| Nordic Bakery Limited |
Registered number |
|
|
|
|
|
|
|
05034418 |
| Abbreviated Balance Sheet |
| as at 29 February 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
1,232 |
|
|
2,464 |
| Tangible assets |
3 |
|
|
219,530 |
|
|
228,816 |
| Investments |
4 |
|
|
2 |
|
|
2 |
|
|
|
|
220,764 |
|
|
231,282 |
|
| Current assets |
| Stocks |
|
|
20,316 |
|
|
20,952 |
| Debtors |
|
|
233,824 |
|
|
227,834 |
| Cash at bank and in hand |
|
|
70,777 |
|
|
62,865 |
|
|
|
324,917 |
|
|
311,651 |
|
| Creditors: amounts falling due within one year |
|
|
(90,575) |
|
|
(95,304) |
|
| Net current assets |
|
|
|
234,342 |
|
|
216,347 |
|
| Net assets |
|
|
|
455,106 |
|
|
447,629 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
345,499 |
|
|
345,499 |
| Share premium |
|
|
|
1,082,997 |
|
|
1,082,997 |
| Profit and loss account |
|
|
|
(973,390) |
|
|
(980,867) |
|
| Shareholders' funds |
|
|
|
455,106 |
|
|
447,629 |
|
|
|
|
|
|
|
|
| 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. |
| 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. |
| Approved by the board on 15 June 2016 |
|
|
| Ms M Mink |
| Director |
|
| Nordic Bakery Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 29 February 2016 |
|
| 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 April 2008). |
|
|
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.
|
|
|
Research and development |
|
Research and development expenditure is written off in the profit and loss account in the year in which it is incurred except development expenditure incurred on individual projects. Where the recoverability of this development expenditure can be foreseen with reasonable assurance it is capitalised and amortised in line with sales from the relevant projects.
|
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
15% on reducing balance |
|
Short leasehold property |
over the lease term |
|
|
The company has adopted the policy of not to depreciate in the year of purchase of an asset, however full depreciation will be provided in the year of disposal. |
|
|
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. |
|
|
Group accounts |
|
The company and its subsidiary comprise a small group. The company has therefore chosen not to prepare group accounts as per the exemption provided in section 402 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.
|
|
|
| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 March 2015 |
6,161 |
|
At 29 February 2016 |
6,161 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 March 2015 |
3,697 |
|
Provided during the year |
1,232 |
|
At 29 February 2016 |
4,929 |
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2016 |
1,232 |
|
At 28 February 2015 |
2,464 |
|
|
|
|
|
|
|
|
Research and development is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 March 2015 |
456,096 |
|
Additions |
26,526 |
|
At 29 February 2016 |
482,622 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2015 |
227,279 |
|
Charge for the year |
35,813 |
|
At 29 February 2016 |
263,092 |
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2016 |
219,530 |
|
At 28 February 2015 |
228,817 |
|
|
|
|
|
|
|
|
| 4 |
Investments |
£ |
|
|
Cost |
|
At 1 March 2015 |
2 |
|
|
At 29 February 2016 |
2 |
|
|
|
|
|
|
|
|
The company holds 20% or more of the share capital of the following companies: |
|
| Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Nordic Bakery Soho Ltd |
Ordinary |
100 |
|
(71,799) |
|
- |
|
Nordic Bakery Marylebone Ltd |
Ordinary |
100 |
|
(92,105) |
|
(120) |
|
| 5 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
345,499 |
|
345,499 |
|
345,499 |
|
|
|
|
|
|
|
|
|
