| Wildflour Bakeries Ltd |
| Registered number: 09607908 |
| Balance Sheet |
| as at 31 May 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
26,953 |
|
|
35,937 |
|
| Current assets |
| Debtors |
5 |
|
44,358 |
|
|
26,257 |
| Cash at bank and in hand |
|
|
- |
|
|
537 |
|
|
|
44,358 |
|
|
26,794 |
|
| Creditors: amounts falling due within one year |
6 |
|
(67,808) |
|
|
(62,419) |
|
| Net current liabilities |
|
|
|
(23,450) |
|
|
(35,625) |
|
| Total assets less current liabilities |
|
|
|
3,503 |
|
|
312 |
|
|
| Provisions for liabilities |
|
|
|
(646) |
|
|
(42) |
|
|
| Net assets |
|
|
|
2,857 |
|
|
270 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
2,757 |
|
|
170 |
|
| Shareholder's funds |
|
|
|
2,857 |
|
|
270 |
|
|
|
|
|
|
|
|
| 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 member has 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. |
|
|
|
|
| C Harris |
| Director |
| Approved by the board on 23 February 2018 |
|
| Wildflour Bakeries Ltd |
| Notes to the Accounts |
| for the year ended 31 May 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The 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. |
|
|
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. |
|
|
Tangible fixed assets |
|
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: |
|
|
Plant and machinery |
25% reducing balance |
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
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. |
|
|
Invoice factoring |
|
The company uses an invoice factoring facility and retains all significant benefits and risks relating to its invoiced debts. The gross amount of the invoiced debts are included within assets and a corresponding liability in respect of proceeds received from the facility are shown within liabilities. The interest and charges incurred from the factoring arrangement are recognised as they accrue and are included in the profit and loss account as factoring charges and interest charges. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
8 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2017 |
|
2016 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
- |
|
- |
|
Adjustments in respect of previous periods |
- |
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
604 |
|
42 |
|
Effect of increased tax rate on opening liability |
- |
|
- |
|
|
|
|
|
|
604 |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
604 |
|
42 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 June 2016 |
37,500 |
|
At 31 May 2017 |
37,500 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2016 |
1,563 |
|
Charge for the year |
8,984 |
|
At 31 May 2017 |
10,547 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2017 |
26,953 |
|
At 31 May 2016 |
35,937 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
26,330 |
|
20,119 |
|
Prepayments and deposits |
|
|
|
|
7,364 |
|
4,502 |
|
VAT debtor |
|
|
|
|
10,664 |
|
1,636 |
|
|
|
|
|
|
44,358 |
|
26,257 |
|
|
|
|
|
|
|
|
|
|
The trade debtors figure of £26,330 (2016: £20,119) is in respect of debts held under a with-recourse invoice factoring facility. |
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
19,232 |
|
15,090 |
|
Trade creditors |
19,910 |
|
6,740 |
|
Other taxes and social security costs |
15,160 |
|
2,613 |
|
Director current account |
10,951 |
|
36,353 |
|
Other creditors |
2,555 |
|
1,623 |
|
|
|
|
|
|
67,808 |
|
62,419 |
|
|
|
|
|
|
|
|
|
|
As at 31 May 2017, Key Factors Limited held a fixed and floating charge over all current and future assets of the company. On 23 November 2017 the Factoring facility was transferred to Factor 21 Ltd and a fresh all assets debenture charge was lodged at Companies House.
As at 31 May 2017, included within bank loans and overdrafts is a figure of £19,232 (2016: £15,090) owing to Key Factors Limited, in respect of an invoice factoring facility. |
|
|
| 7 |
Deferred taxation |
2017 |
|
2016 |
| £ |
£ |
|
|
Accelerated capital allowances |
965 |
|
2,813 |
|
Tax losses carried forward |
(319) |
|
(2,771) |
|
|
|
|
|
|
646 |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
| £ |
£ |
|
At 1 June |
42 |
|
- |
|
Charged to the profit and loss account |
604 |
|
42 |
|
|
At 31 May |
646 |
|
42 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Controlling party |
|
|
C Harris is the controlling party due to his 100% interest in the share capital of the company. |
|
|
| 9 |
Other information |
|
|
Wildflour Bakeries Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 1 Green Acres Farm |
|
Hardwick Lane |
|
Chertsey |
|
Surrey, KT16 0AD |
