Hornsea Animal Feeds Limited Company Accounts

HORNSEA ANIMAL FEEDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04875174

Hornsea Animal Feeds Limited

Filleted Unaudited Financial Statements

31 August 2017

Hornsea Animal Feeds Limited

Financial Statements

Year ended 31 August 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Hornsea Animal Feeds Limited

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		28,280	17,872

Current assets

Stocks		101,738	58,808
Debtors	6	3,689	5,802
Cash at bank and in hand		30,457	51,930
		---------	---------
		135,884	116,540

Creditors: amounts falling due within one year	7	61,734		47,185
		---------		---------
Net current assets			74,150	69,355
			---------	--------
Total assets less current liabilities			102,430	87,227

Creditors: amounts falling due after more than one year	8	15,841	18,620
		---------	--------
Net assets		86,589	68,607
		---------	--------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		86,489	68,507
		--------	--------
Shareholders funds		86,589	68,607
		--------	--------

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 31 August 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 .

Hornsea Animal Feeds Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 9 April 2018 , and are signed on behalf of the board by:

Mr D T Emery	Mrs J M Emery
Director	Director

Company registration number: 04875174

Hornsea Animal Feeds Limited

Notes to the Financial Statements

Year ended 31 August 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 Hornsea Farm, Bran End, Stebbing, Dunmow, Essex, CM6 3RU.

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

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold improvement	-	10% straight line
Plant & machinery	-	20% straight line
Motor vehicles	-	20% straight line

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 3 ).

5. Tangible assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 September 2016	15,205	51,505	18,414	85,124
Additions	20,722	1,873	–	22,595
	--------	--------	--------	---------
At 31 August 2017	35,927	53,378	18,414	107,719
	--------	--------	--------	---------
Depreciation
At 1 September 2016	6,084	42,754	18,414	67,252
Charge for the year	3,593	8,594	–	12,187
	--------	--------	--------	---------
At 31 August 2017	9,677	51,348	18,414	79,439
	--------	--------	--------	---------
Carrying amount
At 31 August 2017	26,250	2,030	–	28,280
	--------	--------	--------	---------
At 31 August 2016	9,121	8,751	–	17,872
	--------	--------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	3,156	2,601
Prepayments and accrued income	–	3,201
Other debtors	533	–
	-------	-------
	3,689	5,802
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	2,400	2,400
Trade creditors	24,019	4,140
Accruals and deferred income	1,890	1,397
Corporation tax	7,135	8,718
Social security and other taxes	1,946	3,846
Director loan accounts	24,344	26,684
	--------	--------
	61,734	47,185
	--------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	15,841	18,620
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £6,241 (2016: £9,020) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	28,809	19,964
Later than 1 year and not later than 5 years	87,685	70,040
	---------	--------
	116,494	90,004
	---------	--------

11. Related party transactions

At the year end the company owed the directors £24,344 (2016: £26,684) by way of a joint directors current account, which is shown amongst creditors falling due within one year.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.