SHAZAN_FOODS_LIMITED - Accounts

SHAZAN FROZEN FOODS LIMITED - Company Information

Print Friendly Version

Company Registration No. 05251623 (England and Wales)

SHAZAN FOODS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

SHAZAN FOODS LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

SHAZAN FOODS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHAZAN FOODS LIMITED FOR THE YEAR ENDED 31 MARCH 2014

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shazan Foods Limited for the year ended 31 March 2014 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Shazan Foods Limited, as a body, in accordance with the terms of our engagement letter dated 23 January 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Shazan Foods Limited and state those matters that we have agreed to state to the Board of Directors of Shazan Foods Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shazan Foods Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Shazan Foods 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 Shazan Foods Limited. You consider that Shazan Foods 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 Shazan Foods 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.

Moore and Smalley LLP

Chartered Accountants

Richard House

9 Winckley Square

Preston

PR1 3HP

22 December 2014

SHAZAN FOODS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 2 -

2014

2013

Notes

Fixed assets

Tangible assets

1,024,842

826,876

Current assets

Stocks

919,183

697,358

Debtors

735,443

909,257

Cash at bank and in hand

1,966

1,654,634

1,608,581

Creditors: amounts falling due within one year

(1,511,555)

(1,679,919)

Net current assets/(liabilities)

143,079

(71,338)

Total assets less current liabilities

1,167,921

755,538

Creditors: amounts falling due after more than one year

(177,108)

(38,162)

Provisions for liabilities

(118,804)

(92,817)

872,009

624,559

Capital and reserves

Called up share capital

1,150

Profit and loss account

870,859

623,409

Shareholders' funds

872,009

624,559

SHAZAN FOODS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2014

- 3 -

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 19 December 2014

Mr H N Ayyub

Director

Company Registration No. 05251623

SHAZAN FOODS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

written off over lease term

Plant and machinery

15% on written down value

Fixtures, fittings & equipment

15% on written down value

Motor vehicles

15% on written down value\ written off over term of lease

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SHAZAN FOODS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 5 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

1,388,265

Additions

344,197

Disposals

(28,976)

At 31 March 2014

1,703,486

Depreciation

At 1 April 2013

561,387

On disposals

(21,775)

Charge for the year

139,032

At 31 March 2014

678,644

Net book value

At 31 March 2014

1,024,842

At 31 March 2013

826,876

Share capital

2014

2013

Allotted, called up and fully paid

1,150 Ordinary of £1 each

1,150