Company Registration No. 06989794 (England and Wales)
Acer Dairy Solutions Ltd
Unaudited accounts
for the year ended 31 August 2017
Acer Dairy Solutions Ltd
Unaudited accounts
Contents
Acer Dairy Solutions Ltd
Statement of financial position
as at
31 August 2017
Tangible assets
49,457
45,640
Inventories
126,045
104,352
Cash at bank and in hand
63,640
24,561
Creditors: amounts falling due within one year
(163,552)
(120,033)
Net current assets
130,535
136,453
Total assets less current liabilities
179,992
182,093
Creditors: amounts falling due after more than one year
(144,528)
(170,152)
Provisions for liabilities
Deferred tax
(9,397)
(8,672)
Called up share capital
102
102
Profit and loss account
25,965
3,167
Shareholders' funds
26,067
3,269
For the year ending 31 August 2017 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 23 March 2018.
A Cullen
Director
Company Registration No. 06989794
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2017
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.
These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 September 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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.
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2017
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.
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 2016
7,843
66,688
6,344
80,875
Additions
555
21,468
625
22,648
Disposals
-
(13,700)
-
(13,700)
At 31 August 2017
8,398
74,456
6,969
89,823
At 1 September 2016
4,852
25,791
4,592
35,235
Charge for the year
759
11,373
594
12,726
On disposals
-
(7,595)
-
(7,595)
At 31 August 2017
5,611
29,569
5,186
40,366
At 31 August 2017
2,787
44,887
1,783
49,457
At 31 August 2016
2,991
40,897
1,752
45,640
Work in progress
7,259
7,766
Finished goods
118,786
96,586
Trade debtors
103,444
126,615
Accrued income and prepayments
863
863
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2017
7
Creditors: amounts falling due within one year
2017
2016
Obligations under finance leases and hire purchase contracts
5,626
7,004
Trade creditors
94,179
64,242
Taxes and social security
15,662
11,463
Loans from directors
20,007
8,947
Deferred income
26,177
26,370
8
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
14,528
20,152
Other creditors
130,000
150,000
Other creditors includes £130,000 (2016 - £150,000) 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 8 (2016: 8).