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REGISTERED NUMBER: 00929139 (England and Wales)















FEN PEAS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


FEN PEAS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: S J Francis
N J D Scott
M W Reams





SECRETARY: S J Francis





REGISTERED OFFICE: 5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT





REGISTERED NUMBER: 00929139 (England and Wales)





AUDITORS: Duncan & Toplis Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,320 -
Tangible assets 5 1,080,110 1,422,496
Investments 6 1 1
1,081,431 1,422,497

CURRENT ASSETS
Valuation 108,255 126,000
Debtors 7 580,159 525,849
Cash at bank and in hand 57,326 56,815
745,740 708,664
CREDITORS
Amounts falling due within one year 8 922,032 1,044,929
NET CURRENT LIABILITIES (176,292 ) (336,265 )
TOTAL ASSETS LESS CURRENT LIABILITIES 905,139 1,086,232

CREDITORS
Amounts falling due after more than one year 9 471,363 545,101
NET ASSETS 433,776 541,131

CAPITAL AND RESERVES
Called up share capital 11 100 100
Other reserves 20 20
Retained earnings 433,656 541,011
SHAREHOLDERS' FUNDS 433,776 541,131

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 12 September 2023 and were signed on its behalf by:




S J Francis - Director



N J D Scott - Director


FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Fen Peas 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's place of business is Manor Farm, Manor Road, Kirton, Boston, Lincolnshire, PE20 1PH.

2. ACCOUNTING POLICIES

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

The statement of financial position shows that the company has net current liabilities of £176,292 (2022 - £336,265). The directors have indicated a clear awareness of this situation and believe that preparation of the financial statements on a going concern basis is appropriate.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Residual values and depreciation of tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical conditions of the assets.

Income
Income represents the invoiced and accrued amount of peas sold, pea seed sold and vining charges. Sales of produce are recognised on dispatch, sales of services are recognised in the period they relate.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

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 - 3 - 6 years straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The useful economic lives and residual values are re-assessed annually.

Stocks
The valuation is valued at the lower of cost and net realisable value, after making allowances for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance lease are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance lease 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 income statement over the relevant period. The capital element of the future payments is treated as a liability.

Taxation
The company has mutual tax status and therefore taxation is only attributable to non-mutual income.

Government grants
Grants of a revenue nature are credited to income so as to match them with expenditure in the year to which they relate.

Investments
Fixed asset investments are stated at cost, unless in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment has been made.

FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 1,650
At 31 May 2023 1,650
AMORTISATION
Charge for year 330
At 31 May 2023 330
NET BOOK VALUE
At 31 May 2023 1,320

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 2,214,669
Additions 5,067
Disposals (416,298 )
At 31 May 2023 1,803,438
DEPRECIATION
At 1 June 2022 792,173
Charge for year 197,453
Eliminated on disposal (266,298 )
At 31 May 2023 723,328
NET BOOK VALUE
At 31 May 2023 1,080,110
At 31 May 2022 1,422,496

Plant and machinery includes two (2022 - three) pea viners on hire purchase, which have a net book value of £813,834 (2022 - £1,205,334).

FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2022
and 31 May 2023 1
NET BOOK VALUE
At 31 May 2023 1
At 31 May 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 580,159 525,849

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 83,281 83,707
Hire purchase contracts 174,064 466,098
Trade creditors 546,303 351,862
Taxation and social security 1,634 1,662
Other creditors 116,750 141,600
922,032 1,044,929

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 471,363 545,101

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 83,281 83,707
Hire purchase contracts 645,427 1,011,199
728,708 1,094,906

The bank overdrafts are secured by an unlimited debenture dated 28 August 2009 incorporating a fixed and floating charge.

Hire purchase liabilities are secured by the assets to which they relate.

FEN PEAS LIMITED (REGISTERED NUMBER: 00929139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adrian Reynolds BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Limited, Statutory Auditor

13. RELATED PARTY DISCLOSURES

The directors provided management services to the company during the year totalling £44,727 (2022 - £45,016). No amounts were outstanding at the balance sheet date (2022 - £Nil).

A director is a Trustee of Processors & Growers Research Organisation. All transactions with the Processors & Growers Research Organisation are at arm's length and on a commercial basis.

One of the directors in the year is a director of a company which is a member of Fen Peas Limited. This member company deals with Fen Peas Limited on the same basis of terms and transactions as all other members.

The total key management compensation in the year was £86,081 (2022 - £86,701).