Food NI Ltd 31/10/2022 iXBRL

Food NI Ltd 31/10/2022 iXBRL

FOOD NI LTD - Company Information

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3 31/10/2022 2022-10-31 false false false false true false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI601037 2021-11-01 2022-10-31 NI601037 2022-10-31 NI601037 2020-11-01 2021-10-31 NI601037 2021-10-31 NI601037 2020-10-31 NI601037 bus:LeadAgentIfApplicable 2021-11-01 2022-10-31 NI601037 bus:Director1 2021-11-01 2022-10-31 NI601037 core:RetainedEarningsAccumulatedLosses 2020-11-01 2021-10-31 NI601037 core:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 NI601037 core:WithinOneYear 2022-10-31 NI601037 core:WithinOneYear 2021-10-31 NI601037 core:RetainedEarningsAccumulatedLosses 2022-10-31 NI601037 core:RetainedEarningsAccumulatedLosses 2021-10-31 NI601037 core:RetainedEarningsAccumulatedLosses 2020-10-31 NI601037 bus:SmallEntities 2021-11-01 2022-10-31 NI601037 bus:Audited 2021-11-01 2022-10-31 NI601037 bus:AbridgedAccounts 2021-11-01 2022-10-31 NI601037 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-31 NI601037 bus:CompanyLimitedByGuarantee 2021-11-01 2022-10-31
Company registration number: NI601037
Food NI Ltd
Company limited by guarantee
Abridged filleted financial statements
31 October 2022
Food NI Ltd
Company limited by guarantee
Contents
Directors responsibilities statement
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Food NI Ltd
Company limited by guarantee
Directors responsibilities statement
Year ended 31 October 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Food NI Ltd
Company limited by guarantee
Abridged statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Current assets
Debtors 241,541 155,534
Cash at bank and in hand 58,572 113,587
_______ _______
300,113 269,121
Creditors: amounts falling due
within one year ( 253,957) ( 254,883)
_______ _______
Net current assets 46,156 14,238
_______ _______
Total assets less current liabilities 46,156 14,238
_______ _______
Net assets 46,156 14,238
_______ _______
Capital and reserves
Profit and loss account 46,156 14,238
_______ _______
Members funds 46,156 14,238
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 October 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 16 June 2023 , and are signed on behalf of the board by:
Mr A. Nethercott
Director
Company registration number: NI601037
Food NI Ltd
Company limited by guarantee
Statement of changes in equity
Year ended 31 October 2022
Profit and loss account Total
£ £
At 1 November 2020 10,061 10,061
Profit for the year 4,177 4,177
_______ _______
Total comprehensive income for the year 4,177 4,177
_______ _______
At 31 October 2021 and 1 November 2021 14,238 14,238
Profit for the year 31,918 31,918
_______ _______
Total comprehensive income for the year 31,918 31,918
_______ _______
At 31 October 2022 46,156 46,156
_______ _______
Food NI Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Belfast Mills, Percy Street, Belfast, BT13 2HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee and every member undertakes to contribute to the assets of the company in the event of it being wound up, while being a member or within one year after ceasing to be a member, such amount as may be required not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
6. Summary audit opinion
The auditor's report for the year dated 16 June 2023 was unqualified.
The senior statutory auditor was Anthony Bradley F.C.A. for and on behalf of Cleaver Black