Tasty Foods Cuisine Limited - Period Ending 2017-03-31

Tasty Foods Cuisine Limited - Period Ending 2017-03-31


Tasty Foods Cuisine LimitedNI029268false2016-04-012017-03-312017-03-31The principal activity of the company is production of ready made mealsDigita Accounts Production Advanced 6.18.8247.0SoftwaretrueNI0292682016-04-012017-03-31NI0292682017-03-31NI029268core:RetainedEarningsAccumulatedLosses2017-03-31NI029268core:ShareCapital2017-03-31NI029268core:CurrentFinancialInstrumentscore:WithinOneYear2017-03-31NI029268core:Non-currentFinancialInstrumentscore:AfterOneYear2017-03-31NI029268bus:SmallEntities2016-04-012017-03-31NI029268bus:AuditExemptWithAccountantsReport2016-04-012017-03-31NI029268bus:AbridgedAccounts2016-04-012017-03-31NI029268bus:RegisteredOffice2016-04-012017-03-31NI029268bus:CompanySecretary12016-04-012017-03-31NI029268bus:Director22016-04-012017-03-31NI029268bus:PrivateLimitedCompanyLtd2016-04-012017-03-31NI029268bus:Agent12016-04-012017-03-31NI029268core:RetainedEarningsAccumulatedLosses2016-04-012017-03-31NI029268core:ShareCapital2016-04-012017-03-31NI029268core:FurnitureFittings2016-04-012017-03-31NI029268core:LeaseholdImprovements2016-04-012017-03-31NI029268core:MotorVehicles2016-04-012017-03-31NI029268core:OfficeEquipment2016-04-012017-03-31NI029268core:PlantMachinery2016-04-012017-03-31NI029268countries:NorthernIreland2016-04-012017-03-31NI0292682016-03-31NI029268core:RetainedEarningsAccumulatedLosses2016-03-31NI029268core:ShareCapital2016-03-31NI0292682015-04-012016-03-31NI0292682016-03-31NI029268core:RetainedEarningsAccumulatedLosses2016-03-31NI029268core:ShareCapital2016-03-31NI029268core:CurrentFinancialInstrumentscore:WithinOneYear2016-03-31NI029268core:Non-currentFinancialInstrumentscore:AfterOneYear2016-03-31NI029268core:RetainedEarningsAccumulatedLosses2015-04-012016-03-31NI029268core:ShareCapital2015-04-012016-03-31NI0292682015-03-31NI029268core:RetainedEarningsAccumulatedLosses2015-03-31NI029268core:ShareCapital2015-03-31iso4217:GBPxbrli:pure

Registration number: NI029268

Tasty Foods Cuisine Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

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

 

Tasty Foods Cuisine Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Abridged Financial Statements

9 to 13

 

Tasty Foods Cuisine Limited

Company Information

Director

Conor Daykin

Company secretary

Kathleen Daykin

Registered office

7 Glenwood Business Park
Dunmurry
Belfast
Co Antrim
BT17 0QL

Solicitors

Thomas Armstrong
51-53 Upper Arthur Street
Belfast
Co Antrim
BT1 4GJ

Accountants

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

 

Tasty Foods Cuisine Limited

Director's Report for the Year Ended 31 March 2017

The director presents his report and the abridged financial statements for the year ended 31 March 2017.

Director of the company

The director who held office during the year was as follows:

Conor Daykin

Principal activity

The principal activity of the company is production of ready made meals

Small companies provision statement

This report has 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.

Approved by the Board on 4 May 2017 and signed on its behalf by:

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

 

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 2017

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 2017 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

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

4 May 2017

 

Tasty Foods Cuisine Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2017

Note

Total
31 March
2017
£

Total
31 March
2016
£

Gross profit

 

683,522

503,722

Distribution costs

 

(26,852)

(26,879)

Administrative expenses

 

(452,849)

(424,690)

Interest payable and similar expenses

 

(14,513)

(20,735)

Profit before tax

4

189,308

31,418

Taxation

 

(38,869)

(5,965)

Profit for the financial year

 

150,439

25,453

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tasty Foods Cuisine Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

Note

2017
£

2016
£

Profit for the year

 

150,439

25,453

Total comprehensive income for the year

 

150,439

25,453

 

Tasty Foods Cuisine Limited

(Registration number: NI029268)
Abridged Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

183,163

154,420

Current assets

 

Stocks

6

48,578

104,456

Debtors

228,500

217,243

Cash at bank and in hand

 

71,017

54,130

 

348,095

375,829

Prepayments and accrued income

 

3,604

6,984

Creditors: Amounts falling due within one year

(241,549)

(405,553)

Net current assets/(liabilities)

 

110,150

(22,740)

Total assets less current liabilities

 

293,313

131,680

Creditors: Amounts falling due after more than one year

(29,725)

(5,994)

Provisions for liabilities

(26,865)

(18,970)

Accruals and deferred income

 

(22,577)

(8,849)

Net assets

 

214,146

97,867

Capital and reserves

 

Called up share capital

10,002

10,002

Profit and loss account

204,144

87,865

Total equity

 

214,146

97,867

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Tasty Foods Cuisine Limited

(Registration number: NI029268)
Abridged Balance Sheet as at 31 March 2017

Approved and authorised by the director on 4 May 2017
 

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

Conor Daykin

Director

 

Tasty Foods Cuisine Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

10,002

87,865

97,867

Profit for the year

-

150,439

150,439

Total comprehensive income

-

150,439

150,439

Dividends

-

(34,160)

(34,160)

At 31 March 2017

10,002

204,144

214,146

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2015

10,002

76,912

86,914

Profit for the year

-

25,453

25,453

Total comprehensive income

-

25,453

25,453

Dividends

-

(14,500)

(14,500)

At 31 March 2016

10,002

87,865

97,867

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in Northern Ireland.

The address of its registered office is:
7 Glenwood Business Park
Dunmurry
Belfast
Co Antrim
BT17 0QL

These financial statements were authorised for issue by the director on 4 May 2017.

2

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

10% reducing balance basis

Office equipment

33 1/3% straight line basis

Leasehold improvements

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2016 - 22).

4

Profit before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

58,882

40,145

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2016

863,884

Additions

87,625

At 31 March 2017

951,509

Depreciation

At 1 April 2016

709,464

Charge for the year

58,882

At 31 March 2017

768,346

Carrying amount

At 31 March 2017

183,163

At 31 March 2016

154,420

Included within the net book value of land and buildings above is £Nil (2016 - £16,694) in respect of short leasehold land and buildings.
 

6

Stocks

2017
£

2016
£

Other inventories

48,578

104,456

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

7

Dividends

 

2017

2016

 

£

£

Interim dividend of £3.4153 (2016 - £1.4492) per ordinary share

34,160

14,500