European Food Ingredients Limited - Limited company accounts 16.3

REGISTERED NUMBER: 02497399 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 31 December 2016

for

EUROPEAN FOOD INGREDIENTS LIMITED

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTOR:

Mrs C Reeve

SECRETARY:

D D Reeve

REGISTERED OFFICE:

4F Delta Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8HB

REGISTERED NUMBER:

02497399 (England and Wales)

AUDITORS:

Camerons Accountancy Consultants Limited

Statutory Auditor

Chartered Accountants

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

The director presents her report with the financial statements of the company for the year ended 31 December 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of importing,

processing and distribution of dehydrated foodstuffs.

DIRECTOR

Mrs C Reeve held office during the whole of the period from 1 January 2016 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements

in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year.

Under that law the director has elected to prepare the financial statements in accordance with

United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting

Standards and applicable law). Under company law the director must not approve the financial

statements unless she is satisfied that they give a true and fair view of the state of affairs of

the company and of the profit or loss of the company for that period. In preparing these

financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The director is responsible for keeping adequate accounting records that are sufficient to show

and explain the company's transactions and disclose with reasonable accuracy at any time the

financial position of the company and enable her to ensure that the financial statements

comply with the Companies Act 2006. She is also responsible for safeguarding the assets of

the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section

418 of the Companies Act 2006) of which the company's auditors are unaware, and she has

taken all the steps that she ought to have taken as a director in order to make herself aware of

any relevant audit information and to establish that the company's auditors are aware of that

information.

AUDITORS

The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment

at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies

Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D D Reeve - Secretary

17 March 2017

We have audited the financial statements of European Food Ingredients Limited for the year

ended 31 December 2016 on pages five to ten. The financial reporting framework that has

been applied in their preparation is applicable law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice), including Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3

of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might

state to the company's members those matters we are required to state to them in a Report of

the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept

or assume responsibility to anyone other than the company and the company's members as a

body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of director and auditors

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors, including "APB Ethical Standard - Provisions Available for Small Entities (Revised)", in the circumstances set out in note nine to the financial statements.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial

statements sufficient to give reasonable assurance that the financial statements are free from

material misstatement, whether caused by fraud or error. This includes an assessment of:

whether the accounting policies are appropriate to the company's circumstances and have

been consistently applied and adequately disclosed; the reasonableness of significant

accounting estimates made by the director; and the overall presentation of the financial

statements. In addition, we read all the financial and non-financial information in the Report of

the Director to identify material inconsistencies with the audited financial statements and to

identify any information that is apparently materially incorrect based on, or materially

inconsistent with, the knowledge acquired by us in the course of performing the audit. If we

become aware of any apparent material misstatements or inconsistencies we consider the

implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Director for the financial year for

which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Ellen O'Donnell (Senior Statutory Auditor)

for and on behalf of Camerons Accountancy Consultants Limited

Statutory Auditor

Chartered Accountants

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

17 March 2017

TURNOVER

2,242,398

2,145,240

Cost of sales

2,030,497

1,892,757

GROSS PROFIT

211,901

252,483

Administrative expenses

188,412

133,253

OPERATING PROFIT

4

23,489

119,230

Interest payable and similar expenses

18,348

68,022

PROFIT BEFORE TAXATION

5,141

51,208

Tax on profit

-

-

PROFIT FOR THE FINANCIAL YEAR

5,141

51,208

FIXED ASSETS

Tangible assets

5

43,913

52,651

CURRENT ASSETS

Stocks

137,719

157,346

Debtors

6

745,766

695,555

Cash at bank and in hand

867

21,771

884,352

874,672

CREDITORS

Amounts falling due within one year

7

400,571

404,770

NET CURRENT ASSETS

483,781

469,902

TOTAL ASSETS LESS CURRENT LIABILITIES

527,694

522,553

CAPITAL AND RESERVES

Called up share capital

34,792

34,792

Retained earnings

492,902

487,761

SHAREHOLDERS' FUNDS

527,694

522,553

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 17 March 2017 and were signed by:

Mrs C Reeve - Director

1.	STATUTORY INFORMATION

European Food Ingredients 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance, 20% on cost, 15% on cost and 10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are

translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to

the company's pension scheme are charged to profit or loss in the period to which they

relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2016

2015

£

£

Depreciation - owned assets

8,738

11,330

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2016

10,815

195,336

1,809

Disposals

-

(2,350

)

-

At 31 December 2016

10,815

192,986

1,809

DEPRECIATION

At 1 January 2016

2,704

161,584

1,809

Charge for year

2,704

3,375

-

Eliminated on disposal

-

(2,350

)

-

At 31 December 2016

5,408

162,609

1,809

NET BOOK VALUE

At 31 December 2016

5,407

30,377

-

At 31 December 2015

8,111

33,752

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

40,149

32,068

280,177

Disposals

-

-

(2,350

)

At 31 December 2016

40,149

32,068

277,827

DEPRECIATION

At 1 January 2016

30,114

31,315

227,526

Charge for year

2,509

150

8,738

Eliminated on disposal

-

-

(2,350

)

At 31 December 2016

32,623

31,465

233,914

NET BOOK VALUE

At 31 December 2016

7,526

603

43,913

At 31 December 2015

10,035

753

52,651

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

313,289

290,345

Amounts owed by participating interests

424,127

398,087

Other debtors

8,350

7,123

745,766

695,555

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

188,821

206,288

Hire purchase contracts

3,542

6,042

Trade creditors

197,541

175,079

Other creditors

10,667

17,361

400,571

404,770

8.	SECURED DEBTS

The bank holds an unlimited debenture over the company's assets, property and

undertakings.

9.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to

prepare and submit returns to the tax authorities and assist with the preparation of the

financial statements.

10.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mrs C Reeve, director of the company and

majority shareholder of EFI Holdings Ltd.