Imperial Fine Foods Limited - Period Ending 2014-05-31

Registration number: 05134456

Imperial Fine Foods Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 May 2014
 

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

Imperial Fine Foods Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Imperial Fine Foods Limited
(Registration number: 05134456)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					25,849			16,081
Current assets
Stocks					3,250			2,100
Debtors					6,097			8,265
Cash at bank and in hand					4,929			-
					14,276			10,365
Creditors: Amounts falling due within one year					(15,385)			(24,968)
Net current liabilities					(1,109)			(14,603)
Total assets less current liabilities					24,740			1,478
Creditors: Amounts falling due after more than one year					(17,554)			-
Net assets					7,186			1,478
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					7,086			1,378
Shareholders' funds					7,186			1,478

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 August 2014

.........................................
Mrs MK Barrett
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Imperial Fine Foods Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided at the following rates in order to write off each asset over it's estimated useful life or, if held under a finance lease, over the terms of the lease whichever is the shorter

Asset class	Depreciation method and rate
Plant and machinery	15% on reducing balance
Motor vehicles	25% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Imperial Fine Foods Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2013		48,285			48,285
Additions		22,470			22,470
Disposals		(8,795)			(8,795)
At 31 May 2014		61,960			61,960
Depreciation
At 1 June 2013		32,204			32,204
Charge for the year		7,756			7,756
Eliminated on disposals		(3,849)			(3,849)
At 31 May 2014		36,111			36,111
Net book value
At 31 May 2014		25,849			25,849
At 31 May 2013		16,081			16,081

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 3