Green Door Foods Limited - Limited company accounts 11.4

REGISTERED NUMBER: 06667718 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2013 TO 31 MARCH 2014

FOR

GREEN DOOR FOODS LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

M Greening

J Ayub

SECRETARY:

M Greening

REGISTERED OFFICE:

36 Old Pinewood Way

Papworth Everard

Cambridgeshire

CB23 3GT

REGISTERED NUMBER:

06667718 (England and Wales)

ACCOUNTANT:

Haines Watts

2a Chequers Court

Huntingdon

Cambridgeshire

PE29 3LJ

The directors present their report with the financial statements of the company for the period 1 September 2013 to

31 March 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2013 to the date of this

report.

M Greening

J Ayub

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

M Greening - Director

22 July 2014

TURNOVER

419,020

568,311

Cost of sales

174,061

226,061

GROSS PROFIT

244,959

342,250

Administrative expenses

197,201

258,527

OPERATING PROFIT

2

47,758

83,723

Interest payable and similar charges

6,030

7,656

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

41,728

76,067

Tax on profit on ordinary activities

3

11,199

13,523

PROFIT FOR THE FINANCIAL PERIOD

30,529

62,544

FIXED ASSETS

Tangible assets

4

108,531

121,865

CURRENT ASSETS

Stocks

3,100

4,045

Debtors

5

71,397

43,885

Cash at bank and in hand

17,495

25,313

91,992

73,243

CREDITORS

Amounts falling due within one year

6

75,735

86,344

NET CURRENT ASSETS/(LIABILITIES)

16,257

(13,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

124,788

108,764

CREDITORS

Amounts falling due after more than one year

7

(37,313

)

(54,093

)

PROVISIONS FOR LIABILITIES

10

(4,432

)

(2,157

)

NET ASSETS

83,043

52,514

CAPITAL AND RESERVES

Called up share capital

11

8

8

Profit and loss account

12

83,035

52,506

SHAREHOLDERS' FUNDS

83,043

52,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 22 July 2014 and were signed on its behalf by:

M Greening - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.9.13

to

Year Ended

31.3.14

31.8.13

£

£

Depreciation - owned assets

13,334

20,227

Profit on disposal of fixed assets

(350

)

(110

)

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the period was as follows:

Period

1.9.13

to

Year Ended

31.3.14

31.8.13

£

£

Current tax:

UK corporation tax

8,924

11,366

Deferred tax

2,275

2,157

Tax on profit on ordinary activities

11,199

13,523

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2013

and 31 March 2014

15,854

126,238

142,092

DEPRECIATION

At 1 September 2013

1,585

18,642

20,227

Charge for period

925

12,409

13,334

At 31 March 2014

2,510

31,051

33,561

NET BOOK VALUE

At 31 March 2014

13,344

95,187

108,531

At 31 August 2013

14,269

107,596

121,865

The net book value of plant and machinery includes £43,231 (2013 - £46,770) in respect of assets held under

finance leases. The amount of depreciation in respect of such assets amounted to £3,539 (2013 - £3,792) for the

period.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.14

31.8.13

£

£

Amounts owed by associates

55,578

22,858

Other debtors

15,819

21,027

71,397

43,885

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.14

31.8.13

£

£

Bank loans and overdrafts

17,500

17,500

Hire purchase contracts

11,265

11,265

Trade creditors

12,472

31,257

Taxation and social security

34,148

21,600

Other creditors

350

4,722

75,735

86,344

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.14

31.8.13

£

£

Bank loans

20,417

30,625

Hire purchase contracts

16,896

23,468

37,313

54,093

8.	OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

31.3.14

31.8.13

£

£

Expiring:

In more than five years

62,500

62,500

The operating lease commitment for land and buildings increases to £80,000 from 18 October 2015.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.14

31.8.13

£

£

Bank loans

37,917

48,125

The immediate parent company Soundbites Catering Limited has given a guarantee on the loans of the company

up to £70,000. A Debenture is also provided by Green Door Foods Limited to the Bank which covers a fixed and

floating charge over all assets of the company.

10.	PROVISIONS FOR LIABILITIES

31.3.14

31.8.13

£

£

Deferred tax

Accelerated capital allowances

4,432

2,157

Deferred

tax

£

Balance at 1 September 2013

2,157

Accelerated capital allowances

2,275

Balance at 31 March 2014

4,432

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.8.13

value:

£

£

800

Ordinary

1p

8

8

12.

RESERVES

Profit

and loss

account

£

At 1 September 2013

52,506

Profit for the period

30,529

At 31 March 2014

83,035

13.	RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £55,578 owed by Soundbites Catering Limited, the immediate parent

company.

The director, Mr M Greening, has also provided a personal guarantee against the loans of Green Door Foods

Limited up to an amount of £17,500 .

14.	ULTIMATE CONTROLLING PARTY

The company Green Door Foods Limited is a wholly owned subsidiary of Soundbites Catering Limited, in which

Mr M Greening and Mr J Ayub have an ultimate controlling share interest.