Convenience Distribution Group Limited - Period Ending 2016-12-31

Registration number: 03240027

Convenience Distribution Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

Convenience Distribution Group Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

Convenience Distribution Group Limited

Company Information

Directors

Mr M H Storey Mr P I Kucharskyi Mr J A G Hartshorne Mr A E Nielsen Mr R Surendran Mr L F Jenkins Mr C B Biller Mr R G Drake Mr G B Jones Mr S Raja

Company secretary

Mrs J Storey

Registered office

12 Greenhead Road Huddersfield West Yorkshire HD1 4EN

Accountants

Walker & Sutcliffe Chartered Accountants 12 Greenhead Road Huddersfield West Yorkshire HD1 4EN

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Convenience Distribution Group Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Convenience Distribution Group Limited for the year ended 31 December 2016 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Convenience Distribution Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Convenience Distribution Group Limited and state those matters that we have agreed to state to the Board of Directors of Convenience Distribution Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Convenience Distribution Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Convenience Distribution Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Convenience Distribution Group Limited. You consider that Convenience Distribution Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Convenience Distribution Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

26 May 2017

Page 2

Convenience Distribution Group Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		3,637	1,647
Total comprehensive income for the year		3,637	1,647

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

Convenience Distribution Group Limited

(Registration number: 03240027)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	1,245	5,297
Current assets
Debtors	6	222,964	254,510
Cash at bank and in hand		285,956	353,405
		508,920	607,915
Creditors: Amounts falling due within one year	7	(449,158)	(555,842)
Net current assets		59,762	52,073
Net assets		61,007	57,370
Capital and reserves
Called up share capital		10	11
Capital redemption reserve		2	1
Profit and loss account		60,995	57,358
Total equity		61,007	57,370

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 May 2017 and signed on its behalf by:
 

.........................................

Mr M H Storey

Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Convenience Distribution Group Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 January 2016	11	1	57,358	57,370
Profit for the year	-	-	3,637	3,637
Total comprehensive income	-	-	3,637	3,637
Purchase of own share capital	(1)	-	-	(1)
Other capital redemption reserve movements	-	1	-	1
At 31 December 2016	10	2	60,995	61,007

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 January 2015	12	-	55,711	55,723
Profit for the year	-	-	1,647	1,647
Total comprehensive income	-	-	1,647	1,647
Purchase of own share capital	(1)	-	-	(1)
Other capital redemption reserve movements	-	1	-	1
At 31 December 2015	11	1	57,358	57,370

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

The principal place of business is:
Station Yard
Exley Lane
Elland
Halifax
West Yorkshire
HX5 0SW

These financial statements were authorised for issue by the Board on 26 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ sterling.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% on cost
Office equipment	20% on cost

Page 6

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2015 - 2).

Page 7

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	90,172	90,172
Additions	391	391
At 31 December 2016	90,563	90,563
Depreciation
At 1 January 2016	84,875	84,875
Charge for the year	4,443	4,443
At 31 December 2016	89,318	89,318
Carrying amount
At 31 December 2016	1,245	1,245
At 31 December 2015	5,297	5,297

5

Stocks

2016 £

2015 £

6

Debtors

	2016 £	2015 £
Trade debtors	221,556	252,880
Other debtors	1,408	1,630
Total current trade and other debtors	222,964	254,510

7

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		30,864	49,504
Taxation and social security		15,622	15,242
Other creditors		402,672	491,096
		449,158	555,842

Page 8

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

8	Related party transactions

Summary of transactions with other related parties

Related Parties
 Businesses connected to Mr R G Drake, Mr P I Kucharskyi and Mr M H Storey provide sales and administration support services to the Company. During the year the company paid £30,000 (2015-£30,000) for these services.

Each board member has an equal shareholding in the company and together with their involvement in its day to day management are deemed to be controlling parties for the purposes of Financial Reporting Standard No.8.

Included in turnover is £168,900 (2015-£158,600) relating to member's subscriptions. Included in Cost of Sales is £155,409 (2015-£205,925) for members share of supplier rebates. At the balance sheet date the amount due to Related Parties was £232,409 (2015-£282,925).
 

Control

The company is controlled by no one individual.

9	Transition to FRS 102

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		5,297	-	-	5,297
Current assets
Debtors		254,510	-	-	254,510
Cash at bank and in hand		353,405	-	-	353,405
		607,915	-	-	607,915
Creditors: Amounts falling due within one year		(555,842)	-	-	(555,842)
Net current assets		52,073	-	-	52,073
Net assets		57,370	-	-	57,370
Capital and reserves
Called up share capital		(11)	-	-	(11)
Capital redemption reserve		(1)	-	-	(1)
Profit and loss account		(57,358)	-	-	(57,358)
Total equity		(57,370)	-	-	(57,370)

Page 9

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		5,297	-	-	5,297
Current assets
Debtors		254,509	-	-	254,509
Cash at bank and in hand		353,405	-	-	353,405
		607,914	-	-	607,914
Creditors: Amounts falling due within one year		(555,841)	-	-	(555,841)
Net current assets		52,073	-	-	52,073
Net assets		57,370	-	-	57,370
Capital and reserves
Called up share capital		(11)	-	-	(11)
Capital redemption reserve		(1)	-	-	(1)
Profit and loss account		(57,358)	-	-	(57,358)
Total equity		(57,370)	-	-	(57,370)

Page 10

Convenience Distribution Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		577,811	-	-	577,811
Cost of sales		(410,907)	-	-	(410,907)
Gross profit		166,904	-	-	166,904
Administrative expenses		(164,172)	-	-	(164,172)
Operating profit		2,732	-	-	2,732
Other interest receivable and similar income		143	-	-	143
		143	-	-	143
Profit before tax		2,875	-	-	2,875
Taxation		(1,228)	-	-	(1,228)
Profit for the financial year		1,647	-	-	1,647

Page 11