Company Registration No. 08078881 (England and Wales)
HILLSIDE FOODS LIMITED
Unaudited accounts
for the period from 1 June 2020 to 30 April 2021
HILLSIDE FOODS LIMITED
Unaudited accounts
Contents
HILLSIDE FOODS LIMITED
Company Information
for the period from 1 June 2020 to 30 April 2021
Directors
E F A Allan
J G Allan
Company Number
08078881 (England and Wales)
Registered Office
GLEBE FARM
KENN
EXETER
EX6 7UL
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
HILLSIDE FOODS LIMITED
Statement of financial position
as at
30 April 2021
Tangible assets
29,071
30,000
Cash at bank and in hand
25,748
40,796
Creditors: amounts falling due within one year
(216,346)
(211,257)
Net current assets
94,450
123,143
Total assets less current liabilities
123,521
153,143
Creditors: amounts falling due after more than one year
(40,837)
(50,000)
Provisions for liabilities
Deferred tax
(5,523)
(5,700)
Called up share capital
100
100
Share premium
29,980
29,980
Profit and loss account
47,081
67,363
Shareholders' funds
77,161
97,443
For the period ending 30 April 2021 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 7 April 2022 and were signed on its behalf by
J G Allan
Director
Company Registration No. 08078881
HILLSIDE FOODS LIMITED
Notes to the Accounts
for the period from 1 June 2020 to 30 April 2021
HILLSIDE FOODS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08078881. The registered office is GLEBE FARM, KENN, EXETER, EX6 7UL.
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 period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
15%, 20%, 25% & 30% reducing balance
Fixtures & fittings
20% 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.
HILLSIDE FOODS LIMITED
Notes to the Accounts
for the period from 1 June 2020 to 30 April 2021
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are recognised using the accrual model and are included in Other operating income.
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 made a loss during the period, a period in which it was significantly affected by the Covid-19 pandemic. However, during the period the directors secured a loan from it's bankers under the CBIL scheme which has helped cashflow and are confident that the business will return to profitability as trading begins to head back to pre-pandemic levels.
As a result, these accounts have been prepared on the going concern basis.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 June 2020
28,272
59,671
87,943
At 30 April 2021
28,272
63,992
92,264
At 1 June 2020
21,154
36,789
57,943
Charge for the period
1,305
3,945
5,250
At 30 April 2021
22,459
40,734
63,193
At 30 April 2021
5,813
23,258
29,071
At 31 May 2020
7,118
22,882
30,000
Raw materials
5,000
19,840
HILLSIDE FOODS LIMITED
Notes to the Accounts
for the period from 1 June 2020 to 30 April 2021
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
24,567
10,562
Accrued income and prepayments
1,167
14,925
Other debtors
198,057
192,020
Debtors: amounts falling due after more than one year
Other debtors
56,257
56,257
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Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
9,163
-
Trade creditors
27,521
42,721
Taxes and social security
74,450
68,223
Other creditors
93,448
97,771
Loans from directors
-
922
8
Creditors: amounts falling due after more than one year
2021
2020
In May 2020 the company obtained a loan from it's bankers under the Coronavirus Business Interruption Loan scheme for £50,000.
9
Deferred taxation
2021
2020
Accelerated capital allowances
5,523
5,700
Provision at start of period
5,700
6,416
Credited to the profit and loss account
(177)
(716)
Provision at end of period
5,523
5,700
10
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
HILLSIDE FOODS LIMITED
Notes to the Accounts
for the period from 1 June 2020 to 30 April 2021
11
Operating lease commitments
2021
2020
At 30 April 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
10,250
33,320
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director A loan account
13,246
21,856
22,051
13,051
Director B loan account
175,000
29,302
22,133
182,169
188,246
51,158
44,184
195,220
Interest is payable on the loans at the HMRC official rate.
13
Average number of employees
During the period the average number of employees was 7 (2020: 7).