Harefield Food & Wine Limited Company Accounts

HAREFIELD FOOD & WINE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08502403

Harefield Food & Wine Limited

Filleted Unaudited Financial Statements

31 July 2017

Harefield Food & Wine Limited

Financial Statements

Year ended 31 July 2017

Contents	Page

Director's report	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered tax advisers report to the director on the preparation of the unaudited statutory financial statements	10

Harefield Food & Wine Limited

Director's Report

Year ended 31 July 2017

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2017 .

Director

The director who served the company during the year was as follows:

Mr J S Tal

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 February 2018 and signed on behalf of the board by:

Mr J S Tal
Director

Registered office:

1 Agincourt Villas

Uxbridge Road

Hillingdon

Middlesex

UB10 0NX

Harefield Food & Wine Limited

Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	8,029	8,451
Tangible assets	6	14,104	15,734
		--------	--------
		22,133	24,185

Current assets

Stocks		38,786	32,874
Debtors	7	39,977	31,167
Cash at bank and in hand		13,250	9,664
		--------	--------
		92,013	73,705

Creditors: amounts falling due within one year	8	66,341		33,589
		--------		--------
Net current assets			25,672	40,116
			--------	--------
Total assets less current liabilities			47,805	64,301

Creditors: amounts falling due after more than one year	9		42,737	58,957

Provisions

Taxation including deferred tax	2,864	2,864
	--------	--------
Net assets	2,204	2,480
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,104	2,380
	-------	-------
Shareholders funds	2,204	2,480
	-------	-------

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 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Harefield Food & Wine Limited

Statement of Financial Position (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 20 February 2018 , and are signed on behalf of the board by:

Mr J S Tal
Director

Company registration number: 08502403

Harefield Food & Wine Limited

Notes to the Financial Statements

Year ended 31 July 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 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.

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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

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	-	5% 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.

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:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	20% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 4 (2016: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2016 and 31 July 2017	10,000
	--------
Amortisation
At 1 August 2016	1,549
Charge for the year	422
	--------
At 31 July 2017	1,971
	--------
Carrying amount
At 31 July 2017	8,029
	--------
At 31 July 2016	8,451
	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 August 2016	1,415	4,999	12,795	2,937	22,146
Additions	–	–	–	1,542	1,542
	-------	-------	--------	-------	--------
At 31 July 2017	1,415	4,999	12,795	4,479	23,688
	-------	-------	--------	-------	--------
Depreciation
At 1 August 2016	–	2,613	2,559	1,240	6,412
Charge for the year	–	477	2,047	648	3,172
	-------	-------	--------	-------	--------
At 31 July 2017	–	3,090	4,606	1,888	9,584
	-------	-------	--------	-------	--------
Carrying amount
At 31 July 2017	1,415	1,909	8,189	2,591	14,104
	-------	-------	--------	-------	--------
At 31 July 2016	1,415	2,386	10,236	1,697	15,734
	-------	-------	--------	-------	--------

7. Debtors

	2017	2016
	£	£
Other debtors	39,977	31,167
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	6,771	–
Trade creditors	1,040	1,079
Corporation tax	4,738	1,723
Social security and other taxes	3,071	1,801
Other creditors	50,721	28,986
	--------	--------
	66,341	33,589
	--------	--------

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

	2017	2016
	£	£
Bank loans and overdrafts	–	13,021
Other creditors	42,737	45,936
	--------	--------
	42,737	58,957
	--------	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J S Tal	( 56,886)	( 18,049)	( 74,935)
	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J S Tal	–	( 56,886)	( 56,886)
	----	--------	--------

11. Transition to FRS 102

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

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

Harefield Food & Wine Limited

Management Information

Year ended 31 July 2017

The following pages do not form part of the financial statements.

Harefield Food & Wine Limited

Chartered Tax Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Harefield Food & Wine Limited

Year ended 31 July 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 July 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

SK ASSOCIATES LTD Chartered Tax Advisers

1 Agincourt Villas Uxbridge Road Hillingdon Middlesex UB10 0NX

20 February 2018