Pro Foodservice Reps Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09362075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

PRO FOODSERVICE REPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Piggin

Mr R Gibson

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

09362075 (England and Wales)

FIXED ASSETS

Intangible assets

4

219

438

Tangible assets

5

5,439

4,120

5,658

4,558

CURRENT ASSETS

Debtors

6

46,208

25,593

Cash at bank

33,999

24,145

80,207

49,738

CREDITORS

Amounts falling due within one year

7

72,216

52,343

NET CURRENT ASSETS/(LIABILITIES)

7,991

(2,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,649

1,953

PROVISIONS FOR LIABILITIES

9

925

824

NET ASSETS

12,724

1,129

CAPITAL AND RESERVES

Called up share capital

10

92

102

Capital redemption reserve

11

10

-

Retained earnings

11

12,622

1,027

SHAREHOLDERS' FUNDS

12,724

1,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 February 2018 and were signed on its behalf by:

Mr A Piggin - Director

Mr R Gibson - Director

1.	STATUTORY INFORMATION

Pro Foodservice Reps Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Revenue comprises the fair value of the sale of services, excluding value added tax.

The company provides commercial food service products to customers on behalf of its clients under standard

terms and conditions, receiving retainers and sales commission in return. In all cases revenue is recognised when

the risks and rewards of ownership are transferred and this is defined to be upon the invoicing of its clients for

their share of the revenues generated from products sold by the company.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2017

and 31 December 2017

876

AMORTISATION

At 1 January 2017

438

Charge for year

219

At 31 December 2017

657

NET BOOK VALUE

At 31 December 2017

219

At 31 December 2016

438

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

3,674

3,361

7,035

Additions

729

2,748

3,477

At 31 December 2017

4,403

6,109

10,512

DEPRECIATION

At 1 January 2017

1,234

1,681

2,915

Charge for year

1,055

1,103

2,158

At 31 December 2017

2,289

2,784

5,073

NET BOOK VALUE

At 31 December 2017

2,114

3,325

5,439

At 31 December 2016

2,440

1,680

4,120

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

24,470

24,144

Other debtors

21,738

1,449

46,208

25,593

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

7,809

-

Trade creditors

10,077

346

Taxation and social security

23,816

24,747

Other creditors

30,514

27,250

72,216

52,343

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

20,430

13,500

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred taxation

925

824

Deferred

tax

£

Balance at 1 January 2017

824

Movement in year

101

Balance at 31 December 2017

925

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

90

Ordinary

1

90

100

2

Ordinary 'A'

1

2

2

92

102

The company repurchased and cancelled ten of its £1 Ordinary shares in the year to 31 December 2017.

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2017

1,027

-

1,027

Profit for the year

87,500

87,500

Dividends

(66,915

)

(66,915

)

Purchase of own shares

(8,990

)

10

(8,980

)

At 31 December 2017

12,622

10

12,632

12.	RELATED PARTY DISCLOSURES

During the period, dividends totalling £66,915 (2016: £77,496) were paid to the directors and shareholders of the

company, as follows;

Mr A Piggin & his wife, Mrs A Piggin, both of whom are shareholders of the company, received dividends to a

total of £30,594 (2016: £36,540). Mr R Gibson & his wife, Mrs N Gibson, both of whom are shareholders of the

company, also received total dividends of £30,594 (2016: £36,540).

Mr W Bennett, who both resigned to be a director and ceased to be a shareholder in the year received dividends

to a total of £5,727 (2016: £4,416) to 31 December 2017. The shares which were held by Mr W Bennett were

repurchased and cancelled by the company for a consideration of £9,000, payable in the year to 31 December

2018.

As at 31 December 2017, the company owed Mr A Piggin £10,000 (2016: £10,823), Mr R Gibson £10,000

(2016: £10,514) and Mr W Bennett £Nil (2016: £296) on their directors' loans. These loans are interest free and

repayable on demand.