Quality Nut Products Limited - Accounts to registrar (filleted) - small 18.2
Quality Nut Products Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
| FOR |
| QUALITY NUT PRODUCTS LIMITED |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| QUALITY NUT PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Eagle House |
| 28 Billing Road |
| Northampton |
| NN1 5AJ |
| BANKERS: |
| 2 George Row |
| Northampton |
| Northamptonshire |
| NN1 1DJ |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| STATEMENT OF FINANCIAL POSITION |
| 31 OCTOBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 behalf by: |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 1. | STATUTORY INFORMATION |
| Quality Nut Products Limited is a |
| 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. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain critical accounting estimates. It also |
| requires management to exercise its judgement in the process of applying the company accounting |
| policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions |
| and estimates are significant to the financial statements are disclosed within the individual accounting |
| policies below. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Forklifts | - |
| Commercial vehicles | - |
| Plant & fittings | - |
| Motor vehicles | - |
| Trailers | - |
| Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Where parts of an item of property, plant and equipment have different useful lives, they are accounted |
| for as separate items of property, plant and equipment. |
| Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The |
| selection of these residual values and estimated lives requires the exercise of judgement. The |
| directors are required to assess whether there is an indication of impairment to the carrying value of |
| assets. In making that assessment, judgements are made in estimating value in use. The directors |
| consider that the individual carrying values of assets are supportable by their value in use. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
| deposits with an original maturity date of three months or less. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are |
| recorded at transaction price. Any losses arising from impairment are recognised in the statement of |
| comprehensive income under administrative expenses. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
| the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
| similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
| liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
| financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
| produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a |
| financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
| equity instruments are debited direct to equity. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the statement of financial position date. Transactions in foreign currencies are translated into sterling |
| at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account |
| in arriving at the operating result. |
| 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. |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Commercial | Plant & |
| Forklifts | vehicles | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2017 |
| Additions |
| At 31 October 2018 |
| DEPRECIATION |
| At 1 November 2017 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2018 |
| NET BOOK VALUE |
| At 31 October 2018 |
| At 31 October 2017 |
| Motor |
| vehicles | Trailers | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2018 |
| DEPRECIATION |
| At 1 November 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2018 |
| NET BOOK VALUE |
| At 31 October 2018 |
| At 31 October 2017 |
| QUALITY NUT PRODUCTS LIMITED (REGISTERED NUMBER: 01047263) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Provision for doubtful debts | ( |
) | ( |
) |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Preference shares |
| Trade creditors |
| Social security and other taxes |
| VAT |
| Other creditors |
| Directors' current accounts |
| Accruals and deferred income |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | FINANCIAL INSTRUMENTS |
| The company uses forward foreign exchange contracts to mitigate exchange rate exposure arising |
| from forecast purchases in US dollars and other currencies. There were no commitments at the year |
| end. |
| 9. | CONTINGENT LIABILITIES |
| The company has a contingent liability of £50,000 at the year end in respect of potential dilapidation |
| costs on the vacation of leased premises. |