Company Registration No. 03547527 (England and Wales)
Paradise Natural Foods Limited
Unaudited accounts
for the year ended 30 April 2019
Paradise Natural Foods Limited
Unaudited accounts
Contents
Paradise Natural Foods Limited
Company Information
for the year ended 30 April 2019
Company Number
03547527 (England and Wales)
Registered Office
Churchill House
137-139 Brent Street
London
NW4 4DJ
Accountants
Clearfin Accountants Limited
Churchill House
137-139 Brent Street
London
NW4 4DJ
Paradise Natural Foods Limited
Statement of financial position
as at 30 April 2019
Tangible assets
16,291
18,620
Investment property
150,000
260,000
Cash at bank and in hand
8,694
1,685
Creditors: amounts falling due within one year
(35,986)
(58,560)
Net current liabilities
(20,956)
(32,544)
Total assets less current liabilities
145,335
246,076
Creditors: amounts falling due after more than one year
(38,983)
(86,201)
Provisions for liabilities
Deferred tax
(15,841)
(23,002)
Called up share capital
2
2
Revaluation reserve
70,632
114,560
Profit and loss account
19,877
22,311
Shareholders' funds
90,511
136,873
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 29 January 2020.
Mr M Kornbluh
Director
Company Registration No. 03547527
Paradise Natural Foods Limited
Notes to the Accounts
for the year ended 30 April 2019
Paradise Natural Foods Limited is a private company, limited by shares, registered in England and Wales, registration number 03547527. The registered office is Churchill House, 137-139 Brent Street, London, NW4 4DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance method
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Paradise Natural Foods Limited
Notes to the Accounts
for the year ended 30 April 2019
4
Tangible fixed assets
Plant & machinery
Fair value at 1 May 2018
260,000
The investment properties were valued by the director, on an open market for existing use basis.
Accrued income and prepayments
930
-
8
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
3,681
3,383
Trade creditors
2,643
1,273
Taxes and social security
94
96
Loans from directors
27,218
49,108
Paradise Natural Foods Limited
Notes to the Accounts
for the year ended 30 April 2019
9
Creditors: amounts falling due after more than one year
2019
2018
10
Transactions with related parties
Included within other creditors is an amount of £27,218 (2018: £49,108) due to a director of the company.
11
Average number of employees
During the year the average number of employees was 7 (2018: 6).
