Company Registration No. NI643886 (Northern Ireland)
MAMA CHEF LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2018
MAMA CHEF LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MAMA CHEF LTD
COMPANY INFORMATION
- 1 -
Director
Vui Thanh Ngo
(Appointed 20 September 2017)
Company number
NI643886
Registered office
128 Prince Andrew Way
Carrickfergus
Co Antrim
BT38 7TU
Accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
128 Prince Andrew Way
Carrickfergus
Co Antrim
BT38 7TU
Bankers
Ulster Bank Limited
29 Abercorn Square
Strabane
BT82 8AL
MAMA CHEF LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2018
28 February 2018
- 2 -
Notes
£
£
Fixed assets
Tangible assets
3
969
Current assets
Stocks
4
2,435
Cash at bank and in hand
7,522
9,957
Creditors: amounts falling due within one year
5
(12,112)
Net current liabilities
(2,155)
Total assets less current liabilities
(1,186)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(1,187)
Total equity
(1,186)
The notes on pages 4 to 7 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
MAMA CHEF LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2018
28 February 2018
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 12 November 2018 and are signed on its behalf by:
Vui Thanh Ngo
..................................
Vui Thanh Ngo
Director
Company Registration No. NI643886
The notes on pages 4 to 7 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
MAMA CHEF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 4 -
1
Accounting policies
1.1
General information and basis of preparation
Mama Chef Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 128 Prince Andrew Way, Carrickfergus, Co Antrim, BT38 7TU.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MAMA CHEF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
MAMA CHEF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.11
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 4.
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 13 February 2017
-
Additions
1,020
At 28 February 2018
1,020
Depreciation and impairment
At 13 February 2017
-
Depreciation charged in the period
51
At 28 February 2018
51
Carrying amount
At 28 February 2018
969
4
Stocks
£
Stocks
2,435
MAMA CHEF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 7 -
5
Creditors: amounts falling due within one year
£
Trade creditors
1,477
Other taxation and social security
7,159
Accruals and deferred income
3,476
12,112
6
Called up share capital
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
7
Capital Commitments
There were no capital commitments at 28 February 2018.
8
Financial Commitments
There were no financial commitments at 28 February 2018.
9
Going concern
There is a balance sheet deficit of £1,186 due to losses in the current period. The director is satisfied that conditions improved post year end and there are no concerns over the ability of the company to discharge its liabilities.