Northgate Foods Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02642455 (England and Wales)

Financial Statements

for the Year Ended 30 September 2017

for

Northgate Foods Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Graham

J P Graham

M Theobald

K Burn

SECRETARY:

M A Graham

REGISTERED OFFICE:

St Georges House

Anderson Centre

Olding Road

Bury St Edmunds

Suffolk

IP33 3TA

REGISTERED NUMBER:

02642455 (England and Wales)

AUDITORS:

Knights Lowe

Chartered Accountants

and Registered Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

96,345

119,966

CURRENT ASSETS

Stocks

5

685,998

586,693

Debtors

6

2,004,179

1,655,053

Cash at bank and in hand

469,782

758,852

3,159,959

3,000,598

CREDITORS

Amounts falling due within one year

7

1,451,118

1,306,777

NET CURRENT ASSETS

1,708,841

1,693,821

TOTAL ASSETS LESS CURRENT LIABILITIES

1,805,186

1,813,787

CAPITAL AND RESERVES

Called up share capital

10

44,744

44,744

Share premium

47,196

47,196

Retained earnings

1,713,246

1,721,847

SHAREHOLDERS' FUNDS

1,805,186

1,813,787

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 December 2017 and were signed on its behalf by:

M A Graham - Director

J P Graham - Director

M Theobald - Director

1.	STATUTORY INFORMATION

Northgate Foods Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements are the first financial statements that comply with FRS102 Section 1A small entities.

The date of transition is 1 October 2015. The transition has resulted in an alignment of accounting policies to

those required in the adoption of FRS102 and FRS102 1A. Any impact is explained in the notes to these financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property

-

The term of the lease

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes for the directors and some of its employees.

Contributions payable for the year are charged in the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Employee benefit trusts

The company has created a trust whose beneficiaries will include employees of the Company and their

dependants. Assets held under this trust will be controlled by trustees who will be acting independently and

entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of services already

provided by employees to the Company, the Company will account for these as assets of the Company until the

earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from

these assets. The value transfered will be charged in the Company's profit and loss account for the year to

which it relates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2016 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

8,673

283,288

291,961

Additions

-

22,590

22,590

Disposals

-

(56,922

)

(56,922

)

At 30 September 2017

8,673

248,956

257,629

DEPRECIATION

At 1 October 2016

8,673

163,322

171,995

Charge for year

-

28,109

28,109

Eliminated on disposal

-

(38,820

)

(38,820

)

At 30 September 2017

8,673

152,611

161,284

NET BOOK VALUE

At 30 September 2017

-

96,345

96,345

At 30 September 2016

-

119,966

119,966

5.

STOCKS

2017

2016

£

£

Goods for resale

685,998

586,693

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,844,340

1,621,546

Other debtors

159,839

33,507

2,004,179

1,655,053

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,361,392

1,228,745

Taxation and social security

56,052

30,902

Other creditors

33,674

47,130

1,451,118

1,306,777

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

32,000

32,000

9.	SECURED DEBTS

The bank holds a debenture from the company which incorporates a fixed and floating charge over all current

and future assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

Value:

£

£

44,444

Ordinary 'A'

£1

44,440

44,444

100

Ordinary 'C'

£1

100

100

100

Ordinary 'D'

£1

100

100

100

Ordinary 'E'

£1

100

100

4

Ordinary 'F'

£1

4

4

44,744

44,744

Of the shares listed above only the `A' ordinary shares are equity shares. The other classes of shares are

non-equity interests with no voting rights, and limited rights on a winding up. They do however carry rights to

dividends when specifically voted to an individual class of shares.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Knights ACA BSc (Senior Statutory Auditor)

for and on behalf of Knights Lowe