Tomato Source Limited - Period Ending 2017-10-31

Tomato Source Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2017

Registration number: 05483660

Tomato Source Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Tomato Source Limited

Balance Sheet

31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	37,481	44,780
Current assets
Stocks	5	18,671	16,894
Debtors	6	388,738	487,039
Cash at bank and in hand		190,231	99,864
		597,640	603,797
Creditors: Amounts falling due within one year	7	(337,680)	(466,302)
Net current assets		259,960	137,495
Total assets less current liabilities		297,441	182,275
Creditors: Amounts falling due after more than one year	7	(19,196)	(22,500)
Provisions for liabilities		(2,783)	(2,756)
Net assets		275,462	157,019
Capital and reserves
Called up share capital		100	100
Profit and loss account		275,362	156,919
Total equity		275,462	157,019

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Tomato Source Limited

Balance Sheet

31 October 2017

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 15 March 2018 and signed on its behalf by:

......................................... S E Howes Director

......................................... E L Beeson Director

Company Registration Number: 05483660

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
Unit D36 - Kestral Court
Harbour Road
Portishead
Bristol
BS20 7AN

These financial statements were authorised for issue by the Board on 15 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 November 2015. There is no material impact on the reported financial position and financial performance.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 3

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2016 - 10).

Page 5

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2016	45,818	46,654	92,472
Additions	7,157	-	7,157
Disposals	-	(16,000)	(16,000)
At 31 October 2017	52,975	30,654	83,629
Depreciation
At 1 November 2016	29,180	18,512	47,692
Charge for the year	5,953	6,546	12,499
Eliminated on disposal	-	(14,043)	(14,043)
At 31 October 2017	35,133	11,015	46,148
Carrying amount
At 31 October 2017	17,842	19,639	37,481
At 31 October 2016	16,638	28,142	44,780

5

Stocks

	2017 £	2016 £
Stock	18,671	16,894

6

Debtors

	2017  £	2016  £
Trade debtors	253,059	386,080
Other debtors	127,270	95,020
Prepayments	8,409	5,939
	388,738	487,039

Page 6

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

7

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	3,304	155,213
Trade creditors		208,126	169,182
Social security and other taxes		12,966	6,611
Outstanding defined contribution pension costs		915	-
Other creditors		21,462	46,852
Accrued expenses		38,153	28,261
Corporation tax		52,754	60,183
		337,680	466,302
Due after one year
Loans and borrowings	8	19,196	22,500

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Finance lease liabilities	19,196	22,500

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	-	152,109
Finance lease liabilities	3,304	3,104
	3,304	155,213

9	Parent and ultimate parent undertaking

The ultimate controlling party is the directors through their 100% shareholding in The Vine Lab Limited.

Page 7

Tomato Source Limited

Notes to the Financial Statements

Year Ended 31 October 2017

10	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 November 2015. There were no changes to the previously stated equity as at 1 November 2015 and 31 October 2016 or in the profit for the year ended 31 October 2016 as a result of the transition to FRS102.

Page 8