Pro Foodservice Reps Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 09362075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PRO FOODSERVICE REPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Piggin

Mr R Gibson

Mr WR Bennett

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

09362075 (England and Wales)

FIXED ASSETS

Intangible assets

4

438

657

Tangible assets

5

4,120

4,110

4,558

4,767

CURRENT ASSETS

Debtors

6

25,593

24,235

Cash at bank

24,145

24,365

49,738

48,600

CREDITORS

Amounts falling due within one year

7

52,343

37,316

NET CURRENT (LIABILITIES)/ASSETS

(2,605

)

11,284

TOTAL ASSETS LESS CURRENT LIABILITIES

1,953

16,051

PROVISIONS FOR LIABILITIES

9

824

822

NET ASSETS

1,129

15,229

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

1,027

15,127

SHAREHOLDERS' FUNDS

1,129

15,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 February 2017 and were signed on its behalf by:

Mr A Piggin - Director

Mr R Gibson - Director

Mr WR Bennett - Director

1.	STATUTORY INFORMATION

Pro Foodservice Reps Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102. There are no material

transitional adjustments.

TURNOVER

Revenue comprises the fair value of the sale of services, excluding value added tax.

The company provides commercial food service products to customers on behalf of its clients under standard

terms and conditions, receiving retainers and sales commission in return. In all cases revenue is recognised when

the risks and rewards of ownership are transferred and this is defined to be upon the invoicing of its clients for

their share of the revenues generated from products sold by the company.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

and 31 December 2016

876

AMORTISATION

At 1 January 2016

219

Charge for year

219

At 31 December 2016

438

NET BOOK VALUE

At 31 December 2016

438

At 31 December 2015

657

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

2,118

3,361

5,479

Additions

1,556

-

1,556

At 31 December 2016

3,674

3,361

7,035

DEPRECIATION

At 1 January 2016

529

840

1,369

Charge for year

705

841

1,546

At 31 December 2016

1,234

1,681

2,915

NET BOOK VALUE

At 31 December 2016

2,440

1,680

4,120

At 31 December 2015

1,589

2,521

4,110

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

24,144

23,043

Other debtors

1,449

1,192

25,593

24,235

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

346

682

Taxation and social security

24,747

22,659

Other creditors

27,250

13,975

52,343

37,316

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

13,500

8,217

9.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred taxation

824

822

Deferred

tax

£

Balance at 1 January 2016

822

Movement in year

2

Balance at 31 December 2016

824

10.	RELATED PARTY DISCLOSURES

During the period, dividends totalling £77,496 (2015: 57,316) were paid to the directors and shareholders of the

company, as follows;

Mr A Piggin & Mr R Gibson, both of whom are directors and shareholders of the company received £21,193

(2015: £16,622) and £33,534 (2015: £16,622) respectively. Mrs A Piggin, a shareholder of the company

received £15,347 (2015: £12,036) and Mrs N Gibson, who ceased to be a shareholder in the year received

£3,006 (2015: £12,036).

Mr W Bennett, a shareholder of the company who was appointed a director in the year received a total of £4,416

(2015: £Nil) to 31 December 2016.

As at 31 December 2016, the company owed Mr A Piggin £10,823 (2015: £6,397), Mr R Gibson £10,514 (2015:

£6,381) and Mr W Bennett £296 (2015: £Nil) on their directors' loans. These loans are interest free and

repayable on demand.