Tasty Foods Cuisine Limited - Period Ending 2016-03-31

Registration number: NI029268

Tasty Foods Cuisine Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

Tasty Foods Cuisine Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Tasty Foods Cuisine Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tasty Foods Cuisine Limited for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practicing member firm of the Institute of Chartered Accountants in Ireland(ICAI), we are subject to its ethical and other professional requirements which are detailed at icai.ie.

This report is made solely to the Board of Directors of Tasty Foods Cuisine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tasty Foods Cuisine Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tasty Foods Cuisine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tasty Foods Cuisine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tasty Foods Cuisine Limited. You consider that Tasty Foods Cuisine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tasty Foods Cuisine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

22 December 2015

Page 1

Tasty Foods Cuisine Limited
(Registration number: NI029268)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					175,798			207,717
Current assets
Stocks					137,489			249,215
Debtors					259,979			334,401
Cash at bank and in hand					2,107			225
					399,575			583,841
Creditors: Amounts falling due within one year					(451,560)			(657,212)
Net current liabilities					(51,985)			(73,371)
Total assets less current liabilities					123,813			134,346
Creditors: Amounts falling due after more than one year					(16,269)			(26,904)
Provisions for liabilities					(20,630)			(23,800)
Net assets					86,914			83,642
Capital and reserves
Called up share capital		4			10,002			10,002
Profit and loss account					76,912			73,640
Shareholders' funds					86,914			83,642

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 22 December 2015

.........................................
Mr Conor Daykin
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Tasty Foods Cuisine Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% straight line basis
Fixtures and fittings	15% reducing balance basis
Motor vehicles	20% reducing balance basis
Office equipment	33 1/3% straight line basis
Leasehold improvement	20% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

Tasty Foods Cuisine Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		830,960			830,960
Additions		14,157			14,157
At 31 March 2015		845,117			845,117
Depreciation
At 1 April 2014		623,243			623,243
Charge for the year		46,076			46,076
At 31 March 2015		669,319			669,319
Net book value
At 31 March 2015		175,798			175,798
At 31 March 2014		207,717			207,717

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		152,842			178,373

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share class 1 of £1 each		10,002			10,002			10,002			10,002

Page 4

Tasty Foods Cuisine Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5

Control

The company is controlled by Conor and Kathy Daykin.

Page 5