Quality Fruit & Veg Ltd - Abbreviated accounts

Quality Fruit & Veg Ltd - Abbreviated accounts


Registered number
05618406
Quality Fruit & Veg Ltd
Abbreviated Accounts
30 November 2015
Quality Fruit & Veg Ltd
Registered number: 05618406
Abbreviated Balance Sheet
as at 30 November 2015
Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 2,231,428 2,360,774
Current assets
Stocks 198,340 194,939
Debtors 200,357 141,120
Cash at bank and in hand 189,878 97,937
588,575 433,996
Creditors: amounts falling due within one year (352,358) (639,537)
Net current assets/(liabilities) 236,217 (205,541)
Total assets less current liabilities 2,467,645 2,155,233
Creditors: amounts falling due after more than one year (1,900,417) (2,007,689)
Net assets 567,228 147,544
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 567,128 147,444
Shareholders' funds 567,228 147,544
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Muzaffar Ali
Director
Approved by the board on 7 April 2016
Quality Fruit & Veg Ltd
Notes to the Abbreviated Accounts
for the year ended 30 November 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 18% Reducing Basis
Motor vehicles 18% Reducing Basis
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet 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 the rental obligations 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.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Tangible fixed assets £
Cost
At 1 December 2014 3,286,932
Additions 23,695
At 30 November 2015 3,310,627
Depreciation
At 1 December 2014 926,158
Charge for the year 153,041
At 30 November 2015 1,079,199
Net book value
At 30 November 2015 2,231,428
At 30 November 2014 2,360,774
3 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 100 100
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