Thought For Food Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05633122 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018

FOR

THOUGHT FOR FOOD RETAIL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

P J Gravelle

Mrs M Gravelle

SECRETARY:

Mrs M Gravelle

REGISTERED OFFICE:

East Wing, Goffs Oak House

Goffs Lane

Goffs Oak

Waltham Cross

Hertfordshire

EN7 5BW

BUSINESS ADDRESS:

Gravelles Budgens

London Road

Sawbridgeworth

Hertfordshire

CM21 9JS

REGISTERED NUMBER:

05633122 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,338,020

1,341,431

1,338,020

1,341,431

CURRENT ASSETS

Stocks

93,244

72,804

Debtors

6

208,104

198,130

Cash at bank and in hand

221,782

186,092

523,130

457,026

CREDITORS

Amounts falling due within one year

7

500,190

483,172

NET CURRENT ASSETS/(LIABILITIES)

22,940

(26,146

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,360,960

1,315,285

CREDITORS

Amounts falling due after more than one year

8

(351,448

)

(497,108

)

PROVISIONS FOR LIABILITIES

(10,778

)

(11,870

)

NET ASSETS

998,734

806,307

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

583,968

583,968

Retained earnings

414,666

222,239

SHAREHOLDERS' FUNDS

998,734

806,307

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 18 December 2018 and were signed on its behalf by:

P J Gravelle - Director

1.	STATUTORY INFORMATION

Thought For Food Retail 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 (£).

The financial statements have been rounded to the nearest £.

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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 10% on cost

Within land and buildings is freehold property of £1,235,000 (2016: £1,235,000) which is not depreciated on the

grounds that it would be immaterial because the estimated residual value is not materially different from its

carrying amount.

Stocks

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

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current

carrying amount does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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 defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2017 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2017

and 30 April 2018

704,700

AMORTISATION

At 1 May 2017

and 30 April 2018

704,700

NET BOOK VALUE

At 30 April 2018

-

At 30 April 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 May 2017

1,270,957

618,295

1,889,252

Additions

2,394

15,232

17,626

Disposals

-

(3,465

)

(3,465

)

At 30 April 2018

1,273,351

630,062

1,903,413

DEPRECIATION

At 1 May 2017

-

547,821

547,821

Charge for year

-

18,958

18,958

Eliminated on disposal

-

(1,386

)

(1,386

)

At 30 April 2018

-

565,393

565,393

NET BOOK VALUE

At 30 April 2018

1,273,351

64,669

1,338,020

At 30 April 2017

1,270,957

70,474

1,341,431

Cost or valuation at 30 April 2017 is represented by:

Land and buildings

Plant and machinery etc

Totals

£

£

£

Valuation in 2008

651,032

478,446

1,129,478

Valuation in 2009

200,000

4,590

204,590

Valuation in 2010

-

2,513

2,513

Valuation in 2011

383,968

957

384,925

Valuation in 2012

4,434

81,321

85,755

Valuation in 2013

5,995

8,721

14,716

Valuation in 2014

-

4,554

4,554

Valuation in 2015

13,132

14,854

27,986

Valuation in 2016

-

1,225

525

Valuation in 2017

12,396

21,114

33,510

Valuation in 2018

2,394

11,767

14,161

1,273,351

630,062

1,903,413

If the freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

651,032

651,032

The freehold property was valued on an open market basis on 18 September 2014 by Christie & Co.

The directors reviewed this valuation as at 30 April 2018 and can confirm that they believe there to have been no

significant change in value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,396

3,495

Amounts owed by related undertakings

164,658

154,030

Other debtors

42,050

40,605

208,104

198,130

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

180,602

166,372

Trade creditors

195,447

206,868

Taxation and social security

77,044

65,304

Other creditors

47,097

44,628

500,190

483,172

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

351,448

497,108

9.	LEASING AGREEMENTS

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

2018

2017

£

£

Within one year

-

11,241

Between one and five years

-

44,964

In more than five years

153,000

-

153,000

56,205

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

532,050

663,480

The bank loan is secured by a charge over the property known as 'Budgens Sawbridgeworth'.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans (to)/from the directors subsisted during the years ended 30 April 2018 and 30 April 2017:

2018

2017

£

£

P & M Gravelle

Balance outstanding at start of year

-

30,074

Balance outstanding at end of year

(800

)

-

Maximum balance outstanding during year

(800

)

30,074

This loan is interest free and repayable on demand. It was repaid within nine months of the year end.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2017 - £60,000) were paid to the directors .

P Gravelle and M Gravelle, directors of this company, are also directors of More Thought For Food Limited and

Even More Thought For Food Limited (dissolved 10 October 2017).

As at 30 April 2018, More Thought For Food Limited owed the company £164,658 (2017: £154,030).

The company received a loan from Even More Thought For Food Limited of £2,319 (2017: £1,627) during the

year. The loan balance of £2,319 as at 30 April 2018 was written off as it was no longer deemed payable as the

company was dissolved on 10 October 2017.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Thought For Food Retail Limited for the year ended 30 April 2018 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Thought For Food Retail Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thought For Food Retail Limited and state those matters that we have agreed to state to the Board of Directors of Thought For Food Retail Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thought For Food Retail Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Thought For Food Retail Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thought For Food Retail Limited. You consider that Thought For Food Retail 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 financial statements of Thought For Food Retail 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 financial statements.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

18 December 2018