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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED |
FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Bank Chambers |
1 Central Avenue |
Sittingbourne |
Kent |
ME10 4AE |
FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
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 |
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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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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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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. |
FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 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
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Food And Drug Analytical Services Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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At 31 December 2017 there was a deficit on the profit and loss account of £215,910 (2016: £426,783) The |
directors have therefore considered the basis on which the financial statements have been prepared. |
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There was a profit on ordinary activities before taxation for the period of £213,704 (2016: £32,310). |
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The company has been profitable every year since 2011, and current results and forecasts indicate that this will |
continue. Costs and margins continue to be tightly controlled. We remain committed to providing an excellent |
service to our customers, and are continuing to develop new business opportunities and expand our service |
offering. |
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In view of the above the directors consider it appropriate to prepare the accounts on the going concern basis, |
which assumes that the company will continue in operational existence for the foreseeable future. |
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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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Office equipment | - |
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Computer equipment | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and |
liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and |
loans to related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for |
bad and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference |
between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the |
company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts payable are initially measured at present value of the future |
payments and subsequently at amortised cost using the effective interest method. Debt instruments that are |
payable within one year, typically trade payable, are measured, initially and subsequently, at the undiscounted |
amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term |
instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business |
terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at |
market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the |
future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an 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. |
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 |
statement of financial position 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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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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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to |
determine whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use |
and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable |
amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss |
is recognised immediately in profit and loss. |
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Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the |
last sold date and an impairment loss recognised on a percentage basis in profit and loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
reversal of an impairment loss is recognised immediately in profit and loss. |
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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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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Office | Computer |
machinery | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Payments on account |
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Trade creditors |
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Other taxes and PAYE taxes |
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VAT | 36,423 | 52,302 |
Other creditors |
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Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Amounts owed to group undertakings |
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FOOD AND DRUG ANALYTICAL SERVICES |
LIMITED (REGISTERED NUMBER: 05034039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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9. | SECURED DEBTS |
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Glas Trust Corporation Limited hold a debenture as security agent dated 19 August 2016 over the assets of the |
company. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
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Ordinary | 10p | 248,204 | 248,204 |
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11. | ULTIMATE PARENT COMPANY |
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Tentamus Group GmbH (incorporated in Germany) is regarded by the directors as being the company's ultimate |
parent company. Copies of the consolidated accounts can be obtained from |
www.unternehmensregister.de/ureg/?submitaction=language&language=en |