Cool Cuisine Foodservice Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05847308 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2019

FOR

COOL CUISINE FOODSERVICE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

S K Buckard

REGISTERED OFFICE:

Unit 1

Oxleaze Farm Business Centre

Filkins

Gloucestershire

GL7 3RB

REGISTERED NUMBER:

05847308 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

42,360

12,789

CURRENT ASSETS

Stocks

30,371

49,789

Debtors

6

173,250

147,525

Prepayments and accrued income

16,292

12,539

Cash at bank and in hand

168,723

229,480

388,636

439,333

CREDITORS

Amounts falling due within one year

7

207,725

247,632

NET CURRENT ASSETS

180,911

191,701

TOTAL ASSETS LESS CURRENT LIABILITIES

223,271

204,490

PROVISIONS FOR LIABILITIES

(6,190

)

(1,052

)

ACCRUALS AND DEFERRED INCOME

(11,308

)

(14,733

)

NET ASSETS

205,773

188,705

CAPITAL AND RESERVES

Called up share capital

4,500

4,500

Capital redemption reserve

1,125

1,125

Retained earnings

200,148

183,080

SHAREHOLDERS' FUNDS

205,773

188,705

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 7th April 2020 and were signed by:

S K Buckard - Director

1.	STATUTORY INFORMATION

Cool Cuisine Foodservice Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 05847308 and the registered office address is Unit 1 Oxleaze Farm Business

Centre, Filkins, Lechdale, Gloucestershire, GL7 3RB.

The principal activity of the company is that of food distribution.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis and under the historical cost

convention.

Functional currency

The financial statements are prepared in sterling (£) which is the functional currency of the company.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the

choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported

results or net asset position of the company; it may later be determined that a different choice would have been

more appropriate. Management considers that certain accounting estimates and assumptions relating to

revenue, taxation, tangible fixed assets, provisions and contingent liabilities, accruals and impairment are its

critical accounting estimates.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically delivered to the customer.

Tangible fixed assets

Motor vehicles, plant and machinery and fixtures and fittings are carried at cost less accumulated depreciation

and accumulated impairment losses.

Depreciation on assets is calculated so as to write off the cost or valuation of an asset, less its residual value,

over their estimated useful lives as follows:

Plant and machinery - 15% on reducing balance

Fixtures and fittings - 15% on reducing balance

Motor vehicles - 25% on reducing balance

Computer Equipment - 33% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is

recognised in profit or loss, and included in other operating income.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net

realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the

higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If

the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an

impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of

inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st August 2018

7,909

127

29,337

2,521

39,894

Additions

-

-

35,870

-

35,870

At 31st July 2019

7,909

127

65,207

2,521

75,764

DEPRECIATION

At 1st August 2018

5,781

61

18,951

2,312

27,105

Charge for year

452

66

5,572

209

6,299

At 31st July 2019

6,233

127

24,523

2,521

33,404

NET BOOK VALUE

At 31st July 2019

1,676

-

40,684

-

42,360

At 31st July 2018

2,128

66

10,386

209

12,789

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

137,452

143,870

Other debtors

35,798

3,655

173,250

147,525

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

198,093

220,115

Taxation and social security

9,632

27,517

207,725

247,632

8.	OTHER FINANCIAL COMMITMENTS

The company has future operating commitments of £79,184 (2018 £48,397).

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the period end £32,190 had been advanced to the director.