Madestein (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08805670 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2018

for

Madestein (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A M Zwinkels

M R Zwinkels

J Zwinkels

REGISTERED OFFICE:

Leythorne Nurseries

Vinnetrow Road

Runcton

Chichester

West Sussex

PO20 1QB

REGISTERED NUMBER:

08805670 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Intangible assets

4

836,678

539,768

Tangible assets

5

201,151

115,216

1,037,829

654,984

CURRENT ASSETS

Stocks

351,080

433,017

Debtors

6

254,354

348,228

Cash at bank and in hand

1,204

1,045

606,638

782,290

CREDITORS

Amounts falling due within one year

7

1,990,926

1,791,434

NET CURRENT LIABILITIES

(1,384,288

)

(1,009,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(346,459

)

(354,160

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(346,559

)

(354,260

)

SHAREHOLDERS' FUNDS

(346,459

)

(354,160

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 applicable to companies subject to the small companies regime.

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 18th September 2019 and were signed on its behalf by:

P A M Zwinkels - Director

1.	STATUTORY INFORMATION

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

Intangible assets

Research and developments costs and robotic systems which have been expensed but are not yet

either complete or fully operational have been capitalised at the balance sheet date but have not been

depreciated/amortised.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Expenditure on capital assets which are not yet operational have been capitalised but not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Going concern

These accounts have been prepared under the going concern convention. The company is reliant upon

the support of its directors and associated companies (under common control) via interest free loans.

The directors have indicated that such support will continue as long as necessary and therefore in their

opinion the going concern convention is applicable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2017 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2018

539,768

Additions

296,910

At 31st December 2018

836,678

NET BOOK VALUE

At 31st December 2018

836,678

At 31st December 2017

539,768

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2018

115,216

Additions

85,935

At 31st December 2018

201,151

NET BOOK VALUE

At 31st December 2018

201,151

At 31st December 2017

115,216

6.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

20,405

39,566

Other debtors

171,820

203,833

192,225

243,399

Amounts falling due after more than one year:

Other debtors

62,129

104,829

Aggregate amounts

254,354

348,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

42,934

Trade creditors

629,824

620,069

Taxation and social security

(98,918

)

(35,013

)

Other creditors

1,460,020

1,163,444

1,990,926

1,791,434

8.	RELATED PARTY DISCLOSURES

The following loans due to associated companies were outstanding at the balance sheet date:

Fresh Willow Ltd £1,078,032 (2017-£319,977)

Lettuce Online Ltd £NIL (2017-£178,355)

The following sales to related parties took place during the year:

Name

Nature of relationship

Amount £

NV Produce Ltd

Common Control

2,646,959

NV Transport Ltd

Common Control

133,964

Protechnic (Chichester) Ltd

Common Control

2,927

Fresh Willow Ltd

Common Control

132,495

The following purchases and recharges were made from related parties during the year:

Name

Nature of relationship

Amount £

NV Produce Ltd

Common Control

279,231

NV Transport Ltd

Common Control

232,164

Protechnic (Chichester) Ltd

Common Control

13,832

Fresh Willow Ltd

Common Control

612,237

Lettuce Online Ltd

Common Control

97,348

The following debtor/(creditor) balances were outstanding at the balance sheet date:

Fresh Willow Ltd £160 (£98,611)

NV Transport Ltd £1716

Protechnic (Chichester) Ltd £815 (£12,354)