South Eastern Foods Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02112285 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

SOUTH EASTERN FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R S Ashness

Mr G R Linkins

Mr C G Linkins

Ms C E Linkins

SECRETARY:

Ms C E Linkins

REGISTERED OFFICE:

c/o Bradleys

Wotton Road

Ashford

Kent

TN23 6LL

REGISTERED NUMBER:

02112285 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

351,989

393,059

Investments

6

7,500

7,500

359,489

400,559

CURRENT ASSETS

Stocks

466,558

479,771

Debtors

7

1,517,180

1,533,207

Cash at bank and in hand

818,783

221,223

2,802,521

2,234,201

CREDITORS

Amounts falling due within one year

8

1,131,107

942,840

NET CURRENT ASSETS

1,671,414

1,291,361

TOTAL ASSETS LESS CURRENT LIABILITIES

2,030,903

1,691,920

CREDITORS

Amounts falling due after more than one year

9

(184,389

)

(12,990

)

PROVISIONS FOR LIABILITIES

(23,186

)

(25,157

)

NET ASSETS

1,823,328

1,653,773

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

1,822,328

1,652,773

SHAREHOLDERS' FUNDS

1,823,328

1,653,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2022 and were signed on its behalf by:

Mr C G Linkins - Director

Ms C E Linkins - Director

1.	STATUTORY INFORMATION

South Eastern Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the term of the lease

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

404,796

AMORTISATION

At 1 July 2020

and 30 June 2021

404,796

NET BOOK VALUE

At 30 June 2021

-

At 30 June 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2020

461,821

385,324

577,890

1,425,035

Additions

-

-

42,430

42,430

Disposals

-

-

(46,995

)

(46,995

)

At 30 June 2021

461,821

385,324

573,325

1,420,470

DEPRECIATION

At 1 July 2020

202,302

336,974

492,700

1,031,976

Charge for year

18,450

10,221

42,404

71,075

Eliminated on disposal

-

-

(34,570

)

(34,570

)

At 30 June 2021

220,752

347,195

500,534

1,068,481

NET BOOK VALUE

At 30 June 2021

241,069

38,129

72,791

351,989

At 30 June 2020

259,519

48,350

85,190

393,059

The net book value of tangible fixed assets includes £ 20,165 (2020 - £ 32,262 ) in respect of assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2020

and 30 June 2021

7,500

NET BOOK VALUE

At 30 June 2021

7,500

At 30 June 2020

7,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

491,355

529,267

Amounts owed by group undertakings

606,421

548,590

Other debtors

419,404

455,350

1,517,180

1,533,207

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

51,723

-

Hire purchase contracts (see note 10)

12,081

11,994

Trade creditors

967,862

774,336

Amounts owed to group undertakings

12,684

29,626

Taxation and social security

73,013

83,958

Other creditors

13,744

42,926

1,131,107

942,840

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

184,389

-

Hire purchase contracts (see note 10)

-

12,990

184,389

12,990

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Non-cancellable operating

leases

2021

2020

£

£

Within one year

112,641

116,856

Between one and five years

174,993

287,634

287,634

404,490

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

236,112

-

Hire purchase contracts

12,081

24,984

248,193

24,984

The bank loan is secured by a fixed and floating charge over the assets of the company. The hire purchase contracts are secured over the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

1

1,000

1,000

13.	OTHER FINANCIAL COMMITMENTS

The company has entered into a multi-lateral guarantee with it's parent company and a fellow subsidiaries in favour of Barclays Bank Plc.

At 30th June 2021, a mortgage facility totalling £415,768 was being used by the fellow subsidiaries.