Just Love Food Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06919062 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

JUST LOVE FOOD COMPANY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Woods

REGISTERED OFFICE:

Unit 6 Oakdale Court

Bryn Brithdir

Oakdale Business Park

Blackwood

Gwent

NP12 4AD

REGISTERED NUMBER:

06919062 (England and Wales)

ACCOUNTANTS:

Graham Paul Limited

Court House

Court Road

Bridgend

CF31 1BE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

105,080

127,778

105,080

127,778

CURRENT ASSETS

Stocks

155,948

170,409

Debtors

6

279,560

117,529

Cash at bank

187,857

57,818

623,365

345,756

CREDITORS

Amounts falling due within one year

7

470,023

288,950

NET CURRENT ASSETS

153,342

56,806

TOTAL ASSETS LESS CURRENT LIABILITIES

258,422

184,584

CREDITORS

Amounts falling due after more than one year

8

(1,715,578

)

(1,815,578

)

ACCRUALS AND DEFERRED INCOME

(1,517

)

(3,509

)

NET LIABILITIES

(1,458,673

)

(1,634,503

)

CAPITAL AND RESERVES

Called up share capital

2,800

2,800

Share premium

376,622

376,622

Retained earnings

(1,838,095

)

(2,013,925

)

(1,458,673

)

(1,634,503

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director on 31 August 2018 and were signed by:

M J Woods - Director

1.	STATUTORY INFORMATION

Just Love Food Company Ltd 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.

Turnover

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

rebates, value added tax and other sales taxes. Sales are recognised on the date of delivery of the

cakes.

Intangible assets

Costs incurred on research projects are charged directly to the profit and loss account. At the point in

a marketable product has been developed and a reliable estimate of the future revenues can be made

to ascertain the net recoverable value of the costs incurred, then any costs incurred from that date are

capitalised.

Development costs relate to the development of individual new product lines. Development costs are

stated at cost less amortisation. Amortisation is provided at rates calculated to write-off costs over a

period of up to two years starting from the date the company first delivers a finished product to market.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the

asset to its working condition for intended use.

Land and building costs consist tenants improvements to the premises. The cost is amortised to the

end of the contracted lease period.

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

life:

Land and buildings - 20% on cost

Plant and machinery - 33% on cost and 20% on cost depending on the nature of the individual

asset.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 a auto-enrolment pensions scheme. Contributions payable to the scheme are

charged to the profit and loss account in the period to which they relate.

Going concern

The company had net liabilities as at 31 December 2017. However, the Director has reviewed the

position for the 12 months from the date of these accounts and believes that future income, together

with support from its private investor, will be sufficient to meet on-going commitments.

This belief comes from:

- continuing growing commitment from Sainsbury's,Tesco, Asda and Morrisons.

- growing demand for Free-From products.

- costs being firmly managed together with efficiency improvements.

- continued growing awareness of the nut allergy issue.

- growing demand from retailers for seasonal products.

- consistent yearly growth in sales which is forecast to continue in 2018.

- continued improvements in profitability which is forecast to continue into 2018.

- 23% Rise in EBITDA for 1st half (H1) 2018 compared to 2017.

Since the year end the company has consistently traded on a cash positive basis which has enabled it

to meet its liabilities as they fall due. In addition the private investors have indicated their on-going

support if and when necessary. No funding has been required from the investors since 2016 and up to

the date of signing these accounts.

Accordingly the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2016 - 58 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2017

57,759

Additions

4,800

At 31 December 2017

62,559

AMORTISATION

At 1 January 2017

57,759

Charge for year

4,800

At 31 December 2017

62,559

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

139,818

409,523

549,341

Additions

-

27,949

27,949

At 31 December 2017

139,818

437,472

577,290

DEPRECIATION

At 1 January 2017

139,818

281,745

421,563

Charge for year

-

50,647

50,647

At 31 December 2017

139,818

332,392

472,210

NET BOOK VALUE

At 31 December 2017

-

105,080

105,080

At 31 December 2016

-

127,778

127,778

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

107,701

63,315

Other debtors

96,859

54,214

204,560

117,529

2017

2016

£

£

Amounts falling due after more than one year:

Other debtors

75,000

-

Aggregate amounts

279,560

117,529

Other debtors due after one year relates to a deferred tax asset which will reduce amounts due for

corporation tax arising on future profits.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

197,453

173,642

Taxation and social security

71,255

35,572

Other creditors

201,315

79,736

470,023

288,950

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Include within creditors are loans from shareholders

2017

2016

£

£

Due within one year

100,000

-

Due after one year between one and five years

-

-

After 1 January 2019, but with no fixed repayment date

1,715,578

1,815,578

No interest is charged on these loans for the year to 31 December 2017 ( 2016 - £nil).