Potato Bred Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI039014 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

POTATO BRED LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

J Ward

N Ward

SECRETARY:

J Ward

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

REGISTERED NUMBER:

NI039014 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

Chartered Certified Accountants

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

BANKERS:

First Trust Bank

11/15 Donegall Square North

Belfast

BT1 5GB

FIXED ASSETS

Tangible assets

4

60,088

37,485

CURRENT ASSETS

Stocks

300

300

Debtors

5

299,831

267,372

Cash at bank and in hand

348,861

332,041

648,992

599,713

CREDITORS

Amounts falling due within one year

6

143,726

140,783

NET CURRENT ASSETS

505,266

458,930

TOTAL ASSETS LESS CURRENT LIABILITIES

565,354

496,415

CREDITORS

Amounts falling due after more than one year

7

-

(1,883

)

PROVISIONS FOR LIABILITIES

(5,885

)

(2,948

)

NET ASSETS

559,469

491,584

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

558,469

490,584

SHAREHOLDERS' FUNDS

559,469

491,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 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.

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 18 September 2020 and were signed on its behalf by:

J Ward - Director

1.	STATUTORY INFORMATION

Potato Bred Limited is a private company, limited by shares, registered in Northern Ireland. The company's

registered number, registered office address and business address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into

consideration include the economic viability and expected future financial performance of the assets and the business

in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are

undertaken regularly by the directors, and especially at the year end date. Factors taken into account include

historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable

will be provided against in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support

these and that the estimates remain reasonable.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Improvement to property

-

10% on cost

Fixtures, fittings & equipment

-

25% on cost and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

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

moving items.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable on demand are recognised at transaction

price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and

loss account.

-Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvement

Fixtures,

to

Plant and

fittings

Motor

property

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2018

-

-

17,595

100,752

118,347

Additions

13,154

4,950

20,949

-

39,053

Reclassification/transfer

-

-

-

(1,949

)

(1,949

)

At 30 November 2019

13,154

4,950

38,544

98,803

155,451

DEPRECIATION

At 1 December 2018

-

-

13,443

67,419

80,862

Charge for year

1,022

1,132

4,913

7,434

14,501

At 30 November 2019

1,022

1,132

18,356

74,853

95,363

NET BOOK VALUE

At 30 November 2019

12,132

3,818

20,188

23,950

60,088

At 30 November 2018

-

-

4,152

33,333

37,485

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

285,775

259,293

Other debtors

14,056

8,079

299,831

267,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Hire purchase contracts

1,883

2,824

Trade creditors

55,053

56,239

Tax

38,545

36,091

Social security and other taxes

4,950

1,805

VAT

28,905

24,083

Other creditors

8,345

6,526

Directors' current accounts

2,395

2,584

Accrued expenses

3,650

10,631

143,726

140,783

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Hire purchase contracts

-

1,883