Registration number:
for the
Year Ended
Bensons Fruit Juice Limited
(Registration number: 04515759)
Balance Sheet as at 31 October 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
|
Deferred tax liabilities |
(8,498) |
(12,043) |
|
Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.
A Benson
Director
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
The directors are required to make key judgements about the fair value of stock. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short hold lease |
In equal instalments over the lease |
Plant and machinery |
15% on cost |
Fixtures and fittings |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2017 |
2016 |
|
Average number of employees |
15 |
14 |
Intangible assets |
Goodwill |
|
Cost |
|
At 1 November 2016 |
|
At 31 October 2017 |
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Amortisation |
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At 1 November 2016 |
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At 31 October 2017 |
|
Carrying amount |
|
At 31 October 2017 |
- |
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 November 2016 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Stocks |
2017 |
2016 |
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Raw materials and consumables |
|
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Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
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Amounts owed by related parties |
|
- |
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Other debtors |
|
- |
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Prepayments |
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Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
|
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Outstanding defined contribution pension costs |
|
- |
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Other creditors |
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Accrued expenses |
|
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Corporation tax liability |
59,352 |
50,794 |
|
|
|
Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £36,921 (2016: £35,302).
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
|
Due after one year |
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Loans and borrowings |
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Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £81,249 (2016: £63,384).
Deferred tax |
Deferred tax assets and liabilities
2017 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
Short term timing differences |
( |
- |
( |
|
2016 |
Liability |
Difference between accumulated depreciation and capital allowances |
|
Short term timing differences |
- |
|
Bensons Fruit Juice Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Other borrowings |
|
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2017 |
2016 |
|
Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
At 31 October 2017, J Benson owed the company £28,690 (2016: the company owed J Benson £2,092) and A Benson owed the company £16,613 (2016: the company owed A Benson £7,552) in the form of a directors' loan account. No interest is charged on the loans and they are repayable on demand.
Transition to FRS 102 |
This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 November 2015 to 31 October 2016 and the date of transition to FRS 102 was therefore 1 November 2015. There are no transitional adjustments as a result of adopting FRS 102 for the first time.