Company Registration No. 06989794 (England and Wales)
Acer Dairy Solutions Ltd
Unaudited accounts
for the year ended 31 August 2021
Acer Dairy Solutions Ltd
Unaudited accounts
Contents
Acer Dairy Solutions Ltd
Statement of financial position
as at 31 August 2021
Tangible assets
76,440
80,460
Inventories
192,173
187,654
Cash at bank and in hand
172,936
132,438
Creditors: amounts falling due within one year
(175,569)
(182,734)
Net current assets
342,731
294,297
Total assets less current liabilities
419,171
374,757
Creditors: amounts falling due after more than one year
(158,821)
(126,882)
Provisions for liabilities
Deferred tax
(14,523)
(15,287)
Net assets
245,827
232,588
Called up share capital
102
102
Profit and loss account
245,725
232,486
Shareholders' funds
245,827
232,588
For the year ending 31 August 2021 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2022 and were signed on its behalf by
A Cullen
Director
Company Registration No. 06989794
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2021
Acer Dairy Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 06989794.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
25% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2021
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2020
9,200
134,572
7,618
151,390
Additions
1,353
22,885
812
25,050
Disposals
-
(16,868)
-
(16,868)
At 31 August 2021
10,553
140,589
8,430
159,572
At 1 September 2020
6,905
57,606
6,419
70,930
Charge for the year
602
21,442
503
22,547
On disposals
-
(10,345)
-
(10,345)
At 31 August 2021
7,507
68,703
6,922
83,132
At 31 August 2021
3,046
71,886
1,508
76,440
At 31 August 2020
2,295
76,966
1,199
80,460
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
52,765
74,992
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
146,758
156,076
Accrued income and prepayments
6,433
863
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
8,333
-
Obligations under finance leases and hire purchase contracts
23,454
22,870
Trade creditors
52,838
98,927
Taxes and social security
10,951
13,305
Loans from directors
41,915
30,922
Deferred income
29,848
7,854
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2021
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
42,154
51,882
Other creditors
75,000
75,000
Aggregate of amounts that fall due for payment after five years
1,667
-
8
Deferred taxation
2021
2020
Accelerated capital allowances
15,287
15,287
Other deferred taxation
(764)
-
Provision at start of year
15,287
16,534
Credited to the profit and loss account
(764)
(1,247)
Provision at end of year
14,523
15,287
9
Operating lease commitments
2021
2020
At 31 August 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
19,000
-
10
Average number of employees
During the year the average number of employees was 9 (2020: 10).
