Tasty Foods Cuisine Limited - Period Ending 2018-03-31

Tasty Foods Cuisine Limited - Period Ending 2018-03-31


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Registration number: NI029268

Tasty Foods Cuisine Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2018

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

 

Tasty Foods Cuisine Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 9

 

Tasty Foods Cuisine Limited

Company Information

Director

Conor Daykin

Company secretary

Kathleen Daykin

Registered office

7 Glenwood Business Park
Dunmurry
Belfast
Co Antrim
BT17 0QL

Solicitors

Thomas Armstrong
51-53 Upper Arthur Street
Belfast
Co Antrim
BT1 4GJ

Accountants

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

 

Tasty Foods Cuisine Limited

(Registration number: NI029268)
Abridged Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

295,956

183,163

Current assets

 

Stocks

5

50,611

48,578

Debtors

253,317

228,500

Cash at bank and in hand

 

178,585

71,017

 

482,513

348,095

Prepayments and accrued income

 

9,903

3,604

Creditors: Amounts falling due within one year

(274,650)

(241,549)

Net current assets

 

217,766

110,150

Total assets less current liabilities

 

513,722

293,313

Creditors: Amounts falling due after more than one year

(69,874)

(29,725)

Provisions for liabilities

(47,800)

(26,865)

Accruals and deferred income

 

(30,451)

(22,577)

Net assets

 

365,597

214,146

Capital and reserves

 

Called up share capital

6

10,002

10,002

Profit and loss account

355,595

204,144

Total equity

 

365,597

214,146

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Tasty Foods Cuisine Limited

(Registration number: NI029268)
Abridged Balance Sheet as at 31 March 2018

Approved and authorised by the director on 21 May 2018
 

.........................................

Conor Daykin
Director

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
7 Glenwood Business Park
Dunmurry
Belfast
Co Antrim
BT17 0QL

These financial statements were authorised for issue by the director on 21 May 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

10% reducing balance basis

Office equipment

33 1/3% straight line basis

Leasehold improvements

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2017 - 20).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2017

292,088

70,016

118,762

470,643

Additions

-

4,803

96,268

81,257

Disposals

-

-

(59,450)

-

At 31 March 2018

292,088

74,819

155,580

551,900

Depreciation

At 1 April 2017

292,088

47,645

77,819

350,794

Charge for the year

-

5,065

10,817

29,723

Eliminated on disposal

-

-

(35,520)

-

At 31 March 2018

292,088

52,710

53,116

380,517

Carrying amount

At 31 March 2018

-

22,109

102,464

171,383

At 31 March 2017

-

22,371

40,943

119,849

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Total
£

Cost or valuation

At 1 April 2017

951,509

Additions

182,328

Disposals

(59,450)

At 31 March 2018

1,074,387

Depreciation

At 1 April 2017

768,346

Charge for the year

45,605

Eliminated on disposal

(35,520)

At 31 March 2018

778,431

Carrying amount

At 31 March 2018

295,956

At 31 March 2017

183,163

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2018
£

2017
£

Other inventories

50,611

48,578

6

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary share class 1 of £1 each

10,002

10,002

10,002

10,002

         

7

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £5.09 (2017 - £3.42) per ordinary share

 

50,909

 

34,160

 

Tasty Foods Cuisine Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

8

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

26,154

40,000

Contributions paid to money purchase schemes

571

571

26,725

40,571