Pro Foodservice Reps Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09362075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PRO FOODSERVICE REPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Piggin

Mr R Gibson

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

09362075 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

219

Tangible assets

5

12,177

5,439

12,177

5,658

CURRENT ASSETS

Debtors

6

41,208

46,208

Cash at bank

26,155

33,999

67,363

80,207

CREDITORS

Amounts falling due within one year

7

54,541

72,216

NET CURRENT ASSETS

12,822

7,991

TOTAL ASSETS LESS CURRENT LIABILITIES

24,999

13,649

PROVISIONS FOR LIABILITIES

9

2,314

925

NET ASSETS

22,685

12,724

CAPITAL AND RESERVES

Called up share capital

10

92

92

Capital redemption reserve

11

10

10

Retained earnings

11

22,583

12,622

SHAREHOLDERS' FUNDS

22,685

12,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 March 2019 and were signed on its behalf by:

Mr A Piggin - Director

Mr R Gibson - Director

1.	STATUTORY INFORMATION

Pro Foodservice Reps 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Revenue comprises the fair value of the sale of services, excluding value added tax.

The company provides commercial food service products to customers on behalf of its clients under standard

terms and conditions, receiving retainers and sales commission in return. In all cases revenue is recognised when

the risks and rewards of ownership are transferred and this is defined to be upon the invoicing of its clients for

their share of the revenues generated from products sold by the company.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

876

AMORTISATION

At 1 January 2018

657

Charge for year

219

At 31 December 2018

876

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

219

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2018

4,403

6,109

10,512

Additions

11,869

483

12,352

At 31 December 2018

16,272

6,592

22,864

DEPRECIATION

At 1 January 2018

2,289

2,784

5,073

Charge for year

4,027

1,587

5,614

At 31 December 2018

6,316

4,371

10,687

NET BOOK VALUE

At 31 December 2018

9,956

2,221

12,177

At 31 December 2017

2,114

3,325

5,439

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

30,381

24,470

Other debtors

10,827

21,738

41,208

46,208

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

8,945

7,809

Trade creditors

2,538

10,077

Taxation and social security

21,981

23,816

Other creditors

21,077

30,514

54,541

72,216

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

15,950

20,430

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred taxation

2,314

925

Deferred

tax

£

Balance at 1 January 2018

925

Movement in year

1,389

Balance at 31 December 2018

2,314

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

90

Ordinary

1

90

90

2

Ordinary 'A'

1

2

2

92

92

The company repurchased and cancelled ten of its £1 Ordinary shares in the year to 31 December 2017.

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2018

12,622

10

12,632

Profit for the year

76,880

76,880

Dividends

(66,919

)

(66,919

)

At 31 December 2018

22,583

10

22,593

12.	RELATED PARTY DISCLOSURES

During the period, dividends totalling £66,940 (2017: £66,915) were paid to the directors and shareholders of the

company, as follows;

Mr A Piggin, director and equal shareholder of the company, received dividends to a total of £33,470 (2017:

£30,594). Mr R Gibson, director and equal shareholder of the company, also received total dividends of £33,470

(2017: £30,594).

Mr W Bennett, who both resigned to be a director in the year to 31 December 2017 had his shares purchased by

the company out of distributable reserves in that year. The consideration of £9,000 was paid in full during the

year to 31 December 2018.

As at 31 December 2018, the company owed Mr A Piggin £6,304 (2017: £10,000) and Mr R Gibson £8,604

(2017: £10,000) on their directors' loans. These loans are interest free and repayable on demand.