Fountain Food Machinery Limited - Accounts to registrar (filleted) - small 18.2
Fountain Food Machinery Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Fountain Food Machinery Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2021 |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2021 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Statement of financial position | 3 | to | 4 |
| Notes to the financial statements | 5 | to | 9 |
| Fountain Food Machinery Limited |
| Company Information |
| for the Year Ended 31 May 2021 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Fountain Food Machinery Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fountain Food Machinery Limited for the year ended 31 May 2021 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Fountain Food Machinery Limited, as a body, in accordance with the terms of our engagement letter dated 3 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Fountain Food Machinery Limited and state those matters that we have agreed to state to the Board of Directors of Fountain Food Machinery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fountain Food Machinery Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Fountain Food Machinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fountain Food Machinery Limited. You consider that Fountain Food Machinery Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Fountain Food Machinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Statement of Financial Position |
| 31 May 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Current assets |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 12 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Statement of Financial Position - continued |
| 31 May 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2021 |
| 1. | Statutory information |
| Fountain Food Machinery Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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 |
| Leasehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Government grants |
| Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Profit and Loss Account by equal annual instalments over the term of the grant. |
| Coronavirus Job Retention Scheme (CJRS) |
| Accrual model |
| Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 3. | Accounting policies - continued |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
| liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 5. | Tangible fixed assets |
| Leasehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 June 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 May 2021 |
| Depreciation |
| At 1 June 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 May 2021 |
| Net book value |
| At 31 May 2021 |
| At 31 May 2020 |
| 6. | Stocks |
| 2021 | 2020 |
| £ | £ |
| Stocks |
| 7. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed from related |
| parties |
| Other debtors | - |
| Bad debt provision |
| Deferred tax asset |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 8. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Amounts owed to related |
| parties |
| Directors current account |
| Accruals and deferred income |
| Deferred government grants |
| 9. | Creditors: amounts falling due after more than one year |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| Fountain Food Machinery Limited (Registered number: 09604864) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2021 |
| 11. | Secured debts |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Liabilities under hire purchase agreements are secured against the asset to which they relate. |
| Bank loans are secured on the assets of the company. |
| 12. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |