Company Registration No. 04093747 (England and Wales)
C & G PETFOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
C & G PETFOODS LIMITED
COMPANY INFORMATION
Directors
Mr C J Smelt
Mr G R Smelt
Secretary
Mr C J Smelt
Company number
04093747
Registered office
6 Gold Street
Tiverton
Devon
EX16 6PZ
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
C & G PETFOODS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
C & G PETFOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
34,586
21,363
Current assets
Stocks
111,454
129,858
Debtors
5
109,997
65,217
Cash at bank and in hand
58,899
36,245
280,350
231,320
Creditors: amounts falling due within one year
6
(289,639)
(206,228)
Net current (liabilities)/assets
(9,289)
25,092
Total assets less current liabilities
25,297
46,455
Creditors: amounts falling due after more than one year
7
(12,636)
(13,289)
Net assets
12,661
33,166
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
12,659
33,164
Total equity
12,661
33,166
C & G PETFOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
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 31 December 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 21 December 2018 and are signed on its behalf by:
Mr C J Smelt
Director
Company Registration No. 04093747
C & G PETFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
C & G Petfoods Limited is a
private
company
limited by shares
incorporated in England and Wales within the United Kingdom.
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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover
represents the total value, excluding value added tax, of sales made during the year.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
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
.
1.4
Stocks
Stocks are stated at the lower of cost and
net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
C & G PETFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
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 on a straight line basis over the life of the lease.
1.10
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 year was 11 (2016 - 11).
C & G PETFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
7,638
Amortisation and impairment
At 1 January 2017 and 31 December 2017
7,638
Carrying amount
At 31 December 2017
-
At 31 December 2016
-
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2017
2,800
121,394
8,312
24,176
156,682
Additions
-
199
1,610
20,564
22,373
At 31 December 2017
2,800
121,593
9,922
44,740
179,055
Depreciation and impairment
At 1 January 2017
2,330
102,650
8,312
22,027
135,319
Depreciation charged in the year
94
2,842
536
5,678
9,150
At 31 December 2017
2,424
105,492
8,848
27,705
144,469
Carrying amount
At 31 December 2017
376
16,101
1,074
17,035
34,586
At 31 December 2016
470
18,744
-
2,149
21,363
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
51,936
3,401
Other debtors
58,061
60,639
Prepayments and accrued income
-
1,177
109,997
65,217
C & G PETFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
9,043
9,000
Obligations under finance leases
3,113
-
Trade creditors
130,570
66,700
Corporation tax
50,215
31,755
Other taxation and social security
10,866
5,676
Other creditors
82,839
85,097
Accruals and deferred income
2,993
8,000
289,639
206,228
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,519
13,289
Obligations under finance leases
10,117
-
12,636
13,289
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2