Craig Foods (NI) Ltd Filleted accounts for Companies House (small and micro)

CRAIG FOODS (NI) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 - FRS 29,000 29,000 29,000 xbrli:pure xbrli:shares iso4217:GBP NI611923 2017-04-01 2018-03-31 NI611923 2018-03-31 NI611923 2017-03-31 NI611923 2016-04-01 2017-03-31 NI611923 2017-03-31 NI611923 core:FurnitureFittings 2017-04-01 2018-03-31 NI611923 core:MotorVehicles 2017-04-01 2018-03-31 NI611923 core:NetGoodwill 2017-04-01 2018-03-31 NI611923 bus:Director1 2017-04-01 2018-03-31 NI611923 bus:Director2 2017-04-01 2018-03-31 NI611923 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-31 NI611923 core:LandBuildings core:ShortLeaseholdAssets 2017-03-31 NI611923 core:FurnitureFittings 2017-03-31 NI611923 core:MotorVehicles 2017-03-31 NI611923 core:LandBuildings core:OwnedOrFreeholdAssets 2018-03-31 NI611923 core:LandBuildings core:ShortLeaseholdAssets 2018-03-31 NI611923 core:FurnitureFittings 2018-03-31 NI611923 core:MotorVehicles 2018-03-31 NI611923 core:WithinOneYear 2018-03-31 NI611923 core:WithinOneYear 2017-03-31 NI611923 core:AfterOneYear 2018-03-31 NI611923 core:ShareCapital 2018-03-31 NI611923 core:ShareCapital 2017-03-31 NI611923 core:RetainedEarningsAccumulatedLosses 2018-03-31 NI611923 core:RetainedEarningsAccumulatedLosses 2017-03-31 NI611923 core:NetGoodwill 2018-03-31 NI611923 core:NetGoodwill 2017-03-31 NI611923 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-31 NI611923 core:LandBuildings core:ShortLeaseholdAssets 2017-03-31 NI611923 core:FurnitureFittings 2017-03-31 NI611923 core:MotorVehicles 2017-03-31 NI611923 bus:SmallEntities 2017-04-01 2018-03-31 NI611923 bus:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 NI611923 bus:FullAccounts 2017-04-01 2018-03-31 NI611923 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 NI611923 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 NI611923 core:OfficeEquipment 2017-04-01 2018-03-31 NI611923 core:OfficeEquipment 2017-03-31 NI611923 core:OfficeEquipment 2018-03-31

COMPANY REGISTRATION NUMBER: NI611923

Craig Foods (NI) Ltd

Filleted Unaudited Financial Statements

31 March 2018

Craig Foods (NI) Ltd

Statement of Financial Position

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Intangible assets	5	29,000	29,000
Tangible assets	6	354,827	295,508
		---------	---------
		383,827	324,508

Current assets

Stocks		102,600	51,581
Debtors	7	664,507	597,073
Cash at bank and in hand		13,474	89,246
		---------	---------
		780,581	737,900

Creditors: amounts falling due within one year	8	1,048,586	1,032,493
		------------	------------
Net current liabilities		268,005	294,593
		---------	---------
Total assets less current liabilities		115,822	29,915

Creditors: amounts falling due after more than one year	9	36,237	–
		---------	--------
Net assets		79,585	29,915
		---------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	79,583	29,913
	--------	--------
Shareholders funds	79,585	29,915
	--------	--------

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 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Craig Foods (NI) Ltd

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 21 November 2018 , and are signed on behalf of the board by:

Mrs G Harkness	Mr T Harkness
Director	Director

Company registration number: NI611923

Craig Foods (NI) Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O DNT Chartered Accountants, Ormeau House, 91-97 Ormeau Road, Belfast, BT7 1SH.

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.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	25% straight line
Motor vehicles	-	15% straight line
Equipment	-	25% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2017: 31 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	29,000
	--------
Amortisation
At 1 April 2017 and 31 March 2018	–
	--------
Carrying amount
At 31 March 2018	29,000
	--------
At 31 March 2017	29,000
	--------

6. Tangible assets

	Freehold property	Short leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2017	28,500	80,000	125,709	200,897	86,732	521,838
Additions	–	–	7,299	87,173	3,308	97,780
	--------	--------	---------	---------	--------	---------
At 31 Mar 2018	28,500	80,000	133,008	288,070	90,040	619,618
	--------	--------	---------	---------	--------	---------
Depreciation
At 1 Apr 2017	–	–	87,532	87,510	51,288	226,330
Charge for the year	–	–	13,958	15,711	8,792	38,461
	--------	--------	---------	---------	--------	---------
At 31 Mar 2018	–	–	101,490	103,221	60,080	264,791
	--------	--------	---------	---------	--------	---------
Carrying amount
At 31 Mar 2018	28,500	80,000	31,518	184,849	29,960	354,827
	--------	--------	---------	---------	--------	---------
At 31 Mar 2017	28,500	80,000	38,177	113,387	35,444	295,508
	--------	--------	---------	---------	--------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	597,856	537,592
Other debtors	66,651	59,481
	---------	---------
	664,507	597,073
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	479,956	510,386
Trade creditors	528,891	465,777
Corporation tax	3,204	11,970
Social security and other taxes	1,354	–
Other creditors	35,181	44,360
	------------	------------
	1,048,586	1,032,493
	------------	------------

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

	2018	2017
	£	£
Other creditors	36,237	–
	--------	----