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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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D H FOODS LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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D H FOODS LIMITED |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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D H FOODS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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The director presents his strategic report for the year ended 31 March 2019. |
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REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial |
statements. |
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2019 continues to be a year of change for our business. Whilst we are continuing to operate in Asia we have |
moved away from invoicing this market ourselves and have passed this operation back to our major supplier. |
We now continue to sell produce to all the same clients and receive a commission for the sales. The main |
reason for doing so was that the risks involved with directly supplying Asia outweighed the benefits. The new |
arrangement will take away the need for the majority of our currency transactions and will also reduce the |
work involved thereby reducing overheads. |
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This will obviously impact on turnover in the coming year which we predict will drop by 60% to 70 %. However, |
because the majority of the risk has been taken away our profitability should remain at the same levels which |
is encouraging. |
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We have retained our reserves in the company to maintain liquidity and to ensure we have funds readily |
available to pay our creditors when they fall due. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company is subject to the normal commercial risks that arise in the ordinary course of business. These |
risks are reviewed by the Board of Directors as part of ongoing Corporate Governance procedures. |
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Bad debts |
The company has credit insurance in place in order to limit exposure to bad debts. |
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Customer base |
The company has a large number of customers that they deal with on a regular basis. The director believes it |
is important to maintain a large customer base to prevent the company becoming overly reliant on one or |
more particular customers. |
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Foreign currency |
A significant quantity of the company's transactions have been in foreign currencies. The company trades in |
Sterling, Euros and US Dollars. In order to reduce exposure to foreign currency fluctuations, the company |
uses forward exchange contracts. Looking forward, the company will be less exposed to foreign exchange |
risk due to the changes highlighted above. |
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Exposure to credit, liquidity and cash flow risk |
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by |
failing to fulfil their obligation. The company aims to minimise such losses by securing appropriate |
instruments with a reputable bank. |
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Liquidity risk is the risk that the company will encounter difficulty in meeting obligations as they fall due. The |
company aims to reduce this risk by managing cash operations and considering future cash obligations |
before any material cash flows are undertaken. |
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Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk |
associated with a recognised asset or liability. The company manages this risk, where significant, by use of |
forward exchange contracts as explained above. |
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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KEY PERFORMANCE INDICATORS |
The company uses the following key performance indicators to monitor the performance of the business: |
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2019 | 2018 |
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Turnover | £41,949,054 | £51,819,630 |
Profit/(loss) before tax | £735,309 | £1,203,259 |
Gross profit margin | 2.3% | 2.9% |
Debtor days | 15 days | 33 days |
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ON BEHALF OF THE BOARD: |
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19 September 2019 |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2019 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2019. |
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DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
A Ordinary £1 | - | £ |
- 28 March 2019 |
B Ordinary £1 | - | £ |
- 28 March 2019 |
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The total distribution of dividends for the year ended 31 March 2019 will be £
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FUTURE DEVELOPMENTS |
The company intends to continue to develop its customer base and to increase its market share in Asia. |
Where demand is anticipated, the company's product range will be expanded to suit. |
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DIRECTOR |
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FINANCIAL INSTRUMENTS |
Details of financial instruments are provided in the strategic report on page 3. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the |
director has elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that |
they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for |
that period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is |
also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he |
ought to have taken as a director in order to make himself aware of any relevant audit information and to |
establish that the company's auditors are aware of that information. |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2019 |
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AUDITORS |
The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
D H FOODS LIMITED |
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Opinion |
We have audited the financial statements of D H Foods Limited (the 'company') for the year ended |
31 March 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the
year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the director's use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Director, but does not include the financial statements and our Report |
of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, |
in doing so, consider whether the other information is materially inconsistent with the financial statements or |
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such |
material inconsistencies or apparent material misstatements, we are required to determine whether there is a |
material misstatement in the financial statements or a material misstatement of the other information. If, |
based on the work we have performed, we conclude that there is a material misstatement of this other |
information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which
the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
D H FOODS LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of |
the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair |
view, and for such internal control as the director determines necessary to enable the preparation of financial |
statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the director either intends to liquidate the company or to cease |
operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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595,913 | 1,078,897 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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735,341 | 1,207,066 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE LOSS |
Revaluation of unlisted investments | ( |
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Income tax relating to other
comprehensive loss |
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OTHER COMPREHENSIVE LOSS FOR
THE YEAR, NET OF INCOME TAX |
( |
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( |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Revaluation reserve | 17 |
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Other reserves | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Called up |
share | Retained | Revaluation | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
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Balance at 1 April 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - | 972,693 | ( |
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971,021 |
Balance at 31 March 2018 | 1,000 | 3,178,486 | 2,478 |
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3,250,164 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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( |
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Balance at 31 March 2019 |
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2,170 |
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Purchase of fixed asset investments | (100,182 | ) | (250,179 | ) |
Interest received |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
Net movement of director's funds | (5,000 | ) | 138,990 |
Equity dividends paid | ( |
) | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
1,914,528 |
1,087,344 |
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Cash and cash equivalents at end of
year |
2 |
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1,914,528 |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 32 | 3,807 |
Finance income | (98,077 | ) | (93,735 | ) |
647,549 | 1,122,954 |
Decrease in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 2,441,674 | 1,914,528 |
Year ended 31 March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 1,914,528 | 1,087,344 |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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D H Foods Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover in the year represents both the amount derived from the provision of goods and commissions |
received for the facilitation of the provision of goods after deduction of trade discounts and value added |
tax. Turnover, when relating to the provision of goods, is recognised as soon as the goods become the |
responsibility of the customer or their transport agents, which is typically on a 'back to back' |
arrangement with the corresponding supplier dispatch.Turnover relating to commission income is |
recognised in the same way. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Investment |
The company makes fixed asset investments which are disclosed at the most recent valuation. Any |
aggregate surplus or deficit arising from changes in fair value is recognised in the statement of profit or |
loss. |
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Derivative financial instruments |
Derivative financial instruments are recognised at fair value with any gains or losses being charged to |
profit and loss in the period to which they relate. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2019 | 2018 |
£ | £ |
United Kingdom |
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Other EU countries |
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Non EU countries |
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4. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Sales and management | 2 | 2 |
Administration | 5 | 6 |
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2019 | 2018 |
£ | £ |
Director's remuneration |
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Director's pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
|
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D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2019 | 2018 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Auditors' remuneration - non-audit services |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank and loan interest |
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Interest payable | ( |
) |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
) |
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Tax on profit |
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UK corporation tax has been charged at 19% (2018 - 19%). |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
) |
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Depreciation in excess of capital allowances |
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Total tax charge | 128,331 | 230,566 |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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7. | TAXATION - continued |
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Tax effects relating to effects of other comprehensive income |
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2019 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of unlisted investments | ( |
) | 72 | (308 | ) |
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2018 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of unlisted investments | ( |
) | 393 | (1,672 | ) |
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Deferred tax has been calculated at 19% being the applicable tax rate for the year ended 31 March |
2019. The applicable tax rate used in the previous period was also 19%. |
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8. | DIVIDENDS |
2019 | 2018 |
£ | £ |
A Ordinary shares of £1 each |
Interim |
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B Ordinary shares of £1 each |
Interim |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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|
|
At 31 March 2019 |
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
Charge for year |
|
|
|
At 31 March 2019 |
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
At 31 March 2018 |
|
|
|
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 April 2018 |
|
Additions |
|
Revaluations | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
Cost or valuation at 31 March 2019 is represented by: |
|
Unlisted |
investments |
£ |
Valuation in 2017 | 5,124 |
Valuation in 2018 | (2,065 | ) |
Valuation in 2019 | (380 | ) |
Cost | 374,603 |
377,282 |
|
There are three different fixed asset investments included in the above balance. One of the |
investments was valued on an open market basis on 11 March 2019 by Atlas Fine Wines Limited and |
the values of the other two have been considered by the director. |
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Deferred tax asset | 10,372 | 9,137 |
Prepayments and accrued income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Director's current account | - | 5,000 |
Accrued expenses |
|
|
|
|
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | SECURED DEBTS |
|
Lloyds TSB Bank plc and T Hale (the company director) have debentures dated 8 May 2007 and 22 |
February 2011 respectively securing all monies due or to become due from the company on any |
account whatsoever. Both carry fixed and floating charges over the undertaking of all property and |
assets present and future. |
|
15. | DEFERRED TAX |
£ |
Balance at 1 April 2018 | ( |
) |
Provided during year | ( |
) |
Balance at 31 March 2019 | ( |
) |
|
The deferred tax liability noted above reflects timing differences between depreciation and capital |
allowances. It also reflects the deferred tax on share based payments and on the upwards revaluation |
of unlisted investments. |
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
A Ordinary | £1 | 750 | 750 |
|
B Ordinary | £1 | 250 | 250 |
1,000 | 1,000 |
|
17. | RESERVES |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
|
At 1 April 2018 |
|
|
|
3,249,164 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Unlisted investments | - | ( |
) | - | (308 | ) |
At 31 March 2019 |
|
|
|
3,851,834 |
|
Other reserves includes a balance in respect of the company's Enterprise Management Incentive |
scheme, the estimated cost of which has been recognised in the statement of comprehensive income. |
D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
18. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme in respect of certain employees. During |
the year premiums paid by the company amounted to £16,424 (2018 - £7,166). At the balance sheet |
date there were no amounts outstanding. |
|
19. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
Interest is charged at 3% on any advances or credits. |
|
20. | RELATED PARTY DISCLOSURES |
|
During the year, the company's total compensation to key management personnel (including directors)
amounted to £ the company to key m anagement personnel (2018 - £5,000). |
|
During the year the company charged £
company was owed £ |
|
21. | APPROVED ENTERPRISE MANAGEMENT INCENTIVE (EMI) SCHEME |
|
An approved EMI scheme was introduced in May 2010 to encourage a pro-active environment for the |
participation of key management in share ownership. |
|
The exercise conditions of this scheme are set out below: |
|
Percentage of option | Exercise Date |
First 25% | 3 years after the grant of the option |
Second 25% | 3.5 years after the grant of the option |
Third 25% | 4 years after the grant of the option |
Final 25% | 4.5 years after the grant of the option |
|
An option is exercisable where the participant continues to be an employee of the company and, in any |
event, cannot be exercised on or after the tenth anniversary of the grant date. |
|
Options representing a total of 200 ordinary shares are currently allocated to the employees invited to |
join the scheme. The exercise price for the option holders is £847. |
|
Total expense recognised relating to the scheme is £68,200. |