Perkins Foods Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01898193 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

PERKINS FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

U N Ahmad

P M Butt

S D Farley

REGISTERED OFFICE:

66 Talbot Avenue

Slough

Berkshire

SL3 8DE

REGISTERED NUMBER:

01898193 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Advantage

87 Castle Street

Reading

Berkshire

RG1 7SN

CURRENT ASSETS

Debtors

5

171

150

Cash at bank

257

314

428

464

CREDITORS

Amounts falling due within one year

6

168,192

168,060

NET CURRENT LIABILITIES

(167,764

)

(167,596

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(167,764

)

(167,596

)

CAPITAL AND RESERVES

Called up share capital

7

15,669

15,669

Share premium

10,169

10,169

Other reserves

48,195

48,195

Retained earnings

(241,797

)

(241,629

)

SHAREHOLDERS' FUNDS

(167,764

)

(167,596

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 September 2021 and were signed on its behalf by:

U N Ahmad - Director

1.	STATUTORY INFORMATION

Perkins 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.

The company and the group continue to wind up the business in an orderly manner and complete a ligation process that the company anticipates will result in a refund of corporation tax to the group as a whole. The company and the group continue to receive the support of the family of the majority shareholder, who is also the majority bondholder.

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.

The presentation currency of these financial statements is Sterling. The financial statements have been rounded to the nearest £1,000.

Going concern

The financial statements have been prepared on a going concern basis.

As at the balance sheet date, the Company had net current liabilities of £167,764,000 ( 2019 - £167,596,000) so the applicability of the going concern basis is dependent upon the continued support of the company's creditors and financiers.

In the directors' opinion, the company has the support of its creditors and financiers for the foreseeable future and therefore they consider it appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets - 8-14% over 7-12 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

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.

Foreign currencies

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange

rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£'000

COST

At 1 January 2020

and 31 December 2020

378

DEPRECIATION

At 1 January 2020

and 31 December 2020

378

NET BOOK VALUE

At 31 December 2020

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£'000

£'000

Amounts owed by group undertakings

50

50

Other debtors

121

100

171

150

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£'000

£'000

Trade creditors

161

34

Amounts owed to group undertakings

167,915

167,915

Other creditors

116

111

168,192

168,060

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/20

31/12/19

value:

£'000

£'000

125,353,871

Ordinary shares

£0.12

5

15,669

15,669

8.	RELATED PARTY DISCLOSURES

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.

9.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent undertaking is Perkins Foods Holdings Limited, a company incorporated in England and Wales.

The ultimate controlling party is P M Butt.