News & Food Distributors Limited - Accounts to registrar (filleted) - small 18.2
News & Food Distributors Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| FOR |
| NEWS & FOOD DISTRIBUTORS LIMITED |
| NEWS & FOOD DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03776930) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| NEWS & FOOD DISTRIBUTORS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 869 High Road |
| London |
| N12 8QA |
| NEWS & FOOD DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03776930) |
| BALANCE SHEET |
| 30 JUNE 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| NEWS & FOOD DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03776930) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| 1. | STATUTORY INFORMATION |
| News & Food Distributors Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| The financial statements have been prepared on a going concern basis. At 30 June 2019, the company had net assets of |
| £76,282 (2018: Net liabilities £24,097) and is dependent upon the continued support of the director. The director has stated |
| his intention to support the business for the foreseeable future. Going concern is therefore considered appropriate. |
| The financial statements are presented in Sterling, which is also the functional currency of the company. |
| TURNOVER |
| Turnover represents net invoiced sales of goods, which fall within the company's ordinary activities, excluding value added tax. |
| Turnover is reduced for customer returns, rebates and other similar allowances. |
| Turnover related to the sale of goods is recognised at the point where the company has transferred to the buyer the significant |
| risks and rewards of ownership of the goods, the amount of the turnover can be measured reliably and it is probable the |
| economic benefits associated with the transaction will flow to the company. |
| Turnover is recognised at the point of raising an invoice which is same as the date of despatch of the goods. |
| TANGIBLE FIXED ASSETS |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes |
| costs directly attributable to making the asset capable of operating as intended. |
| Plant and machinery | - 25% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance |
| Computer equipment | - 25% on reducing balance |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is based on purchase cost on a first-in, first-out basis. |
| 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. |
| 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. |
| INVOICE DISCOUNTING FACILITY |
| Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these |
| facilities to draw a percentage of the value of certain sales invoices. The management and collection of trade receivables |
| remains with the company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| NEWS & FOOD DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03776930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2018 |
| and 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| 5. | STOCKS |
| 2019 | 2018 |
| £ | £ |
| Stocks |
| 6. | DEBTORS |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Invoice discounting | 130,043 | 169,553 |
| The debt is secured by a fixed and floating charge on the company's trade receivables, present and future. The company's |
| bank has a fixed and floating charge on all other assets. |
| NEWS & FOOD DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03776930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2019 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2019 and 30 June 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The balance includes interest charged at the official HM Revenue & Customs rates. |
| 12. | ULTIMATE CONTROLLING PARTY |
| Ultimate control of the company is exercised by Mr B Pabari by virtue of his shareholding. |