Meadowcroft Foodservice Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08384732 (England and Wales)

Unaudited Financial Statements for the Year Ended 29 February 2020

for

Meadowcroft Foodservice Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W A Cousins

Mrs K J Cousins

REGISTERED OFFICE:

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

BUSINESS ADDRESS:

Unit 7 Fen End Industrial Estate

Astwick Road

Stotfold

Hertfordshire

SG5 4BA

REGISTERED NUMBER:

08384732 (England and Wales)

ACCOUNTANTS:

George Hay Partnership LLP

Chartered Accountants

Brigham House

High Street

Biggleswade

Bedfordshire

SG18 0LD

FIXED ASSETS

Intangible assets

4

9,000

Tangible assets

5

27,336

36,336

CURRENT ASSETS

Stocks

20,669

Debtors

75,396

Cash at bank and in hand

814

96,879

CREDITORS

Amounts falling due within one year

124,218

NET CURRENT LIABILITIES

(27,339

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,997

CREDITORS

Amounts falling due after more than one year

(4,361

)

PROVISIONS FOR LIABILITIES

(2,547

)

NET ASSETS

2,089

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

2,087

SHAREHOLDERS' FUNDS

2,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 21 July 2020 and were signed on its behalf by:

Mrs K J Cousins - Director

1.	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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

10,000

At 29 February 2020

10,000

AMORTISATION

Amortisation for year

1,000

At 29 February 2020

1,000

NET BOOK VALUE

At 29 February 2020

9,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

36,247

Disposals

(3,653

)

At 29 February 2020

32,594

DEPRECIATION

Charge for year

5,585

Eliminated on disposal

(327

)

At 29 February 2020

5,258

NET BOOK VALUE

At 29 February 2020

27,336

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

17,378

At 29 February 2020

17,378

DEPRECIATION

Charge for year

3,358

At 29 February 2020

3,358

NET BOOK VALUE

At 29 February 2020

14,020

6.	CAPITAL COMMITMENTS

£

Contracted but not provided for in the

financial statements

125,946

This relates to the renewal of the rental lease for a period of 5 years ending on 30th April 2024.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is both Mr W Cousins and Mrs K Cousins.