Blue Monkey Vending Limited Filleted accounts for Companies House (small and micro)

BLUE MONKEY VENDING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09082578

Blue Monkey Vending Limited

Filleted Unaudited Financial Statements

30 November 2017

Blue Monkey Vending Limited

Financial Statements

Period from 1 June 2016 to 30 November 2017

Contents	Page

Director's report	1

Statement of financial position	3

Notes to the financial statements	5

Blue Monkey Vending Limited

Director's Report

Period from 1 June 2016 to 30 November 2017

The director presents his report and the unaudited financial statements of the company for the period ended 30 November 2017 .

Director

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

Mr J F Holmes

Review of business Blue Monkey Vending Limited is a wholly owned subsidiary of Blue Monkey Vending (Holdings) Limited and operates as a manufacturer and distributor of specialist vending equipment and confectionery. During the period under review, significant investment was made in improvements to the world's first 'Pic N Mix' vending machine. At the same time, a number of international patent applications were maintained. The company traded profitably and recorded an overall profit of £7,074 after R&D expenditure exceeding £29,000. Owned machines remain at selected UK sites for the purposes of ongoing development and data collection including upgrading operating software and telemetric technology. Continued investment in machine compatible technology, sales and marketing should enhance overseas and UK equipment sales whilst management establish optimum UK sites enabling growth in the company's owned machine operations as well as increasing recurring confectionery vend royalties in 2016/17 and beyond. Procurement of machine components and assembly of machines will be retained in house and ongoing product development is planned for a Version 3 model to be launched in 2018. The financial and non-financial performance is monitored through key performance indicators for machines, including: - Analysis of transactions by volumes and values of: - Machines - Confectionery commission - Site Profit share - Cup vends per machine - Gross margin on machine manufacture - Royalty income and site profit shares

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 15 August 2018 and signed on behalf of the board by:

Mr J F Holmes
Director

Registered office:

144 Walter Road

Swansea

SA1 5RW

Blue Monkey Vending Limited

Statement of Financial Position

30 November 2017

	30 Nov 17	31 May 16
Note	£	£

Fixed assets

Tangible assets	4	–	9,000

Current assets

Stocks		108,741	107,545
Debtors	5	6,244	12,947
Cash at bank and in hand		54,963	45,351
		---------	---------
		169,948	165,843

Creditors: amounts falling due within one year	6	25,843	38,748
		---------	---------
Net current assets		144,105	127,095
		---------	---------
Total assets less current liabilities		144,105	136,095

Creditors: amounts falling due after more than one year	7	223,323	222,387
		---------	---------
Net liabilities		( 79,218)	( 86,292)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 79,318)	( 86,392)
	--------	--------
Shareholders deficit	( 79,218)	( 86,292)
	--------	--------

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 comprehensive income has not been delivered.

For the period ending 30 November 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 period 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 .

Blue Monkey Vending Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 15 August 2018 , and are signed on behalf of the board by:

Mr J F Holmes
Director

Company registration number: 09082578

Blue Monkey Vending Limited

Notes to the Financial Statements

Period from 1 June 2016 to 30 November 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 144 Walter Road, Swansea, SA1 5RW.

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. 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 June 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.

Taxation

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

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.

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:

	Own machines	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

Research and development

Expenditure on research is recognised as an expense when it is incurred. Development expenditure is recognised as an expense except where it can be demonstrated that such costs are expected to generate future economic benefits, in which case they are capitalised and deferred to the extent that recovery can reasonably be regarded as assured.

Any development expenditure which is capitalised will be amortised on a straight line basis over a period not exceeding seven years, beginning when the products are ready for sale or use.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Own machines
	£
Cost
At 1 June 2016	13,500
Transfers	( 13,500)
	--------
At 30 November 2017	–
	--------
Depreciation
At 1 June 2016	4,500
Transfers	( 4,500)
	--------
At 30 November 2017	–
	--------
Carrying amount
At 30 November 2017	–
	--------
At 31 May 2016	9,000
	--------

5. Debtors

	30 Nov 17	31 May 16
	£	£
Trade debtors	6,244	9,778
Other debtors	–	3,169
	-------	--------
	6,244	12,947
	-------	--------

6. Creditors: amounts falling due within one year

	30 Nov 17	31 May 16
	£	£
Trade creditors	19,167	34,748
Social security and other taxes	2,676	–
Other creditors	4,000	4,000
	--------	--------
	25,843	38,748
	--------	--------

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

	30 Nov 17	31 May 16
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	223,323	222,387
	---------	---------

8. Charges

The company's director, Mr J F Holmes together with Mr D J M Brown, a director of the company's ultimate parent company, Blue Monkey Vending (Holdings) Limited, holds a fixed and floating charge over the assets of the company dated 30 March 2016.

9. Related party transactions

At the 30 November 2017 the company had an outstanding loan of £223,323 (2016 £222,387) from its holding company Blue Monkey Vending (Holdings) Limited. The company owes two further amounts of £100 each to both of its fellow subsidiaries, Blue Monkey Retail Limited and Blue Monkey Manufacturing Limited. No repayments were made in the year and no interest has been charged on the outstanding balances. The loans have no fixed repayment dates. The balances payable are included in Amounts owed to group undertakings under Creditors: Amounts falling due after more than one year.

10. Controlling party

Blue Monkey Vending (Holdings) Limited is regarded by the director as being the company's ultimate parent company. The whole of the company's share capital is owned by Blue Monkey Vending (Holdings) Limited, a company controlled by Mr J F Holmes, the director of Blue Monkey Vending Limited .

11. Transition to FRS 102

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

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