditors 23,292 26,624
_______ _______
36,231 40,125
_______ _______
9. Called up share capital
Issued, called up and fully paid
2020 2019
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
__________ _________ __________ _________
14,457,726 8,607,806 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. Summary audit opinion
The auditor's report for the year dated 22 April 2022 was qualified on the following basis.
As stated in Note 3 to the financial statements, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Therefore, continued financial support from the company's parent undertakings is essential to its ability to continue as a going concern. However, we have been unable to obtain sufficient appropriate audit evidence as to their intention and whether they are willing to provide continued support to the company for the foreseeable future.
The senior statutory auditor was Frank Murray Weinberg for and on behalf of Somers Baker Prince Kurz LLP
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Exchange differences Balance o/standing
€ € € €
Riccardo Cortese 98,965 - (5,442) 93,523
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Exchange differences Balance o/standing
€ € € €
Riccardo Cortese 54,416 40,502 4,047 98,965
_______ _______ _______ _______
13. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist in the preparation of the financial statements.
14. 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.