Marric Foods Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03866381 (England and Wales)

Financial Statements

for the Year Ended 30 September 2022

for

Marric Foods Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Reid

Mrs G J Reid

SECRETARY:

G Reid

REGISTERED OFFICE:

North Grange

North Road

Horsforth

LEEDS

West Yorkshire

LS18 5HG

REGISTERED NUMBER:

03866381 (England and Wales)

ACCOUNTANTS:

SKS Bailey Group Limited

19 The Grove

Ilkley

LS29 9LS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

29,567

29,257

Investments

6

510,076

412,034

539,643

441,291

CURRENT ASSETS

Stocks

4,691

6,314

Debtors

7

552,288

890,629

Cash at bank

288,466

239,169

845,445

1,136,112

CREDITORS

Amounts falling due within one year

8

(294,667

)

(274,180

)

NET CURRENT ASSETS

550,778

861,932

TOTAL ASSETS LESS CURRENT LIABILITIES

1,090,421

1,303,223

CREDITORS

Amounts falling due after more than one year

9

(626,325

)

(729,813

)

NET ASSETS

464,096

573,410

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

463,996

573,310

SHAREHOLDERS' FUNDS

464,096

573,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 26 June 2023 and were signed on its behalf by:

G Reid - Director

1.	STATUTORY INFORMATION

Marric 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

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL

The Goodwill was integrated on the acquisition of the Company in 2009 and has now been amortised over its useful life.

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.

TANGIBLE FIXED ASSETS

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

Short leasehold

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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 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.

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 year was 69 (2021 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2021

and 30 September 2022

153,795

AMORTISATION

At 1 October 2021

and 30 September 2022

153,795

NET BOOK VALUE

At 30 September 2022

-

At 30 September 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

30,280

37,705

116,518

52,377

236,880

Additions

-

-

-

21,199

21,199

At 30 September 2022

30,280

37,705

116,518

73,576

258,079

DEPRECIATION

At 1 October 2021

30,280

36,591

95,997

44,755

207,623

Charge for year

-

371

15,483

5,035

20,889

At 30 September 2022

30,280

36,962

111,480

49,790

228,512

NET BOOK VALUE

At 30 September 2022

-

743

5,038

23,786

29,567

At 30 September 2021

-

1,114

20,521

7,622

29,257

6.	FIXED ASSET INVESTMENTS

Loans to

group

undertakings

£

New in year

510,076

At 30 September 2022

510,076

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Driver mileage control account

-

1,752

Amounts owed by group undertakings

515,357

863,082

Sales ledger control account

28,107

14,016

VAT

-

3,693

Prepayments

8,824

8,086

552,288

890,629

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

129,106

127,733

Trade creditors

38,634

40,592

Corporation tax

40,879

79,593

Social security and other tax

28,713

19,622

VAT

50,726

-

Other creditors

1,727

700

Pension liability

2,701

4,430

Directors' current accounts

1,164

520

Accruals

1,017

990

294,667

274,180

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loan

(1-2 yrs)

129,106

127,733

Bank loan

(2-5 yrs)

387,319

383,200

Bank loan (over 5 yrs)

109,900

218,880

626,325

729,813

Amounts falling due in more than five years:

Repayable by instalments

Bank loan (over 5 yrs)

109,900

218,880

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary share

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 October 2021

573,310

Deficit for the year

(109,314

)

At 30 September 2022

463,996

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No dividends were paid to the directors' throughout the year ended 30th September 2022 (2021 Nil). The company owed the directors' £1,164 as at 30th September 2022 (2021 £520).

13.	RELATED PARTY DISCLOSURES

The company has investments totalling £510,076 in Matthew Foods Partnership LLP, a related company in which Marric Foods Limited is a designated member.

Included in other income were management charges from other related parties:

Matthew Foods Limited £118,988

Marino Foods Limited £59,204

Friar 106 Limited £100,258

Maryculter Foods Limited £177,202

Included in expenditure were management charges from other related parties:

Matthew Foods Limited £11,232

Maryculter Foods Limited £813