Fruitapeel (Juice) Ltd Company accounts

Fruitapeel (Juice) Ltd Company accounts

FRUITAPEEL (JUICE) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09214290
FRUITAPEEL (JUICE) LTD
FINANCIAL STATEMENTS
31 March 2018
FRUITAPEEL (JUICE) LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
CONTENTS
PAGE
Strategic report
1
Director's report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
FRUITAPEEL (JUICE) LTD
STRATEGIC REPORT
YEAR ENDED 31 MARCH 2018
INTRODUCTION
The principal activity of the company throughout the year was the design, manufacture, sale and distribution of fruit and vegetable juices.
BUSINESS REVIEW
During the year there was a departure of A Leslie and subsequent appointment of A J Rooke with W Porter assuming 100% ownership of the company. The directors believe that this change of directorship is in the best interests of the company for the future.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors of the company continue to monitor the risks associated with foreign exchange and mitigate the impact of the weak Sterling. The business and its customers operate in a market whereby consumer choice and new product development is constantly evolving. The directors of the company remain committed to the future success of the business and are confident in growth and profitability and a significant programme of capital expenditure has been undertraken to bring new product opportunities to the market.
FINANCIAL KEY PERFORMANCE INDICATORS
Gross profit was 55.3% in the year (2017: 12.6%).
The company remains committed to investment in staff development and training along with keeping high customer service levels.
This report was approved by the board of directors on 21 December 2018 and signed on behalf of the board by:
A J Rooke
Director
Registered office:
Unit 2 Llantrisant Business Park
Llantrisant
Pontyclun
Mid Glamorgan
Wales
CF72 8LF
FRUITAPEEL (JUICE) LTD
DIRECTOR'S REPORT
YEAR ENDED 31 MARCH 2018
The director presents his report and the financial statements of the company for the year ended 31 March 2018 .
DIRECTORS
The directors who served the company during the year were as follows:
A J Leslie
A J Rooke
(Appointed 21 April 2017)
DIVIDENDS
The loss for the year amounted to £1,131,166 (2017: £3,464,022 loss). The directors have not recommended a dividend.
DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 21 December 2018 and signed on behalf of the board by:
A J Rooke
Director
Registered office:
Unit 2 Llantrisant Business Park
Llantrisant
Pontyclun
Mid Glamorgan
Wales
CF72 8LF
FRUITAPEEL (JUICE) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FRUITAPEEL (JUICE) LTD
YEAR ENDED 31 MARCH 2018
OPINION
We have audited the financial statements of Fruitapeel (Juice) Ltd (the 'company') for the year ended 31 March 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF THE DIRECTOR
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Nicola Thirlwall
(Senior Statutory Auditor)
For and on behalf of
Dyer & Co
Chartered Accountants & statutory auditor
Onega House
112 Main Road
Sidcup
Kent
DA14 6NE
21 December 2018
FRUITAPEEL (JUICE) LTD
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2018
2018
2017
Note
£
£
TURNOVER
4
5,216,250
14,348,893
Cost of sales
2,334,392
12,543,516
---------------
---------------
GROSS PROFIT
2,881,858
1,805,377
Distribution costs
44,618
1,198,486
Administrative expenses
3,934,703
4,061,888
Other operating income
5
–
128,000
---------------
---------------
OPERATING LOSS
6
( 1,097,463)
( 3,326,997)
Interest payable and similar expenses
10
33,703
137,025
---------------
---------------
LOSS BEFORE TAXATION
( 1,131,166)
( 3,464,022)
Tax on loss
–
–
---------------
---------------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 1,131,166)
( 3,464,022)
---------------
---------------
All the activities of the company are from continuing operations.
FRUITAPEEL (JUICE) LTD
STATEMENT OF FINANCIAL POSITION
31 March 2018
2018
2017
Note
£
£
£
FIXED ASSETS
Tangible assets
11
3,733,271
3,266,359
CURRENT ASSETS
Stocks
12
120,000
120,000
Debtors
13
7,263,408
1,592,795
Cash at bank and in hand
19,410
10,888
---------------
---------------
7,402,818
1,723,683
CREDITORS: amounts falling due within one year
14
14,819,393
7,214,251
---------------
---------------
NET CURRENT LIABILITIES
7,416,575
5,490,568
---------------
---------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 3,683,304)
( 2,224,209)
CREDITORS: amounts falling due after more than one year
15
779,165
1,107,094
PROVISIONS
Taxation including deferred tax
17
23,983
23,983
---------------
---------------
NET LIABILITIES
( 4,486,452)
( 3,355,286)
---------------
---------------
FRUITAPEEL (JUICE) LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2018
2018
2017
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
21
1,000
1,000
Profit and loss account
( 4,487,452)
( 3,356,286)
---------------
---------------
SHAREHOLDERS DEFICIT
( 4,486,452)
( 3,355,286)
---------------
---------------
These financial statements were approved by the board of directors and authorised for issue on 21 December 2018 , and are signed on behalf of the board by:
A J Rooke
Director
Company registration number: 09214290
FRUITAPEEL (JUICE) LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2018
Called up share capital
Profit and loss account
Total
£
£
£
AT 1 APRIL 2016
1,000
107,736
108,736
Loss for the year
( 3,464,022)
( 3,464,022)
--------
--------------
--------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
( 3,464,022)
( 3,464,022)
AT 31 MARCH 2017
1,000
( 3,356,286)
( 3,355,286)
Loss for the year
( 1,131,166)
( 1,131,166)
--------
--------------
--------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
( 1,131,166)
( 1,131,166)
--------
--------------
--------------
AT 31 MARCH 2018
1,000
( 4,487,452)
( 4,486,452)
--------
--------------
--------------
FRUITAPEEL (JUICE) LTD
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2018
2018
2017
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the financial year
( 1,131,166)
( 3,464,022)
Adjustments for:
Depreciation of tangible assets
213,274
182,682
Interest payable and similar expenses
33,703
137,025
Gains on disposal of tangible assets
( 9,198)
–
Gains on disposal of intangible assets
–
( 342,271)
Accrued expenses
566,764
113,421
Changes in:
Stocks
–
648,045
Trade and other debtors
( 5,670,613)
494,733
Trade and other creditors
7,052,885
3,130,847
---------------
---------------
Cash generated from operations
1,055,649
900,460
Interest paid
( 33,703)
( 137,025)
---------------
------------
Net cash from operating activities
1,021,946
763,435
---------------
------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 681,488)
( 355,997)
Proceeds from sale of tangible assets
10,500
–
Proceeds from sale of intangible assets
–
342,271
---------------
------------
Net cash used in investing activities
( 670,988)
( 13,726)
---------------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
–
( 97,527)
Payments of finance lease liabilities
( 342,436)
( 669,194)
---------------
------------
Net cash used in financing activities
( 342,436)
( 766,721)
---------------
------------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
8,522
( 17,012)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
10,888
27,900
----------
----------
CASH AND CASH EQUIVALENTS AT END OF YEAR
19,410
10,888
----------
----------
FRUITAPEEL (JUICE) 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 England and Wales. The address of the registered office is Unit 2 Llantrisant Business Park, Llantrisant, Pontyclun, Mid Glamorgan, Wales, CF72 8LF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with 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.
Finance costs
Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue wholly consists of the the recharges invoiced to the related party entities during the year for labour, utilities and overheads. The recharges are invoiced on a monthly basis when relevant expenses have been incurred and quantified. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Foreign currencies
Functional and presentation currency: The company's functional and presentational currency is GBP. Transactions and balances: Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting period date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of 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:
Plant and machinery
-
10-20 years
Fixtures and fittings
-
10 years
Motor vehicles
-
5 years
Office equipment
-
5 years
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 represent raw materials and engineering spares. Engineering spares are not held for sale.
Finance leases and hire purchase contracts
Assets obtained under hire purchase are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in the accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in the independently administered funds.
4. TURNOVER
Turnover arises from:
2018
2017
£
£
United Kingdom
5,216,250
14,184,176
Rest of Europe
–
164,717
---------------
---------------
5,216,250
14,348,893
---------------
---------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2018
2017
£
£
Other operating income
–
128,000
-----
------------
The company did not receive grants for projects linked to the creation and protection of jobs during the year.
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2018
2017
£
£
Depreciation of tangible assets
213,274
182,682
Gains on disposal of tangible assets
( 9,198)
–
Gains on disposal of intangible assets
–
( 342,271)
Impairment of stocks
–
120,000
Impairment of trade debtors
(13,533)
41,240
Research and development expenditure written off
47,871
35,445
Foreign exchange differences
–
102,793
------------
------------
7. AUDITOR'S REMUNERATION
2018
2017
£
£
Fees payable for the audit of the financial statements
15,000
13,750
----------
----------
8. STAFF COSTS
The average number of persons employed by the company during the year, including the director, amounted to:
2018
2017
No.
No.
Production staff
65
48
Distribution staff
11
11
Administrative staff
9
24
Management staff
4
8
-----
-----
89
91
-----
-----
The aggregate payroll costs incurred during the year, relating to the above, were:
2018
2017
£
£
Wages and salaries
2,654,819
2,538,903
Social security costs
169,847
158,832
Other pension costs
25,102
18,887
---------------
---------------
2,849,768
2,716,622
---------------
---------------
9. DIRECTOR'S REMUNERATION
The director's aggregate remuneration in respect of qualifying services was:
2018
2017
£
£
Remuneration
21,055
153,413
Company contributions to defined contribution pension plans
933
2,139
----------
------------
21,988
155,552
----------
------------
10. INTEREST PAYABLE AND SIMILAR EXPENSES
2018
2017
£
£
Interest on banks loans and overdrafts
–
33,585
Interest on obligations under finance leases and hire purchase contracts
31,020
46,579
Other interest payable and similar charges
2,683
56,861
----------
------------
33,703
137,025
----------
------------
11. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2017
3,398,236
123,436
18,803
41,454
3,581,929
Additions
641,001
40,487
–
–
681,488
Disposals
–
–
( 3,125)
–
( 3,125)
---------------
------------
----------
----------
---------------
At 31 March 2018
4,039,237
163,923
15,678
41,454
4,260,292
---------------
------------
----------
----------
---------------
Depreciation
At 1 April 2017
282,316
18,748
5,066
9,440
315,570
Charge for the year
186,018
15,048
3,917
8,291
213,274
Disposals
–
–
( 1,823)
–
( 1,823)
---------------
------------
----------
----------
---------------
At 31 March 2018
468,334
33,796
7,160
17,731
527,021
---------------
------------
----------
----------
---------------
Carrying amount
At 31 March 2018
3,570,903
130,127
8,518
23,723
3,733,271
---------------
------------
----------
----------
---------------
At 31 March 2017
3,115,920
104,688
13,737
32,014
3,266,359
---------------
------------
----------
----------
---------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2018
2,305,646
---------------
At 31 March 2017
2,420,599
---------------
12. STOCKS
2018
2017
£
£
Raw materials and consumables
120,000
120,000
------------
------------
13. DEBTORS
2018
2017
£
£
Trade debtors
7,244,161
1,105,906
Prepayments and accrued income
17,215
133,080
Other debtors
2,032
353,809
---------------
---------------
7,263,408
1,592,795
---------------
---------------
Financial assets measured at amortised cost comprise trade debtors, amounts owed by related parties and other debtors.
14. CREDITORS: amounts falling due within one year
2018
2017
£
£
Trade creditors
559,835
1,676,700
Accruals and deferred income
987,270
420,506
Social security and other taxes
145,394
154,649
Obligations under finance leases and hire purchase contracts
331,019
345,526
Other creditors
12,795,875
4,616,870
---------------
---------------
14,819,393
7,214,251
---------------
---------------
The hire purchase liabilities are secured against the assets to which they relate. Other loans are secured with a fixed charge on certain assets of the company. Financial liabilities are measured at amortised cost comprise bank overdrafts, other loans, trade creditors, amounts owed to related companies, net obligations under hire purchase contracts, and other creditors.
15. CREDITORS: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases and hire purchase contracts
629,165
957,094
Director loan accounts
150,000
150,000
------------
---------------
779,165
1,107,094
------------
---------------
The hire purchase liabilities are secured against the fixed asssets to which they relate. Other loans are secured via a fixed charge on certain assets of the company.
16. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2018
2017
£
£
Not later than 1 year
331,019
345,526
Later than 1 year and not later than 5 years
629,165
957,094
------------
---------------
960,184
1,302,620
------------
---------------
17. PROVISIONS
Deferred tax (note 18)
£
At 1 April 2017 and 31 March 2018
23,983
----------
18. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2018
2017
£
£
Included in provisions (note 17)
23,983
23,983
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2018
2017
£
£
Accelerated capital allowances
23,983
23,983
----------
----------
19. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 25,102 (2017: £ 18,887 ) .
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions totalling £8,702 (2017: £2,059) were payable to the fund at the balance sheet date and are included in other creditors.
20. FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instrument is as follows:
2018
2017
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
7,263,408
1,592,795
---------------
---------------
21. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2018
2017
No.
£
No.
£
500 A Ordinary shares shares of £ 1 each
500
500
500
500
300 B Ordinary shares shares of £ 1 each
300
300
300
300
200 C Ordinary shares shares of £ 1 each
200
200
200
200
--------
--------
--------
--------
1,000
1,000
1,000
1,000
--------
--------
--------
--------
22. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
241,848
238,271
Later than 1 year and not later than 5 years
435,225
675,575
------------
------------
677,073
913,846
------------
------------
23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.
24. RELATED PARTY TRANSACTIONS
At the balance sheet date, £150,000 (2017: £157,472), including £Nil (2017: £7,472) of accrued interest, was owed to W Porter, a related party by virtue of his relationship of 100% of the company's share capital. During the year, the company invoiced Multiple Marketing Limited (a related company by virtue of its 100% ownership by W Porter) a total of £Nil (2017: £1,001,615) for goods and services rendered. At the balance sheet date a total of £2,419,766 (2017: £3,686,071CR) was payable by this company. During the period the company invoiced Sunmagic Juices Limited (a related company by virtue of its 100% ownership by W Porter) a total of £5,216,250 (2017: £1,652,411) for goods and services rendered. At the balance sheet date a total of £3,504,261 (2017: £1,298,702CR) was payable by this company. During the period, the company was invoiced by R.M. Curtis & Co Limited (a related company by virtue of its 100% ownership by W Porter) a total of £Nil (2017: £15,711) for goods and services rendered. At the balance sheet date a total of £Nil (2017: £10,160CR) was payable by this company.