The Foodman Limited Filleted accounts for Companies House (small and micro)

The Foodman Limited Filleted accounts for Companies House (small and micro)

THE FOODMAN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC519885
The Foodman Limited
Filleted Unaudited Abridged Financial Statements
31 May 2018
The Foodman Limited
Abridged Statement of Financial Position
31 May 2018
31 May 18
30 Nov 16
Note
£
£
£
Fixed assets
Tangible assets
5
–
1,059
Current assets
Debtors
2,625
18,464
Cash at bank and in hand
18,493
44,747
--------
--------
21,118
63,211
Creditors: amounts falling due within one year
21,018
26,966
--------
--------
Net current assets
100
36,245
----
--------
Total assets less current liabilities
100
37,304
----
--------
Net assets
100
37,304
----
--------
Capital and reserves
Called up share capital
6
100
100
Profit and loss account
–
37,204
----
--------
Shareholders funds
100
37,304
----
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 31 May 2018 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 abridged financial statements for the period 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 31 July 2018 , and are signed on behalf of the board by:
Mr N. J. Wheater
Director
Company registration number: SC519885
The Foodman Limited
Notes to the Abridged Financial Statements
Period from 1 December 2016 to 31 May 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Laurel House, 5 Grange Lane, Monifieth, DD5 4NB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 9 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The turnover figure includes the adjustment for the use of the flat rate VAT scheme.
Corporation tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2016: 1 ).
5. Tangible assets
£
Cost
At 1 December 2016
1,324
Disposals
( 1,324)
-------
At 31 May 2018
–
-------
Depreciation
At 1 December 2016
265
Charge for the period
375
Disposals
( 640)
-------
At 31 May 2018
–
-------
Carrying amount
At 31 May 2018
–
-------
At 30 November 2016
1,059
-------
6. Called up share capital
Issued, called up and fully paid
31 May 18
30 Nov 16
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
7. Transactions with the director
The company is controlled by Mr N. and Mrs J. Wheater
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 9 November 2015.
No transitional adjustments were required in equity or profit or loss for the period.