Fountain Frozen Limited Filleted accounts for Companies House (small and micro)

FOUNTAIN FROZEN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06430068

Fountain Frozen Limited

Filleted Unaudited Financial Statements

for the year ended

30 November 2018

Fountain Frozen Limited

Financial Statements

for the year ended 30th November 2018

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 10

Fountain Frozen Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fountain Frozen Limited

for the year ended 30th November 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fountain Frozen Limited for the year ended 30th November 2018, as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us. 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Fountain Frozen Limited, as a body, in accordance with the terms of our engagement letter dated 19th August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Fountain Frozen Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fountain Frozen Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fountain Frozen 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 profit of Fountain Frozen Limited. You consider that Fountain Frozen Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fountain Frozen 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.

MOORE THOMPSON Chartered Accountants

Monica House St. Augustines Road Wisbech PE13 3AD

Dated: 21 August 2019

Fountain Frozen Limited

Statement of Financial Position

as at 30 November 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	–	( 4,556)
Tangible assets	6	1,076,024	1,117,714
		------------	------------
		1,076,024	1,113,158

Current assets

Stocks		1,227,128	1,077,454
Debtors	7	2,196,335	1,776,969
Cash at bank and in hand		85,593	438,242
		------------	------------
		3,509,056	3,292,665

Creditors: amounts falling due within one year	8	1,071,380		1,010,368
		------------		------------
Net current assets			2,437,676	2,282,297
			------------	------------
Total assets less current liabilities			3,513,700	3,395,455

Creditors: amounts falling due after more than one year	9		–	12,496

Provisions

Taxation including deferred tax	118,141	110,788
	------------	------------
Net assets	3,395,559	3,272,171
	------------	------------

Capital and reserves

Called up share capital	3	3
Profit and loss account	3,395,556	3,272,168
	------------	------------
Members funds	3,395,559	3,272,171
	------------	------------

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 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 income and retained earnings has not been delivered.

For the year ending 30th November 2018 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 .

Fountain Frozen Limited

Statement of Financial Position (continued)

as at 30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 20 August 2019 , and are signed on behalf of the board by:

K Lawrence	K Wilshire
Director	Director

Company registration number: 06430068

Fountain Frozen Limited

Notes to the Financial Statements

for the year ended 30th November 2018

1. General information

Fountain Frozen Limited is a limited company incorporated in the United Kingdom. The address of the registered office is Monica House, St Augustines Road, Wisbech, Cambridgeshire, PE13 3AD. The nature of the company's operations and principal activites are the manufacture, processing and sale of coated vegetable products.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Estimation of useful life The useful economic life used to amortise intangible assets and depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset. Estimation of residual value The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Historically, changes to the useful economic life and residual values have not had a material impact on the amortisation or depreciation amount charged to the profit and loss.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20 years straight line
Negative Goodwill	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Casepackers	-	10% straight line
Short l'hold improvement	-	10% straight line
Compressors	-	5% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance

Motor vehicles	-	25% reducing balance
Computer equipment	-	3 years staight line

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 stock to its present location and condition. Provision is made for obsolete and slow moving stock where appropriate. Debtors and creditors receivable / payable within one year 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 profit and loss account in other administrative expenses.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 65 (2017: 71 ).

5. Intangible assets

Goodwill	Negative goodwill	Total
£	£	£

Cost
At 1 12 17 and 30 11 18	1	( 546,852)	( 546,851)
	--------	---------	---------
Amortisation
At 1 12 17	1	( 542,295)	( 542,294)
Charge for the year	–	( 4,557)	( 4,557)
	--------	---------	---------
At 30 11 18	1	( 546,852)	( 546,851)
	--------	---------	---------
Carrying amount
At 30 11 18	–	–	–
	--------	---------	---------
At 30 11 17	–	( 4,557)	(4,557)
	--------	---------	---------

6. Tangible assets

At 1 12 17	Additions	Disposals	At 30 11 18
£	£	£	£

Cost
Casepackers	358,791	–	–	358,791
Short leasehold improvements	437,075	6,203	–	443,278
Compressors	788,197	–	–	788,197
Plant and machinery	1,212,752	137,041	( 6,000)	1,343,793
Fixtures and fittings	34,308	–	–	34,308
Motor vehicles	7,695	–	–	7,695
Computer equipment	83,196	7,537	–	90,733
	------------	---------	--------	------------
	2,922,014	150,781	( 6,000)	3,066,795
	------------	---------	--------	------------

At 1 12 17	Charge for the year	Disposals	At 30 11 18
£	£	£	£

Depreciation
Casepackers	236,204	35,879	–	272,083
Short leasehold improvements	192,727	37,782	–	230,509
Compressors	226,870	39,410	–	266,280
Plant and machinery	1,049,581	65,180	( 2,063)	1,112,698
Fixtures and fittings	24,907	1,410	–	26,317
Motor vehicles	801	1,724	–	2,525
Computer equipment	73,210	7,149	–	80,359
	------------	---------	--------	------------
	1,804,300	188,534	( 2,063)	1,990,771
	------------	---------	--------	------------

	At 30 11 18	At 30 11 17
	£	£

Carrying amount
Casepackers	86,708	122,587
Short leasehold improvements	212,769	244,348
Compressors	521,917	561,327
Plant and machinery	231,095	163,171
Fixtures and fittings	7,991	9,401
Motor vehicles	5,170	6,894
Computer equipment	10,374	9,986
	------------	------------
	1,076,024	1,117,714
	------------	------------

7. Debtors

	2018	2017
	£	£

Trade debtors	1,665,592	1,501,231
Prepayments and accrued income	218,954	118,434
Corporation tax repayable	6,667	–
Other debtors	305,122	157,304
	------------	------------
	2,196,335	1,776,969
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	864,985	755,047
Accruals and deferred income	150,380	148,257
Corporation tax	–	22,238
Social security and other taxes	35,319	35,420
Obligations under finance leases and hire purchase contracts	12,496	37,488
Other creditors	8,200	11,918
	------------	------------
	1,071,380	1,010,368
	------------	------------

Within the above, £12,496 (2017: £37,488) is secured by the company.

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£

Obligations under finance leases and hire purchase contracts	–	12,496
	--------	--------

Within the above, £0 (2017: £12,496) is secured by the company.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£

Not later than 1 year	14,322	42,291
	--------	--------