false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07265685
2017-01-01
2018-03-31
07265685
2018-03-31
07265685
2016-12-31
07265685
2016-01-01
2016-12-31
07265685
2016-12-31
07265685
bus:Director3
2017-01-01
2018-03-31
07265685
core:LandBuildings
2016-12-31
07265685
core:PlantMachinery
2016-12-31
07265685
core:FurnitureFittings
2016-12-31
07265685
core:MotorVehicles
2016-12-31
07265685
core:LandBuildings
2018-03-31
07265685
core:PlantMachinery
2018-03-31
07265685
core:FurnitureFittings
2018-03-31
07265685
core:MotorVehicles
2018-03-31
07265685
core:LandBuildings
2017-01-01
2018-03-31
07265685
core:PlantMachinery
2017-01-01
2018-03-31
07265685
core:FurnitureFittings
2017-01-01
2018-03-31
07265685
core:MotorVehicles
2017-01-01
2018-03-31
07265685
core:WithinOneYear
2018-03-31
07265685
core:WithinOneYear
2016-12-31
07265685
core:AfterOneYear
2016-12-31
07265685
core:ShareCapital
2018-03-31
07265685
core:ShareCapital
2016-12-31
07265685
core:RetainedEarningsAccumulatedLosses
2018-03-31
07265685
core:RetainedEarningsAccumulatedLosses
2016-12-31
07265685
core:BetweenOneFiveYears
2018-03-31
07265685
core:BetweenOneFiveYears
2016-12-31
07265685
core:MoreThanFiveYears
2018-03-31
07265685
core:MoreThanFiveYears
2016-12-31
07265685
core:LandBuildings
2016-12-31
07265685
core:PlantMachinery
2016-12-31
07265685
core:FurnitureFittings
2016-12-31
07265685
core:MotorVehicles
2016-12-31
07265685
bus:SmallEntities
2017-01-01
2018-03-31
07265685
bus:AuditExemptWithAccountantsReport
2017-01-01
2018-03-31
07265685
bus:FullAccounts
2017-01-01
2018-03-31
07265685
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2018-03-31
07265685
bus:PrivateLimitedCompanyLtd
2017-01-01
2018-03-31
07265685
core:LandBuildings
core:LongLeaseholdAssets
2017-01-01
2018-03-31
07265685
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2016-12-31
07265685
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2018-03-31
07265685
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2017-01-01
2018-03-31
07265685
core:ImmediateParent
2017-01-01
2018-03-31
07265685
core:ImmediateParent
2018-03-31
07265685
core:ImmediateParent
2016-12-31
07265685
core:Associate1
2017-01-01
2018-03-31
07265685
core:Associate1
2018-03-31
07265685
core:Associate1
2016-12-31
07265685
core:Associate2
2017-01-01
2018-03-31
07265685
core:Associate2
2018-03-31
07265685
core:Associate3
2017-01-01
2018-03-31
07265685
core:Associate3
2018-03-31
07265685
core:Associate3
2016-12-31
07265685
core:Associate4
2017-01-01
2018-03-31
07265685
core:Associate4
2018-03-31
07265685
core:Associate4
2016-12-31
07265685
core:Associate5
2017-01-01
2018-03-31
07265685
core:Associate5
2018-03-31
07265685
core:Associate5
2016-12-31
07265685
core:UltimateParent
2017-01-01
2018-03-31
07265685
core:UltimateParent
2018-03-31
07265685
core:UltimateParent
2016-12-31
Company Registration Number:
07265685
Market Town Foods Limited
|
|
Filleted Unaudited Financial Statements
|
|
Market Town Foods Limited
|
|
Statement of Financial Position
|
|
31 March 2018
|
31 Mar 18
|
31 Dec 16
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed Assets
Tangible assets
|
5
|
|
252,067
|
316,463
|
|
|
|
|
|
Current Assets
Stocks
|
76,139
|
|
94,125
|
Debtors
|
6
|
623,998
|
|
359,140
|
Cash at bank and in hand
|
90,526
|
|
81,857
|
|
---------
|
|
---------
|
|
790,663
|
|
535,122
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
5,730,776
|
|
4,664,434
|
|
------------
|
|
------------
|
Net Current Liabilities
|
|
4,940,113
|
4,129,312
|
|
|
------------
|
------------
|
Total Assets Less Current Liabilities
|
|
(
4,688,046)
|
(
3,812,849)
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
–
|
7,521
|
|
|
------------
|
------------
|
Net Liabilities
|
|
(
4,688,046)
|
(
3,820,370)
|
|
|
------------
|
------------
|
|
|
|
|
|
Capital and Reserves
Called up share capital
|
|
1,000
|
1,000
|
Profit and loss account
|
|
(
4,689,046)
|
(
3,821,370)
|
|
|
------------
|
------------
|
Shareholders Deficit
|
|
(
4,688,046)
|
(
3,820,370)
|
|
|
------------
|
------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Market Town Foods Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2018
These financial statements were approved by the
board of directors
and authorised for issue on
18 December 2018
, and are signed on behalf of the board by:
Company registration number:
07265685
Market Town Foods Limited
|
|
Notes to the Financial Statements
|
|
Period from 1st January 2017 to 31st March 2018
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Martlet House, E1 Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Reporting Period
The comparative amounts presented in the financial statements (including related notes) are not entirely comparable with the current period amounts since the current reporting period covers 15 months. The accounting reference date was changed for administrative purposes.
Going Concern
At the balance sheet date there was an excess of liabilities over assets. The company is held in a small group and is supported indirectly by the beneficial owner K M M Al Tajir with loans from companies both within and outside the group structure, in which K M M Al Tajir has a material interest. K M M Al Tajir has informed the board of directors that he will continue to support the company indirectly with loans from companies both within and outside the group structure until the company is in a position to support itself. The board of directors for this reason consider it appropriate for the accounts to be prepared on a going concern basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements
|
-
|
Straight line per annum over 15 years
|
|
Kitchen equipment
|
-
|
15% Straight line per annum
|
|
Fixtures, fittings and equipment
|
-
|
20% and 25% Straight line per annum
|
|
Motor vehicles
|
-
|
25% Straight line per annum
|
|
Cutlery, crockery and glassware
|
-
|
33.3% Straight line per annum
|
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the period amounted to
79
(2016:
81
).
5.
Tangible Assets
|
Leasehold improvement
|
Kitchen equipment
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Cutlery, crockery and glassware
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
At 1 Jan 2017
|
141,449
|
371,607
|
200,476
|
62,003
|
15,321
|
790,856
|
Additions
|
–
|
–
|
60,858
|
1,375
|
–
|
62,233
|
Disposals
|
–
|
(
13,000)
|
(
3,069)
|
–
|
–
|
(
16,069)
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 Mar 2018
|
141,449
|
358,607
|
258,265
|
63,378
|
15,321
|
837,020
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
|
|
At 1 Jan 2017
|
38,215
|
250,098
|
133,265
|
39,844
|
12,971
|
474,393
|
Charge for the period
|
11,794
|
66,544
|
28,834
|
13,996
|
2,148
|
123,316
|
Disposals
|
–
|
(
11,323)
|
(
1,433)
|
–
|
–
|
(
12,756)
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 Mar 2018
|
50,009
|
305,319
|
160,666
|
53,840
|
15,119
|
584,953
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
|
|
At 31 Mar 2018
|
91,440
|
53,288
|
97,599
|
9,538
|
202
|
252,067
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 Dec 2016
|
103,234
|
121,509
|
67,211
|
22,159
|
2,350
|
316,463
|
|
---------
|
---------
|
---------
|
--------
|
--------
|
---------
|
|
|
|
|
|
|
|
6.
Debtors
Trade debtors
|
92,367
|
75,373
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
349,269
|
143,950
|
Other debtors
|
182,362
|
139,817
|
|
---------
|
---------
|
|
623,998
|
359,140
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
Trade creditors
|
213,486
|
283,080
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
3,889,174
|
3,812,703
|
Social security and other taxes
|
43,203
|
50,089
|
Other creditors
|
1,584,913
|
518,562
|
|
------------
|
------------
|
|
5,730,776
|
4,664,434
|
|
------------
|
------------
|
|
|
|
Hire purchase agreements are secured against the asset, which they were originally raised for.
8.
Creditors:
amounts falling due after more than one year
Other creditors
|
–
|
7,521
|
|
----
|
-------
|
|
|
|
Hire purchase agreements are secured against the asset, which they were originally raised for.
9.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year
|
107,688
|
107,688
|
Later than 1 year and not later than 5 years
|
506,745
|
519,480
|
Later than 5 years
|
360,000
|
481,875
|
|
---------
|
------------
|
|
974,433
|
1,109,043
|
|
---------
|
------------
|
|
|
|
10.
Related Party Transactions
The company is held within a small group, in which the director K M M Al Tajir has a material interest. The company is controlled by
Market Town Developments Limited
, the company's immediate parent company within the group structure. Market Town Developments Limited has provided the company with an interest free loan, the amount outstanding at the balance sheet date was £ 3,889,174
(2016: £ 3,812,703
). Market Town Developments Limited will not seek repayment until the company is in a position to do so and after one year. The company was provided with an interest free loan from companies outside the group structure, companies in which the director K M M Al Tajir has a material interest. The loans outstanding at the balance sheet date totalled £1,522,699 (2016: £437,779). The director has confirmed that the loans from companies outside the group will not be repaid until the company is in a position to do so and after one year. The company provided an interest free loan to New Street Restaurants Limited
, a company registered in the United Kingdom and within the group structure. The amount outstanding at the balance sheet date was £ 346,709
(2016: £ 141,390
). This loan was provided with no formal repayment terms. The company provided an interest free loan to The Angel Inn (Petworth) Limited
, a company registered in the United Kingdom and within the group structure. The amount outstanding at the balance sheet date was £ 814
(2016: £330 debtor). This loan was provided with no formal repayment terms. The company provided an interest free loan to Amanco Limited
, a company registered in Gibraltar and within the group structure. The amount outstanding at the balance sheet date was £ 2,561
(2016: £ 2,561
). This loan was provided with no formal repayment terms. The company was provided with an interest free loan from Wickerton Investments Limited
, a company registered in Gibraltar and within the group structure. The amount outstanding at the balance sheet date was £ 2,856
(2016: £ 1,276
creditor). This loan was provided with no formal repayment terms. The company provided an interest free loan to Augustus Brandt Antiques International Limited
, a company registered in the United Kingdom and outside the group structure. The amount outstanding at the balance sheet date was £ 124,455
(2016: £ 80,423
). This loan was provided with no formal repayment terms. The company provided with an interest free loan to it's ultimate parent company Palladian Real Estate Limited
, a company registered in the United Kingdom. The amount outstanding at the balance sheet date was £ 1,913
(2016: £ 3,644
creditor). This loan was provided with no formal repayment terms.
11.
Controlling Party
As of 20th February 2018, the ultimate parent company is
Palladian Real Estate Limited
, a company registered in the United Kingdom.