REGISTERED NUMBER:
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Golden Produce Limited |
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Unaudited Financial Statements |
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for the Year Ended 29 February 2020 |
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REGISTERED NUMBER:
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Golden Produce Limited |
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Unaudited Financial Statements |
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for the Year Ended 29 February 2020 |
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Golden Produce Limited (Registered number: 05355834) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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Page |
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Company information | 1 |
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Chartered accountants' report | 2 |
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Statement of financial position | 3 |
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Notes to the financial statements | 5 |
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Golden Produce Limited |
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Company Information |
for the Year Ended 29 February 2020 |
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Directors: |
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Secretary: |
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Registered office: |
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Business address: |
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Registered number: |
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Accountants: |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Golden Produce Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Statement of financial position. Readers are cautioned that the Income |
statement and certain other primary statements and the Directors' report are not required to be filed |
with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Golden Produce Limited for the year ended 29 February 2020 which comprise the |
Statement of income and retained earnings, Statement of financial position and the related notes from the |
company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Golden Produce Limited, as a body, in accordance with the terms of our engagement letter dated 15 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Produce Limited and state those matters that we have agreed to state to the Board of Directors of Golden Produce Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Golden Produce Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Golden Produce Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Golden Produce Limited. You consider that Golden Produce Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Golden Produce Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
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Golden Produce Limited (Registered number: 05355834) |
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Statement of Financial Position |
29 February 2020 |
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2020 | 2019 |
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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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 |
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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. |
Golden Produce Limited (Registered number: 05355834) |
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Statement of Financial Position - continued |
29 February 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Golden Produce Limited (Registered number: 05355834) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | Statutory information |
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Golden Produce Limited is a
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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 |
The financial statements have been prepared on the historical cost basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied |
and services rendered, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership |
have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be |
measured reliably; it is probable that the associated economic benefits will flow to the entity; and the |
costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated |
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at |
the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent |
accumulated impairment losses. |
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An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other |
comprehensive income and accumulated in equity, except to the extent it reverses a revaluation |
decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount |
of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any |
previously recognised revaluation increase accumulated in equity in respect of that asset. Where a |
revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of |
that asset, the excess shall be recognised in profit or loss. |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock |
to its present location and condition. |
Golden Produce Limited (Registered number: 05355834) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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3. | Accounting policies - continued |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, 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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Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, |
over the useful economic life of that asset as follows: |
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Machinery - 20% reducing balance |
Office equipment - 15% reducing balance |
Computer equipment - 3 year straight line |
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Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount |
being estimated where such indicators exist. Where the carrying value exceeds the recoverable |
amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at |
each reporting date. |
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For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of |
an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to |
which the asset belongs. |
Golden Produce Limited (Registered number: 05355834) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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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 | Office | Computer |
machinery | equipment | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 March 2019 |
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Additions |
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Disposals |
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At 29 February 2020 |
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Depreciation |
At 1 March 2019 |
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Charge for year |
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Eliminated on disposal |
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At 29 February 2020 |
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Net book value |
At 29 February 2020 |
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At 28 February 2019 |
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6. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Directors' loan accounts |
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VAT |
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Prepayments and accrued income |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Corporation Tax |
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VAT |
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Directors' loan accounts |
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Accruals and deferred income |
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Golden Produce Limited (Registered number: 05355834) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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9. | Directors' advances, credits and guarantees |
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During the year the directors entered into the following advances and credits with the company. |
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At 29 February 2020, the company owed the directors £4,857 (2018: the directors owed the company |
£93). The total advanced on the director was £15,141 (2018: 46,274) and the total repaid on the loan |
was £20,091 (2018: £46.363). |