REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Produce Link Ltd |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Produce Link Ltd |
Produce Link Ltd (Registered number: 12063235) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Produce Link Ltd |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Business Advisors |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Produce Link Ltd (Registered number: 12063235) |
Report of the Director |
for the Year Ended 31 December 2021 |
The director presents his report with the financial statements of the company for the year ended 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesale distribution of exotic fruits. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Produce Link Ltd |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Produce Link Ltd for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Produce Link Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Produce Link Ltd and state those matters that we have agreed to state to the director of Produce Link Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Produce Link Ltd and its director for our work or for this report. |
It is your duty to ensure that Produce Link Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Produce Link Ltd. You consider that Produce Link Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Produce Link Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants and Business Advisors |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Produce Link Ltd (Registered number: 12063235) |
Income Statement |
for the Year Ended 31 December 2021 |
31/12/21 | 31/12/20 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Produce Link Ltd (Registered number: 12063235) |
Balance Sheet |
31 December 2021 |
31/12/21 | 31/12/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
Produce Link Ltd (Registered number: 12063235) |
Balance Sheet - continued |
31 December 2021 |
The financial statements were approved by the director and authorised for issue on |
Produce Link Ltd (Registered number: 12063235) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Produce Link Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Fixtures and fittings - 20% straight line |
Motor vehicles - 25% 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/12/21 | 31/12/20 |
£ | £ |
Depreciation - owned assets |
Produce Link Ltd (Registered number: 12063235) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans |
Hire purchase contracts |
Produce Link Ltd (Registered number: 12063235) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At the year end, the amount of £3,309 (2020 - £28,314) was owed to the director by the company. |
10. | POST BALANCE SHEET EVENTS |
The Covid 19 global pandemic and subsequent intervention from governments worldwide has resulted in a high level of uncertainty and volatility. The outcome of these events is at the time of signing these financial statements unknown and as such the financial impact to revenue and demand cannot be estimated. Notwithstanding these events, the directors believe the changes they have made to the operations of the company will allow it to continue to trade successfully in the future. |
11. | ULTIMATE CONTROLLING PARTY |
The company became a wholly owned subsidiary of Produce Link Holdings Ltd on 22/04/2021. |
The company is controlled by J Anderson, by reason of his shareholding in the holding company. |