Pro Foodservice Reps Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09362075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

PRO FOODSERVICE REPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Piggin

Mr R Gibson

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

09362075 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

8,596

12,177

Investments

6

41,911

-

50,507

12,177

CURRENT ASSETS

Debtors

7

93,829

41,208

Cash at bank

13,224

26,155

107,053

67,363

CREDITORS

Amounts falling due within one year

8

71,707

54,541

NET CURRENT ASSETS

35,346

12,822

TOTAL ASSETS LESS CURRENT LIABILITIES

85,853

24,999

CREDITORS

Amounts falling due after more than one year

9

(24,614

)

-

PROVISIONS FOR LIABILITIES

11

(1,633

)

(2,314

)

NET ASSETS

59,606

22,685

CAPITAL AND RESERVES

Called up share capital

92

92

Capital redemption reserve

10

10

Retained earnings

59,504

22,583

SHAREHOLDERS' FUNDS

59,606

22,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 21 January 2020 and were signed on its behalf by:

Mr A Piggin - Director

Mr R Gibson - Director

1.	STATUTORY INFORMATION

Pro Foodservice Reps 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.

Turnover

Revenue comprises the fair value of the sale of services, excluding value added taxes and represents net invoice

value less estimated rebates and settlement discounts.

The company provides commercial food service products to customers on behalf of its clients under standard

terms and conditions, receiving retainers and commission in return. In all cases revenue is recognised when the

risks and rewards of ownership are transferred and this is defined to be upon completion of the sale of the

product sold by the company.

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.

Website is being amortised evenly over its estimated useful life of four years.

The website has been fully amortised.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value

less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are

treated as a revaluation decrease. All other impairment losses are recognised in the income statement.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Fixed asset investments

Fixed asset investments are shown at cost. Any aggregate surplus or deficit arising from subsequent changes in

fair value is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

and 31 December 2019

876

AMORTISATION

At 1 January 2019

and 31 December 2019

876

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

16,272

6,592

22,864

Additions

2,847

-

2,847

At 31 December 2019

19,119

6,592

25,711

DEPRECIATION

At 1 January 2019

6,316

4,371

10,687

Charge for year

4,780

1,648

6,428

At 31 December 2019

11,096

6,019

17,115

NET BOOK VALUE

At 31 December 2019

8,023

573

8,596

At 31 December 2018

9,956

2,221

12,177

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

Additions

41,911

At 31 December 2019

41,911

NET BOOK VALUE

At 31 December 2019

41,911

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

36,592

30,381

Other debtors

57,237

10,827

93,829

41,208

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

22,440

8,945

Trade creditors

11,717

2,538

Taxation and social security

29,497

21,981

Other creditors

8,053

21,077

71,707

54,541

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

24,614

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

14,673

15,950

Between one and five years

29,346

44,019

44,019

59,969

11.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred taxation

1,633

2,314

Deferred

tax

£

Balance at 1 January 2019

2,314

Movement in year

(681

)

Balance at 31 December 2019

1,633

12.	RELATED PARTY DISCLOSURES

As at the year enc, the company owed £3,583 (2018: £14,908) to the directors