REGISTERED NUMBER: 02715647 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

FOOD CONNECTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G J York

Mrs P R York

Mrs C J Haggis

D Spray

G D Mason

R A Levin

SECRETARIES:

D Spray

P J Haggis

REGISTERED OFFICE:

Quorn House

comet Way

Hermitage Industrial Estate

Coalville

Leicestershire

LE67 3FS

REGISTERED NUMBER:

02715647 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Tangible assets

4

114,209

81,572

Investments

5

10,000

10,000

124,209

91,572

CURRENT ASSETS

Stocks

-

4,536

Debtors

6

3,987,371

3,396,978

Cash at bank and in hand

898,516

645,066

4,885,887

4,046,580

CREDITORS

Amounts falling due within one year

7

4,238,547

3,696,888

NET CURRENT ASSETS

647,340

349,692

TOTAL ASSETS LESS CURRENT LIABILITIES

771,549

441,264

CAPITAL AND RESERVES

Called up share capital

8

20,000

20,000

Retained earnings

9

751,549

421,264

SHAREHOLDERS' FUNDS

771,549

441,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2018 and were signed on its behalf by:

G J York - Director

1.	STATUTORY INFORMATION

Food Connections Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is

recognised upon despatch.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably,

it is probable that the economic benefits associated with the transaction will flow to the entity and the costs

incurred or to be incurred in respect of the transaction can be measured reliably.

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

10%-25% straight line

Motor vehicles

25%-40% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans

to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment

loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

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.

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.

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

receipts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2016 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2017

117,365

140,984

258,349

Additions

34,512

42,490

77,002

Disposals

-

(32,750

)

(32,750

)

At 31 December 2017

151,877

150,724

302,601

DEPRECIATION

At 1 January 2017

114,435

62,342

176,777

Charge for year

8,396

35,969

44,365

Eliminated on disposal

-

(32,750

)

(32,750

)

At 31 December 2017

122,831

65,561

188,392

NET BOOK VALUE

At 31 December 2017

29,046

85,163

114,209

At 31 December 2016

2,930

78,642

81,572

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

and 31 December 2017

10,000

NET BOOK VALUE

At 31 December 2017

10,000

At 31 December 2016

10,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

720,165

630,621

Amounts owed by group undertakings

3,181,069

2,727,091

VAT

20,127

16,685

Deferred tax asset

5,300

11,500

Prepayments

60,710

11,081

3,987,371

3,396,978

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

833

Trade creditors

97,592

65,499

Tax

118,342

63,629

Social security and other taxes

6,198

109,705

Amounts due to group undertakings

3,332,764

2,889,239

Directors' current accounts

171,805

158,144

Accrued expenses

511,846

409,839

4,238,547

3,696,888

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

20,000

Ordinary Shares

1

20,000

20,000

9.

RESERVES

Retained

earnings

£

At 1 January 2017

421,264

Profit for the year

528,759

Dividends

(198,474

)

At 31 December 2017

751,549