Premier Produce Scotland Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC518930 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Premier Produce Scotland Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Downey

Mrs H Downey

REGISTERED OFFICE:

Suite 4F

Ingram House

227 Ingram Street

Glasgow

G1 1DA

REGISTERED NUMBER:

SC518930 (Scotland)

ACCOUNTANTS:

Key Professional Partnership Ltd

Suite 4F

Ingram House

227 Ingram Street

Glasgow

G1 1DA

FIXED ASSETS

Tangible assets

4

131,818

139,300

CURRENT ASSETS

Stocks

11,820

11,820

Debtors

5

695,630

755,922

Cash at bank and in hand

195,575

185,136

903,025

952,878

CREDITORS

Amounts falling due within one year

6

759,904

777,835

NET CURRENT ASSETS

143,121

175,043

TOTAL ASSETS LESS CURRENT LIABILITIES

274,939

314,343

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

274,839

314,243

SHAREHOLDERS' FUNDS

274,939

314,343

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2019 and were signed on its behalf by:

P Downey - Director

1.	STATUTORY INFORMATION

Premier Produce Scotland Ltd is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

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 14 (2017 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

175,950

Additions

31,150

At 31 December 2018

207,100

DEPRECIATION

At 1 January 2018

36,650

Charge for year

38,632

At 31 December 2018

75,282

NET BOOK VALUE

At 31 December 2018

131,818

At 31 December 2017

139,300

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

685,837

749,019

Other debtors

9,793

6,903

695,630

755,922

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

626,272

656,963

Taxation and social security

36,908

41,060

Other creditors

96,724

79,812

759,904

777,835

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

Ordinary

1

100

100

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Downey.