Intereurope Foods Ltd. - Accounts

INTEREUROPE FOODS LTD. - Company Information

Intereurope Foods Ltd. 02894292 false 1 January 2016 02894292 2016-01-01 2016-12-31 02894292 2015-12-31 02894292 2016-12-31 02894292 2015-01-01 2015-12-31 02894292 2014-12-31 02894292 2015-12-31 02894292 frs102-bus:FRS102 2016-01-01 2016-12-31 02894292 frs102-bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 02894292 frs102-bus:FullAccounts 2016-01-01 2016-12-31 02894292 frs102-bus:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 02894292 frs102-core:CurrentFinancialInstruments 2016-12-31 02894292 frs102-core:CurrentFinancialInstruments 2015-12-31 02894292 frs102-core:ShareCapital 2016-12-31 02894292 frs102-core:ShareCapital 2015-12-31 02894292 frs102-core:RetainedEarningsAccumulatedLosses 2016-12-31 02894292 frs102-core:RetainedEarningsAccumulatedLosses 2015-12-31 02894292 frs102-bus:Director1 2016-01-01 2016-12-31 02894292 frs102-core:PlantMachinery 2016-01-01 2016-12-31 02894292 frs102-core:FurnitureFittings 2016-01-01 2016-12-31 02894292 frs102-core:Vehicles 2016-01-01 2016-12-31 02894292 frs102-core:ComputerEquipment 2016-01-01 2016-12-31 02894292 frs102-core:PlantMachinery 2015-12-31 02894292 frs102-core:FurnitureFittings 2015-12-31 02894292 frs102-core:Vehicles 2015-12-31 02894292 frs102-core:ComputerEquipment 2015-12-31 02894292 frs102-core:PlantMachinery 2016-12-31 02894292 frs102-core:FurnitureFittings 2016-12-31 02894292 frs102-core:Vehicles 2016-12-31 02894292 frs102-core:ComputerEquipment 2016-12-31 02894292 frs102-core:PlantMachinery 2015-12-31 02894292 frs102-core:FurnitureFittings 2015-12-31 02894292 frs102-core:Vehicles 2015-12-31 02894292 frs102-core:ComputerEquipment 2015-12-31 xbrli:pure iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares

	Registered number
	02894292

	Intereurope Foods Ltd.
	Unaudited Accounts
	for the year ended
	31 December 2016

Intereurope Foods Ltd. Balance Sheet as at 31 December 2016
	Notes		2016 £		2015 £
Fixed assets
Tangible assets	2		126,630		158,910
			126,630		158,910

Current assets
Stocks		37,369		43,779
Debtors		606,803		484,613
Cash at bank and in hand		3,539		29,161
		647,711		557,553

Creditors: amounts falling due within one year		329,967		277,367

Net current assets / (liabilities)			317,744		280,186

Total assets less current liabilities			444,374		439,096

Provisions for liabilities			5,410		5,410

Total net assets (liabilities)			438,964		433,686

Capital and reserves
Called up share capital			327,096		327,096
Profit and loss account			111,868		106,590
Shareholders' funds			438,964		433,686

These accounts have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors

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

S Walters

Director

Approved by the board on 26 September 2017

Company No: 02894292 (England and Wales)

1.	Accounting policies
	Basis of preparation of financial statements These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The presentation currency is sterling.
	Changes in accounting standards, policies and estimates The transition to a new accounting standard has resulted to some changes in the accounting policies. The nature of these changes, and any impact on the values displayed for the comparative period, are explained in the notes below where applicable.

	Going concern basis
	The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.

Plant & machinery	20% Reducing Balance
Fixtures & fittings	20% Reducing Balance
Vehicles	25% Reducing Balance
Computer equipment	25% Reducing Balance

	Stocks
	Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

Stocks

Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

	Deferred taxation
	Taxation represents the sum of tax currently payable and deferred tax. Current tax is calculated using tax rates that have been enacted or substantially enacted at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of part of the asset to be recovered.

Deferred taxation

Taxation represents the sum of tax currently payable and deferred tax. Current tax is calculated using tax rates that have been enacted or substantially enacted at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of part of the asset to be recovered.

Tangible fixed assets
	Plant & machinery	Fixtures & fittings	Vehicles	Computer equipment	Total
Cost or valuation	£	£	£	£	£
At 1 January 2016	584,497	41,120	29,050	23,223	677,890
At 31 December 2016	584,497	41,120	29,050	23,223	677,890
Depreciation
At 1 January 2016	431,097	38,440	26,390	23,053	518,980
Charge for the period	30,675	535	900	170	32,280
At 31 December 2016	461,772	38,975	27,290	23,223	551,260
Net book value
At 31 December 2016	122,725	2,145	1,760	0	126,630
At 31 December 2015	153,400	2,680	2,660	170	158,910