ACCOUNTS - Final Accounts

LIGHTHORNE FOODS LIMITED - Company Information

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Registered number: 06271499

LIGHTHORNE FOODS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

LIGHTHORNE FOODS LIMITED

REGISTERED NUMBER:06271499

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

	2018	2017
Note	£	£


CURRENT ASSETS
Debtors: amounts falling due within one year	6	153,715	58,216
		153,715	58,216
Creditors: amounts falling due within one year	7	(7,338)	(6,126)
NET CURRENT ASSETS		146,377	52,090

NET ASSETS		146,377	52,090

CAPITAL AND RESERVES
Called up share capital	8	1	1
Profit and loss account	9	146,376	52,089
		146,377	52,090

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Kerford

Director

Date: 26 March 2019

The notes on pages 2 to 6 form part of these financial statements.

Page 1

LIGHTHORNE FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.	GENERAL INFORMATION

Lighthorne Foods Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The address of the registered office and trading address is 16 Queen Square, Bristol, BS1 4NT. These financial statements cover the individual entity only, and are presented in £ sterling rounded to the nearest £.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The director is of the opinion that the company will continue in operational existence for the foreseeable future. Management are in discussion with other group companies regarding the potential to further merge the activities of certain group companies, in which case the trade of certain group companies may move to other wholly owned group companies. The director has received assurance from the parent company that any such reorganisations would be conducted on a solvent basis and financial support would be provided. The director continues to adopt the going concern basis in preparing the directors report and the accounts.

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 2

LIGHTHORNE FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.ACCOUNTING POLICIES (continued)

2.4

REVENUE

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 discounts, rebates, 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 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.

2.5

TAXATION

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.6

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.7

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

LIGHTHORNE FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.ACCOUNTING POLICIES (continued)

2.9

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Income taxes
The Company is subject to the income tax laws of the United Kingdom. These laws are complex and subject to different interpretations by taxpayers and tax authorities. When establishing income tax provisions, the directors make a number of judgements and interpretations about the application and interaction of these laws. Changes in these tax laws or in their interpretation could affect the Company's effective tax rate and the results of operations in a given period. Accordingly, potentially significant tax benefits will not be recognised until there is sufficient certainty that they will be accepted by HMRC.

Page 4

LIGHTHORNE FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

4.	OTHER OPERATING INCOME
		2018	2017
		£	£

	Foreign exchange gain/(loss)	2,698	3,025

EMPLOYEES

The company did not have any employees in the current or prior year. The director does not receive any emoluments directly from the company.

DEBTORS

					2018	2017
					£	£


Trade debtors	14,667	-
Amounts owed by group undertakings	144,059	46,212
Other debtors	-	12,004
Tax recoverable	(5,011)	-
	153,715	58,216

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£

Trade creditors	-	3,060
Corporation tax	6,337	3,066
Other creditors	1,001	-
	7,338	6,126

Page 5

LIGHTHORNE FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

8.	SHARE CAPITAL
		2018	2017
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2017: 1) Ordinary share of £1.00	1	1

RESERVES

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

10.	CONTROLLING PARTY

The immediate controlling party is Braid Foods (Holdings) Limited by virtue of the company being a wholly owned subsidiary. The Director does not consider there to be an ultimate controlling party as no one party has an ultimate majority shareholding.

11.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 June 2018 was unqualified.

The audit report was signed on 27 March 2019 by Andrew Wood FCCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

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