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COMPANY REGISTRATION NUMBER: 00961375
Alice's Fruit Sales Limited
Filleted Unaudited Financial Statements
31 March 2018
Alice's Fruit Sales Limited
Balance Sheet
31 March 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
108,197
99,028
Current assets
Stocks
9,009
15,130
Debtors
6
53,784
43,689
Cash at bank and in hand
267,931
266,792
---------
---------
330,724
325,611
Creditors: amounts falling due within one year
7
66,637
90,003
---------
---------
Net current assets
264,087
235,608
---------
---------
Total assets less current liabilities
372,284
334,636
Provisions
Taxation including deferred tax
18,987
15,146
---------
---------
Net assets
353,297
319,490
---------
---------
Alice's Fruit Sales Limited
Balance Sheet (continued)
31 March 2018
2018
2017
Note
£
£
Capital and reserves
Called up share capital
45
45
Profit and loss account
353,252
319,445
---------
---------
Shareholders funds
353,297
319,490
---------
---------
These 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 statement of income and retained earnings (including profit and loss account) has not been delivered.
For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
Mr N C Watson
Director
Company registration number: 00961375
Alice's Fruit Sales Limited
Notes to the Financial Statements
Year ended 31st March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 The Crescent, Wisbech, Cambridgeshire, PE13 1EH.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total value, excluding value added tax, of sales invoiced and accrued during the year. Sales are recognised when goods have been delivered.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
25% reducing balance
Fixture & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
The company operates a money purchase pension scheme for eligible employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 10 ).
5. Tangible assets
Emneth leasehold property
Whittlesey leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2017
26,096
2,318
68,189
161,092
145,278
402,973
Additions
70,000
70,000
Disposals
( 2,318)
( 8,487)
( 140,424)
( 70,450)
( 221,679)
--------
-------
--------
---------
---------
---------
At 31 Mar 2018
26,096
59,702
20,668
144,828
251,294
--------
-------
--------
---------
---------
---------
Depreciation
At 1 Apr 2017
12,612
47,999
146,438
96,896
303,945
Charge for the year
5,219
4,920
1,622
19,000
30,761
Disposals
( 7,963)
( 132,251)
( 51,395)
( 191,609)
--------
-------
--------
---------
---------
---------
At 31 Mar 2018
17,831
44,956
15,809
64,501
143,097
--------
-------
--------
---------
---------
---------
Carrying amount
At 31 Mar 2018
8,265
14,746
4,859
80,327
108,197
--------
-------
--------
---------
---------
---------
At 31 Mar 2017
13,484
2,318
20,190
14,654
48,382
99,028
--------
-------
--------
---------
---------
---------
6. Debtors
2018
2017
£
£
Trade debtors
49,904
29,143
Other debtors
3,880
14,546
--------
--------
53,784
43,689
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
33,840
47,133
Corporation tax
8,951
11,558
Social security and other taxes
706
3,529
Other creditors
23,140
27,783
--------
--------
66,637
90,003
--------
--------
8. Related party transactions
The company was under the control of its director's throughout the current and previous year by virtue of their interest in 76% (2017 - 76%) of the company's issued share capital. At the balance sheet date the company owed Mr N C Watson £5,252 (2017 - £5,242) and Mrs V J Watson £5,252 (2017 - £5,242). During the year Mr N C Watson was paid dividends totalling £7,500 (2017 - £10,000) and Mrs V J Watson was paid dividends totalling £7,500 (2017 - £10,000). The directors own a storage building and chiller coldroom which is used by the company in the course of its trade. However, no formal agreement exists in relation to the use of this building and no rent is charged by the directors. It is estimated by the directors that if rent were charged it would be approximately £5,200 per annum.