Company Registration No. 06989794 (England and Wales)
Acer Dairy Solutions Ltd
Unaudited accounts
for the year ended 31 August 2019
Acer Dairy Solutions Ltd
Unaudited accounts
Contents
Acer Dairy Solutions Ltd
Statement of financial position
as at
31 August 2019
Tangible assets
87,022
69,083
Inventories
173,646
342,745
Cash at bank and in hand
83,915
199,948
Creditors: amounts falling due within one year
(159,376)
(537,619)
Net current assets
270,482
157,388
Total assets less current liabilities
357,504
226,471
Creditors: amounts falling due after more than one year
(134,741)
(105,735)
Provisions for liabilities
Deferred tax
(16,534)
(10,436)
Net assets
206,229
110,300
Called up share capital
102
102
Profit and loss account
206,127
110,198
Shareholders' funds
206,229
110,300
For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 20 April 2020.
A Cullen
Director
Company Registration No. 06989794
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2019
Acer Dairy Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 06989794.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
25% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2019
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2018
8,398
103,443
6,969
118,810
Additions
1,819
54,980
210
57,009
Disposals
(1,017)
(40,839)
-
(41,856)
At 31 August 2019
9,200
117,584
7,179
133,963
At 1 September 2018
6,183
37,912
5,632
49,727
Charge for the year
858
23,859
387
25,104
On disposals
(901)
(26,989)
-
(27,890)
At 31 August 2019
6,140
34,782
6,019
46,941
At 31 August 2019
3,060
82,802
1,160
87,022
At 31 August 2018
2,215
65,531
1,337
69,083
Work in progress
7,259
194,605
Finished goods
166,387
148,140
Trade debtors
171,434
151,451
Accrued income and prepayments
863
863
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Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
15,470
20,533
Trade creditors
57,762
119,327
Taxes and social security
19,526
33,285
Loans from directors
37,417
41,457
Deferred income
26,628
321,247
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2019
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
59,741
20,735
Other creditors
75,000
85,000
Other creditors includes £75,000 (2017 - £85,000) owed to A and M Culllen, directors. There are no fixed terms for repayment and the loan is interest free.
9
Average number of employees
During the year the average number of employees was 10 (2018: 10).