Company Registration No. 06989794 (England and Wales)
Acer Dairy Solutions Ltd
Unaudited accounts
for the year ended 31 August 2020
Acer Dairy Solutions Ltd
Unaudited accounts
Contents
Acer Dairy Solutions Ltd
Statement of financial position
as at
31 August 2020
Tangible assets
80,460
87,022
Inventories
187,654
173,646
Cash at bank and in hand
132,438
83,915
Creditors: amounts falling due within one year
(182,734)
(161,231)
Net current assets
294,297
270,482
Total assets less current liabilities
374,757
357,504
Creditors: amounts falling due after more than one year
(126,882)
(134,741)
Provisions for liabilities
Deferred tax
(15,287)
(16,534)
Net assets
232,588
206,229
Called up share capital
102
102
Profit and loss account
232,486
206,127
Shareholders' funds
232,588
206,229
For the year ending 31 August 2020 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.
The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2021 and were signed on its behalf by
A Cullen
Director
Company Registration No. 06989794
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2020
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 2020
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 2019
9,200
117,584
7,179
133,963
Additions
-
16,988
439
17,427
At 31 August 2020
9,200
134,572
7,618
151,390
At 1 September 2019
6,140
34,782
6,019
46,941
Charge for the year
765
22,824
400
23,989
At 31 August 2020
6,905
57,606
6,419
70,930
At 31 August 2020
2,295
76,966
1,199
80,460
At 31 August 2019
3,060
82,802
1,160
87,022
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
74,992
80,171
5
Debtors: amounts falling due within one year
2020
2019
Trade debtors
156,076
171,434
Accrued income and prepayments
863
863
6
Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
22,870
15,470
Trade creditors
98,927
57,762
Taxes and social security
13,305
21,381
Loans from directors
30,922
37,417
Deferred income
7,854
26,628
Acer Dairy Solutions Ltd
Notes to the Accounts
for the year ended 31 August 2020
7
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
51,882
59,741
Other creditors
75,000
75,000
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.
8
Deferred taxation
2020
2019
Accelerated capital allowances
15,287
16,534
Provision at start of year
16,534
10,436
(Credited)/charged to the profit and loss account
(1,247)
6,098
Provision at end of year
15,287
16,534
9
Average number of employees
During the year the average number of employees was 10 (2019: 10).