Thought For Food Retail Limited - Accounts to registrar (filleted) - small 18.2
Thought For Food Retail Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
FOR |
THOUGHT FOR FOOD RETAIL LIMITED |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
THOUGHT FOR FOOD RETAIL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
East Wing |
Goffs Oak House |
Goffs Lane |
Goffs Oak |
Hertfordshire |
EN7 5BW |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
BALANCE SHEET |
30 APRIL 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve |
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. |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
BALANCE SHEET - continued |
30 APRIL 2019 |
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 by: |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
1. | STATUTORY INFORMATION |
Thought For Food Retail Limited is a |
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 (£). |
The financial statements have been rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Plant and machinery etc | - |
Within land and buildings is freehold property of £1,235,000 (2018: £1,235,000) which is not depreciated on the |
grounds that it would be immaterial because the estimated residual value is not materially different from its |
carrying amount. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of |
impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current |
carrying amount does not exceed what the carrying amount would have been, had the impairment not previously |
been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
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. |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2018 |
and 30 April 2019 |
AMORTISATION |
At 1 May 2018 |
and 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2018 |
Additions |
At 30 April 2019 |
DEPRECIATION |
At 1 May 2018 |
Charge for year |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
Cost or valuation at 30 April 2019 is represented by: |
Land and buildings | Plant and machinery etc | Totals |
£ | £ | £ |
Valuation in 2008 | 651,032 | 478,446 | 1,129,478 |
Valuation in 2009 | 200,000 | 4,590 | 204,590 |
Valuation in 2010 | - | 2,513 | 2,513 |
Valuation in 2011 | 383,968 | 957 | 384,925 |
Valuation in 2012 | 4,434 | 81,321 | 85,755 |
Valuation in 2013 | 5,995 | 8,721 | 14,716 |
Valuation in 2014 | - | 4,554 | 4,554 |
Valuation in 2015 | 13,132 | 14,854 | 27,986 |
Valuation in 2016 | - | 1,225 | 525 |
Valuation in 2017 | 12,396 | 21,114 | 33,510 |
Valuation in 2018 | 2,394 | 11,767 | 14,161 |
Valuation in 2019 | - | 10,409 | 10,409 |
1,273,351 | 640,471 | 1,913,822 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2019 | 2018 |
£ | £ |
Cost | 651,032 | 651,032 |
The freehold property was valued on an open market basis on 18 September 2014 by Christie & Co. |
The directors reviewed this valuation as at 30 April 2019 and can confirm that they believe there to have been |
no significant change in value. |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank loans |
The bank loan is secured by a charge over the property known as 'Budgens Sawbridgeworth'. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
THOUGHT FOR FOOD RETAIL LIMITED (REGISTERED NUMBER: 05633122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following loans (to)/from the directors subsisted during the years ended 30 April 2019 and 30 April 2018: |
2019 | 2018 |
£ | £ |
P & M Gravelle |
Balance outstanding at start of year | (800 | ) | - |
Balance outstanding at end of year | 171,893 | (800 | ) |
Maximum balance outstanding during year | 195,000 | (800 | ) |
This loan is interest free and repayable on demand. |
13. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £60,800 (2018 - £60,000) were paid to the directors . |
P Gravelle and M Gravelle, directors of this company, were also directors of More Thought For Food Limited |
(resigned 1 February 2019). |
As at 30 April 2019, More Thought For Food Limited owed the company £Nil (2018: £164,658). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
THOUGHT FOR FOOD RETAIL LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Thought For Food Retail Limited for the year ended 30 April 2019 which comprise the Income |
Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Thought For Food Retail Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thought For Food Retail Limited and state those matters that we have agreed to state to the Board of Directors of Thought For Food Retail Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thought For Food Retail Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Thought For Food Retail 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 Thought For Food Retail Limited. You consider that Thought For Food Retail 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 Thought For Food Retail 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. |
East Wing |
Goffs Oak House |
Goffs Lane |
Goffs Oak |
Hertfordshire |
EN7 5BW |