P R Roast & Company Limited Filleted accounts for Companies House (small and micro)

P R ROAST & COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00799562

P R Roast & Company Limited

Filleted Unaudited Financial Statements

31 December 2019

P R Roast & Company Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,105,491		1,115,250

Current assets

Stocks		645,667	667,144
Debtors	6	270,764	269,420
Cash at bank and in hand		7,285	167
		---------	---------
		923,716	936,731

Creditors: amounts falling due within one year	7	610,589		671,962
		---------		---------
Net current assets			313,127		264,769
			------------		------------
Total assets less current liabilities			1,418,618		1,380,019

Creditors: amounts falling due after more than one year	8		334,950		301,313

Provisions

Taxation including deferred tax	11,713	7,714
	------------	------------
Net assets	1,071,955	1,070,992
	------------	------------

Capital and reserves

Called up share capital	9	12,100	12,100
Revaluation reserve		640,767	640,767
Profit and loss account		419,088	418,125
		------------	------------
Shareholders funds		1,071,955	1,070,992
		------------	------------

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 Section 1A of 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.

For the year ending 31st December 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 .

P R Roast & Company Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 24 June 2020 , and are signed on behalf of the board by:

S. M. Roast	P. M. West
Director	Director

Company registration number: 00799562

P R Roast & Company Limited

Notes to the Financial Statements

Year ended 31st December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, company registration number 00799562 . The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 OAW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year. The directors consider that 10.28% (2018: 7.70%) of the company's turnover is attributable to overseas markets.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold Property	-	1% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line
Computer equipment	-	33 % straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account and totalled £29,847 (2018: £29,415).

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2018: 17 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st January 2019	1,062,163	43,390	124,650	30,625	1,260,828
Additions	–	4,169	36,696	–	40,865
Disposals	–	–	( 41,776)	–	( 41,776)
	------------	--------	---------	--------	------------
At 31st December 2019	1,062,163	47,559	119,570	30,625	1,259,917
	------------	--------	---------	--------	------------
Depreciation
At 1st January 2019	31,401	35,718	51,230	27,229	145,578
Charge for the year	10,254	6,723	21,007	2,196	40,180
Disposals	–	–	( 31,332)	–	( 31,332)
	------------	--------	---------	--------	------------
At 31st December 2019	41,655	42,441	40,905	29,425	154,426
	------------	--------	---------	--------	------------
Carrying amount
At 31st December 2019	1,020,508	5,118	78,665	1,200	1,105,491
	------------	--------	---------	--------	------------
At 31st December 2018	1,030,762	7,672	73,420	3,396	1,115,250
	------------	--------	---------	--------	------------

Freehold Property The company owns freehold property at the Crowcroft Road Industrial Estate, Nedging Tye, near Ipswich, Suffolk. The property is shown at open market value, and was revalued on 24 May 2016 by Fenn Wright Chartered Surveyors. The directors do not consider the value of the properties to be materially different to the value shown in the accounts at 31 December 2019. The value of the land at the premises, included within land and buildings, is considered by the directors to be approximately £104,250.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31st December 2019
Aggregate cost	513,713
Aggregate depreciation	(107,569)
	---------
Carrying value	406,144
	---------

At 31st December 2018
Aggregate cost	513,713
Aggregate depreciation	(102,800)
	---------
Carrying value	410,913
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31st December 2019	78,665
	--------
At 31st December 2018	73,420
	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	172,585	219,196
Prepayments and accrued income	95,228	50,224
Corporation tax repayable	2,951	–
	---------	---------
	270,764	269,420
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	21,012	13,170
Trade creditors	279,011	197,461
Amounts owed to group undertakings	120,919	206,703
Accruals and deferred income	10,974	9,654
Corporation tax	–	4,122
Obligations under finance leases and hire purchase contracts	20,469	16,754
Other taxes and social security	38,939	50,981
Other creditors	119,265	173,117
	---------	---------
	610,589	671,962
	---------	---------

Included within other creditors is an amount of £116,783 (2018: £170,635) which is secured by the company by way of fixed and floating charges over all UK assets and undertakings, and by a first legal mortgage over the Freehold Property. Included within bank loans and overdrafts is an amount of £21,012 (2018: £9,841) which is secured by the company by way of a fixed charge over the land and buildings to the North side of Crowcroft Road, Nedging Tye, Ipswich. The legal charge also contains a negative pledge.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	307,112	273,778
Obligations under finance leases and hire purchase contracts	27,838	27,535
	---------	---------
	334,950	301,313
	---------	---------

Included above is an amount of £307,112 (2018: £273,778) which is secured by the company by way of a fixed charge over the land and buildings to the North side of Crowcroft Road, Nedging Tye, Ipswich. The legal charge also contains a negative pledge.

9. Called up share capital

Authorised share capital

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	12,500	12,500	12,500	12,500
	--------	--------	--------	--------

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	12,100	12,100	12,100	12,100
	--------	--------	--------	--------

10. Contingencies

Total financial commitments, guarantees and contingencies undertaken on behalf of group undertakings which are not included in the balance sheet amount to £283,531 (2018: £293,940). Security on the above takes the form of fixed and floating charges over all UK assets and undertakings, and by a first legal mortgage over the freehold property.

11. Related party transactions

	Transactions in the year	Balance at year end Dr/(Cr)
	£	£
Directors
31 December 2019	–	(2,482)
31 December 2018	–	(2,482)

The company has taken advantage of the exemption granted by paragraph 1AC.35 of FRS 102 not to disclose related party transactions with group companies.

12. Controlling party

The ultimate parent company of P R Roast & Company Limited at the balance sheet date is Roast Holdings Limited, a company registered in the United Kingdom.