Kassero (Edible Oils) Limited Small abridged accounts

KEO CONSULTING LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Kassero (Edible Oils) Limited have consented to the preparation of the abridged statement of financial position for the year ending 31st December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 00580978

Kassero (Edible Oils) Limited

Filleted Unaudited Abridged Financial Statements

31 December 2016

Kassero (Edible Oils) Limited

Abridged Financial Statements

Year ended 31st December 2016

Contents	Pages

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2 to 3

Notes to the abridged financial statements	4 to 9

Kassero (Edible Oils) Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Kassero (Edible Oils) Limited

Year ended 31st December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Kassero (Edible Oils) Limited for the year ended 31st December 2016, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants

2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU

28 June 2017

Kassero (Edible Oils) Limited

Abridged Statement of Financial Position

31 December 2016

	2016	2015
Note	£	£

Fixed assets

Tangible assets	6	127,659	161,768

Current assets

Stocks	201,787	181,080
Debtors	260,758	182,173
Cash at bank and in hand	72,204	63,999
	---------	---------
	534,749	427,252

Creditors: amounts falling due within one year	432,522	356,911
	---------	---------
Net current assets	102,227	70,341
	---------	---------
Total assets less current liabilities	229,886	232,109

Creditors: amounts falling due after more than one year	–	7,914
	---------	---------
Net assets	229,886	224,195
	---------	---------

Kassero (Edible Oils) Limited

Abridged Statement of Financial Position (continued)

31 December 2016

	2016	2015
Note	£	£

Capital and reserves

Called up share capital	1,500	1,500
Share premium account	10,527	10,527
Revaluation reserve	20,267	20,267
Profit and loss account	197,592	191,901
	---------	---------
Members funds	229,886	224,195
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 28 June 2017 , and are signed on behalf of the board by:

Mr D Ross

Director

Company registration number: 00580978

Kassero (Edible Oils) Limited

Notes to the Abridged Financial Statements

Year ended 31st December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6-8 Albert Road, Bristol, BS2 0XA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery etc	-	10% and 15% reducing balance method

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities are classified according to the substance of the contractual arrangements, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2015: 18 ).

5. Intangible assets

	£
Cost
At 1st January 2016 and 31st December 2016	5,000
	-------
Amortisation
At 1st January 2016 and 31st December 2016	5,000
	-------
Carrying amount
At 31st December 2016	–
	-------

6. Tangible assets

	£
Cost
At 1st January 2016	432,157
Additions	4,833
Disposals	( 59,916)
	---------
At 31st December 2016	377,074
	---------
Depreciation
At 1st January 2016	270,389
Charge for the year	16,586
Disposals	( 37,560)
	---------
At 31st December 2016	249,415
	---------
Carrying amount
At 31st December 2016	127,659
	---------
At 31st December 2015	161,768
	---------

Tangible assets held at valuation

The directors revalued the oil tanks and pipe work during the year ended 31st December 2013. The basis of the valuation is open market value. The oil tanks and pipe work were revalued to a value of £20,500.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31st December 2016
Aggregate cost	21,688
Aggregate depreciation	(21,519)
	--------
Carrying value	169
	--------

At 31st December 2015
Aggregate cost	21,688
Aggregate depreciation	(21,500)
	--------
Carrying value	188
	--------

7. Creditors: Amounts falling due within one year

The company has given security for some of the creditors that fall due within one year. The hire purchase creditor of £7,614 is secured on the assets purchased.

8. Defined benefit pension scheme

The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The scheme became paid up with effect from 1st July 2006.

Pension scheme liabilities are measured on an actuarial basis and are discounted to their present value. The method adopted by the actuary is to calculate the total sum of all future years projected benefit outgo into a single liability figure for the scheme balance sheet and to compare this with the current value of the scheme's assets. The total liability figure is a "discounted" value allowing for the fact, that in order to meet a specific benefit payment at some point in the future, a smaller amount is required to be invested immediately as it will accumulate with interest until the time the benefit payment has to be made.

The method used in the valuation is to calculate the technical provisions based on accrued liabilities projected to retirement, withdrawal or deaths, as appropriate. This funding method is termed the Defined Accrued Benefit Method. The assumptions made by the actuary include a 3.6% per annum rate of retail price inflation. 2.8% per annum rate of consumer price inflation, an increase in pensions in payment of 2.8% per annum for 2003-2005 pensions and 2.1% per annum for post 2005 pensions, and a 4.2% discount rate. No allowance has been made for members taking transfer values form the Scheme, all members have been assumed to retire at their normal retirement date of 65, but with full allowance for the special terms available on early retirement arising from equal treatment provisions. No allowance has been made for members opting to commute pension for cash at retirement and no allowance has been made for pre retirement mortality. It was also assumed that martiality would be in line with appropriate mortality tables.

The latest full valuation of the scheme was conducted at 31st March 2014 and issued on 2nd July 2015 by a professionally qualified actuary. The actuarial valuation of the scheme as at 31st March 2014 revealed a funding surplus (value of assets minus technical provisions) of £72,000. If the assets are not sufficient to cover the technical provisions then a recovery plan will be put in place, however as the 31st March 2014 valuation reveals a surplus no recovery plan is required.

The pension scheme meets the costs of management and administration expenses from surplus net income and the Pension Scheme Trustees and the company have agreed that the surplus revealed at 31st March 2014 shall be put towards the payment of scheme expenses. The company is required to pay Pension Protection Fund levies on behalf of the pension scheme and the company may pay additional contributions to the scheme with the agreement of the trustees.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2016	2015
	£	£
Not later than 1 year	26,000	26,000
Later than 1 year and not later than 5 years	39,000	65,000
	--------	--------
	65,000	91,000
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Ross	( 2)	5,184	5,182
	----	-------	-------

	2015
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Ross	( 8,879)	8,877	( 2)
	-------	-------	----

These loans are interest free and repayable on demand.

11. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the year.