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Company registration number: 03127714
Freshpeel Produce Limited
Unaudited filleted financial statements
30 June 2023
Freshpeel Produce Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Freshpeel Produce Limited
Directors and other information
Directors Mr Peter Ian Lonsdale
Mrs Sally Anne Lonsdale
Company number 03127714
Registered office 75 High Street
BOSTON
Lincolnshire
PE21 8SX
Business address 85 Boleness Road
Wisbech
Cambridgeshire
PE13 2XQ
Accountants Lister& Co
75 High Street
Boston
Lincs
PE21 8SX
Freshpeel Produce Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Freshpeel Produce Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Freshpeel Produce Limited for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Freshpeel Produce Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Freshpeel Produce Limited and state those matters that we have agreed to state to the board of directors of Freshpeel Produce Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freshpeel Produce Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Freshpeel Produce Limited 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 Freshpeel Produce Limited. You consider that Freshpeel Produce Limited 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 Freshpeel Produce Limited. 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.
Lister& Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
20 September 2023
Freshpeel Produce Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 1,314,986 1,332,230
Investments 7 20 20
_______ _______
1,315,007 1,332,251
Current assets
Stocks 400,868 231,516
Debtors 8 1,021,815 644,263
Cash at bank and in hand 42,314 125
_______ _______
1,464,997 875,904
Creditors: amounts falling due
within one year 9 ( 1,564,100) ( 1,016,986)
_______ _______
Net current liabilities ( 99,103) ( 141,082)
_______ _______
Total assets less current liabilities 1,215,904 1,191,169
Creditors: amounts falling due
after more than one year 10 ( 337,694) ( 385,919)
Provisions for liabilities ( 188,050) ( 149,640)
_______ _______
Net assets 690,160 655,610
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 690,158 655,608
_______ _______
Shareholders funds 690,160 655,610
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2023 , and are signed on behalf of the board by:
Mr Peter Ian Lonsdale
Director
Company registration number: 03127714
Freshpeel Produce Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Freshpeel Produce Limited, 75 High Street, BOSTON, Lincolnshire, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Research & development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold and leasehold properties - 0 % straight line
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Office Equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2022: 46 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 July 2022 and 30 June 2023 17,961 17,961
_______ _______
Amortisation
At 1 July 2022 and 30 June 2023 17,960 17,960
_______ _______
Carrying amount
At 30 June 2023 1 1
_______ _______
At 30 June 2022 1 1
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Office Equipment Total
£ £ £ £ £
Cost
At 1 July 2022 479,325 1,873,946 117,325 26,011 2,496,607
Additions - 85,235 - - 85,235
Disposals - ( 6,072) - - ( 6,072)
_______ _______ _______ _______ _______
At 30 June 2023 479,325 1,953,109 117,325 26,011 2,575,770
_______ _______ _______ _______ _______
Depreciation
At 1 July 2022 29,046 1,038,237 76,097 20,997 1,164,377
Charge for the year 5,581 85,442 4,123 1,261 96,407
_______ _______ _______ _______ _______
At 30 June 2023 34,627 1,123,679 80,220 22,258 1,260,784
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 444,698 829,430 37,105 3,753 1,314,986
_______ _______ _______ _______ _______
At 30 June 2022 450,279 835,709 41,228 5,014 1,332,230
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2022 and 30 June 2023 20 20
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 20 20
_______ _______
At 30 June 2022 20 20
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 936,465 559,523
Prepayments and accrued income 60,151 54,380
Other debtors 25,199 30,360
_______ _______
1,021,815 644,263
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 649,425 311,642
Trade creditors 633,777 445,808
Accruals and deferred income 123,741 160,313
Social security and other taxes 98,082 54,976
Obligations under finance leases - 1,561
Director loan accounts 39,304 26,013
Other creditors 19,771 16,673
_______ _______
1,564,100 1,016,986
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 337,694 385,919
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 165,206 (2022 £ 187,414 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a first legal charge over the freehold properties and an unlimited debenture from the company.