Freshfields Local Ltd Accounts


Freshfields Local Ltd FILLETED ACCOUNTS COVER
Freshfields Local Ltd
Company No. 10472380
Information for Filing with The Registrar
30 November 2017
Freshfields Local Ltd DIRECTORS REPORT REGISTRAR
The Director presents his report and the accounts for the year ended 30 November 2017.
Principal activities
The principal activity of the company during the year under review was grocery and off licence.
Director
The Director who served at any time during the year was as follows:
N. Khela
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
N. Khela
Director
08 August 2018
Freshfields Local Ltd BALANCE SHEET REGISTRAR
at
30 November 2017
Company No.
10472380
Notes
2017
£
Fixed assets
Intangible assets
2
48,000
Tangible assets
3
8,000
56,000
Current assets
Stocks
4
34,228
Cash at bank and in hand
11,358
45,586
Creditors: Amount falling due within one year
5
(100,685)
Net current liabilities
(55,099)
Total assets less current liabilities
901
Net assets
901
Capital and reserves
Called up share capital
100
Profit and loss account
6
801
Total equity
901
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 November 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the 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 accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 08 August 2018
And signed on its behalf by:
N. Khela
Director
Freshfields Local Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 30 November 2017
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
20% Reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Pensions
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 payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Intangible fixed assets
Other
Total
£
£
Cost
Additions
60,00060,000
At 30 November 2017
60,00060,000
Amortisation and impairment
Charge for the year
12,00012,000
At 30 November 2017
12,00012,000
Net book values
At 30 November 2017
48,00048,000
3
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
Additions
10,00010,000
At 30 November 2017
10,00010,000
Depreciation
Charge for the year
2,0002,000
At 30 November 2017
2,0002,000
Net book values
At 30 November 2017
8,0008,000
4
Stocks
2017
£
Finished goods
34,228
34,228
5
Creditors:
amounts falling due within one year
2017
£
Trade creditors
6,808
Corporation tax
4,266
Other taxes and social security
207
Other creditors
88,605
Accruals and deferred income
799
100,685
6
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
7
Dividends
2017
£
Dividends for the period:
Dividends paid in the period
25,000
25,000
Dividends by type:
Equity dividends
25,000
25,000
8
Related party disclosures
Controlling party
Immediate controlling party
No single party controls the company.
9
Additional information
Its registered number is:
10472380
Its registered office is:
199 Roundhay Road
Leeds
LS8 5AN
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