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Registered number: 04041793
HONEYROSE BAKERY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
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HONEYROSE BAKERY LIMITED
REGISTERED NUMBER: 04041793
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Capital redemption reserve
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Page 1
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HONEYROSE BAKERY LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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HONEYROSE BAKERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 January 2015).
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Turnover comprises revenue recognised by the company in baked goods produced and sold during the year, exclusive of Value Added Tax. Revenue is recognised once the goods are sold.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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L/Term Leasehold Property
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Over the period of the lease
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Investments held as fixed assets are shown at cost less provision for impairment.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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Page 3
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HONEYROSE BAKERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.TANGIBLE FIXED ASSETS
3.FIXED ASSET INVESTMENTS
Page 4
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HONEYROSE BAKERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
3.FIXED ASSET INVESTMENTS (continued)
Subsidiary undertakings
The following were subsidiary undertakings of the company:
The aggregate of the share capital and reserves as at 31 December 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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During the year the assets and ongoing trade of the subsidiary company were transferred into the parent company, as a result of this transfer the value of the investment has been significantly impaired.
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
The bank loans and overdraft of £760,515 (2014 - £810,771) are secured by a fixed and floating charge over the freehold premises and the other assets.
The obligations under finance leases and hire purchase contracts are secured on the assets in which the finance relates to, the amounts secured under these agreements is £22,491 (2014 - £37,979).
5.SHARE CAPITAL
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Allotted, called up and fully paid
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10,000 Ordinary shares of £0.01 each
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RELATED PARTY TRANSACTIONS
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During the year the company obtained both, the ongoing trade and the assets of Kent and Fraser Limited, the subsidiary company.
The assets were transfered in return for an intercompany loan balance. As at the year end the balance due to Kent and Fraser Limited was £51,282 (2014 - £NIL).
Page 5
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