COMPANY REGISTRATION NO. 09437684 (England and Wales)
AMD CATERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
AMD CATERING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
AMD CATERING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
7,650
8,500
Tangible assets
4
120,184
-
Current assets
Debtors
5
638
363
Cash at bank and in hand
1,781
137
2,419
500
Creditors: amounts falling due within one year
6
(82,022)
(8,900)
Net current liabilities
(79,603)
(8,400)
Total assets less current liabilities
48,231
100
Creditors: amounts falling due after more than one year
7
(86,290)
-
Net (liabilities)/assets
(38,059)
100
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(38,159)
-
Total equity
(38,059)
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 November 2017 and are signed on its behalf by:
Alan Darlow
Director
Company Registration No. 09437684
AMD CATERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 February 2015
-
-
-
Year ended 28 February 2016:
Profit and total comprehensive income for the year
-
-
-
Issue of share capital
8
100
-
100
Balance at 28 February 2016
100
-
100
Year ended 28 February 2017:
Loss and total comprehensive income for the year
-
(38,159)
(38,159)
Balance at 28 February 2017
100
(38,159)
(38,059)
AMD CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 3 -
1
Accounting policies
Company information
AMD Catering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Firs 8 High Street, 8 High Street, Caerleon, Newport, United Kingdom, NP18 1AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2017
are the
first
financial statements of AMD Catering Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 13 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
AMD CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
AMD CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 2).
3
Intangible fixed assets
Intangible assets
£
Cost
At 29 February 2016 and 28 February 2017
8,500
Amortisation and impairment
At 29 February 2016
-
Amortisation charged for the year
850
At 28 February 2017
850
Carrying amount
At 28 February 2017
7,650
At 28 February 2016
8,500
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 February 2016
-
Additions
129,951
At 28 February 2017
129,951
Depreciation and impairment
At 29 February 2016
-
Depreciation charged in the year
9,767
At 28 February 2017
9,767
Carrying amount
At 28 February 2017
120,184
At 28 February 2016
-
AMD CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
638
363
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
9,805
-
Trade creditors
5,300
-
Other taxation and social security
1,108
-
Other creditors
65,809
8,900
82,022
8,900
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
86,290
-
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
27,000
-
AMD CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 7 -
10
Related party transactions
At 28 February 201
7
an amount of £5,000
(2016 : £5,000)
was owed to Llanhennock Investments Limited; this amount has been included in creditors amounts due within one year. The loan is interest free and has no fixed repayment date. Llanhennock Ivestments Limited is also controlled by Mr A M Darlow.
At 28 February 201
7
an amount of £500
(2016 : £500)
was owed to Gwent Nursing Homes Limited; this amount has been included in creditors amounts due within one year. The loan is interest free and has no fixed repayment date. Gwent Nursing Homes Limited is also controlled by Mr A M Darlow.
The directors operates a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. The amount outstanding to the directors as at 28 February
2017
was £3,400
(2016 : £3,400)
. This amount is included in creditors within one year, the loan is non interest bearing and there are no fixed repayment dates.