Innovative Food Ingredients Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06637700 (England and Wales)

Financial Statements for the Year Ended 30 April 2021

for

Innovative Food Ingredients Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D A Brennand

Mr M S Brennand

SECRETARY:

Mrs K J Brennand

REGISTERED OFFICE:

17-19 Park Street

Lytham

Lancashire

FY8 5LU

REGISTERED NUMBER:

06637700 (England and Wales)

ACCOUNTANTS:

Ashworth Treasure Limited

Chartered Accountants

17-19 Park Street

Lytham

Lancashire

FY8 5LU

FIXED ASSETS

Intangible assets

4

86,271

97,607

Property, plant and equipment

5

92,489

52,861

178,760

150,468

CURRENT ASSETS

Inventories

341,449

340,159

Debtors

6

808,229

829,359

Cash at bank

25,230

21,167

1,174,908

1,190,685

CREDITORS

Amounts falling due within one year

7

1,196,948

1,151,255

NET CURRENT (LIABILITIES)/ASSETS

(22,040

)

39,430

TOTAL ASSETS LESS CURRENT LIABILITIES

156,720

189,898

CREDITORS

Amounts falling due after more than one year

8

(18,052

)

-

PROVISIONS FOR LIABILITIES

(17,573

)

(9,010

)

NET ASSETS

121,095

180,888

CAPITAL AND RESERVES

Called up share capital

46,000

46,000

Retained earnings

75,095

134,888

SHAREHOLDERS' FUNDS

121,095

180,888

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2022 and were signed on its behalf by:

Mr D A Brennand - Director

1.	STATUTORY INFORMATION

Innovative Food Ingredients 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.

Turnover

Revenue 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 businesses in 2016 and 2020, is being amortised over its estimated useful life of twelve years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Rebranding 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 each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

Inventories 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 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.

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 10 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 May 2020

and 30 April 2021

115,000

14,607

129,607

AMORTISATION

At 1 May 2020

32,000

-

32,000

Charge for year

9,875

1,461

11,336

At 30 April 2021

41,875

1,461

43,336

NET BOOK VALUE

At 30 April 2021

73,125

13,146

86,271

At 30 April 2020

83,000

14,607

97,607

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 May 2020

86,139

Additions

57,142

At 30 April 2021

143,281

DEPRECIATION

At 1 May 2020

33,278

Charge for year

17,514

At 30 April 2021

50,792

NET BOOK VALUE

At 30 April 2021

92,489

At 30 April 2020

52,861

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

635,817

457,547

Inter company loan accounts

48,512

48,512

Other debtors

123,900

323,300

808,229

829,359

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

95,738

71,388

Hire purchase contracts

11,138

-

Trade creditors

524,942

564,655

Inter company loan accounts

59,585

85,000

Taxation and social security

58,670

61,180

Other creditors

446,875

369,032

1,196,948

1,151,255

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

18,052

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

95,738

71,388

Hire purchase contracts

29,190

-

124,928

71,388

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2021 and 30 April 2020:

2021

2020

£

£

Mr D A Brennand

Balance outstanding at start of year

76,389

-

Amounts advanced

43,554

76,389

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,943

76,389

Mr M S Brennand

Balance outstanding at start of year

80,223

(14,966

)

Amounts advanced

46,001

95,189

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,224

80,223

Interest was charged at the official rate of interest where appropriate throughout the period.