Oncore Foodservice Solutions Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04471025 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2017

for

Oncore Foodservice Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr RJ Coupe

Mr MA Lawson

Mr GA Patterson

Mr CP Jackson

SECRETARY:

Mrs TS Coupe

REGISTERED OFFICE:

Millennium City Park

Millennium Road

Preston

Lancashire

PR2 5BL

REGISTERED NUMBER:

04471025 (England and Wales)

ACCOUNTANTS:

Towers + Gornall Ltd

Chartered Certified Accountants

Abacus House

The Ropewalk

Garstang

Preston

Lancashire

PR3 1NS

BANKERS:

National Westminster Bank PLC

8 Berry Lane

Longridge

Preston

Lancashire

PR3 3LB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

191,198

229,371

191,198

229,371

CURRENT ASSETS

Stocks

6

403,000

330,000

Debtors

7

578,345

554,041

Investments

8

7,500

7,500

Cash at bank and in hand

55,302

132,357

1,044,147

1,023,898

CREDITORS

Amounts falling due within one year

9

761,206

655,059

NET CURRENT ASSETS

282,941

368,839

TOTAL ASSETS LESS CURRENT LIABILITIES

474,139

598,210

CREDITORS

Amounts falling due after more than one year

10

(158,799

)

(208,761

)

PROVISIONS FOR LIABILITIES

12

(5,672

)

(16,457

)

NET ASSETS

309,668

372,992

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

309,568

372,892

SHAREHOLDERS' FUNDS

309,668

372,992

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 6th September 2017 and were signed on its behalf by:

Mr RJ Coupe - Director

1.	STATUTORY INFORMATION

Oncore Foodservice Solutions 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Fixtures and equipment

-

15% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

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 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

Certain specified trade debtors are assigned to an invoice financing company which offers a credit facility

whereby the company may draw a percentage of the book value debts. The invoice financing company does not

underwrite the debts and therefore the gross amount due to the invoice financing company is shown as a

creditor and the full amount due from the trade debtors is separately disclosed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2016 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

70,000

AMORTISATION

At 1st April 2016

and 31st March 2017

70,000

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Office

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2016

292,562

444,170

119,206

855,938

Additions

890

13,750

583

15,223

Disposals

-

(34,073

)

-

(34,073

)

At 31st March 2017

293,452

423,847

119,789

837,088

DEPRECIATION

At 1st April 2016

193,087

326,103

107,377

626,567

Charge for year

15,022

31,590

5,909

52,521

Eliminated on disposal

-

(33,198

)

-

(33,198

)

At 31st March 2017

208,109

324,495

113,286

645,890

NET BOOK VALUE

At 31st March 2017

85,343

99,352

6,503

191,198

At 31st March 2016

99,475

118,067

11,829

229,371

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

Fixtures

and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1st April 2016

133,800

28,457

162,257

Additions

-

13,750

13,750

Transfer to ownership

(107,500

)

(28,457

)

(135,957

)

At 31st March 2017

26,300

13,750

40,050

DEPRECIATION

At 1st April 2016

61,910

13,618

75,528

Charge for year

2,893

2,292

5,185

Transfer to ownership

(54,892

)

(13,618

)

(68,510

)

At 31st March 2017

9,911

2,292

12,203

NET BOOK VALUE

At 31st March 2017

16,389

11,458

27,847

At 31st March 2016

71,890

14,839

86,729

6.

STOCKS

2017

2016

£

£

Stocks

403,000

330,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

525,966

530,791

Other debtors

44,861

18,394

Prepayments

7,518

4,856

578,345

554,041

8.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Trade investment

7,500

7,500

In the director's opinion the cost of the trade investment represents a fair value.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

131,900

86,852

Other loans

50,719

42,995

Hire purchase contracts

7,465

24,583

Trade creditors

315,907

234,946

RBS invoice financing

246,126

238,146

Corporation tax

16

16

Social security and other taxes

5,581

4,245

Directors' current accounts

440

20,359

Accrued expenses

3,052

2,917

761,206

655,059

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 1-2 years

55,477

50,673

Other loans - 2-5 years

100,759

156,773

Hire purchase contracts

2,563

1,315

158,799

208,761

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

10,028

25,898

RBS invoice financing

246,126

238,146

256,154

264,044

The hire purchase liabilities are secured on the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

5,672

16,457

Deferred

tax

£

Balance at 1st April 2016

16,457

Credit to Income Statement during year

(10,785

)

Balance at 31st March 2017

5,672

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr RJ Coupe.