Coopers Gourmet Foods Limited
Coopers Gourmet Foods Limited
Registered number: 02578344
Unaudited Financial Statements
For The Year Ended 31 March 2017
Coopers Gourmet Foods Limited
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—9 |
Coopers Gourmet Foods Limited
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
02578344
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 8 |
|
|
||
| Investments | 9 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 10 |
|
|
||
| Debtors | 11 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 12 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 13 |
( |
( |
||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 15 |
( |
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 16 |
|
|
||
| Profit and loss account |
|
|
|||
| SHAREHOLDERS' FUNDS | 233,206 | 99,877 | |||
Page 1
Coopers Gourmet Foods Limited
Balance Sheet (continued)
As at
31 March 2017
Directors' responsibilities:
-
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. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
|
|
|
|
|
The notes on pages 4 to 9 form part of these financial statements.
Page 2
Coopers Gourmet Foods Limited
Statement of Changes in Equity
For The Year Ended 31 March 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 April 2015 |
|
|
157,353 |
| Profit for the year and total comprehensive income | - |
|
2,524 |
| Dividends paid | - | (60,000) | (60,000) |
| As at 31 March 2016 and 1 April 2016 |
|
|
99,877 |
| Profit for the year and total comprehensive income | - |
|
142,329 |
| Dividends paid | - | (10,000) | (10,000) |
| Arising on shares issued during the period |
|
- | 1,000 |
| As at |
|
|
233,206 |
Page 3
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Government grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Page 4
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
1.9.
Preparation of consolidated financial statements
Section 398 of the Companies Act 2006
The financial statements contain information about Coopers Gourmet Foods Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
1.10.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
8.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Leasehold | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
( |
( |
| As at |
|
|
|
|
| Depreciation | ||||
| As at |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
( |
( |
| As at |
|
|
|
|
| Net Book Value | ||||
| As at |
|
|
|
|
| As at |
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
Page 5
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Fixtures & Fittings |
|
|
|
| Motor Vehicles |
|
|
|
|
|
|
||
9.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
- |
| Additions | 30,321 |
| As at |
30,321 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
30,321 |
| As at |
- |
10.
Stocks
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - materials and work in progress | 35,000 | 36,040 | |
|
|
|
||
11.
Debtors
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| VAT | - |
|
|
|
|
|
||
Page 6
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
12.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
- | |
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
13.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
14.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
|
|
|
||
|
|
|
||
15.
Deferred Taxation
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| As at |
|
|
|
| Deferred taxation |
( |
|
|
| Deferred tax |
|
|
|
The provision for deferred taxation is made up of accelerated capital allowances
Page 7
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
17.
Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
| Other | ||
|---|---|---|
| 2017 | 2016 | |
| £ | £ | |
| Leases due to expire | ||
| Between 1 and 5 years | 18,000 | 18,000 |
| 18,000 | 18,000 | |
18.
Dividends
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
| 10,000 | 60,000 | ||
Page 8
Coopers Gourmet Foods Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
19.
Related Party Transactions
Gillhams Deli Limited
Subsidiary
On 22 February 2017, Coopers Gourmet Foods Limited acquired 100% of the share capital in Gillhams Deli Limited. Included in creditors is an amount due to Gillhams Deli Limited of £1 (2016: Nil). On 31 March 2017 the trade and assets belonging to Deli business were transferred to Gillhams Deli Limited in exchange for shares.
J Watkiss
Director
Included in creditors is a balance due to J Watkiss of £800 (2016: (£250))
I and S Watkiss
Directors
Included in creditors is a balance due to I and S Watkiss of £66,563 (2016: 133,045)
20.
Ultimate Controlling Party
The company's ultimate controlling party is Mr and Mrs Watkiss by virtue of their ownership of 75% of the issued share capital in the company.
21.
Transition to FRS 102
The company has adopted FRS102 for the first time in the year ended 31 March 2017, transition date being 1st April 2015.
Page 9