South Devon Vending Limited - Period Ending 2018-06-30

South Devon Vending Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2018

Registration number: 02924355

South Devon Vending Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

South Devon Vending Limited

Balance Sheet

30 June 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	42,902	45,195
Current assets
Stocks		45,219	35,553
Debtors	6	42,611	40,836
Cash at bank and in hand		18,856	33,815
		106,686	110,204
Creditors: Amounts falling due within one year	7	(41,599)	(44,070)
Net current assets		65,087	66,134
Total assets less current liabilities		107,989	111,329
Provisions for liabilities		(1,769)	(1,141)
Net assets		106,220	110,188
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		106,120	110,088
Total equity		106,220	110,188

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

South Devon Vending Limited

Balance Sheet

30 June 2018

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 January 2019 and signed on its behalf by:
 

......................................... D Klinkenberg Director

Company Registration Number: 02924355

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
TORQUAY
TQ2 7FF

The principal place of business is:
Units 14 and 15
Alders Way
Yalberton Industrial Estate
Paignton
Devon
TQ4 7QL

These financial statements were authorised for issue by the Board on 18 January 2019.

2	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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

The functional and presentational currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the supply of vending ingredients, disposables and hygiene products, and the supply and rental of vending machines in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Page 3

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line
Motor vehicles	25% reducing balance
Plant and equipment	15% straight line

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
Goodwill	10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 4

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Page 5

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2017 - 10).

4	Intangible assets

	Goodwill  £
Cost or valuation
At 1 July 2017	5,000
At 30 June 2018	5,000
Amortisation
At 1 July 2017	5,000
At 30 June 2018	5,000
Carrying amount
At 30 June 2018	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 July 2017	5,003	41,633	29,514	76,150
Additions	-	-	8,431	8,431
Disposals	(2,383)	-	-	(2,383)
At 30 June 2018	2,620	41,633	37,945	82,198
Depreciation
At 1 July 2017	5,003	21,525	4,427	30,955
Charge for the year	-	5,031	5,693	10,724
Eliminated on disposal	(2,383)	-	-	(2,383)
At 30 June 2018	2,620	26,556	10,120	39,296
Carrying amount
At 30 June 2018	-	15,077	27,825	42,902
At 30 June 2017	-	20,108	25,087	45,195

Page 6

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

6

Debtors

	2018  £	2017  £
Trade debtors	28,111	36,336
Other debtors	10,000	-
Prepayments	4,500	4,500
	42,611	40,836

7

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	25,947	16,071
Corporation tax	695	-
Social security and other taxes	7,918	11,851
Other creditors	3,529	12,498
Accrued expenses	3,510	3,650
	41,599	44,070

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £46,875 (2017 - £64,875). The company occupies 2 industrial units under separate 7 year leases, one (Unit 15) expiring on 30 September 2020 at an annual rental of £9,500, and the other (Unit 14) expiring on 18 July 2021 at an annual rental of £8,500.

Page 7

South Devon Vending Limited

Notes to the Financial Statements

Year Ended 30 June 2018

10	Related party transactions

Advances to directors

2018	At 1 July 2017 £	Advances to director £	Repayments by director £	At 30 June 2018 £
L Klinkenberg
Loan, interest free and repayable on demand	-	10,000	-	10,000

Page 8