Company Registration No. NI029203 (Northern Ireland)
Agway Food Products (NI) Limited
Unaudited accounts
for the year ended 31 December 2016
Agway Food Products (NI) Limited
Unaudited accounts
Contents
Agway Food Products (NI) Limited
Company Information
for the year ended 31 December 2016
Directors
Mr Gerry Braiden
Mrs Carol Braiden
Secretary
Mrs Carol Braiden
Company Number
NI029203 (Northern Ireland)
Registered Office
W F Lemon & Co Ltd
76 Main Street
Lisnaskea
Co Fermanagh
BT92 0JD
Accountants
W F Lemon & Co Ltd
76 Main Street
Lisnaskea
Co Fermanagh
BT92 0JD
Agway Food Products (NI) Limited
Statement of financial position
as at 31 December 2016
Tangible assets
1,026
2,076
Cash at bank and in hand
299,168
273,995
Creditors: amounts falling due within one year
(65,996)
(3,253)
Net current assets
343,466
335,501
Net assets
344,492
337,577
Called up share capital
100
100
Profit and loss account
344,392
337,477
Shareholders' funds
344,492
337,577
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 14 March 2017.
Mr Gerry Braiden
Director
Company Registration No. NI029203
Agway Food Products (NI) Limited
Notes to the Accounts
for the year ended 31 December 2016
Agway Food Products (NI) Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI029203. The registered office and principal place of business is W F Lemon & Co Ltd, 76 Main Street, Lisnaskea, Co Fermanagh, BT92 0JD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is
1 January 2016.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
9 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight Line
Fixtures & fittings
20% Straight LIne
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Agway Food Products (NI) Limited
Notes to the Accounts
for the year ended 31 December 2016
4
Tangible fixed assets
Fixtures & fittings
Other debtors
63,572
64,759
6
Creditors: amounts falling due within one year
2016
2015
Bank loans and overdrafts
68
721
Taxes and social security
7,407
-
Other creditors
2,532
2,532
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
8
Average number of employees
During the year the average number of employees was 2 (2015: 2).
9
Reconciliations on adoption of FRS 102