Company Registration No. 02059643 (England and Wales)
ALLFRUIT INTERNATIONAL LIMITED
Unaudited financial statements
For the year ended 30 June 2018
Pages for filing with registrar
ALLFRUIT INTERNATIONAL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ALLFRUIT INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
11,210
14,947
Current assets
Trade and other receivables
5
133,430
61,006
Cash and cash equivalents
9,027
18,910
142,457
79,916
Current liabilities
6
(27,548)
(57,917)
Net current assets
114,909
21,999
Total assets less current liabilities
126,119
36,946
Provisions for liabilities
(2,043)
(2,734)
Net assets
124,076
34,212
Equity
Called up share capital
8
150,000
50,000
Retained earnings
(25,924)
(15,788)
Total equity
124,076
34,212
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on
8 August 2018
08 August 2018
and are signed on its behalf by:
L M Fernandez
Director
Company Registration No. 02059643
ALLFRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2018
- 2 -
1
Accounting policies
Company information
Allfruit International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Connect House
,
133-137 Alexandra Road
,
Wimbledon
,
London
,
SW19 7JY
.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost
less
depreciation and
less
any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance per annum
Office equipment
25% reducing balance per annum
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ALLFRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 June 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases are charged to the income statement on a straight line basis over the term of the relevant lease.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
ALLFRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 June 2018
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3
).
3
Dividends
2018
2017
£
£
Interim paid
44,000
60,000
During the year interim dividends of £44,000 were paid. At the time the dividends were paid the directors were not aware that there were insufficient profits available for distribution and the directors acknowledge that no further distributions can be made until there are sufficient distributable profits available.
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2017 and 30 June 2018
94,011
Depreciation and impairment
At 1 July 2017
79,064
Depreciation charged in the year
3,737
At 30 June 2018
82,801
Carrying amount
At 30 June 2018
11,210
At 30 June 2017
14,947
5
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
68,570
32,990
Other receivables
64,860
28,016
133,430
61,006
ALLFRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 June 2018
- 5 -
6
Current liabilities
2018
2017
£
£
Trade payables
8,566
41,088
Corporation tax
8,634
10,076
Other taxation and social security
2,387
2,394
Other payables
7,961
4,359
27,548
57,917
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
2,043
2,734
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
150,000 Ordinary shares of £1 each
150,000
50,000
During the year 100,000 ordinary shares of £1 each were allotted and fully paid for cash consideration of £100,000
to provide additional working capital.
9
Financial commitments, guarantees and contingent liabilities
At the end of the year the company had non-cancellable financial commitments totalling £45,000 (2017 - £55,000
).