Fresh Southwest Limited - Period Ending 2017-03-31

Fresh Southwest Limited - Period Ending 2017-03-31


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Fresh Southwest Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 07119724

 

Fresh Southwest Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Fresh Southwest Limited

Company Information

Director

Mr K R J Graham

Registered office

The Penthouse
Philip House
Honiton Road
Exeter
EX1 3RU

Bankers

HSBC Bank plc
Bury St Edmunds Branch
54 Abbeygate Street
Suffolk
IP33 1LP

Accountants

Francis Clark LLP
Chartered Accountants
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Fresh Southwest Limited

Balance Sheet

31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

2,972

3,054

Current assets

 

Debtors

5

65,247

61,155

Cash at bank and in hand

 

5,703

12,589

 

70,950

73,744

Creditors: Amounts falling due within one year

6

(87,363)

(79,822)

Net current liabilities

 

(16,413)

(6,078)

Total assets less current liabilities

 

(13,441)

(3,024)

Provisions for liabilities

(595)

(610)

Net liabilities

 

(14,036)

(3,634)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(14,136)

(3,734)

Total equity

 

(14,036)

(3,634)

 

Fresh Southwest Limited

Balance Sheet

31 March 2017

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 September 2017
 

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

Mr K R J Graham

Director

Company Registration Number: 07119724

 

Fresh Southwest Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1

General information

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

The address of its registered office is:
The Penthouse
Philip House
Honiton Road
Exeter
EX1 3RU

These financial statements were authorised for issue by the director on 11 September 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2016. There is no material impact on the reported financial position and financial performance.

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

Fixtures, fittings and equipment

25% Reducing balance

 

Fresh Southwest Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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.

 

Fresh Southwest Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2016 - 8).

 

Fresh Southwest Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

8,332

8,332

Additions

914

914

At 31 March 2017

9,246

9,246

Depreciation

At 1 April 2016

5,279

5,279

Charge for the year

995

995

At 31 March 2017

6,274

6,274

Carrying amount

At 31 March 2017

2,972

2,972

At 31 March 2016

3,054

3,054

5

Debtors

2017
 £

2016
 £

Trade debtors

50,080

50,852

Other debtors

2,176

2,043

Prepayments

12,991

8,260

65,247

61,155

6

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Trade creditors

 

3,557

4,229

Social security and other taxes

 

12,528

3,549

Outstanding defined contribution pension costs

 

487

173

Other creditors

 

2,647

1,110

Accrued expenses

 

8,007

8,161

Corporation tax

60,137

62,600

 

87,363

79,822

 

Fresh Southwest Limited

Notes to the Financial Statements

Year Ended 31 March 2017

7

Related party transactions

Summary of transactions with parent

Riverside Montrose Limited
(parent company owning 89% of the company's issued share capital and a company in which Mr K R J Graham is also a director and shareholder)

 During the year Riverside Montrose Limited invoiced the company for services totalling £1,210 (2016: £1,110). During the year the company paid dividends to Riverside Montrose Limited totalling £209,330 (2016: £203,740). At the balance sheet date the amount due to Riverside Montrose Limited was £nil (2016: £nil).
 

Summary of transactions with other related parties

Templar Southwest Limited
(a company which owns 11% of the company's issued share capital and a company in which director Mr B J Knights is also a director and shareholder)
During the year Templar Southwest Limited received dividends of £37,670 (2016: £52,260. At the balance sheet date the amount due from Templar Southwest Limited was £554 (2016: £554).

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Riverside Montrose Limited, incorporated in UK.

 The ultimate controlling party is Mr K R J Graham.