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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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The Original Produce Company |
(Middlesbrough) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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The Original Produce Company |
(Middlesbrough) Limited |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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The Original Produce Company |
(Middlesbrough) Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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6 Queens Court |
Third Avenue |
Team Valley |
Gateshead |
Tyne and Wear |
NE11 0BU |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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The Original Produce Company (Middlesbrough) Limited is a
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registered in England and Wales. The company's registered number and registered office address can |
be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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The company also has consignment stock. The beneftis and risks associated with the stock remain |
with the supplier until transfer of title and consequently this stock has been excluded from the balance |
sheet in accordance with FRS5. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
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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The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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3. | ACCOUNTING POLICIES - continued |
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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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. |
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Transition to frs 102 |
The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS |
102 has affected the reported financial position and financial performance is given in the notes to the |
financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2016 |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
as |
restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
as |
restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: |
as
restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are Jill Scott and John Bell who are the major shareholders in Embeck |
Group Limited. |
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10. | TRANSITION TO FRS 102 |
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These are the first financial statements that comply with FRS 102. The company transitioned to FRS |
102 on 1st April 2015. |
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No transitional adjustments were required in equity or profit or loss for the year. |
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11. | PRIOR YEAR ADJUSTMENT |
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The accounts have been restated to incorporate the impact of a misclassification of a related company |
loan due in the prior year, previously recognised as an amount due after more than one year. The |
change has resulted in the amount of £417,676 being reclassified as due within one year. The |
amounts due from the related company were repayable on demand, but were not expected to be |
repaid within the next 12 months as at 31 March 2016, hence was classified as due after more than |
one year. |