Demos Ciclitira Limited - Accounts to registrar (filleted) - small 23.2.5
Demos Ciclitira Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
| DEMOS CICLITIRA LIMITED |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
DEMOS CICLITIRA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Octagon |
Suite E2 |
Middleborough |
Colchester |
Essex |
CO1 1TG |
BANKERS: |
1-3 Bishopsgate |
London |
EC2N 3AQ |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The directors present their report with the financial statements of the company for the year ended 31 August 2023. |
REVIEW OF BUSINESS |
The company is an importer and distributor of dried fruits, cereals, pulses, and grains for the UK food industry, being founded in 1926. |
The directors are pleased to report that the Net Assets at the year ended 31 August 2023 remain above £7million. The company's turnover has fallen by 3.5% on the prior year, but the Gross Profit Margin remains at 10%. |
The company continues to expand its customer base and is constantly looking to expand it's service offering in order to maximise productivity and to make use of the company's significant processing capacity. The directors are confident that the business is in an excellent position to maximise business opportunities as it has a skilled and well-established workforce and significant infrastructure and facilities which will allow the Company to continue to prosper. |
It should be noted that over the previous 18 months the company has incurred exceptional expenditure. |
In the financial year to 31 August 2022 the Company replaced its factory roof at a cost of £274,622 to deliver an improved working environment and create significant energy savings. |
In the financial year to 31 August 2023 The directors have undertaken a review of the company's financial position between group companies. This review has resulted in recognising an impairment cost totalling £300,000 which has been recognised in the income statement for this year. |
These exceptional costs have been disclosed so that the reader of these accounts can accurately understand the financial position and performance of the Company. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent; |
| - | 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. |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, LB Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 | 300,000 | 300,000 |
Share premium | 11 | 619 | 619 |
Revaluation reserve | 11 | 3,626,674 | 3,626,674 |
Retained earnings | 11 | 3,220,125 | 3,519,927 |
SHAREHOLDERS' FUNDS | 7,147,418 | 7,447,220 |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
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 |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Demos Ciclitira Limited is a |
The financial statements are presented in sterling which is the functional currency of the company. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investments in subsidiaries |
Investments in subsidiaries are stated at cost less accumulated impairment losses in the Company's balance sheet. On disposal of investments in subsidiaries the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date with the following exception. It is the company policy to enter into forward contracts to fix the exchange rate for transactions relating to an agreed sale. This ensures that exchange rate risk is minimised. Assets and liabilities in foreign currencies that relate to agreed sales have been translated at the exchange rate specified in the appropriate forward contract. |
| Transactions in foreign currencies that have been subject to a forward contract are converted to sterling at the rate specified whilst all other transactions are converted at the rate of exchange ruling at the date of the transaction. |
| Exchange differences are taken into account in arriving at the operating result. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 1,833,591 (2022 - £ 1,833,591 ) which is not depreciated. |
Cost or valuation at 31 August 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2008 | 571,677 | - | - | - | 571,677 |
Valuation in 2013 | 365,000 | - | - | - | 365,000 |
Valuation in 2017 | 2,126,200 | - | - | - | 2,126,200 |
Valuation in 2022 | 242,820 | - | - | - | 242,820 |
Cost | 1,924,303 | 267,384 | 636,521 | 165,356 | 2,993,564 |
5,230,000 | 267,384 | 636,521 | 165,356 | 6,299,261 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,924,303 | 1,924,303 |
Aggregate depreciation | 794,911 | 745,800 |
Freehold land and buildings were valued on an open market basis on 21 October 2022 by Kemsley LLP Property Consultants . |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Additional information is as follows: |
Share in |
subsidiary |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Loans to |
group |
undertakings |
£ |
At 1 September 2022 |
Other movement | ( | ) |
At 31 August 2023 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
7. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
| The amount of trade debt outstanding at the year end which is subject to factoring services amounts to £1,031,752 (2022: £696,068). |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 405,588 | 75,000 |
Accruals and deferred income |
| The bank loan and overdraft are secured by a fixed and floating charge over both the present and future book debts of the company and a fixed charge over its freehold property. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
'A' (Non-voting) | £1 | 30,000 | 30,000 |
Ordinary | £1 | 270,000 | 270,000 |
300,000 | 300,000 |
DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
11. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 September 2022 | 3,519,927 | 619 | 3,626,674 | 7,147,220 |
Deficit for the year | ( | ) | ( | ) |
At 31 August 2023 | 3,220,125 | 619 | 3,626,674 | 6,847,418 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
| George Harker (UK) Limited |
| A company in which D J Ciclitira is a director and Chairman of the Board. |
| The company made purchases from George Harker (UK) Limited during the year totalling £363,986 (2022: £387,565), and made sales during the year totalling £10,169,(2022: £14,115). The amount outstanding from George Harker (UK) Limited to the company at the balance sheet date is £282,209 (2022: £65,700). |
| D J Ciclitiria and estate of A G Ciclitiria |
| Director and Chairman of the Board of Demos Ciclitira Limited |
| At the year end, the director of the company, Mr D J Ciclitira along with the estate of A G Ciclitiria was owed £nil (2022: £415,267) which is included in other creditors due after more than one year.There is a further £405,558 (2022: £75,000l) within creditors due within one year due to D J Ciclitira along with the estate of A G Ciclitiria . |
| Medos (UK) Limited |
| A company related by virtue of D J Cicilitiria and estate of A G Ciclitira's shareholding |
| At the year end, Medos (UK) limited owed the company an amount of £496,714 (2022: £496,714) in respect of an interest free loan. This is included within debtors falling due after more than one year. There are no fixed terms for repayment. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |