New World Foods (Europe) Limited Company Accounts

New World Foods (Europe) Limited Company Accounts

NEW WORLD FOODS (EUROPE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07843083
NEW WORLD FOODS (EUROPE) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2017
NEW WORLD FOODS (EUROPE) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
NEW WORLD FOODS (EUROPE) LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2017
2017
2016
Note
£
£
£
£
Fixed assets
Intangible assets
5
106,337
118,783
Tangible assets
6
441,750
337,699
Investments
7
1
1
----------
----------
548,088
456,483
Current assets
Stocks
621,922
339,052
Debtors
8
1,090,850
583,872
Cash at bank and in hand
142,645
161,714
-------------
-------------
1,855,417
1,084,638
Creditors: amounts falling due within one year
9
1,350,287
826,684
-------------
-------------
Net current assets
505,130
257,954
-------------
----------
Total assets less current liabilities
1,053,218
714,437
Creditors: amounts falling due after more than one year
10
44,833
–
-------------
----------
Net assets
1,008,385
714,437
-------------
----------
NEW WORLD FOODS (EUROPE) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2017
2017
2016
Note
£
£
£
£
Capital and reserves
Called up share capital
601,015
601,015
Share premium account
23,440
23,440
Revaluation reserve
92,500
92,500
Profit and loss account
291,430
( 2,518)
-------------
----------
Shareholders funds
1,008,385
714,437
-------------
----------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2017 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 October 2017 , and are signed on behalf of the board by:
Mr D W Nisbet
Director
Company registration number: 07843083
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Oakland Farms, Church Lane, Moor Monkton, York, North Yorkshire, YO26 8LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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:
Plant and Machinery
-
10% reducing balance
Fixtures and Fittings
-
10% reducing balance
Computer Equipment
-
33% straight line
(h) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(i) 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(j) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(k) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2016: 21 ).
5. Intangible assets
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 July 2016 and 30 June 2017
124,465
19,210
143,675
----------
--------
----------
Amortisation
At 1 July 2016
24,892
–
24,892
Charge for the year
12,446
–
12,446
----------
--------
----------
At 30 June 2017
37,338
–
37,338
----------
--------
----------
Carrying amount
At 30 June 2017
87,127
19,210
106,337
----------
--------
----------
At 30 June 2016
99,573
19,210
118,783
----------
--------
----------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2016
382,967
14,561
11,116
408,644
Additions
145,842
273
2,233
148,348
----------
--------
--------
----------
At 30 June 2017
528,809
14,834
13,349
556,992
----------
--------
--------
----------
Depreciation
At 1 July 2016
66,461
1,717
2,767
70,945
Charge for the year
39,297
1,299
3,701
44,297
----------
--------
--------
----------
At 30 June 2017
105,758
3,016
6,468
115,242
----------
--------
--------
----------
Carrying amount
At 30 June 2017
423,051
11,818
6,881
441,750
----------
--------
--------
----------
At 30 June 2016
316,506
12,844
8,349
337,699
----------
--------
--------
----------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2016 and 30 June 2017
1
----
Impairment
At 1 July 2016 and 30 June 2017
–
----
Carrying amount
At 30 June 2017
1
----
At 30 June 2016
1
----
8. Debtors
2017
2016
£
£
Trade debtors
960,083
516,707
Other debtors
130,767
67,165
-------------
----------
1,090,850
583,872
-------------
----------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loan
24,253
–
Trade creditors
591,273
354,055
Amounts owed to group undertakings and undertakings in which the company has a participating interest
438,117
443,000
Social security and other taxes
12,565
12,673
Other creditors
284,079
16,956
-------------
----------
1,350,287
826,684
-------------
----------
The bank loan of £24,253 (2016: £nil) is secured by a fixed and floating charge over the company's assets.
Included within other creditors is £254,985 (2016: £nil) relating to sales invoice financing, this is secured by a fixed and floating charge over the company's assets.
10. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loan
44,833
–
--------
----
The bank loan of £44,833 (2016: £nil) is secured by a fixed and floating charge over the company's assets.
11. Controlling party
The company's ultimate parent undertaking is Appledore Holdings PTY Limited (incorporated in Australia).
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.