Fresh & Fruity London Ltd 30/09/2019 iXBRL

Fresh & Fruity London Ltd 30/09/2019 iXBRL

FRESH & FRUITY LONDON LTD - Company Information

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30/09/2019 2019-09-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2018-10-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08133630 2018-10-01 2019-09-30 08133630 2019-09-30 08133630 2018-09-30 08133630 2017-10-01 2018-09-30 08133630 2018-09-30 08133630 core:PlantMachinery 2018-10-01 2019-09-30 08133630 core:FurnitureFittingsToolsEquipment 2018-10-01 2019-09-30 08133630 core:MotorVehicles 2018-10-01 2019-09-30 08133630 core:NetGoodwill 2018-10-01 2019-09-30 08133630 bus:Director1 2018-10-01 2019-09-30 08133630 core:NetGoodwill 2018-09-30 08133630 core:NetGoodwill 2019-09-30 08133630 core:LandBuildings core:LongLeaseholdAssets 2018-09-30 08133630 core:LandBuildings core:ShortLeaseholdAssets 2018-09-30 08133630 core:PlantMachinery 2018-09-30 08133630 core:FurnitureFittingsToolsEquipment 2018-09-30 08133630 core:MotorVehicles 2018-09-30 08133630 core:LandBuildings core:LongLeaseholdAssets 2019-09-30 08133630 core:LandBuildings core:ShortLeaseholdAssets 2019-09-30 08133630 core:PlantMachinery 2019-09-30 08133630 core:FurnitureFittingsToolsEquipment 2019-09-30 08133630 core:MotorVehicles 2019-09-30 08133630 core:WithinOneYear 2019-09-30 08133630 core:WithinOneYear 2018-09-30 08133630 core:AfterOneYear 2019-09-30 08133630 core:AfterOneYear 2018-09-30 08133630 core:LandBuildings core:LongLeaseholdAssets 2018-10-01 2019-09-30 08133630 core:LandBuildings core:ShortLeaseholdAssets 2018-10-01 2019-09-30 08133630 core:ShareCapital 2019-09-30 08133630 core:ShareCapital 2018-09-30 08133630 core:RetainedEarningsAccumulatedLosses 2019-09-30 08133630 core:RetainedEarningsAccumulatedLosses 2018-09-30 08133630 core:NetGoodwill 2018-09-30 08133630 core:LandBuildings core:LongLeaseholdAssets 2018-09-30 08133630 core:LandBuildings core:ShortLeaseholdAssets 2018-09-30 08133630 core:PlantMachinery 2018-09-30 08133630 core:FurnitureFittingsToolsEquipment 2018-09-30 08133630 core:MotorVehicles 2018-09-30 08133630 bus:SmallEntities 2018-10-01 2019-09-30 08133630 bus:AuditExempt-NoAccountantsReport 2018-10-01 2019-09-30 08133630 bus:FullAccounts 2018-10-01 2019-09-30 08133630 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 08133630 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30
Company registration number: 08133630
Fresh & Fruity London Ltd
Unaudited filleted financial statements
30 September 2019
Fresh & Fruity London Ltd
Contents
Statement of financial position
Notes to the financial statements
Fresh & Fruity London Ltd
Statement of financial position
30 September 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 600,000 640,000
Tangible assets 6 179,620 216,178
_______ _______
779,620 856,178
Current assets
Stocks 112,000 114,467
Debtors 7 365,099 146,592
Cash at bank and in hand 54,703 50,874
_______ _______
531,802 311,933
Creditors: amounts falling due
within one year 8 ( 408,407) ( 398,007)
_______ _______
Net current assets/(liabilities) 123,395 ( 86,074)
_______ _______
Total assets less current liabilities 903,015 770,104
Creditors: amounts falling due
after more than one year 9 ( 764,981) ( 621,882)
Provisions for liabilities ( 1,179) ( 2,954)
_______ _______
Net assets 136,855 145,268
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 136,755 145,168
_______ _______
Shareholders funds 136,855 145,268
_______ _______
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 February 2020 , and are signed on behalf of the board by:
Mr J Steele-Kendrick
Director
Company registration number: 08133630
Fresh & Fruity London Ltd
Notes to the financial statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 151 Stamford Hill, Stoke Newington, London, N16 5LG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the life of the lease
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2018: 36 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2018 and 30 September 2019 800,000 800,000
_______ _______
Amortisation
At 1 October 2018 160,000 160,000
Charge for the year 40,000 40,000
_______ _______
At 30 September 2019 200,000 200,000
_______ _______
Carrying amount
At 30 September 2019 600,000 600,000
_______ _______
At 30 September 2018 640,000 640,000
_______ _______
6. Tangible assets
Long leasehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 October 2018 99,030 7,200 121,090 74,980 116,272 418,572
Additions - - - - 27,323 27,323
Disposals - - - - ( 23,569) ( 23,569)
_______ _______ _______ _______ _______ _______
At 30 September 2019 99,030 7,200 121,090 74,980 120,026 422,326
_______ _______ _______ _______ _______ _______
Depreciation
At 1 October 2018 47,767 3,200 59,784 39,427 52,216 202,394
Charge for the year 12,381 800 12,260 6,612 13,916 45,969
Disposals - - - - ( 5,657) ( 5,657)
_______ _______ _______ _______ _______ _______
At 30 September 2019 60,148 4,000 72,044 46,039 60,475 242,706
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 September 2019 38,882 3,200 49,046 28,941 59,551 179,620
_______ _______ _______ _______ _______ _______
At 30 September 2018 51,263 4,000 61,306 35,553 64,056 216,178
_______ _______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 360,574 135,788
Other debtors 4,525 10,804
_______ _______
365,099 146,592
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 25,794 25,794
Trade creditors 59,167 91,062
Corporation tax 54,084 62,614
Social security and other taxes 6,629 14,079
Other creditors 262,733 204,458
_______ _______
408,407 398,007
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 98,396 93,135
Other creditors 666,585 528,747
_______ _______
764,981 621,882
_______ _______