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REGISTERED NUMBER: 04584226 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Countrywide Produce Limited

Countrywide Produce Limited (Registered number: 04584226)

Contents of the Financial Statements
for the Year Ended 31 January 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Countrywide Produce Limited (Registered number: 04584226)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £ £
Fixed assets
Tangible assets 4 14,654 19,539
Investments 5 3,635 4,024
18,289 23,563

Current assets
Debtors 6 594,202 308,312
Cash at bank 35,057 37,921
629,259 346,233
Creditors
Amounts falling due within one year 7 (552,770 ) (229,612 )
Net current assets 76,489 116,621
Total assets less current liabilities 94,778 140,184

Creditors
Amounts falling due after more than one
year

8

(23,333

)

(32,583

)

Provisions for liabilities (730 ) (324 )
Net assets 70,715 107,277

Capital and reserves
Called up share capital 15,050 15,050
Capital redemption reserve 15,000 15,000
Retained earnings 40,665 77,227
70,715 107,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Countrywide Produce Limited (Registered number: 04584226)

Balance Sheet - continued
31 January 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2023 and were signed by:





Mr J Foreman - Director


Countrywide Produce Limited (Registered number: 04584226)

Notes to the Financial Statements
for the Year Ended 31 January 2023


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

Countrywide Produce Limited (Registered number: 04584226)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Countrywide Produce Limited (Registered number: 04584226)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. Accounting policies - continued
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 5 (2022 - 6 ) .

4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 February 2022
and 31 January 2023 17,957 64,985 25,975 108,917
Depreciation
At 1 February 2022 9,340 56,708 23,330 89,378
Charge for year 2,155 2,069 661 4,885
At 31 January 2023 11,495 58,777 23,991 94,263
Net book value
At 31 January 2023 6,462 6,208 1,984 14,654
At 31 January 2022 8,617 8,277 2,645 19,539

Countrywide Produce Limited (Registered number: 04584226)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


5. Fixed asset investments
Other
investments
£
Cost or valuation
At 1 February 2022 4,024
Revaluations (389 )
At 31 January 2023 3,635
Net book value
At 31 January 2023 3,635
At 31 January 2022 4,024

Cost or valuation at 31 January 2023 is represented by:

Other
investments
£
Valuation in 2022 (7,397 )
Valuation in 2023 (389 )
Cost 11,421
3,635

6. Debtors: amounts falling due within one year
31.1.23 31.1.22
£ £
Trade debtors 361,151 68,043
Other debtors 233,051 240,269
594,202 308,312

7. Creditors: amounts falling due within one year
31.1.23 31.1.22
£ £
Bank loans and overdrafts 10,000 10,750
Trade creditors 471,864 136,765
Taxation and social security 2,934 5,762
Other creditors 67,972 76,335
552,770 229,612

Countrywide Produce Limited (Registered number: 04584226)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


8. Creditors: amounts falling due after more than one year
31.1.23 31.1.22
£ £
Bank loans 23,333 32,583

9. Related party disclosures

During the year the company entered into a number of transactions with Countrywide Developments Limited and EJL Investments Limited, which are both companies in which Mr J Foreman is a director and shareholder.

The company was repaid by Countrywide Developments Limited £4,721 and at the balance sheet date was owed £207,770 (2022 - £212,491) by Countrywide Developments Limited. The loan is interest free and has no fixed date for repayment.

The company repaid EJL Investments Limited £7,687 and at the balance sheet date owed £63,313 (2022 - £71,000) to EJL Investments Limited. The loan is interest free and has no fixed date for repayment.