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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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MR LEE'S PURE FOODS CO. LTD |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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MR LEE'S PURE FOODS CO. LTD |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Statement of Income and Retained Earnings | 7 |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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MR LEE'S PURE FOODS CO. LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
An important global growing niche: where convenience eating becomes healthier, more natural and tastes |
great - this is the territory being claimed by Mr Lee's Pure Foods Co. 2018 is a year which has seen Mr Lee's |
Pure Foods Co. , together with its Australian 100% subsidiary, move out of its start-up phase and focus on |
the fundamentals required for scaling up effectively, with some high-profile accounts requiring a rapid |
supply and activity capability. The business has during the course of the year clearly established its brand |
and positioning in the B2B and trade sectors - via awards, awareness and key client successes - and has |
begun the move to consumer retail and expanded global travel sectors. |
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The directors are happy with the company's position and outlook and look forward to continued good |
progress on brand development and distribution growth over the coming year. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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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. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR LEE'S PURE FOODS CO. LTD |
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Opinion |
We have audited the financial statements of Mr Lee's Pure Foods Co. Ltd (the 'company') for the year ended |
31 December 2018 which comprise the Statement of Income and Retained Earnings, Balance Sheet and |
Notes to the Financial Statements, including a summary of significant accounting policies. The financial |
reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for
the year then ended; |
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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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the |
circumstances set out in note seventeen to the financial statements, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained |
is sufficient and appropriate to provide a basis for our opinion. We were appointed as auditors of the |
company on 13 March 2019 and thus did not observe the counting of the physical inventories at the |
beginning of the year. We were unable to satisfy ourselves by alternative means concerning inventory |
quantities held at 31 December 2017. Since opening inventories enter into the determination of the financial |
performance, we were unable to determine whether adjustments might have been necessary in respect of the |
loss for the year reported in the statement of income and retained earnings. |
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Conclusions relating to going concern |
ISAs (UK) require us to report to you where: |
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is |
not appropriate; or |
- the directors have not disclosed in the financial statements any identified material uncertainties that may |
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting |
for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Without qualifying our opinion, we draw attention to Note 2 in the financial statements which indicates that |
the Company is dependent upon the continued support of creditors and further rounds of fundraising. These |
conditions indicate the existence of a material uncertainty that may cast significant doubt about the |
Company’s ability to continue as a going concern. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR LEE'S PURE FOODS CO. LTD |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information |
and, in doing so, consider whether the other information is materially inconsistent with the financial |
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we |
identify such material inconsistencies or apparent material misstatements, we are required to determine |
whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of |
this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course |
of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing further 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; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies |
regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic |
Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and |
fair view, and for such internal control as the directors determine necessary to enable the preparation of |
financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR LEE'S PURE FOODS CO. LTD |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
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Use of our report |
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 a Report of the Auditors 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. |
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for and on behalf of
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3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Period |
1/12/16 |
Year Ended | to |
31/12/18 | 31/12/17 |
as restated |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS LOSS | ( |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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(1,498,114 | ) | (1,232,931 | ) |
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Interest payable and similar expenses |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 6 |
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( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Retained earnings at beginning of year
as previously reported |
(2,052,303 |
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(873,280 |
) |
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Prior year adjustment - corrections of
material errors |
7 |
4,461 |
(8,129 |
) |
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RETAINED EARNINGS AT END OF
YEAR |
(3,548,619 |
) |
(2,047,842 |
) |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 14 |
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Retained earnings | 14 | (3,548,619 | ) | (2,047,842 | ) |
SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Mr Lee's Pure Foods Co. Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis. This assumes that the |
company's directors and creditors will continue to support the business and that further rounds of |
raising capital will be successful and sufficient to enable the continuing development of the trade. |
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Should this support not be forthcoming there would be implications for the fair value of fixed assets |
and other assets (see also note 16 concerning balances with related parties). |
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Preparation of consolidated financial statements |
The financial statements contain information about Mr Lee's Pure Foods Co. Ltd as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable, after the deduction of |
discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Intellectual property is being amortised over it's estimated useful life of ten years. |
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Domain names are being amortised evenly over their estimated useful life of five years. |
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Vending machine development is being amortised over it's estimated useful life of five years. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Vending machines | - |
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Plant and machinery | - |
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Fixtures, fittings and office equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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To the extent that vending machines are operating in a test environment, no depreciation has been |
charged. When the assets are brought into use they will be depreciated in accordance with the |
appropriate accounting policy. |
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Investments in subsidiaries |
Investments in subsidiaries are recognised at cost less impairment. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
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 rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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Period |
1/12/16 |
Year Ended | to |
31/12/18 | 31/12/17 |
as restated |
£ | £ |
Depreciation - owned assets |
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New product development amortisation |
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Intellectual property amortisation |
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Domain names amortisation |
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5. | EXCEPTIONAL ITEMS |
Period |
1/12/16 |
Year Ended | to |
31/12/18 | 31/12/17 |
as restated |
£ | £ |
Exceptional items | (146,357 | ) | - |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The exceptional item relates to a write off of stock, largely as a result of legislative changes in |
Australia concerning the importation of food products. The returned stock was no longer deemed |
suitable for sale in the UK due to the goods being damaged in transit. In addition to this a number of |
costs have been incurred in connection with new market development and in the opinion of the |
directors it is unlikely that these costs will ever be recovered. |
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6. | TAXATION |
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Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
Period |
1/12/16 |
Year Ended | to |
31/12/18 | 31/12/17 |
as restated |
£ | £ |
Current tax: |
(Over)/under provision | - | (91,201 | ) |
Tax on loss |
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( |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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7. | PRIOR YEAR ADJUSTMENT |
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A prior year adjustment has been made in respect of intellectual property rights acquired from a |
director in March 2016 for £50,000. It has been agreed that the intellectual property rights are to be |
amortised over the estimated useful life of 10 years. Therefore amortisation has been provided from |
the date of acquisition and the pre and post tax effect on the profit and loss account for the year ended |
31 December 2017 is an increase in the loss previously reported of £5,417. Previously reported |
opening reserves as at 1 December 2016 have reduced by £3,750 and opening reserves as at 1 January |
2018 have been reduced by £9,167. |
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A prior year adjustment has been made in respect of a director's remuneration during previous |
periods. The pre and post tax effect on the profit and loss account for the year ended 31 December |
2017 is an increase in the loss previously reported of £9,113. Previously reported opening reserves as |
at 1 December 2016 have reduced by £4,378 and opening reserves as at 1 January 2018 have reduced |
by £13,491. |
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A prior year adjustment has been made in respect of costs associated with new product development. |
In the period ended 31 December 2017 these costs were originally expended through the profit and |
loss account. However the directors are now of the opinion that these costs should be capitalised and |
the pre and post tax effect on the profit and loss account for the year ended 31 December 2017 is a |
reduction in the loss previously reported of £27,120. Opening reserves as at 1 January 2018 have |
increased by £27,120. |
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A prior year adjustment has been made in respect of the classification of certain vending machine |
costs. All costs were previously disclosed within tangible fixed assets. In the opinion of the directors, |
a proportion of these costs are in respect of the earlier versions of the current model and should be |
recognised as an intangible asset. This adjustment has no effect on pre or post tax losses previously |
reported, nor does it have any impact on opening reserves as at 1 January 2018. |
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The total effect of all prior year adjustments referred to above is a reduction in opening reserves as at |
1 December 2016 of £8,128, a reduction in previously reported losses for the year ended 31 December |
2017 of £12,590 and an increase in opening reserves as at 1 January 2018 of £4,462. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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8. | INTANGIBLE FIXED ASSETS |
New | Vending |
product | Intellectual | Domain | machine |
development | property | names | development | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Amortisation for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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9. | TANGIBLE FIXED ASSETS |
Short | Vending | Plant and |
leasehold | machines | machinery |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | TANGIBLE FIXED ASSETS - continued |
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Fixtures, |
fittings |
and |
office | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals |
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( |
) |
At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
) |
At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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11. | STOCKS |
2018 | 2017 |
as restated |
£ | £ |
Stocks |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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12. | DEBTORS |
2018 | 2017 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 24,633 | - |
Corporation tax |
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VAT |
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Called up share capital not paid |
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Prepayments and accrued income |
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|
|
Amounts falling due after more than one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Prepayments and accrued income |
|
|
|
|
|
Aggregate amounts |
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | - | 47,117 |
Accruals and deferred income |
|
|
|
|
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
14. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 January 2018 | (2,052,303 | ) |
|
451,931 |
Prior year adjustment |
|
|
( |
) |
|
Deficit for the year | ( |
) | ( |
) |
Share issue | - | 2,226,675 | 2,226,675 |
At 31 December 2018 | ( |
) |
|
1,182,290 |
|
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the year ended 31 December 2018 |
and the period ended 31 December 2017: |
|
2018 | 2017 |
as restated |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
|
|
This loan is non interest bearing and was repaid on 5 April 2019. |
|
16. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date, the amount due from a subsidiary company in respect of trade debtors and |
other loans was £501,668 (2017 - £93,983). |
|
The accounts of the subsidiary show that it was insolvent and dependent on its holding company for |
financial support. The recoverability of these balances is therefore dependent on the future trading |
performance of the group. |
|
At the balance sheet date there was also an amount of £194,603 (2017 £194,603) due from the |
trustees of a trust that had been established for the benefit of employees of the company. The only |
assets of the trust are shares in the company and £100 of cash. The recoverability of this loan is |
therefore dependent on the future share value of the company. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
17. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
|
In common with many other businesses of our size and nature we use our auditors to prepare and |
submit returns to the tax authorities and assist with the preparation of the financial statements. |