Mason Potatoes Ltd - Period Ending 2018-03-31
Mason Potatoes Ltd - Period Ending 2018-03-31
Registration number:
Mason Potatoes Ltd
for the
Year Ended 31 March 2018
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA
Mason Potatoes Ltd
(Registration number: 3547803)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Goodwill |
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Intangible assets not including goodwill |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial 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:
Page 1 |
Mason Potatoes Ltd
(Registration number: 3547803)
Balance Sheet as at 31 March 2018
(continued)
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102, section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Page 3 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.
Tangible assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Asset class |
Depreciation method and rate |
Freehold buildings |
2% of cost per annum |
Motor vehicles |
25% of written down value per annum |
Plant and machinery |
15% of cost per annum |
Fixtures and fittings |
10% of cost per annum |
Computer equipment |
33% of cost per annum |
Page 4 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
5% of cost per annum |
5% of cost per annum |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Page 5 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
Intangible assets |
Goodwill |
Contractual customer relationships |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Amortisation |
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At 1 April 2017 |
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Amortisation charge |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Page 7 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
3 |
Intangible assets (continued) |
Negative goodwill |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Included within the net book value of land and buildings above is £1,442,905 (2017 - £1,477,439) in respect of freehold land and buildings and £1,260,507 (2017 - £Nil) in respect of long leasehold land and buildings.
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Page 8 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
5 |
Investments (continued) |
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2017 |
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Provision |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
Subsidiary undertakings |
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Ordinary |
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England |
The principal activity of Edward England Limited is |
The profit for the financial period of Edward England Limited was £- and the aggregate amount of capital and reserves at the end of the period was £149. |
Page 9 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Page 10 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 11 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Bank borrowings
The carrying amount of at year end is £Nil (2017 - £Nil). The bank overdraft and loan, which total £2,794,740 are secured by a debenture over all the company's assets and undertakings.
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Related party transactions |
Summary of transactions with associates
Page 12 |
Mason Potatoes Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
(continued)
11 |
Related party transactions (continued) |
The company made purchases of £26,000 (2017: £Nil) during the year from it's subsidiary company Edward England Limited. The amount outstanding at the end of the year was £149 (2017: £10,658) due to Edward England Limited.
The Green Man (Fownhope) Limited, a business under common control, paid expenses on behalf of the company of £8,741 (2017: £28,109). The amount outstanding at the end of the year was £223,319 (2017: £214,578) due to The Green Man (Fownhope) Limited.
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