Registration number:
Furnace Farm Limited
for the Year Ended 31 January 2017
Aston Hughes Limited
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE
Furnace Farm Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Furnace Farm Limited
Company Information
Directors |
The Hon Michael McLaren QC Mr Maurice McMenemy Katherine Joan Himsworth Caroline McLaren |
Company secretary |
The Hon Michael McLaren QC |
Registered office |
|
Auditors |
|
Page 1 |
Furnace Farm Limited
Strategic Report for the Year Ended 31 January 2017
The directors present their strategic report for the year ended 31 January 2017.
Principal activity
The principal activity of the company is during the period was the production and retail of food products, supplemented by the provision of accommodation and catering.
Fair review of the business
The company’s results disappointingly show an increased loss, compared to the previous year. The directors have taken and are continuing to take steps to improve the profitability of the business. Certain staff changes have occurred, and there are some positive developments in various aspects of the business.
Principal risks and uncertainties
The directors remain committed to supporting the company, despite the challenging environment.
Approved by the
.........................................
The Hon Michael McLaren QC
Company secretary and director
Page 2 |
Furnace Farm Limited
Directors' Report for the Year Ended 31 January 2017
The directors present their report and the financial statements for the year ended 31 January 2017.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company is principally funded by loans from one of the directors, who envisages that this loan will remain in place for the foreseeable future.
Price risk, credit risk, liquidity risk and cash flow risk
The company currently has adequate funding from one of the directors to be able to mitigate most of the perceived risks to which the company may be exposed.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
.........................................
The Hon Michael McLaren QC
Company secretary and director
Page 3 |
Furnace Farm Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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). 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:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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.
Page 4 |
Furnace Farm Limited
Independent Auditor's Report to the Members of Furnace Farm Limited
We have audited the financial statements of Furnace Farm Limited for the year ended 31 January 2017, set out on pages 7 to 21. 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).
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 an auditor’s report 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.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
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 Annual Report 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.
Basis for qualified opinion on financial statements
Qualified opinion on the financial statements
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 January 2017 and of its loss for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Page 5 |
Furnace Farm Limited
Independent Auditor's Report to the Members of Furnace Farm Limited
Emphasis of matter
Without qualifying our opinion on the financial statements in respect of this matter, we draw attention to the going concern note included in the accounting policy section of the financial statements in respect of going concern. The company incurred a net loss of £1,497,447 during the year to 31 January 2017 and has a balance sheet in deficit of £8,146,487. The financial statements do not include adjustments that would result if the company was unable to continue as a going concern.
The comparative figures for the company's affairs as at 31 January 2016 and of its loss for the year then ended have not been subject to a statutory audit.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
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 Strategic Report and the Directors' Report.
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:
• |
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. |
......................................
For and on behalf of
Selby Towers
29 Princes Drive
Conwy
LL29 8PE
Page 6 |
Furnace Farm Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2017
Note |
2017 |
2016 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross (loss)/profit |
( |
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating loss |
( |
( |
|
Interest payable and similar charges |
( |
( |
|
(153,968) |
(114,561) |
||
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
|
Retained earnings brought forward |
(6,649,044) |
(5,560,721) |
|
Retained earnings carried forward |
(8,146,488) |
(6,649,045) |
Page 7 |
Furnace Farm Limited
Statement of Comprehensive Income for the Year Ended 31 January 2017
2017 |
2016 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Page 8 |
Furnace Farm Limited
(Registration number: 05597877)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
Approved and authorised by the
.........................................
The Hon Michael McLaren QC
Company secretary and director
Page 9 |
Furnace Farm Limited
Statement of Cash Flows for the Year Ended 31 January 2017
Note |
2017 |
2016 |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
|
|
|
( |
( |
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Decrease in deferred income, including government grants |
( |
( |
|
Short leasehold adjustment |
332,407 |
- |
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from other borrowing draw downs |
|
|
|
Repayment of other borrowing |
( |
- |
|
Net cash flows from financing activities |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 February |
( |
( |
|
Cash and cash equivalents at 31 January |
(64,305) |
(5,030) |
Page 10 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 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:
These financial statements were authorised for issue by the
The company's registered number is 05597877.
The company's principal activity during the period was the production and retail of food products, supplemented by the provision of accommodation and catering.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
The company has incurred significant losses in the past, however the majority of the long-term liabilities recorded in the accounts relate to loans provided by the directors, so the company is not reliant on significant external sources of finance save the bank loans and borrowings disclosed in the following notes. Should additional financial support be required for the company it is the directors' intention to continue to support the company for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Government grants
Grants have been received to assist in the development of the leasehold property, these grants were initially recorded as a liability and are being released to the profit and loss account in line with fixed asset depreciation policy for the asset associated with the grant.
Page 11 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
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.
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 |
Improvements to leasehold premises |
20 years straight line |
Plant and machinery |
15-25% straight line |
Fixtures, fittings & equipment |
15-25% straight line |
Motor vehicles |
25% reducing balance |
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
Page 12 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 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.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2017 |
2016 |
|
Sale of goods |
|
|
Rendering of services |
|
- |
Rental income from investment property |
|
|
Other revenue |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2017 |
2016 |
|
Government grants |
|
|
Page 13 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Operating loss |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Interest payable and similar expenses |
2017 |
2016 |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest on obligations under finance leases and hire purchase contracts |
|
- |
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2017 |
2016 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2017 |
2016 |
|
Production |
|
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
- |
|
Page 14 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Auditors' remuneration |
2017 |
2016 |
|
Audit of the financial statements |
|
- |
Other fees to auditors |
||
Audit-related assurance services |
|
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
||
Cost or valuation |
|||||
At 1 February 2016 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Accrual adjustment |
( |
- |
- |
- |
|
At 31 January 2017 |
|
|
|
|
|
Depreciation |
|||||
At 1 February 2016 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 January 2017 |
|
|
|
|
|
Carrying amount |
|||||
At 31 January 2017 |
|
|
|
|
|
At 31 January 2016 |
|
|
|
|
Page 15 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Total |
|||||
Cost or valuation |
|||||
At 1 February 2016 |
|
||||
Additions |
|
||||
Accrual adjustment |
( |
||||
At 31 January 2017 |
|
||||
Depreciation |
|||||
At 1 February 2016 |
|
||||
Charge for the year |
|
||||
At 31 January 2017 |
|
||||
Carrying amount |
|||||
At 31 January 2017 |
|
||||
At 31 January 2016 |
|
Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of long leasehold land and buildings and £3,499,999 (2016 - £4,098,489) in respect of short leasehold land and buildings. The lease commenced in 2009 for a twenty year period with the rental charge being £250 per annum.
Stocks |
2017 |
2016 |
|
Raw materials and consumables |
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Prepayments |
|
- |
Accrued income |
|
- |
Total current trade and other debtors |
|
|
Page 16 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Cash and cash equivalents |
2017 |
2016 |
|
Cash on hand |
|
|
Cash at bank |
|
- |
|
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
(64,305) |
(5,030) |
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Deferred income |
|
|
|
11,658,826 |
10,822,301 |
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Page 17 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
Other borrowings |
|
|
|
|
Other borrowings represent loans owed to directors and other connected parties. There are no formal repayment terms for the loans. Interest is paid on the loans at varying rates between the 0% and 3.5% over the bank base rate.
2017 |
2016 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
|
Finance lease liabilities |
|
- |
|
|
Bank overdrafts are secured by a fixed charge over the fixed assets and stock of the company.
Related party transactions |
Total loans outstanding to directors at the end of the year were £8,976,675 (2016; £7,909,119) during the year interest was charged of £147,134 (2016; £89,172). During the year the directors and unincorporated activities controlled by the directors purchased goods of £7,470 (2016; £12,272) and sold goods of £232 (2016; £1,755) the net balance owed to the company at the year end was £2,855 (2016; £3,769).
Page 18 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Transition to FRS 102 |
The following adjustments were undertaken on transition from UK GAAP to FRS102;
A) The leasehold property has been revalued to deemed cost at the transition date, this resulted in a reduction in the book value of leasehold property of £1,996,383. The asset was valued by Richard Baddeley FRICS FRSA who is an independent valuer. The formal valuation date was 31 January 2017 and the valuation provided was £3,500,000, the depreciation was calculated back to the transition date taking into account additions disposal during the relevant period.
Although this is an adjustment to deemed cost for the purpose of FRS102 it also represents an impairment of the book value of the leasehold property as at the transition date.
B) The company had previously depreciated the leasehold property over a 50 year period, in the transition to FRS102 this depreciation period was amended so that the book value was depreciated over the remaining life of the lease after taking into account the revaluation.
C) Release of the deferred capital grant was amended so that the balance as at the transition date is released over the remaining useful economic life of the leasehold land and buildings.
Balance Sheet at 1 February 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
7,108,615 |
- |
(1,996,383) |
5,112,232 |
Current assets |
||||
Stocks |
175,607 |
- |
- |
175,607 |
Debtors |
23,564 |
- |
- |
23,564 |
Cash at bank and in hand |
2,544 |
- |
- |
2,544 |
201,715 |
- |
- |
201,715 |
|
Creditors: Amounts falling due within one year |
(947,053) |
- |
- |
(947,053) |
Net current liabilities |
(745,338) |
- |
- |
(745,338) |
Total assets less current liabilities |
6,363,277 |
- |
(1,996,383) |
4,366,894 |
Creditors: Amounts falling due after more than one year |
(9,927,614) |
- |
- |
(9,927,614) |
Net liabilities |
(3,564,337) |
- |
(1,996,383) |
(5,560,720) |
Capital and reserves |
||||
Called up share capital |
1 |
- |
- |
1 |
Profit and loss account |
(3,564,338) |
- |
(1,996,383) |
(5,560,721) |
Total equity |
(3,564,337) |
- |
(1,996,383) |
(5,560,720) |
Page 19 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Balance Sheet at 31 January 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
6,846,536 |
- |
(2,177,106) |
4,669,430 |
Current assets |
||||
Stocks |
203,746 |
- |
- |
203,746 |
Debtors |
123,593 |
- |
- |
123,593 |
Cash at bank and in hand |
2,467 |
- |
- |
2,467 |
329,806 |
- |
- |
329,806 |
|
Creditors: Amounts falling due within one year |
(825,978) |
- |
- |
(825,978) |
Net current liabilities |
(496,172) |
- |
- |
(496,172) |
Total assets less current liabilities |
6,350,364 |
- |
(2,177,106) |
4,173,258 |
Creditors: Amounts falling due after more than one year |
(10,981,631) |
- |
159,329 |
(10,822,302) |
Net liabilities |
(4,631,267) |
- |
(2,017,777) |
(6,649,044) |
Capital and reserves |
||||
Called up share capital |
1 |
- |
- |
1 |
Profit and loss account |
(4,631,268) |
- |
(2,017,777) |
(6,649,045) |
Total equity |
(4,631,267) |
- |
(2,017,777) |
(6,649,044) |
Page 20 |
Furnace Farm Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Profit and Loss Account for the year ended 31 January 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
3,054,281 |
- |
- |
3,054,281 |
Cost of sales |
(2,986,026) |
- |
- |
(2,986,026) |
Gross profit |
68,255 |
- |
- |
68,255 |
Administrative expenses |
(1,084,367) |
- |
(180,724) |
(1,265,091) |
Other operating income |
63,743 |
- |
159,330 |
223,073 |
Operating loss |
(952,369) |
- |
(21,394) |
(973,763) |
Interest payable and similar expenses |
(114,561) |
- |
- |
(114,561) |
(114,561) |
- |
- |
(114,561) |
|
Loss before tax |
(1,066,930) |
- |
(21,394) |
(1,088,324) |
Loss for the financial year |
(1,066,930) |
- |
(21,394) |
(1,088,324) |
Page 21 |