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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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KBL Potatoes Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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KBL Potatoes Limited |
KBL Potatoes Limited (Registered number: SC227117) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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KBL Potatoes Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
5 Whitefriars Crescent |
Perth |
Perthshire |
PH2 0PA |
KBL Potatoes Limited (Registered number: SC227117) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
KBL Potatoes Limited (Registered number: SC227117) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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KBL Potatoes Limited (Registered number: SC227117) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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KBL Potatoes Limited is a
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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 accounting |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year for that of |
marketing potatoes, exclusive of Value Added Tax. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
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Heritable Property | - No depreciation is provided on land |
Permanent Improvements | - 10% on cost |
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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 Income Statement, |
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. |
KBL Potatoes Limited (Registered number: SC227117) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are |
held separately from those of the company. The annual contributions payable are charged to the profit and |
loss account. |
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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. | TANGIBLE FIXED ASSETS |
Improvements |
Heritable | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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KBL Potatoes Limited (Registered number: SC227117) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
Additions |
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At 31 March 2017 |
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DEPRECIATION |
Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 2-5 years |
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Bank loans more 5 yr |
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Hire purchase contracts |
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KBL Potatoes Limited (Registered number: SC227117) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr | 502,855 | 538,515 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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A standard security is held by Bank of Scotland. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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10. | RELATED PARTY DISCLOSURES |
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11. | ULTIMATE CONTROLLING PARTY |
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KBL Potatoes Limited is controlled by
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12. | FIRST YEAR ADOPTION |
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The company transitioned from UK GAAP to FRS 102 as at 1 April 2016. |