ABI FOOD LTD - Filleted accounts

ABI FOOD LTD
Registered number:		07020743
Balance Sheet
as at 30 September 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		275,291			253,887

Current assets
Stocks		45,500			42,500
Debtors	3	7,670			6,759
Cash at bank and in hand		7,157			4,149
		60,327			53,408

Creditors: amounts falling due within one year	4	(161,200)			(117,340)

Net current liabilities			(100,873)			(63,932)

Total assets less current liabilities			174,418			189,955

Creditors: amounts falling due after more than one year	5		(162,808)			(160,000)



Net assets			11,610			29,955

Capital and reserves
Called up share capital			1			1
Profit and loss account			11,609			29,954

Shareholder's funds			11,610			29,955

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 member has 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.




Mr Logendran Thayabaran
Director
Approved by the board on 7 June 2017

ABI FOOD LTD
Notes to the Accounts
for the year ended 30 September 2016


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			20% straight line
	Moter vehicle			20% straight line

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 October 2015	252,636		24,412		2,500		279,548
	Additions	-		27,537		-		27,537
	At 30 September 2016	252,636		51,949		2,500		307,085

	Depreciation
	At 1 October 2015	-		24,411		1,250		25,661
	Charge for the year	-		5,508		625		6,133
	At 30 September 2016	-		29,919		1,875		31,794

	Net book value
	At 30 September 2016	252,636		22,030		625		275,291
	At 30 September 2015	252,636		1		1,250		253,887


3	Debtors					2016		2015
£							£

	Other debtors					7,670		6,759


4	Creditors: amounts falling due within one year					2016		2015
£							£

	Obligations under finance lease and hire purchase contracts					17,805		-
	Trade creditors					1,684		-
	Corporation tax					2,947		2,511
	Other taxes and social security costs					3,061		1,841
	Other creditors					135,703		112,988
						161,200		117,340


5	Creditors: amounts falling due after one year					2016		2015
£							£

	Bank loans					162,808		160,000


6	Controlling party

	The director controls the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued ordinary share capital.


7	Other information

	ABI FOOD LTD is a private company limited by shares and incorporated in England. Its registered office is:
	22 High Street
	Shoeburyness
	Southend on Sea
	SS3 9AH