Registered number
04605779
Great Oak Foods Limited
Filleted Accounts
31 March 2018
Great Oak Foods Limited
Registered number: 04605779
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 1,279 1,413
Investments 3 25 25
1,304 1,438
Current assets
Stocks 6,200 6,954
Debtors 4 1,408 2,573
Cash at bank and in hand 28,865 19,757
36,473 29,284
Creditors: amounts falling due within one year 5 (3,335) (4,930)
Net current assets 33,138 24,354
Net assets 34,442 25,792
Capital and reserves
Called up share capital 3,822 3,822
Profit and loss account 30,620 21,970
Shareholders' funds 34,442 25,792
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Ackroyd
Director
Approved by the board on 3 October 2018
Great Oak Foods Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 8,498
Additions 92
At 31 March 2018 8,590
Depreciation
At 1 April 2017 7,085
Charge for the year 226
At 31 March 2018 7,311
Net book value
At 31 March 2018 1,279
At 31 March 2017 1,413
3 Investments
Other
investments
£
Cost
At 1 April 2017 25
At 31 March 2018 25
4 Debtors 2018 2017
£ £
Trade debtors 1,408 2,573
5 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 1,304 3,818
Taxation and social security costs 2,031 1,112
3,335 4,930
6 Other information
Great Oak Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Great Oak Street
Llanidloes
Powys SY18 6BU
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