| Perfectly Fresh Cheshire Limited |
| Registered number: |
10448539 |
| Balance Sheet |
| as at 31 March 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
6,929,011 |
|
|
- |
|
| Current assets |
| Debtors |
4 |
|
401,792 |
|
|
- |
| Cash at bank and in hand |
|
|
725,640 |
|
|
5,011,305 |
|
|
|
1,127,432 |
|
|
5,011,305 |
|
| Creditors: amounts falling due within one year |
5 |
|
(939,486) |
|
|
(2,425) |
|
| Net current assets |
|
|
|
187,946 |
|
|
5,008,880 |
|
| Total assets less current liabilities |
|
|
|
7,116,957 |
|
|
5,008,880 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(4,140,451) |
|
|
(1,500,000) |
|
|
|
| Net assets |
|
|
|
2,976,506 |
|
|
3,508,880 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Share premium |
|
|
|
3,499,999 |
|
|
3,499,999 |
| Profit and loss account |
|
|
|
(523,495) |
|
|
8,879 |
|
| Shareholders' funds |
|
|
|
2,976,506 |
|
|
3,508,880 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| J Parr |
| Director |
| Approved by the board on 3 January 2020 |
|
| Perfectly Fresh Cheshire Limited |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Depreciation will commence once construction of the facility is complete. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
- |
|
|
|
|
|
|
|
|
|
|
Including the Directors the company had 5 employees at the balance sheet date. Since the year end, the company has employed 4 new members of staff in both operational and mangegerial roles. |
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Fixtures & fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
Additions |
6,869,066 |
|
59,945 |
|
6,929,011 |
|
At 31 March 2019 |
6,869,066 |
|
59,945 |
|
6,929,011 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
6,869,066 |
|
59,945 |
|
6,929,011 |
|
|
|
|
|
|
|
|
|
|
Included in plant and machinery is £63,582 of capitalised finance costs. |
|
|
No depreciation has been charged on assets under construction. |
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
VAT due to the Company |
|
|
|
|
384,990 |
|
- |
|
Prepayments |
16,802 |
|
- |
|
|
|
|
|
|
401,792 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
878,073 |
|
277 |
|
Accruals |
50,496 |
|
- |
|
Aeris Power Ltd - Interest |
1,439 |
|
- |
|
Funding Path Ltd - Interest |
6,157 |
|
- |
|
Taxation and social security costs |
3,321 |
|
2,148 |
|
|
|
|
|
|
939,486 |
|
2,425 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Triple Point Income VCT plc |
1,500,000 |
|
1,500,000 |
|
Aeris Power Limited |
500,233 |
|
- |
|
Funding Path Limited |
2,140,218 |
|
- |
|
|
|
|
|
|
4,140,451 |
|
1,500,000 |
|
|
|
|
|
|
|
|
|
|
The loans from both Aeris Power Limited and Funding Path Limited are due for repayment on 18 March 2024. |
|
|
The loan from Triple Point Income VCT plc is due for repayment on 18 March 2026. |
|
| 7 |
Loans |
2019 |
|
2018 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
1,500,000 |
|
1,500,000 |
|
|
|
|
|
|
|
|
|
|
|
Secured loans |
4,140,451 |
|
1,500,000 |
|
|
|
|
|
|
|
|
|
|
The loans provided by Triple Point Income VCT plc, Funding Path Limited and Aeris Power Limited are secured by both a fixed and floating charge over all assets of the Company. |
|
|
| 8 |
Other financial commitments |
2019 |
|
2018 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
1,156,009 |
|
- |
|
|
|
|
|
|
|
|
|
|
The Company entered into a lease with A Pearson & Sons (1949) LLP on 18 May 2018. The annual rent is £60,433 and the lease expires on 17 May 2038. |
|
|
| 9 |
Controlling party |
|
|
The Directors are of the opinion that there is no ultimate controlling party. |
|
|
| 10 |
Other information |
|
|
Perfectly Fresh Cheshire Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
1 King William Street |
|
London |
|
EC4N 7AF |
