Arundel Kerr Produce (East Anglia) Limited - Period Ending 2015-10-31

Registration number: 04713346

Arundel Kerr Produce (East Anglia) Limited

Unaudited Abbreviated Accounts

FOR THE Period from 1 July 2014 to 31 October 2015

 

Arundel Kerr Produce (East Anglia) Limited
Contents

			Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Arundel Kerr Produce (East Anglia) Limited
(Registration number: 04713346)
Abbreviated Balance Sheet at 31 October 2015

		Note			31 October 2015 £			30 June 2014 £
Fixed assets
Tangible fixed assets					183,854			320,678
Current assets
Stocks					23,844			221,856
Debtors					402,329			67,397
					426,173			289,253
Creditors: Amounts falling due within one year					(894,480)			(829,705)
Net current liabilities					(468,307)			(540,452)
Total assets less current liabilities					(284,453)			(219,774)
Creditors: Amounts falling due after more than one year					(102,130)			(188,790)
Net liabilities					(386,583)			(408,564)
Capital and reserves
Called up share capital		4			199			199
Profit and loss account					(386,782)			(408,763)
Shareholders' deficit					(386,583)			(408,564)

For the period ending 31 October 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 directors acknowledge their 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 29 January 2016 and signed on its behalf by:

.........................................
R D Arundel
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Arundel Kerr Produce (East Anglia) Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2014 to 31 October 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).

Going concern

The company is financed by a significant bank overdraft facility and a bank loan. The overdraft facility and bank loan provided are governed by an agreement with the bank and the company is aware of their repayment obligations and their limits and considers that it can continue trading whilst meeting these. The directors have made assurances that the company will continue to receive financial support from the bank and its associated companies and that the changes to trade should result in the company generating profits in the next accounting period. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

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% - 25% reducing balance and 4% - 33% straight line
Fixtures and fittings	20% - 25% reducing balance

Stock

The basis of valuation is as follows: Raw materials and consumables are stated at the lower of cost or net realisable value. Tenantright is stated at actual costs incurred. Produce on hand is valued at the lower of cost or net realisable value. The basis of valuation is consistent with previous years.

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.

Page 2

Arundel Kerr Produce (East Anglia) Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2014 to 31 October 2015
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2014		531,794			531,794
Additions		10,000			10,000
Disposals		(2,500)			(2,500)
At 31 October 2015		539,294			539,294
Depreciation
At 1 July 2014		211,116			211,116
Charge for the period		145,773			145,773
Eliminated on disposals		(1,449)			(1,449)
At 31 October 2015		355,440			355,440
Net book value
At 31 October 2015		183,854			183,854
At 30 June 2014		320,678			320,678

3

Creditors

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

		31 October 2015 £			30 June 2014 £
Amounts falling due within one year		490,487			548,273
Amounts falling due after more than one year		102,130			188,790
Total secured creditors		592,617			737,063

Page 3

Arundel Kerr Produce (East Anglia) Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2014 to 31 October 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	31 October 2015						30 June 2014
		No.			£			No.			£
Ordinary shares of £1 each		99			99			99			99
B non-voting shares of £1 each		100			100			100			100
		199			199			199			199

Page 4