Freshpots Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 02743194

Freshpots Limited

Unaudited Financial Statements

for the year ended

31 December 2016

Freshpots Limited

Financial Statements

for the year ended 31st December 2016

Contents	Pages

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4 to 5

Notes to the financial statements	6 to 10

The following pages do not form part of the financial statements

Detailed income statement	12

Notes to the detailed income statement	13

Freshpots Limited

Directors' Report

for the year ended 31st December 2016

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2016 .

Directors

The directors who served the company during the year were as follows:

J.E. Turnell
Mrs L.L.H. Turnell

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 25 September 2017 and signed on behalf of the board by:

J.E. Turnell

Director

Freshpots Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Freshpots Limited

for the 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 financial statements of Freshpots Limited for the year ended 31st December 2016, which comprise the statement of income and retained earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Freshpots Limited, as a body, in accordance with the terms of our engagement letter dated 8th January 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Freshpots Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freshpots Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freshpots Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Freshpots Limited. You consider that Freshpots 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 financial statements of Freshpots 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 financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 25 September 2017

Freshpots Limited

Statement of Income and Retained Earnings

for the year ended 31st December 2016

	2016	2015
Note	£	£

Administrative expenses	( 2,005)	( 62,545)
Other operating income	( 9,630)	37,506
	-----------	-----------
Operating loss	( 11,635)	( 25,039)

Other interest receivable and similar income		–	228
		-----------	-----------
Loss before taxation	5	( 11,635)	( 24,811)

Tax on loss	–	4,968
	-----------	-----------
Loss for the financial year and total comprehensive income	( 11,635)	( 19,843)
	-----------	-----------

Dividends paid and payable	–	( 60,000)

Retained earnings at the start of the year	16,144	95,987
	-----------	-----------
Retained earnings at the end of the year	4,509	16,144
	-----------	-----------

All the activities of the company are from continuing operations.

Freshpots Limited

Statement of Financial Position

as at 31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	6	1,141	176
Investments	7	7,114	12,917
		-----------	-----------
		8,255	13,093

Current assets

Debtors	8	–	5,561
Cash at bank and in hand		640	8,327
		-----------	-----------
		640	13,888

Creditors: amounts falling due within one year	9	4,286		10,737
		-----------		-----------
Net current (liabilities)/assets			( 3,646)		3,151
			-----------		-----------
Net assets			4,609		16,244
			-----------		-----------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		4,509	16,144
		-----------	-----------
Members funds		4,609	16,244
		-----------	-----------

These financial statements have been prepared 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'.

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 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 financial statements .

Freshpots Limited

Statement of Financial Position (continued)

as at 31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:

J.E. Turnell

Director

Company registration number: 02743194

Freshpots Limited

Notes to the Financial Statements

for the 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 Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The trading address is 48 Milestone Lane, Pinchbeck, Spalding, Lincolnshire, PE11 3XX.

2. Statement of compliance

These 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 financial statements have been prepared on the historical cost basis, and 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Estimation of useful life The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management’s estimate of the period over which economic benefit will be derived from the asset. Estimation of residual value The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Historically, changes to the useful economic life and residual values have not had a material impact on the depreciation amount charged to the profit and loss.

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.

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:

	Office Equipment	-	20% reducing balance / 3 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2015: 2 ).

5. Profit before taxation

Loss before taxation is stated after charging:

	2016	2015
	£	£

Depreciation of tangible assets	64	44
	-----------	-----------

6. Tangible assets

	Office Equipment	Total
	£	£

Cost
At 1st January 2016	275	275
Additions	1,029	1,029
	-----------	-----------
At 31st December 2016	1,304	1,304
	-----------	-----------
Depreciation
At 1st January 2016	99	99
Charge for the year	64	64
	-----------	-----------
At 31st December 2016	163	163
	-----------	-----------
Carrying amount
At 31st December 2016	1,141	1,141
	-----------	-----------
At 31st December 2015	176	176
	-----------	-----------

7. Investments

	Other investments other than loans
	£

Cost
At 1st January 2016	12,917
Additions	7,114
Disposals	( 12,917)
	-----------
At 31st December 2016	7,114
	-----------
Impairment
At 1 Jan 2016 and 31 Dec 2016	–
	-----------

Carrying amount
At 31st December 2016	7,114
	-----------
At 31st December 2015	12,917
	-----------

8. Debtors

	2016	2015
	£	£

Corporation tax repayable	–	4,968
Other debtors	–	593
	-----------	-----------
	–	5,561
	-----------	-----------

9. Creditors: amounts falling due within one year

	2016	2015
	£	£

Trade creditors	–	3,999
Accruals and deferred income	1,140	2,050
Director loan accounts	3,146	4,688
	-----------	-----------
	4,286	10,737
	-----------	-----------

10. Called up share capital

Issued, called up and fully paid

2016		2015
No.	£	No.	£

Ordinary A shares shares of £ 1 each	90	90	90	90
Ordinary B shares shares of £ 1 each	10	10	10	10
	-----------	-----------	-----------	-----------
	100	100	100	100
	-----------	-----------	-----------	-----------

11. Transition to FRS 102

These are the first 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.

Freshpots Limited

Management Information

for the year ended 31st December 2016

The following pages do not form part of the financial statements.

Freshpots Limited

Detailed Income Statement

for the year ended 31st December 2016

	2016	2015
	£	£

Overheads

Administrative expenses	(2,005)	(62,545)

Other operating income	(9,630)	37,506

	-----------	-----------
Operating loss	( 11,635)	( 25,039)

Other interest receivable and similar income	–	228

	-----------	-----------
Loss before taxation	(11,635)	(24,811)
	-----------	-----------

Freshpots Limited

Notes to the Detailed Income Statement

for the year ended 31st December 2016

	2016	2015
	£	£

Administrative expenses

Directors salaries	–	(16,120)
Directors national insurance contributions	(39)	(226)
Rent	–	(18,330)
Rates and water	–	(11,629)
Light and heat	–	(8,447)
Insurance	–	(1,948)
Travel and subsistence	–	(67)
Telephone	–	(161)
Stationery, postage and advertising	–	(14)
Sundry expenses	(48)	(637)
Legal and professional fees	(356)	(2,014)
Bookkeeping fees	–	(745)
Accountancy fees	(1,332)	(1,950)
Depreciation of tangible assets	(64)	(44)
Bank charges	(166)	(213)
	-----------	-----------
	(2,005)	(62,545)
	-----------	-----------

Other operating income

(Loss)/gain on investments	(9,659)	2,998
Interest on corporation tax repayment	29	–
Rents received	–	13,333
Rates recharged	–	10,539
Electricity recharged	–	9,248
Insurance recharged	–	1,164
Telephone recharged	–	77
Dividend income	–	147
	-----------	-----------
	(9,630)	37,506
	-----------	-----------

Other interest receivable and similar income

Interest on cash and cash equivalents	–	2
Interest on corporation tax repayment	–	13
Interest receivable	–	208
Other interest receivable and similar income	–	5
	-----------	-----------
	–	228
	-----------	-----------