Registration number:
for the Year Ended
Flavourly Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Flavourly Limited
Company Information
Directors |
Mr S Beard Mr SJ Hannah Mr IA Morrison Mr A D Stewart Mr WJ Dobbie Mr DN Moore Mr R O'Rorke Mr MA Sheikh Mr C S J Lewcock |
Registered office |
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Accountants |
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Flavourly Limited
(Registration number: SC430601)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital Contribution |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr A D Stewart
Director
Flavourly Limited
Statement of Changes in Equity for the Year Ended 31 December 2019
Share capital |
Share premium |
Capital Contribution |
Profit and loss account |
Total |
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At 1 January 2019 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
At 31 December 2019 |
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( |
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Share capital |
Share premium |
Capital Contribution |
Profit and loss account |
Total |
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At 1 January 2018 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
- |
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- |
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Total comprehensive income |
- |
- |
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( |
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At 31 December 2018 |
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( |
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Flavourly Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Its parent company also continues to support the company's operational existence and thus the directors continue to adopt the going concern basis of accounting in preparaing the financial statements.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer. Revenue is stated after sales discounts and other sales taxes, and is net of VAT.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Flavourly Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged to the profit and loss account on a straight-line basis at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Office equipment |
33.3% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over its useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Trade debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
In the current year, the company has started to hold some of its own stocks. The closing stock balance at the year ended 31 December 2019 therefore reflects the value of stock held on site. The company continues to also operate a consignment stock model for other stocks whereby a third party legally owns and accepts the risk and reward associated with the stock until the point of sale which is fulfilled by the company.
Flavourly Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Trade creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
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Amortisation expense |
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Flavourly Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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Amortisation charge |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Tangible assets |
Furniture, fittings and equipment |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Flavourly Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by parent undertakings |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to parent undertakings |
- |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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A Ordinary shares of 0.001p each |
20,296,583 |
203 |
20,296,583 |
203 |
B Ordinary shares of 0.001p each |
1,196,547 |
12 |
1,196,547 |
12 |
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Related party transactions |
The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose related party transactions with wholly owned group companies.