Abbey Foods (North West) Limited - Period Ending 2018-03-31

Registration number: 07660860

Abbey Foods (North West) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Abbey Foods (North West) Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 9

Abbey Foods (North West) Limited

Company Information

Director

Mr Sean Minter

Registration number

07660860

Registered office

Abbey Foods (North West) Ltd Childs Lane Brownlow Congleton Cheshire CW12 4TG

Accountants

Alextra Group Ltd Chartered Certified Accountants 7-9 Macon Court Crewe Cheshire CW1 6EA

Page 1

Abbey Foods (North West) Limited

Director's Report for the Year Ended 31 March 2018

The director presents his report and the financial statements for the year ended 31 March 2018.

Director of the company

The director who held office during the year was as follows:

Mr Sean Minter

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 July 2018 and signed on its behalf by:

Mr Sean Minter
Director

Page 2

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abbey Foods (North West) Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Foods (North West) Limited for the year ended 31 March 2018 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Abbey Foods (North West) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Foods (North West) Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Foods (North West) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Foods (North West) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Foods (North West) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Foods (North West) Limited. You consider that Abbey Foods (North West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbey Foods (North West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

30 July 2018

Page 3

Abbey Foods (North West) Limited

(Registration number: 07660860)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	3	2,125	2,625
Tangible assets	4	3,355	4,473
		5,480	7,098
Current assets
Stocks	5	19,846	22,308
Debtors	6	13,141	14,677
		32,987	36,985
Creditors: Amounts falling due within one year	7	(169,485)	(176,826)
Net current liabilities		(136,498)	(139,841)
Net liabilities		(131,018)	(132,743)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(131,118)	(132,843)
Total equity		(131,018)	(132,743)

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Abbey Foods (North West) Limited

(Registration number: 07660860)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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 and Director's Report has been taken.

Approved and authorised by the director on 30 July 2018
 

Mr Sean Minter

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Abbey Foods (North West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The company meets its day to day working capital requirements through funds provided by the director, a creditor of the company of which the director is also a shareholder and an overdraft facility provided by its bank.

The director considers that the facilities will continue to be made available within which the company will be able to operate.

On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis was not appropriate.

Revenue recognition

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Page 6

Abbey Foods (North West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Stocks

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

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2017 - 4).

Page 7

Abbey Foods (North West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	5,000	5,000
At 31 March 2018	5,000	5,000
Amortisation
At 1 April 2017	2,375	2,375
Amortisation charge	500	500
At 31 March 2018	2,875	2,875
Carrying amount
At 31 March 2018	2,125	2,125
At 31 March 2017	2,625	2,625

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	17,246	17,246
At 31 March 2018	17,246	17,246
Depreciation
At 1 April 2017	12,773	12,773
Charge for the year	1,118	1,118
At 31 March 2018	13,891	13,891
Carrying amount
At 31 March 2018	3,355	3,355
At 31 March 2017	4,473	4,473

5

Stocks

	2018 £	2017 £
Other inventories	19,846	22,308

Page 8

Abbey Foods (North West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Debtors

	2018 £	2017 £
Trade debtors	1,131	185
Other debtors	12,010	14,492
Total current trade and other debtors	13,141	14,677

7

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	8	153,727	155,764
Trade creditors		1,724	11,439
Taxation and social security		44	(33)
Other creditors		13,990	9,656
		169,485	176,826

8	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	15,287	18,899
Other borrowings	138,440	136,865
	153,727	155,764

The bank overdraft is secured by a fixed and floating charge over the company's assets.

Page 9