REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
FOR |
|
MR LEE'S PURE FOODS CO. LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
FOR |
|
MR LEE'S PURE FOODS CO. LTD |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 11 |
MR LEE'S PURE FOODS CO. LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
BALANCE SHEET |
31 DECEMBER 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 7 |
|
|
Debtors | 8 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year
(including convertible debt) |
9 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
BALANCE SHEET - continued |
31 DECEMBER 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Mr Lee's Pure Foods Co. Ltd is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements have been prepared on the going concern basis and the company is currently in the process of restructuring. This restructure is necessary to enable the company to continue as a going concern and is to be achieved through a share for share exchange in a new holding company. The new holding company has secured funding from a range of investors and these funds are currently being advanced to Mr Lee's Pure Foods Co Limited to enable it to meet it's debts as they fall due. It is understood that these funds will continue to be available for a period in excess of 12 months from the signing of the financial statements. |
|
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. |
|
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. |
|
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. |
|
New product development is being amortised over it's estimated useful life of five years. |
|
Intellectual property is being amortised over it's estimated useful life of ten years. |
|
Website and domain names are being amortised evenly over their estimated useful life of five years. |
|
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) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Vending machines | - |
|
Plant and machinery | - |
|
Fixtures, fittings and office equipment | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
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. |
|
Government grants |
Grants are included in the Statement of Income and Retained Earnings on a receivable basis. Where entitlement occurs before income is received, the income is accrued. |
|
Investments in subsidiaries |
Investments in subsidiaries are recognised at cost less impairment. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
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. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Website |
New | and | Vending |
product | Intellectual | domain | machine |
development | property | names | development | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Reclassification/transfer |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
AMORTISATION |
At 1 January 2020 |
|
|
|
|
|
Amortisation for year |
|
|
|
|
|
Reclassification/transfer |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
5. | TANGIBLE FIXED ASSETS |
Short | Vending | Plant and |
leasehold | machines | machinery |
£ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
Reclassification/transfer |
|
|
|
At 31 December 2020 |
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
Reclassification/transfer |
|
|
|
At 31 December 2020 |
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
|
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Fixtures, |
fittings |
and |
office | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
Reclassification/transfer |
|
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
Reclassification/transfer |
|
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1 January 2020 |
|
Impairments | ( |
) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
7. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
|
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Corporation tax |
|
|
VAT |
|
|
Called up share capital not paid |
|
|
Prepayments and accrued income |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | - | 4,551 |
Accruals and deferred income |
|
|
|
|
|
During the current year the company received loans of £1,225,000 on which interest is charged at 8% per annum. These loans are convertible into shares and carry the right to a 20% discount on the value of the shares at the time of conversion. In the event that conversion does not take place a premium of 100% of the loan capital is payable. No provision has been made for this premium. |
|
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
During the previous year advances of £24,633 were made to a former director and repaid in that year. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
11. | RELATED PARTY DISCLOSURES |
|
TRANSACTIONS WITH GROUP COMPANIES |
|
At the balance sheet date, the amount due from group companies in respect of trade debtors and other loans was £971,377 (2019 - £1,076,077). These balances are non interest bearing and no terms of repayment have been agreed. During the current year a balance of £1,316,947 due from a group company was written off and the company is in the process of being closed. |
|
The recoverability of these balances is dependent on the future trading performance of the group. |
|
TRANSACTIONS WITH OTHER RELATED PARTIES |
|
At the balance sheet date there was also an amount of £194,603 due from the trustees of a trust that had been established for the benefit of employees of the company. As indicated in note 5, full provision has now been made against this loan and therefore the amount included in the balance sheet is £Nil (2019 £194,603). |
|
TRANSACTIONS WITH DIRECTORS |
|
Non interest bearing loans on which no terms of repayment have been agreed. The amount due to the related parties at the balance sheet date amounted to £NIL (2019 - £4,551). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MR LEE'S PURE FOODS CO. LTD |
|
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mr Lee's Pure Foods Co. Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of Mr Lee's Pure Foods Co. Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mr Lee's Pure Foods Co. Ltd and state those matters that we have agreed to state to the Board of Directors of Mr Lee's Pure Foods Co. Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mr Lee's Pure Foods Co. Ltd and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Mr Lee's Pure Foods Co. Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mr Lee's Pure Foods Co. Ltd. You consider that Mr Lee's Pure Foods Co. Ltd is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Mr Lee's Pure Foods Co. Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
|
|
|