Company Registration No. 05820875 (England and Wales)
Sibilla Foods Limited
Unaudited accounts
for the year ended 30 September 2017
Sibilla Foods Limited
Unaudited accounts
Contents
Sibilla Foods Limited
Company Information
for the year ended 30 September 2017
Company Number
05820875 (England and Wales)
Registered Office
No. 5 Monmouth Street
Covent Garden
London
WC2H 9DA
Sibilla Foods Limited
Statement of financial position
as at
30 September 2017
Tangible assets
34,382
19,628
Inventories
30,182
49,657
Cash at bank and in hand
73,474
95,962
Creditors: amounts falling due within one year
(68,880)
(88,709)
Net current assets
52,481
78,555
Total assets less current liabilities
86,864
98,183
Provisions for liabilities
Deferred tax
(3,850)
(3,301)
Called up share capital
100
100
Profit and loss account
82,914
94,782
Shareholders' funds
83,014
94,882
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 June 2018.
Mr I Iacopini
Director
Company Registration No. 05820875
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2017
Sibilla Foods Limited is a private company, limited by shares, registered in England and Wales, registration number 05820875. The registered office is No. 5 Monmouth Street, Covent Garden, London, WC2H 9DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 October 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods and services associated with the company's principal activity provided to customers.
Tangible fixed assets policy
Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20& straight line
Fixtures & fittings
20% straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Stocks is valued at the lower of cost and net realisable value.
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets and liabilities are not discounted.
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2017
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 October 2016
88,652
-
88,652
Additions
-
30,710
30,710
At 30 September 2017
88,652
30,710
119,362
At 1 October 2016
69,024
-
69,024
Charge for the year
9,814
6,142
15,956
At 30 September 2017
78,838
6,142
84,980
At 30 September 2017
9,814
24,568
34,382
At 30 September 2016
19,628
-
19,628
5
Investments
Subsidiary undertakings
Valuation at 1 October 2016
-
Valuation at 30 September 2017
1
Finished goods
30,182
49,657
Trade debtors
6,429
7,979
Accrued income and prepayments
-
3,666
Other debtors
11,276
10,000
Sibilla Foods Limited
Notes to the Accounts
for the year ended 30 September 2017
8
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
9,151
230
Trade creditors
14,935
30,050
Taxes and social security
29,604
40,973
Other creditors
14,883
16,787
Loans from directors
307
669
Lease rental payments are secured by a fixed and floating charge over the assets of the company.
9
Share capital
2017
2016
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2017
2016
At 30 September 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
More than five years
60,000
60,000
11
Transactions with related parties
At the balance sheet date and included in other creditors is £307 (2016: £307) due to Mr I Iacopini, the director.
During the year, the incurred various expenses on behalf of its subsidiary, Il Marchigiano Limited, amounting £13,251. The balance was written off as irrecoverable.
The ultimate controlling party is Mr I Iacopini by virtue of his majority shareholding.
13
Average number of employees
During the year the average number of employees was 12 (2016: 10).