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

REGISTERED NUMBER: 05288650 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 30TH DECEMBER 2019 TO 27TH DECEMBER 2020

FOR

COLONEL FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Suleman

Z Abbasi

REGISTERED OFFICE:

First Floor

7-8 Conduit Street

London

W1S 2XF

REGISTERED NUMBER:

05288650 (England and Wales)

AUDITORS:

PSJ Alexander & Co

Chartered Accountants & Statutory Auditors

1 Doughty Street

London

WC1N 2PH

FIXED ASSETS

Intangible assets

4

-

1,743,509

Tangible assets

5

-

1,361,729

-

3,105,238

CURRENT ASSETS

Stocks

-

77,242

Debtors

6

2

676,901

Cash at bank and in hand

-

255,968

2

1,010,111

CREDITORS

Amounts falling due within one year

7

-

2,594,515

NET CURRENT ASSETS/(LIABILITIES)

2

(1,584,404

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2

1,520,834

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

-

1,520,832

SHAREHOLDERS' FUNDS

2

1,520,834

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 by the Board of Directors and authorised for issue on 26th November 2021 and were signed on its behalf by:

I Suleman - Director

1.	STATUTORY INFORMATION

Colonel 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

Going concern

On 30th December 2019, following a group restructure, the business of the Company was transferred to a fellow group company, B.J.R. Foods Limited. All assets and liabilities, franchise agreements, contracts, leases and other rights and obligations were transferred or reassigned to B.J.R. Foods Limited.

Subsequently, the Company ceased trading and became dormant. Reference to information relating to the period ended 29th December 2019 has been made where appropriate.

Management is deciding on the future of the Company.

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, is being amortised evenly over its remaining estimated useful life of 10 years.

Other intangible assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, straight line over the period of the licence or their estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

at varying rates

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 period 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 period 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

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 period was NIL (2019 - 163 ).

4.	INTANGIBLE FIXED ASSETS

Licence

Transfer

Goodwill

fees

fees

Totals

£

£

£

£

COST

At 30th December 2019

8,861,989

195,965

20,028

9,077,982

Transfer to group undertaking

(8,861,989

)

(195,965

)

(20,028

)

(9,077,982

)

At 27th December 2020

-

-

-

-

AMORTISATION

At 30th December 2019

7,243,337

78,452

12,684

7,334,473

Transfer to group undertaking

(7,243,337

)

(78,452

)

(12,684

)

(7,334,473

)

At 27th December 2020

-

-

-

-

NET BOOK VALUE

At 27th December 2020

-

-

-

-

At 29th December 2019

1,618,652

117,513

7,344

1,743,509

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 30th December 2019

2,466,290

Transfer to group undertaking

(2,466,290

)

At 27th December 2020

-

DEPRECIATION

At 30th December 2019

1,104,561

Transfer to group undertaking

(1,104,561

)

At 27th December 2020

-

NET BOOK VALUE

At 27th December 2020

-

At 29th December 2019

1,361,729

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

1,162

Amounts owed by group undertakings

2

506,328

Other debtors

-

169,411

2

676,901

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

446,653

Amounts owed to group undertakings

-

1,729,163

Taxation and social security

-

282,703

Other creditors

-

135,996

-

2,594,515

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

1

2

2

9.

RESERVES

Retained

earnings

£

At 30th December 2019

1,520,832

Profit for the period

-

Dividends

(1,520,832

)

At 27th December 2020

-

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Vimal Shah (Senior Statutory Auditor)

for and on behalf of PSJ Alexander & Co

11.	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.

Smith Parker Management Ltd

The company paid management fees amounting to £Nil (2019: £150,769) to Smith Parker Management Ltd during the period for director and management services.