Arctic Chilled Foods Limited - Filleted accounts

Arctic Chilled Foods Limited - Filleted accounts

ARCTIC CHILLED FOODS LIMITED - Company Information

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Registered number
04166745
Arctic Chilled Foods Limited
Filleted Abridged Accounts
31 January 2017
Arctic Chilled Foods Limited
Registered number: 04166745
Abridged Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 516,230 351,680
Current assets
Stocks 222,659 256,982
Debtors 237,929 201,569
Cash at bank and in hand 27,615 21,020
488,203 479,571
Creditors: amounts falling due within one year (612,893) (589,766)
Net current liabilities (124,690) (110,195)
Total assets less current liabilities 391,540 241,485
Creditors: amounts falling due after more than one year (278,788) (210,342)
Provisions for liabilities (28,999) -
Net assets 83,753 31,143
Capital and reserves
Called up share capital 10 10
Revaluation reserve 4 141,585 -
Profit and loss account (57,842) 31,133
Shareholders' funds 83,753 31,143
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr. S Assani
Director
Approved by the board on 23 October 2017
Arctic Chilled Foods Limited
Notes to the Abridged Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Land and buildings include a freehold factory and office building. Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the dcrease previously expended.

Land and building were revalued for the first time during the current financial year, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% on cost
Motor Vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Total
£
Cost
At 1 February 2016 658,959
Additions 19,226
Surplus on revaluation 170,584
At 31 January 2017 848,769
Depreciation
At 1 February 2016 307,279
Charge for the year 25,260
At 31 January 2017 332,539
Net book value
At 31 January 2017 516,230
At 31 January 2016 351,680
Freehold land and buildings: 2017 2016
£ £
Historical cost 314,416 314,416
Cumulative depreciation based on historical cost 28,296 25,152
286,120 289,264
The freehold land and buildings were revalued for the first time on 5th August 2016 by an independant valuer, Messrs J L D James of KirkbyDiamond qualified surveyors and architects, with fair value determined by appraisal from market-based evidence of recent transactions for similiar properties in the same area.
3 Loans 2017 2016
£ £
Creditors include:
Instalments falling due for payment after more than five years 217,737 128,818
Secured bank loans 291,019 216,128
The bank loan is secured on the company's freehold land and building.
4 Revaluation reserve 2017 2016
£ £
Gain on revaluation of land and buildings 170,584 -
Deferred taxation arising on the revaluation of land and buildings (28,999) -
At 31 January 2017 141,585 -
5 Controlling party
The company is controlled by the director.
6 Other information
Arctic Chilled Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
18 The Broadway
East Lane
Wembley
Middlesex
HA9 8JU
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