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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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FOSTERS TRADITIONAL FOODS LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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FOSTERS TRADITIONAL FOODS LIMITED |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 Directors | 5 |
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Report of the Independent Auditors | 7 |
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Profit and loss | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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FOSTERS TRADITIONAL FOODS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Fernwood House |
Fernwood Road |
Jesmond |
Newcastle upon Tyne |
Tyne and Wear |
NE2 1TJ |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The directors present their strategic report for the year ended 31 December 2016. |
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REVIEW OF BUSINESS |
The financial position of the company as at 31 December 2016 is set out on the balance sheet on page 10 of |
the financial statements, the company had net assets of £2,630,672 (2015 : £4,912,021). |
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Earnings before interest, tax, depreciation and amortisation (EBITDA) was £1,026,772 loss (2015 : £308,533 |
profit). The loss for the year, after taxation, amounted to £2,281,349 (2015 : £124,690 profit). |
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The directors continued to monitor cash flows whilst also continuing efforts to improve profitability but |
enhancing the quality and variety of products and to deliver operational improvements within the group. Post |
year end, the ownership of the group changes which will allow the company to deliver these goals much |
quicker and hope to return to positive EBITDA for 2017. |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Financial instruments, risk management objective and policies. |
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The group uses various financial instruments including letters of credit, invoice discounting, cash, trade |
debtors and trade creditors that arise directly from the group's operations. The group does not use derivative |
financial instruments for speculative purposes. |
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The group's operations expose it to a number of financial risks including currency risk, credit risk and liquidity |
risk. The directors review and agree policies for managing each of these risks and they are summarised |
below. |
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Currency risk |
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The group makes some sales and purchases outside the United Kingdom and as such can be exposed to |
movements in exchange rates. The group seeks to minimise the currency risk through the operation of |
foreign currency bank accounts and regular re-costing of products to reflect movements in exchange rates. |
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In addition, the group secures its foreign currency rate during peak seasonal periods, through the use of |
forward currency contracts. |
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Credit risk |
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The group's principal financial assets are bank balances and trade debtors. |
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The credit risk of liquid funds is limited because the counterparties are banks with high credit ratings assigned |
by international credit rating agencies. |
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The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance |
sheet are net of allowance for doubtful debts. The group has no significant concentration of credit risk, with |
exposure spread over a large number of counterparties and customers. |
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The group's principal financial liabilities represent trade creditors, invoice discounting and investor loans. |
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Liquidity risk |
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The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable |
needs. |
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In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future |
developments.Post year end, the loans provided by the previous investors (and acquired as part of the new |
management takeover) amounting to £1,700,000 have been refinanced. This will provide additional support |
for working capital and allow the new management time to restructure the business. |
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The group has an invoice discounting facility arrangement to meet its day to day working capital |
requirements. This facility has no formal expiry date, and can be terminated by either party subsequent to the |
end of the minimum period subject to 6 months notice. The group has held discussions with its bankers about |
the continuation of the facility and no matters have been drawn to its attention to suggest that the facility will |
not remain in place subject to ongoing compliance with the terms and conditions of the facility. |
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The group does not have any external secured debt other than the above. After making enquiries with its |
lenders, the directors have a reasonable expectation that the group have adequate resources to continue in |
operational existence for the foreseeable future. Accordingly, they adopt the going concern basis in preparing |
the accounts. |
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Other risks and uncertainties |
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In common with many other group's in the sector, the other principal risks facing the group include the current |
economic environment and resulting slowdown in the UK economy and supplier cost inflation. These risks are |
managed by regular reporting and monitoring of performance and by general management review controls. |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Qualifying third party indemnity provisions |
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During the period and up to the date of this report directors indemnity insurance was in place under a group |
policy. This covers all qualifying directors. |
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ON BEHALF OF THE BOARD: |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2016. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors who have held office during the period from 1 January 2016 to the date of this report are as |
follows: |
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report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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; |
- |
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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They |
are 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 directors are 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 each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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AUDITORS |
The auditors, Robson Laidler Accountants 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 |
FOSTERS TRADITIONAL FOODS LIMITED |
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We have audited the financial statements of Fosters Traditional Foods Limited for the year ended |
31 December 2016 on pages nine to twenty one. The financial reporting framework that has been applied in |
their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally |
Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. |
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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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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient |
to give reasonable assurance that the financial statements are free from material misstatement, whether |
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to |
the company's circumstances and have been consistently applied and adequately disclosed; the |
reasonableness of significant accounting estimates made by the directors; and the overall presentation of the |
financial statements. In addition, we read all the financial and non-financial information in the Strategic Report |
and the Report of the Directors to identify material inconsistencies with the audited financial statements and to |
identify any information that is apparently materially incorrect based on, or materially inconsistent with, the |
knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for
the year then ended; |
- |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are |
prepared |
is consistent with the financial statements; and |
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- the Directors' Report has been prepared in accordance with applicable legal requirements. |
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In the light of our knowledge and understanding of the company and its environment obtained in the course of |
the audit, we have not identified material misstatements in the Directors' Report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FOSTERS TRADITIONAL FOODS LIMITED |
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Matters on which we are required to report by exception |
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 directors' 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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for and on behalf of
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Statutory Auditor |
Fernwood House |
Fernwood Road |
Jesmond |
Newcastle upon Tyne |
Tyne and Wear |
NE2 1TJ |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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PROFIT AND LOSS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Year Ended | Period |
31.12.16 | 1.8.14 to 31.12.15 |
Notes | £ | £ | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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4,442,449 | 4,986,012 |
(2,249,392 | ) | (560,192 | ) |
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Other operating income |
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OPERATING LOSS | 6 | ( |
) | ( |
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Loan forgiven | 7 |
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(2,166,656 | ) | 315,807 |
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Interest payable and similar expenses | 8 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 9 |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
) |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
) |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
15 |
( |
) |
( |
) |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
behalf by: |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 August 2014 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2016 |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Fosters Traditional Foods 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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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102 |
has affected the reported financial position and performance is given in note 25. |
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Statement of cash flow |
Exemption has been taken from preparing a cash flow statement on the grounds that the parent |
company includes the subsidiary in its published 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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Significant judgements and estimates |
The preparation of the financial statements requires management to make estimates and assumptions |
that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of |
contingent liabilities at the date of the financial statements. If, in the future, such estimates and |
assumptions, which are based on management's best judgement at the date of the financial |
statements, deviate from the actual circumstances, the original estimates and judgements will be |
modified as appropriate in the year in which the circumstances change. |
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The key assumptions concerning the future and other key sources of estimation uncertainty at the |
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of |
assets and liabilities within the next financial year include: |
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The estimated useful lives of tangible fixed assets |
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The estimate useful live of goodwill |
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The stock provision is estimated based on a percentage of the stock value for items which have not |
been sold after a certain period of time or have a short shelf live. |
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Year end |
The previous year end was extended from July to December to follow the policy of the group to report |
in calender years. |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | ACCOUNTING POLICIES - continued |
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Turnover |
Sale of goods |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the |
goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable |
that the economic benefits associated with the transaction will flow to the company and the costs |
incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on |
despatch of the goods. |
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Goodwill |
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Tangible fixed assets |
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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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Cost is determined on a first in first out basis and includes all direct costs incurred. Net realisable value |
is based on estimated selling price allowing for all further costs of completion and disposal. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, |
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. |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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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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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account in other administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Impairment of assets |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
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4. | TURNOVER |
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The turnover and loss (2015 - 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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Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
United Kingdom |
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Europe |
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Rest of the World | 186,046 | 564,242 |
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | EMPLOYEES AND DIRECTORS |
Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Wages and salaries |
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Social security costs |
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The average monthly number of employees during the year was as follows: |
Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
|
Operational | 38 | 57 |
Sales and administration | 50 | 48 |
Directors | 1 | 1 |
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Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Directors' remuneration |
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6. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Goodwill amortisation |
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Auditors' remuneration |
|
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Foreign exchange differences | ( |
) | ( |
) |
Impairment of goodwill |
|
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FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | EXCEPTIONAL ITEMS |
Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Loan forgiven |
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8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Bank interest |
|
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Interest payable |
|
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Hire purchase |
|
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9. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the period ended |
31 December 2015. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
difference is explained below: |
|
Period |
1.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
(Loss)/profit before tax | ( |
) |
|
(Loss)/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 |
|
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Unrelieved tax losses carried forward | 482,736 | 20,783 |
Surrendered to group companies | - | 16,488 |
Total tax charge | - | - |
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES |
The directors have assessed the likelihood of the deferred tax balances reversing in the near future |
and in accordance with FRS 102 have not recognised deferred tax assets since they consider them to |
no be sufficiently certain to crystallise in the foreseeable future. the unrecognised deferred tax asset at |
31 December 2016 is £1,061,762 (2015: £807,401). |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
|
Additions |
|
At 31 December 2016 |
|
AMORTISATION |
At 1 January 2016 |
|
Amortisation for year |
|
Impairments |
|
At 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
At 31 December 2015 |
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11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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|
|
Reclassification/transfer |
|
|
( |
) |
|
|
At 31 December 2016 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Reclassification/transfer |
|
|
( |
) |
|
|
At 31 December 2016 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2016 |
|
|
|
|
|
At 31 December 2015 |
|
|
|
|
|
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
|
11. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
|
DEPRECIATION |
At 1 January 2016 |
|
Charge for year |
|
At 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
At 31 December 2015 |
|
|
12. | STOCKS |
2016 | 2015 |
£ | £ |
Finished goods |
|
|
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Other loans (see note 16) |
|
|
Hire purchase contracts (see note 17) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
VAT | 110,490 | 72,872 |
Other creditors |
|
|
Invoice discounting | 1,686,392 | 1,268,511 |
Accruals and deferred income |
|
|
|
|
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
|
15. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 17) |
|
|
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Other loans |
|
|
|
|
|
17. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase |
contracts |
2016 | 2015 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
|
17. | LEASING AGREEMENTS - continued |
|
Non-cancellable |
operating leases |
2016 | 2015 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
18. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2016 | 2015 |
£ | £ |
Bank overdrafts |
|
|
Hire purchase contracts | 41,128 | 66,542 |
Invoice discounting | 1,686,392 | 1,268,511 |
|
|
|
There is a composite company unlimited multilateral guarantee given by the company and fellow group |
members and a charge over contract monies given to HSBC Bank plc. |
|
HSBC Bank plc also hold a debenture including a fixed and floating charge over present freehold and |
leasehold property and a fixed charge over book and other debts, chattels, goodwill, and uncalled |
capital, both present and future together with a floating charge over all assets. |
|
Included within creditors due within one year is a balance of £1,686,392 (2015 : £1,268,255) in respect |
of an invoice discounting facility which is secured against trade debtors and by way of debenture over |
the company's assets. |
|
The invoice discounting balance is secured upon the company's trade debtors. |
|
19. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Other provisions | 175,288 | - |
|
Other |
provisions |
£ |
Provided during year |
|
Balance at 31 December 2016 |
|
|
Other provisions relate to payments required in respect of dilapidation of the property currently |
occupied by the company. |
FOSTERS TRADITIONAL FOODS LIMITED (REGISTERED NUMBER: 05287306) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
|
20. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
|
Ordinary | £1 | 700,001 | 700,001 |
|
21. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2016 |
|
Deficit for the year | ( |
) |
At 31 December 2016 |
|
|
22. | ULTIMATE PARENT COMPANY |
|
Blueberry Holdco Limited (incorporated in England ) is regarded by the directors as being the |
company's ultimate parent company. |
|
23. | CONTINGENT LIABILITIES |
|
There is a guarantee in favour of the group's primary loan provider for all and every sum owing. At 31 |
December 2016 the contingent liability under this guarantee amounted to £1,700,000 (2015: |
£1,700,000). |
|
24. | POST BALANCE SHEET EVENTS |
|
On 1 March 2017 the company's ultimate parent, Blueberry Holdco Limited, was acquired by Moguntia |
Food Group AG. |
|
Subsequent to the year end, the company entered into an agreement to sell certain trademarks for |
£3.1M. This allows the company to increase working capital and restructure its activities. |
|
25. | FIRST YEAR ADOPTION |
|
The directors consider there to be no adjustments required as a result of the transition to FRS 102. |
|