Vive Foods Limited 31/07/2021 iXBRL

Vive Foods Limited 31/07/2021 iXBRL

VIVE FOODS LTD - Company Information

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Company registration number: 10130541
Vive Foods Limited
Unaudited filleted financial statements
31 July 2021
Vive Foods Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Vive Foods Limited
Statement of financial position
31 July 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 312,829 41,298
_______ _______
312,829 41,298
Current assets
Stocks 77,113 92,805
Debtors 6 76,026 42,894
Cash at bank and in hand 45,802 50,509
_______ _______
198,941 186,208
Creditors: amounts falling due
within one year 7 ( 49,738) ( 43,252)
_______ _______
Net current assets 149,203 142,956
_______ _______
Total assets less current liabilities 462,032 184,254
Creditors: amounts falling due
after more than one year 8 ( 1,068,145) ( 591,888)
_______ _______
Net liabilities ( 606,113) ( 407,634)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 606,123) ( 407,644)
_______ _______
Shareholders deficit ( 606,113) ( 407,634)
_______ _______
For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 19 May 2022 , and are signed on behalf of the board by:
S Saeed
Director
Company registration number: 10130541
Vive Foods Limited
Statement of changes in equity
Year ended 31 July 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2019 10 ( 367,863) ( 367,853)
Loss for the year ( 39,781) ( 39,781)
_______ _______ _______
Total comprehensive income for the year - ( 39,781) ( 39,781)
_______ _______ _______
At 31 July 2020 and 1 August 2020 10 ( 407,644) ( 407,634)
Loss for the year ( 198,479) ( 198,479)
_______ _______ _______
Total comprehensive income for the year - ( 198,479) ( 198,479)
_______ _______ _______
At 31 July 2021 10 ( 606,123) ( 606,113)
_______ _______ _______
Vive Foods Limited
Notes to the financial statements
Year ended 31 July 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Lyon Close, Leicester, LE18 2BJ.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
At 31 July 2021, the company was insolvent by £606,113 (2020: £407,634). Given this, there is a material uncertainty which may cast significant doubt as to the company's ability to continue as a going concern and it may be unable to discharge its liabilities in the normal course of business. However, having regard to the current continued support of the directors they continue to adopt the going concern basis in preparing the accounts, and accordingly the financial statements do not contain any adjustments that would result if the directors support were to be withdrawn.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 25 years straight line
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 9 (2020: 8 ).
The aggregate payroll costs incurred during the year were:
2021 2020
£ £
Wages and salaries 217,029 93,892
Other pension costs 2,073 1,059
_______ _______
219,102 94,951
_______ _______
5. Tangible assets
Short leasehold property Plant and machinery Total
£ £ £
Cost
At 1 August 2020 - 71,746 71,746
Additions 86,375 254,718 341,093
Disposals - ( 16,854) ( 16,854)
_______ _______ _______
At 31 July 2021 86,375 309,610 395,985
_______ _______ _______
Depreciation
At 1 August 2020 - 30,449 30,449
Charge for the year 3,455 57,477 60,932
Disposals - ( 8,225) ( 8,225)
_______ _______ _______
At 31 July 2021 3,455 79,701 83,156
_______ _______ _______
Carrying amount
At 31 July 2021 82,920 229,909 312,829
_______ _______ _______
At 31 July 2020 - 41,297 41,297
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 50,310 31,923
Other debtors 25,716 10,971
_______ _______
76,026 42,894
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 37,532 25,189
Social security and other taxes 1,565 -
Other creditors 10,641 18,063
_______ _______
49,738 43,252
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 1,068,145 591,888
_______ _______