Company Registration No. 03536851 (England and Wales)
FARMINA PET FOODS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
FARMINA PET FOODS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
FARMINA PET FOODS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
3
80,686
80,686
Current assets
Debtors
5
63,846
84,221
Cash at bank and in hand
410,883
278,743
474,729
362,964
Creditors: amounts falling due within one year
6
(285,203)
(141,508)
Net current assets
189,526
221,456
Total assets less current liabilities
270,212
302,142
Capital and reserves
Called up share capital
7
10
10
Share premium account
4,990
4,990
Profit and loss reserves
265,212
297,142
Total equity
270,212
302,142
The director 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 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges her 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 and signed by the director and authorised for issue on 8 November 2017
V Basile
Director
Company Registration No. 03536851
FARMINA PET FOODS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2015
10
4,990
147,615
152,615
Year ended 31 December 2015:
Profit and total comprehensive income for the year
-
-
195,279
195,279
Dividends
-
-
(45,752)
(45,752)
Balance at 31 December 2015
10
4,990
297,142
302,142
Year ended 31 December 2016:
Loss and total comprehensive income for the year
-
-
(11,555)
(11,555)
Dividends
-
-
(20,375)
(20,375)
Balance at 31 December 2016
10
4,990
265,212
270,212
FARMINA PET FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Farmina Pet Foods Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
46-54 High Street, Ingatestone, Essex, CM4 9DW.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Farmina Pet Foods Ltd 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 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Farmina Pet Foods Ltd is a subsidiary of ZFC SA and the results of Farmina Pet Foods Ltd are included in the consolidated financial statements of ZFC SA which are available from TMF (B.V.I) Ltd, Road Town, Tortola, British Virgin Islands.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
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.
FARMINA PET FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.4
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2015: 1)
3
Fixed asset investments
2016
2015
£
£
Investments
80,686
80,686
Fixed assets investments represent the cost of the company's investment in its subsidiary, Farmina Pet Foods LLC (Russia). Shares in group undertakings held as fixed assets investments are recorded at historical cost less provision for any permanent diminution in value.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2016 & 31 December 2016
80,686
Carrying amount
At 31 December 2016
80,686
At 31 December 2015
80,686
FARMINA PET FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
4
Subsidiaries
Separate company financial statements are required to be prepared by law. Consolidated financial statements for the Group are prepared and publicly available.
Details of the company's subsidiaries at 31 December 2016 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Farmina Pet Foods LLC - Russia
Russia
Sale and distribution of pet food
Ordinary shares
99.00
The company has taken advantage under Sch 2 Part 1 of The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 from the requirement to disclose financial information about its subsidiary undertaking given it would
be exempt by virtue of section 400 or 401 of the
Companies
Act
2006
from the requirement to prepare group accounts
were
the company
not subject to the small companies regime
.
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
63,846
84,221
6
Creditors: amounts falling due within one year
2016
2015
£
£
Corporation tax
118,442
-
Other creditors
166,761
141,508
285,203
141,508
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary share of £1 each
10
10