ACCOUNTS - Final Accounts

LA FINCA FOODS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 No description of principal activitytruefalse2020-07-01false00 06022708 2020-07-01 2021-06-30 06022708 2019-07-01 2020-06-30 06022708 2021-06-30 06022708 2020-06-30 06022708 c:Director2 2020-07-01 2021-06-30 06022708 d:CurrentFinancialInstruments 2021-06-30 06022708 d:CurrentFinancialInstruments 2020-06-30 06022708 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 06022708 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 06022708 d:ShareCapital 2021-06-30 06022708 d:ShareCapital 2020-06-30 06022708 d:RetainedEarningsAccumulatedLosses 2020-07-01 2021-06-30 06022708 d:RetainedEarningsAccumulatedLosses 2021-06-30 06022708 d:RetainedEarningsAccumulatedLosses 2020-06-30 06022708 c:OrdinaryShareClass1 2020-07-01 2021-06-30 06022708 c:OrdinaryShareClass1 2021-06-30 06022708 c:OrdinaryShareClass1 2020-06-30 06022708 c:EntityNoLongerTradingButTradedInPast 2020-07-01 2021-06-30 06022708 c:FRS102 2020-07-01 2021-06-30 06022708 c:Audited 2020-07-01 2021-06-30 06022708 c:FullAccounts 2020-07-01 2021-06-30 06022708 c:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 06022708 c:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06022708

LA FINCA FOODS LIMITED

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2021

LA FINCA FOODS LIMITED

Registered number:06022708

Statement of Financial Position

As at 30 June 2021

	2021	2020
Note	£	£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	1	398,081
		1	398,081
Creditors: amounts falling due within one year	5	-	(6,132)
NET CURRENT ASSETS		1	391,949
TOTAL ASSETS LESS CURRENT LIABILITIES		1	391,949

NET ASSETS		1	391,949

CAPITAL AND RESERVES
Called up share capital	6	1	1
Profit and loss account	7	-	391,948
		1	391,949

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Vincent

Director

Date: 29 March 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

LA FINCA FOODS LIMITED

Notes to the Financial Statements

For the Year Ended 30 June 2021

1.	GENERAL INFORMATION

La Finca Foods Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The address of the registered office and trading address is Kroma House, Mill Lane, Wadborough, Worcester, WR8 9HB.
The principal activity of the company is to facilitate the import of poultry.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements cover the individual entity only, and are presented in £ sterling rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The company ceased trading from 31 May 2021, when all assets and liabilities were transferred to Ballantyne Foods Limited. As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.

2.3

FOREIGN CURRENCY TRANSLATION

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. Non-monetary 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

LA FINCA FOODS LIMITED

Notes to the Financial Statements

For the Year Ended 30 June 2021

2.ACCOUNTING POLICIES (continued)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.6

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.

2.7

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.

Page 3

LA FINCA FOODS LIMITED

Notes to the Financial Statements

For the Year Ended 30 June 2021

2.ACCOUNTING POLICIES (continued)

2.8

FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

EMPLOYEES

The company has no employees other than the directors, who did not receive any remuneration (2020:£NIL).

DEBTORS

					2021	2020
					£	£


Trade debtors	-	12,981
Amounts owed by group undertakings	1	385,100
	1	398,081

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	2020
		£	£

Corporation tax	-	4,762
Other creditors	-	1,370
	-	6,132

6.	SHARE CAPITAL
		2021	2020
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2020:1) Ordinary share of £1.00	1	1

Page 4

LA FINCA FOODS LIMITED

Notes to the Financial Statements

For the Year Ended 30 June 2021

6.SHARE CAPITAL (CONTINUED)

RESERVES

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

8.	CONTROLLING PARTY

The immediate controlling party is Braid Foods (Holdings) Limited by virtue of the company being a wholly owned subsidiary. The director does not consider there to be an ultimate controlling party as no one party has an ultimate majority shareholding.

9.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 June 2021 was unqualified.

The audit report was signed on 30 March 2022 by Andrew Wood FCCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

Page 5