Coren Foods Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07490247 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

COREN FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N R Rodriguez

A R Vidal

M Powell

REGISTERED OFFICE:

Rae House

Dane Street

Bishops Stortford

Hertfordshire

CM23 3BT

REGISTERED NUMBER:

07490247 (England and Wales)

AUDITORS:

Barrow LLP

Statutory Auditor

Rae House

Dane Street

Bishops Stortford

Herts

CM23 3BT

CURRENT ASSETS

Stocks

5,199

128,576

Debtors

5

256,403

316,642

261,602

445,218

CREDITORS

Amounts falling due within one year

6

(246,506

)

(436,838

)

NET CURRENT ASSETS

15,096

8,380

TOTAL ASSETS LESS CURRENT LIABILITIES

15,096

8,380

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

14,996

8,280

SHAREHOLDERS' FUNDS

15,096

8,380

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 June 2019 and were signed on its behalf by:

M Powell - Director

1.	STATUTORY INFORMATION

Coren 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

In considering the appropriateness of the going concern basis for the preparation of these financial statements, the directors

have considered the working capital requirements of the company for the short, medium and longer term. They have

reviewed the cash flow forecasts and considered the future funding requirements which show that the company is reliant on

continued support from Industrias Frigorificas Sel Louro S.A.

In considering the position of the company, the directors have taken account of Industrias Frigorificas Sel Louro S.A 's

written confirmation of its present intention to continue to provide the required financial support to the business. However

given the non-binding nature of the commitment they have concluded there remains a material uncertainty which may cast

significant doubt about the company's ability to continue as a going concern.

Notwithstanding the uncertainty and taking into account the indication of future support, the directors have a reasonable

expectation that the company will be able to continue as a going concern for the foreseeable future, being a period of not

less than twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt

the going concern basis in preparing the financial statements. The financial statements, therefore, do not include any

adjustments that would arise if the going concern basis of preparation were inappropriate.

Turnover

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

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 the 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.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is

based on the cost of purchase on a first in first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its

selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the

instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

Other financial instruments 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. 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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Judgement in accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including

expectations of future events that are believed to be reasonable under the circumstances.

Judgement in applying accounting policies

The company does not consider there to be any critical judgement in applying accounting policies.

Accounting judgement and estimation

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by

definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Allowance for doubtful debts

Management undertakes a review of all new customers and a periodic review of existing customers to determine whether

specific risks of default exist. Beyond identification of specific risks, management undertakes periodic reviews into the

calculation of allowances for doubtful debts to ensure historic trends continue to provide a basis for determining a reliable

estimate for doubtful debts.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

179,405

196,252

Amounts owed by group undertakings

74,360

116,934

Other debtors

2,638

3,456

256,403

316,642

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

34,948

5,674

Trade creditors

34,284

39,288

Amounts owed to group undertakings

157,008

355,457

Taxation and social security

5,685

6,585

Other creditors

14,581

29,834

246,506

436,838

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

102

Ordinary A

£0.50

51

51

98

Ordinary B

£0.50

49

49

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Glenn Armon-Jones (Senior Statutory Auditor)

for and on behalf of Barrow LLP

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Industrias Frigorificas del Louro, S.A. (Frigolouro).

The ultimate controlling parties are Cooperativa de Criadores de Ganado Porcino, S. Coop. Galega and Cooperativa de

Ganaderos de Porcino de Ourense, S. Coop. Galega.

The immediate parent undertaking is Industrias Frigorificas del Louro, S.A. (Frigolouro).

Industrias Frigorificas del Louro, S.A. (Frigolouro) is the parent undertaking of the largest and smallest group of undertakings

to consolidate these financial statement at 31 December 2018. The consolidated financial statements of Industrias

Frigorificas del Louro, S.A. (Frigolouro) are available from:

Industrias Frigorificas del Louro, S.A.

Gomez Franqueira

Porriño (Pontevedra)

36400

Spain