Southgate Foods Ltd

Southgate Foods Ltd

SOUTHGATE FOODS LTD - Company Information

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Company Registration No. 12707018 (England and Wales)
Southgate Foods Ltd Unaudited accounts for the year ended 30 June 2023
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Southgate Foods Ltd for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Southgate Foods Ltd for the year ended 30 June 2023 as set out on pages 3 - 5 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Southgate Foods Ltd, as a body, in accordance with the terms of our engagement letter dated 30 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of Southgate Foods Ltd and state those matters that we have agreed to state to the Board of Directors of Southgate Foods Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southgate Foods Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Southgate Foods Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Southgate Foods Ltd. You consider that Southgate Foods Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Southgate Foods Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Lewis Associates Chartered Certified Accountants 75 Coniston Gardens London NW9 0BA 2 April 2024
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Southgate Foods Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
129,157 
141,086 
Current assets
Inventories
4,200 
1,235 
Debtors
5
23,874 
25,228 
Cash at bank and in hand
19,480 
15,365 
47,554 
41,828 
Creditors: amounts falling due within one year
6
(51,014)
(223,745)
Net current liabilities
(3,460)
(181,917)
Total assets less current liabilities
125,697 
(40,831)
Creditors: amounts falling due after more than one year
7
(219,325)
- 
Net liabilities
(93,628)
(40,831)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(93,728)
(40,931)
Shareholders' funds
(93,628)
(40,831)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 April 2024 and were signed on its behalf by
Tawfiq Khamker Director Company Registration No. 12707018
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Southgate Foods Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Southgate Foods Ltd is a private company, limited by shares, registered in England and Wales, registration number 12707018. The registered office is Unit 6, 998 North Circular Road, Staples Corner, London, NW2 7JR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% reducing balance
Fixtures & fittings
18% reducing balance
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2022
74,811 
62,997 
5,871 
143,679 
At 30 June 2023
74,811 
62,997 
5,871 
143,679 
Depreciation
At 1 July 2022
- 
2,329 
264 
2,593 
Charge for the year
- 
10,920 
1,009 
11,929 
At 30 June 2023
- 
13,249 
1,273 
14,522 
Net book value
At 30 June 2023
74,811 
49,748 
4,598 
129,157 
At 30 June 2022
74,811 
60,668 
5,607 
141,086 
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Southgate Foods Ltd Notes to the Accounts for the year ended 30 June 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
15,179 
7,370 
Accrued income and prepayments
8,695 
8,607 
Other debtors
- 
9,251 
23,874 
25,228 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
14,344 
17,690 
Amounts owed to group undertakings and other participating interests
- 
124,825 
Taxes and social security
17,972 
908 
Other creditors
16,458 
73,897 
Accruals
2,240 
6,425 
51,014 
223,745 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
149,325 
- 
Other creditors
70,000 
- 
219,325 
- 
8
Average number of employees
During the year the average number of employees was 5 (2022: 9).
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