Company Registration No. 08024998 (England and Wales)
Daisy Green Food Limited
Unaudited accounts
for the year ended 30 April 2017
Daisy Green Food Limited
Unaudited accounts
Contents
Daisy Green Food Limited
Company Information
for the year ended 30 April 2017
Directors
Prudence Freeman
Thomas Onions
Company Number
08024998 (England and Wales)
Registered Office
20 Seymour Street
London
W1H 7HX
Accountants
Urban Accounting Solutions
101 Finsbury Pavement
Moorgate
London
EC2A 1RS
Daisy Green Food Limited
Statement of financial position
as at
30 April 2017
Tangible assets
922,508
343,058
Inventories
39,743
14,036
Cash at bank and in hand
49,220
451,624
Creditors: amounts falling due within one year
(1,194,693)
(653,869)
Net current (liabilities)/assets
(797,578)
218,598
Total assets less current liabilities
124,933
561,659
Creditors: amounts falling due after more than one year
(858,894)
(893,916)
Provisions for liabilities
Deferred tax
(109,272)
(32,236)
Net liabilities
(843,233)
(364,493)
Called up share capital
2
2
Profit and loss account
(843,235)
(364,495)
Shareholders' funds
(843,233)
(364,493)
For the year ending 30 April 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 directors acknowledge their 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 29 January 2017.
Prudence Freeman
Director
Company Registration No. 08024998
Daisy Green Food Limited
Notes to the Accounts
for the year ended 30 April 2017
Daisy Green Food Limited is a private company, limited by shares, registered in England and Wales, registration number 08024998. The registered office is 20 Seymour Street, London, W1H 7HX.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
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 provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on Straight line basis (Short life equipment - 50% on Straight line basis)
Motor vehicles
25% on Straight line basis
Fixtures & fittings
25% on Straight line basis
Computer equipment
25% on Straight line basis
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Daisy Green Food Limited
Notes to the Accounts
for the year ended 30 April 2017
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.
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.
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2016
211,234
54,171
246,199
11,799
523,403
Additions
183,798
-
630,125
4,646
818,569
At 30 April 2017
395,032
54,171
876,324
16,445
1,341,972
At 1 May 2016
75,383
51,375
50,464
3,123
180,345
Charge for the year
75,076
2,796
157,642
3,605
239,119
At 30 April 2017
150,459
54,171
208,106
6,728
419,464
At 30 April 2017
244,573
-
668,218
9,717
922,508
At 30 April 2016
135,851
2,796
195,735
8,676
343,058
Daisy Green Food Limited
Notes to the Accounts
for the year ended 30 April 2017
5
Investments
Subsidiary undertakings
Valuation at 1 May 2016
3
Valuation at 30 April 2017
3
The company's investments at the balance sheet date are in the share capital of companies include the following:
Daisy Green Food Marble Arch Ltd - 100% holding of the company.
Daisy Green Food Paddington Ltd - 100% holding of the company.
Raw materials
39,743
14,036
Trade debtors
90,548
57,539
Amounts due from group undertakings etc.
-
133,004
Accrued income and prepayments
75,229
110,590
Other debtors
142,375
105,674
8
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
25,148
-
Trade creditors
426,099
208,433
Amounts owed to group undertakings and other participating interests
200
-
Taxes and social security
285,161
120,021
Other creditors
147,562
80,834
Loans from directors
197,999
211,501
9
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
85,894
120,916
Other creditors
773,000
773,000
The company has issued bonds in the financial year ended 30th April 2016 for the value of £773,000 offering 11% annual rate of return which are redeemable at par after 4 years.
At the year end, the company has outstanding bank loans for the total value of £85,894 owed to Lloyds bank and HSBC which are secured over the company's assets.
Daisy Green Food Limited
Notes to the Accounts
for the year ended 30 April 2017
10
Share capital
2017
2016
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
11
Operating lease commitments
2017
2016
At 30 April 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
265,500
204,667
Within two to five years
945,500
480,567
More than five years
397,500
135,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan
158,076
10,358
-
168,434
Director's Loan
53,426
-
23,861
29,565
211,502
10,358
23,861
197,999
At the year end, the company owed £111,854 to Thomas Onions and £328,013 to Prudence Freeman (2016: Thomas Onions £111,854 and Prudence Freeman £251,667).
At the year end, Thomas Onions and Prudence Freeman owed the company £82,289 and £159,579 respectively.
At the year end, Prudence Freeman and Thomas Onions are the equal shareholders of the company and ultimate controlling parties.
At the year end, the company owed £200 to Daisy Green Food Marble Arch Limited, a company under common control.
During the year ended 30/04/2017, the company recharged expenditure totalling £367,137 to Daisy Green Food Marble Arch Limited.
14
Average number of employees
During the year the average number of employees was 75 (2016: 49).