Abbey Foods (North West) Limited - Period Ending 2020-03-31

Registration number: 07660860

Abbey Foods (North West) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2020

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Abbey Foods (North West) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Abbey Foods (North West) Limited

(Registration number: 07660860)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	1,125	1,625
Tangible assets	5	2,731	3,641
		3,856	5,266
Current assets
Stocks		29,364	12,088
Debtors	6	4,631	7,465
		33,995	19,553
Creditors: Amounts falling due within one year	7	(154,689)	(130,039)
Net current liabilities		(120,694)	(110,486)
Net liabilities		(116,838)	(105,220)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(116,938)	(105,320)
Total equity		(116,838)	(105,220)

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Abbey Foods (North West) Limited

(Registration number: 07660860)
Balance Sheet as at 31 March 2020

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Director's Report has been taken.

Approved and authorised by the director on 10 August 2020
 

.........................................

Mr S Minter
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Abbey Foods (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 7
Grove Road Industrial Estate
Grove Road
Stoke-on-Trent
ST4 4LG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The company meets its day to day working capital requirements through funds provided by a participating party - a company with a common director and shareholder - and an overdraft facility provided by its bank.

The director considers that the facilities will continue to be made available within which the company will be able to operate.

On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis was not appropriate.

Page 3

Abbey Foods (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2019 - 3).

Page 4

Abbey Foods (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2019	5,000	5,000
At 31 March 2020	5,000	5,000
Amortisation
At 1 April 2019	3,375	3,375
Amortisation charge	500	500
At 31 March 2020	3,875	3,875
Carrying amount
At 31 March 2020	1,125	1,125
At 31 March 2019	1,625	1,625

5	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 April 2019	18,746	18,746
At 31 March 2020	18,746	18,746
Depreciation
At 1 April 2019	15,105	15,105
Charge for the year	910	910
At 31 March 2020	16,015	16,015
Carrying amount
At 31 March 2020	2,731	2,731
At 31 March 2019	3,641	3,641

Page 5

Abbey Foods (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

6

Debtors

	2020 £	2019 £
Trade debtors	4,080	1,138
Other debtors	551	6,327
	4,631	7,465

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	18,627	6,496
Trade creditors		1,782	2,685
Amounts owed to participating interests		133,198	119,641
Taxation and social security		-	185
Other creditors		1,082	1,032
		154,689	130,039

8	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	18,627	6,496

The bank overdraft is secured by a fixed and floating charge over the company's assets.

Page 6