ACCOUNTS - Final Accounts

Staff costs, including directors' remuneration, were as follows:

9 months ended

31 December

15 months ended

31 March

BURTS CHIPS LIMITED - Company Information

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Registered number: 03745420

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

COMPANY INFORMATION

DIRECTORS	Mr D A Nairn
	Mr J L Joseph (resigned 1 April 2016)
	Mr M P R Cosby (resigned 1 April 2016)
	Mr Y M Patel
	Mr T G Kelly
	Mr S R Knight (resigned 1 April 2016)


COMPANY SECRETARY	Mr M P R Cosby


REGISTERED NUMBER	03745420


REGISTERED OFFICE	The Klamp House
	Belliver Way
	Roborough
	Devon


ACCOUNTANTS	Bishop Fleming LLP
	Chartered Accountants
	Salt Quay House
	4 North East Quay
	Sutton Harbour
	Plymouth
	PL4 0BN


BANKERS	Barclays Bank
	140 - 146 Armada Way
	Plymouth
	Devon
	PL1 1LA

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

CONTENTS

	Page
Directors' Report	1
Accountants' Report	2
Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 - 10

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2016

The directors present their report and the financial statements for the period ended 31 December 2016.

PRINCIPAL ACTIVITY

The company is dormant and has not traded during the period.

DIRECTORS

The directors who served during the period were:

Mr D A Nairn

Mr J L Joseph (resigned 1 April 2016)

Mr M P R Cosby (resigned 1 April 2016)

Mr Y M Patel

Mr T G Kelly

Mr S R Knight (resigned 1 April 2016)

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the period end.

This report was approved by the board and signed on its behalf.

Mr D A Nairn

Director

Date: 25 September 2017

The Klamp House

Belliver Way

Roborough

Devon

Page 1

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)
FOR THE PERIOD ENDED 31 DECEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burts Chips Limited (formerly known as Burts Potato Chips Limited) for the period ended 31 December 2016 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company 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 at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Burts Chips Limited (formerly known as Burts Potato Chips 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 financial statements of Burts Chips Limited (formerly known as Burts Potato Chips Limited) and state those matters that we have agreed to state to the Board of Directors of Burts Chips Limited (formerly known as Burts Potato Chips Limited), as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burts Chips Limited (formerly known as Burts Potato Chips Limited) and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Burts Chips Limited (formerly known as Burts Potato Chips 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 or loss of Burts Chips Limited (formerly known as Burts Potato Chips Limited). You consider that Burts Chips Limited (formerly known as Burts Potato Chips Limited) is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Burts Chips Limited (formerly known as Burts Potato Chips 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.

Bishop Fleming LLP

Chartered Accountants

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN

28 September 2017

Page 2

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2016

	9 months ended 31 December	15 months ended 31 March
	2016	2016
Note	£	£


Turnover	4	-	24,680,395
Cost of sales		-	(17,996,412)
GROSS PROFIT		-	6,683,983
Administrative expenses		-	(6,085,606)
Exceptional administrative expenses		-	1,826,762
OPERATING PROFIT		-	2,425,139
Interest payable and expenses	6	-	(361,741)
PROFIT BEFORE TAX		-	2,063,398
Tax on profit		-	-
PROFIT FOR THE FINANCIAL PERIOD		-	2,063,398

Other comprehensive income	-	-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-	2,063,398

Page 3

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

REGISTERED NUMBER:03745420

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2016

	31 December	31 March
	2016	2016
Note	£	£


CURRENT ASSETS
Cash at bank and in hand	8	100		100
		100		100
TOTAL ASSETS LESS CURRENT LIABILITIES			100		100

NET ASSETS			100		100

CAPITAL AND RESERVES
Called up share capital	9	100	100
Profit and loss account	10	-	-
		100	100

For the period ended 31 December 2016 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr D A Nairn

Director

Date: 25 September 2017

The notes on pages 6 to 10 form part of these financial statements.

Page 4

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2016

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2015	100	292,324	(2,355,722)	(2,063,298)
COMPREHENSIVE INCOME FOR THE PERIOD
Profit for the period	-	-	2,063,398	2,063,398
Transfer to/from profit and loss account	-	(292,324)	292,324	-

At 1 April 2016	100	-	-	100
Profit for the period	-	-	-	-
AT 31 DECEMBER 2016	100	-	-	100

Page 5

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

1.	GENERAL INFORMATION

Burts Chips Limited (formerly Burts Potato Chips Limited) is a limited company, incorporated in England. The company is dormant and has not traded during the period or subsequent to the period end.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

2.ACCOUNTING POLICIES (continued)

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

2.5

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

2.ACCOUNTING POLICIES (continued)

2.8

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Whilst there is a level of assumption in these judgements, the Directors feel these are unlikely to have a significant effect on, or cause material error to the amounts recognised in the financial statements.

TURNOVER

All material business activities are related to the manufacture of crisps and therefore the Company operates in a single business segment.

Analysis of turnover by country of destination:

					9 months ended 31 December	15 months ended 31 March
					2016	2016
					£	£

United Kingdom	-	23,196,179
Rest of Europe	-	768,044
Rest of the world	-	716,172
	-	24,680,395

Page 8

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

Wages and salaries	-	4,991,506
Social security costs	-	49,840
Cost of defined contribution scheme	-	151,612
	-	5,192,958

The average monthly number of employees, including the directors, during the period was as follows:

	9 months ended 31 December	15 months ended 31 March
	2016	2016
	No.	No.

Directors	3	3
Production	-	87
Distribution	-	2
Admin	-	26

	3	118

Bank interest payable	-	19,507
Finance leases and hire purchase contracts	-	295,578
Other interest payable	-	46,656
	-	361,741

Page 9

BURTS CHIPS LIMITED (FORMERLY KNOWN AS BURTS POTATO CHIPS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

Write off of intercompany loan

(1,826,762)

During the prior period, £1,826,762 of the intercompany creditor balance was written off prior to the hive-up (see Note 11).

	Cash at bank and in hand	100	100

ALLOTTED, CALLED UP AND FULLY PAID

75 Ordinary A shares of £1 each	75	75
25 Ordinary B shares of £1 each	25	25

	100	100

10.

RESERVES

Profit and loss account

This reserve includes all current and prior retained profits and losses.

11.

HIVE-UP

At the end of the prior period, all of the trade, assets and liabilities of this company were hived-up into the holding company (Burts Potato Chips Limited), leaving £100 of cash in this company relating to the share capital held by the parent company (Burts Potato Chips Limited).

Page 10