Company Registration No. 06820758 (England and Wales)
ACRES DAIRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ACRES DAIRY LIMITED
COMPANY INFORMATION
Directors
Mrs R L Stinson
Mr W R Littler
Mrs E M Littler
Mr A M Littler
Secretary
Mrs R L Stinson
Company number
06820758
Registered office
Champion Allwoods Limited
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
Accountants
Champion Allwoods Limited
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
ACRES DAIRY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ACRES DAIRY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,699
32,609
Current assets
Stocks
7,706
5,718
Debtors
4
2,581
10,388
Cash at bank and in hand
1,534
3,156
11,821
19,262
Creditors: amounts falling due within one year
5
(36,723)
(29,514)
Net current liabilities
(24,902)
(10,252)
Total assets less current liabilities
2,797
22,357
Creditors: amounts falling due after more than one year
6
(16,800)
(22,400)
Provisions for liabilities
(983)
(1,495)
Net liabilities
(14,986)
(1,538)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(15,086)
(1,638)
Total equity
(14,986)
(1,538)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ACRES DAIRY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2018 and are signed on its behalf by:
Mr A M Littler
Director
Company Registration No. 06820758
ACRES DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Acres Dairy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Acres Dairy Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents the invoice value of goods sold/services provided, net of value added tax.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
15% straight line
Plant and machinery
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ACRES DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 5).
ACRES DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Property improvements
Plant and machinery
Total
£
£
£
Cost
At 1 April 2016
1,340
35,543
36,883
Additions
-
385
385
At 31 March 2017
1,340
35,928
37,268
Depreciation and impairment
At 1 April 2016
-
4,275
4,275
Depreciation charged in the year
201
5,093
5,294
At 31 March 2017
201
9,368
9,569
Carrying amount
At 31 March 2017
1,139
26,560
27,699
At 31 March 2016
1,340
31,269
32,609
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,581
1,238
Other debtors
-
9,150
2,581
10,388
5
Creditors: amounts falling due within one year
2017
2016
£
£
Obligations under finance leases
5,600
12,941
Trade creditors
11,570
10,518
Other taxation and social security
3,279
254
Other creditors
14,374
4,101
Accruals and deferred income
1,900
1,700
36,723
29,514
Amounts relating to obligations
under finance leases
have been secured by the company.
ACRES DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Obligations under finance leases
16,800
22,400
Amounts relating to obligations
under finance leases
have been secured by the company.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
100
100
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
6,325
9,625
9
Related party and directors' transactions
Included in debtors are the following amounts which are owed from the company to individuals who are directors of the company:
Mr A M Littler £Nil (2016 - £2,628)
Mrs R L Stinson £Nil (2016 - £2,242)
The balances represented advances in excess of wages and the amounts were repaid this year by way of dividend from expected profits that did not materialise. The directors expect these dividends to be covered by profits made in the next financial year. No interest was charged on these balances.