Frank Dale Foods Limited - Limited company - abbreviated

REGISTERED NUMBER: 02913228 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2013

FOR

FRANK DALE FOODS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr R Dale

Mr N L Cushion

Mr T Sutton

Mr P Briggs

REGISTERED OFFICE:

Bunwell Street

Bunwell

Norfolk

NR16 1SH

REGISTERED NUMBER:

02913228 (England and Wales)

ACCOUNTANTS:

LEES

Chartered Certified Accountants

Ingram House

Meridian Way

Norwich

Norfolk

NR7 0TA

BANKERS:

National Westminster Bank plc

1 Broadland Business Park

Norwich

Norfolk

NR7 0WG

FIXED ASSETS

Tangible assets

2

676,510

764,387

CURRENT ASSETS

Stocks

383,928

320,497

Debtors

854,821

847,155

Cash at bank and in hand

19,485

7,091

1,258,234

1,174,743

CREDITORS

Amounts falling due within one year

3

1,320,741

1,305,910

NET CURRENT LIABILITIES

(62,507

)

(131,167

)

TOTAL ASSETS LESS CURRENT LIABILITIES

614,003

633,220

CREDITORS

Amounts falling due after more than one year

3

(258,739

)

(318,206

)

PROVISIONS FOR LIABILITIES

(14,819

)

(4,456

)

NET ASSETS

340,445

310,558

CAPITAL AND RESERVES

Called up share capital

4

10,540

Share premium

307,800

Profit and loss account

22,105

(7,782

)

SHAREHOLDERS' FUNDS

340,445

310,558

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 September 2014 and were signed on its behalf by:

Mr N L Cushion - Director

Mr R Dale - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has net current liabilities of £62,507 as at the balance sheet date. The directors have reviewed and

assessed the appropriateness of the going concern assumption. Since the year end the company has successfully

obtained new investment which has strengthened its working capital position whilst also enabling the company to pursue

its growth strategy, at the same time as improving its ongoing profitability. On this basis the directors consider it

appropriate to prepare the accounts on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 7% on reducing balance

Stocks

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

items.

Deferred tax

The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing

differences between the treatment of certain items for taxation and accounting purposes. In accordance with Financial

Reporting Standard 19, provision is made for deferred tax in respect of all timing differences that have originated but not

reversed by the balance sheet date. Deferred tax assets are only recognised when it is more likely than not that the

deferred tax asset will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially

enacted by the balance sheet date. Deferred tax balances are not discounted.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of

the lease.

Invoice discounting

The company assigns debts to an invoice discounting company and these debts are included in debtors in the balance

sheet and the proceeds received from the invoice discounter are included in creditors. The interest element of the

discounter's charges and other discounting costs are charged to the profit and loss account as incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

1,356,652

Additions

5,758

Disposals

(320

)

At 31 December 2013

1,362,090

DEPRECIATION

At 1 January 2013

592,265

Charge for year

93,327

Eliminated on disposal

(12

)

At 31 December 2013

685,580

NET BOOK VALUE

At 31 December 2013

676,510

At 31 December 2012

764,387

3.

CREDITORS

Creditors include an amount of £ 734,063 (2012 - £ 839,447 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

3,100

Ordinary A Shares

£1

3,100

250

Ordinary B Shares

£1

250

Ordinary C Shares

£1

250

1,900

Ordinary D Shares

£1

1,900

1,750

Ordinary E Shares

£1

1,750

1,000

Ordinary F Shares

£1

1,000

1,203

Ordinary G Shares

£1

1,203

365

Ordinary H Shares

£1

365

722

Ordinary J Shares

£1

722

10,540

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company operated a current account with its directors who made various advances and withdrawals

within the period.

At 1 January 2013, Mr P H Dale & Mrs J Dale owed the company £430. During the year there were withdrawals of £484

(2012 - £736) and funds advanced of £500 (2012 - £1,413). At 31 December 2013 the directors owed the company £414.

At 1 January 2013, Mr R Dale owed the company £7,688. During the year there were withdrawals of £2,340 (2012 -

£8,177) and funds advanced of £2,508 (2012 - £18,136). Interest of £293 (2012 - £331) has been charged on any

overdrawn balance at the HM Revenue and Customs' official rate of interest. At 31 December 2013 the director owed the

company £7,520.

At 1 January 2013, the director, Mr W F Easton was owed £265,537 by the company. During the year there were

withdrawals of £26,570 (2012 - £56,736) and funds advanced of £Nil (2012 - £75,000). At 31 December 2013 the director

was owed £238,967 by the company of which £204,967 is included within creditors falling due after more than one year.

The directors Mr R Dale, Mr W F Easton and Mrs A J Easton have given personal guarantees in favour of Natwest Bank

amounting to £250,000.