Citrosoft Drinks (Midlands) Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 01735197 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

CITROSOFT DRINKS (MIDLANDS) LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R P Haslam

Mrs C L Raine

M J Raine

SECRETARY:

Mrs C L Raine

REGISTERED OFFICE:

Suite No 2, Centre Court

Vine Lane

Halesowen

West Midlands

B63 3EB

REGISTERED NUMBER:

01735197 (England and Wales)

ACCOUNTANTS:

Bowker, Stevens & Co

Suite No. 2, Centre Court

Vine Lane

Halesowen

West Midlands

B63 3EB

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Citrosoft Drinks (Midlands) Limited for the year ended 31 March 2017 which comprise the

Income Statement, Balance Sheet, and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Citrosoft Drinks (Midlands) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Citrosoft Drinks (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Citrosoft Drinks (Midlands) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Citrosoft Drinks (Midlands) Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Citrosoft Drinks (Midlands) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Citrosoft Drinks (Midlands) Limited. You consider that Citrosoft Drinks (Midlands) 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 financial statements of Citrosoft Drinks (Midlands) 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 financial statements.

Bowker, Stevens & Co

Suite No. 2, Centre Court

Vine Lane

Halesowen

West Midlands

B63 3EB

14 August 2017

FIXED ASSETS

Tangible assets

4

67,261

97,754

Investment property

5

230,000

-

297,261

97,754

CURRENT ASSETS

Stocks

16,028

31,088

Debtors

6

33,379

35,193

Cash at bank

24,739

51,497

74,146

117,778

CREDITORS

Amounts falling due within one year

7

41,913

71,098

NET CURRENT ASSETS

32,233

46,680

TOTAL ASSETS LESS CURRENT LIABILITIES

329,494

144,434

CREDITORS

Amounts falling due after more than one year

8

(30,575

)

(30,575

)

PROVISIONS FOR LIABILITIES

(25,812

)

-

NET ASSETS

273,107

113,859

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

272,107

112,859

SHAREHOLDERS' FUNDS

273,107

113,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 3 August 2017 and were signed on its behalf by:

R P Haslam - Director

1.	STATUTORY INFORMATION

Citrosoft Drinks (Midlands) Limited is a private company, limited by shares , registered in England and Wales.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents sales of goods and services made net of trade discounts, VAT and other related taxes. All

sales are attributable to the UK.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Dispensers

-

20% on cost

Fixtures, fittings & equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date with changes in fair value recognised in profit or loss.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the

carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in

profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Freehold

fittings

Motor

property

Dispensers

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

98,606

49,689

35,668

35,718

219,681

Additions

-

22,068

275

-

22,343

Disposals

-

(1,937

)

-

-

(1,937

)

Reclassification/transfer

(57,828

)

-

-

-

(57,828

)

At 31 March 2017

40,778

69,820

35,943

35,718

182,259

DEPRECIATION

At 1 April 2016

37,694

28,445

33,863

21,925

121,927

Charge for year

816

11,438

682

3,448

16,384

Eliminated on disposal

-

(1,937

)

-

-

(1,937

)

Reclassification/transfer

(21,376

)

-

-

-

(21,376

)

At 31 March 2017

17,134

37,946

34,545

25,373

114,998

NET BOOK VALUE

At 31 March 2017

23,644

31,874

1,398

10,345

67,261

At 31 March 2016

60,912

21,244

1,805

13,793

97,754

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

16,349

Transfer to ownership

(16,349

)

At 31 March 2017

-

DEPRECIATION

At 1 April 2016

7,153

Transfer to ownership

(7,153

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

9,196

5.	INVESTMENT PROPERTY

Investment properties were valued as at 31st March 2017 by a director who is not a professionally qualified

valuer. The method used was to review similar comparable properties nearby which were for sale or had recently

been sold and estimate the valuation accordingly. The significant assumption is that such properties were sold at

market value.

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2017

230,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

28,803

29,312

Other debtors

4,576

5,881

33,379

35,193

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

-

4,878

Trade creditors

19,789

23,851

Taxation and social security

9,936

11,709

Other creditors

12,188

30,660

41,913

71,098

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other creditors

30,575

30,575

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

30,575

30,575

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Mortgage loan

30,575

30,575

The loan is secured by a fixed charge over a freehold property of the company.

10.	RELATED PARTY DISCLOSURES