Year Ended
Registration number:
Food 4 You (South West) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Food 4 You (South West) Limited
Company Information
Director |
Ms D Griffin |
Company secretary |
Mr K M Hartland |
Registered office |
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Accountants |
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Food 4 You (South West) Limited
Balance Sheet
30 September 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Food 4 You (South West) Limited
Balance Sheet
30 September 2019
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05770740
Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
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
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except 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, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's director, the bank and other creditors.
The director recognises the significant and potentially prolonged uncertainty that exists in the UK economy, as a result of the Covid-19 pandemic. Whilst the director believes that the company is able to deal with the potential impacts, from both an operational and financial perspective, she recognises that there can be no certainty in this respect.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Motor Vehicles |
20% reducing balance |
Equipment |
25% reducing balance |
Leasehold Property Improvements |
10% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Tangible assets |
Leasehold Property Improvements |
Equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2018 |
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At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Food 4 You (South West) Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Dividends |
The director acknowledges that Ultra Vires dividends were declared and paid during the year. At the time the dividends were paid the director was not aware that there were insufficient profits available for distribution. The director acknowledges that no further distributions can be made until there are sufficient profits available for that purpose.