Kent Produce Marketing Limited - Period Ending 2016-06-30

Company registration number: 05867364

Kent Produce Marketing Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  Year Ended 30 June 2016
 

Beresfords
  Chartered Accountants
  Castle House
  Castle Hill Avenue
  Folkestone
  Kent
  CT20 2TQ

Kent Produce Marketing Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Kent Produce Marketing Limited
(Company registration number: 05867364)
Abbreviated Balance Sheet
30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					1			1
Tangible fixed assets					114			152
					115			153
Current assets
Stocks					2,840			6,206
Debtors					211,846			160,216
Cash at bank and in hand					738,501			791,735
					953,187			958,157
Creditors: Amounts falling due within one year					(25,487)			(22,916)
Net current assets					927,700			935,241
Net assets					927,815			935,394
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					927,715			935,294
Shareholders' funds					927,815			935,394

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 1

Kent Produce Marketing Limited
(Company registration number: 05867364)
Abbreviated Balance Sheet
30 June 2016......... continued

For the year ending 30 June 2016 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 September 2016 and signed on its behalf by:

......................................... S W Craig Director

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 2

Kent Produce Marketing Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and is not amortised.

Amortisation

Goodwill is not amortised.

Asset class	Amortisation method and rate
Goodwill	Is not depreciated

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Equipment	5 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Kent Produce Marketing Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		1			2,210			2,211
At 30 June 2016		1			2,210			2,211
Depreciation
At 1 July 2015		-			2,058			2,058
Charge for the year		-			38			38
At 30 June 2016		-			2,096			2,096
Net book value
At 30 June 2016		1			114			115
At 30 June 2015		1			152			153

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

Page 4

Kent Produce Marketing Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
S W Craig
During the year Mr S W Craig has borrowed money from the company. Interest is being repaid on the loan at 5% per annum	96,497	-	-	-

Page 5