TASTE_OF_THE_WEST_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Taste of the West Limited is a private company limited by shares incorporated in England and Wales. The registered office is Country House Estate, London Road, Whimple, Devon, EX5 2NL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of Taste of the West Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The directors have prepared projected cash flow information for the period ending 30 June 2018, and this is being managed on a day to day basis. The company is able to meet its working capital requirements with the help of an agreed overdraft facility.

The directors have also prepared detailed profit and loss forecasts for the period ending 30 June 2018. As in previous years, the company expects a significant cash inflow from membership fees at the start of the financial year, enabling it to meet its day to day working capital requirements for the foreseeable future.

On this evidence, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Following several challenging years, during this reported financial year the directors have been keen to set the company in a positive direction.

Through the Executive Team they have laid the foundations for a growth plan.

We are confident that this will prove to be a positive contribution in the 2017 - 2018 financial year.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

All directors are non-executive. They do not receive emoluments for their services to the company. Expenses incurred in attending meetings of £nil (2016: £nil) were reimbursed during the year.

The average monthly number of persons (including directors) employed by the company during the year was 8 (2016 - 7).

During the year the company issued 117 Ordinary £5 shares.

In order to comply with the conditions of membership, each full member is obliged to acquire 1 Ordinary £5 Share for £20.

This led to an increase in the share premium account of £1,755.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: