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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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VBITES FOODS LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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VBITES FOODS LIMITED |
VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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VBITES FOODS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
44 Grand Parade |
Brighton |
East Sussex |
BN2 9QA |
VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and wholesale of vegan foods. |
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REVIEW OF BUSINESS |
During the year, the company continued to be impacted by post Covid and Brexit impacts. However, despite the challenging macroeconomic climate the company grew revenue 25% year on year. This combined with the continued strategic investment in facilities, new product development, plant and machinery, capacity, and resourcing for growth, has structured the company to be growth ready and profitable in future years. |
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FUTURE DEVELOPMENTS |
The company faces new macroeconomic challenges in the wake of significant cost pressures driven by energy, raw material availability as well as unprecedented inflationary increases driving a cost-of-living crisis for the UK and global economy as whole. However, with continued unified investment and support from all our shareholders, the company is able to weather these economic storms and remains well positioned for a return to profitability and continued growth in the medium to longer term. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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POST BALANCE SHEET EVENT |
Post year end Food 'or International Gmbh a subsidiary of Pfeifer & Langen Industrie - und Handels - KG elected to convert a £2m loan outstanding at the balance sheet date into ordinary share capital of the company. |
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The investment signals the strengthening of the strategic partnership between the two companies with VBites laying claim to the broadest range of plant-based product IP in the world and Pfeifer & Langen being one of the leading international plant ingredient farm to fork manufacturers. The partnership will enable the acceleration of growth across all segments including plant based cheeses, fish free and meat free alternatives. Future expansion will come through VBites existing significant product range, increased manufacturing capability in the VBites Peterlee site in the North East, Corby in the Midlands and the EU manufacturing capabilities of the wider group, and also developing opportunities with further key strategic accounts. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
VBITES FOODS LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VBites Foods Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of VBites Foods Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of VBites Foods Limited and state those matters that we have agreed to state to the Board of Directors of VBites Foods Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VBites Foods Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that VBites Foods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of VBites Foods Limited. You consider that VBites Foods Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of VBites Foods Limited. 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 financial statements. |
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Chartered Accountants |
44 Grand Parade |
Brighton |
East Sussex |
BN2 9QA |
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VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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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. |
VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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BALANCE SHEET - continued |
31 MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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VBites Foods Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of consideration, received or receivable, for goods and services provided in the ordinary course of the company's activities. |
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Turnover excludes discounts, rebates and is shown net of value added tax and other sales taxes. |
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For goods sold directly to public or trade, revenue is recognised on receipt of goods by the customer. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Plant and machinery being constructed is not depreciated until the asset is completed and ready to be used in production. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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For ingredients to be used in the production of vegan food, stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving stock. |
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For unfinished vegan food products this is work in progress and is valued at the sum of the cost of the ingredients. |
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For finished vegan food products the goods are valued at the lower of the sum of the cost of the ingredients and net realisable value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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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. |
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Going concern |
The financial statements have been prepared on a going concern basis after taking into consideration the existing and potential effects of coronavirus on the activities of the business. The directors have reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, and to meet its liabilities as and when they become due for a period of not less than one year from the approval of these financial statements. Having regard to this the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2021 |
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Additions |
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Disposals | ( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Plant and machinery cost includes £756,547 relating to a new production line which was still under construction at the balance sheet date. The asset has not been depreciated in these accounts. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
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VBITES FOODS LIMITED (REGISTERED NUMBER: 02820029) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
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2022 | 2021 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed Seckloe 2016 Limited, its parent, £3,695,504. The company may repay the loan at any time but at the latest repay the loan by 29 September 2027. The interest rate on the loan is 2% per annum above SONIA. |
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Seckloe 2016 Limited is a 100% subsidiary of B @ 1 Org Limited. B @ 1 Org Limited is 100% owned by Miss H A Mills. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Miss H A Mills. |