REGISTERED NUMBER: 04428525 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

FIRST CHOICE FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Gravestock

Mrs R Gravestock

REGISTERED OFFICE:

Unit 3

Hawkley Trading Estate

Worthington Way

WIGAN

WN3 6XE

REGISTERED NUMBER:

04428525 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

2,130

2,506

CURRENT ASSETS

Stocks

5

13,719

15,664

Debtors

6

26,460

42,547

Cash at bank

6

76

40,185

58,287

CREDITORS

Amounts falling due within one year

7

(56,546

)

(72,616

)

NET CURRENT LIABILITIES

(16,361

)

(14,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,231

)

(11,823

)

PROVISIONS FOR LIABILITIES

8

(136

)

(148

)

NET LIABILITIES

(14,367

)

(11,971

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(14,467

)

(12,071

)

SHAREHOLDERS' FUNDS

(14,367

)

(11,971

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 January 2018 and were signed on its behalf by:

Mr M Gravestock - Director

1.	STATUTORY INFORMATION

First Choice Foods 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.

These accounts have been prepared on a going concern basis, on the understanding that the director's will continue to financially support the company during this period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% 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.

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 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 May 2016

and 30 April 2017

2,666

10,229

12,895

DEPRECIATION

At 1 May 2016

2,395

7,994

10,389

Charge for year

79

297

376

At 30 April 2017

2,474

8,291

10,765

NET BOOK VALUE

At 30 April 2017

192

1,938

2,130

At 30 April 2016

271

2,235

2,506

5.

STOCKS

30.4.17

30.4.16

£

£

Stocks

13,719

15,664

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

14,210

11,000

Directors' current accounts

1,866

19,452

Tax

5,898

5,292

VAT

-

2,366

Prepayments

4,486

4,437

26,460

42,547

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

12,188

10,782

Trade creditors

26,554

22,182

Tax

2,543

12,049

VAT

502

-

Other creditors

14,759

18,247

Directors' current accounts

-

9,356

56,546

72,616

8.	PROVISIONS FOR LIABILITIES

30.4.17

30.4.16

£

£

Deferred tax

136

148

Deferred

tax

£

Balance at 1 May 2016

148

Provided during year

(12

)

Balance at 30 April 2017

136

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.17

30.4.16

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 May 2016

(12,071

)

Profit for the year

7,604

Dividends

(10,000

)

At 30 April 2017

(14,467

)

11.	RELATED PARTY DISCLOSURES

Mr M Gravestock

At the balance sheet date the amount owed by Mr Gravestock was £1,865 (2016: £19,452.). Interest has been charged on the overdrawn amounts at the approved rate. Dividends of £5,000 (2016: £13,550) were paid during the year.

Mrs R Gravestock

At the balance sheet date the amount due to Mrs Gravestock was £nil (amount due from Mrs Gravestock in 2016 was £9,356). Interest has been charged on the overdrawn amounts at the approved rate. Dividends of £5,000 (2016: £13,550) were paid during the year.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director's who own 100% of the called up share capital.

13.	TRANSITION TO FRS102

A transitional report has not been included in the financial statements as no significant adjustments were required.