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REGISTERED NUMBER: 08443660 (England and Wales)













East Suffolk Produce Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2023






East Suffolk Produce Ltd (Registered number: 08443660)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


East Suffolk Produce Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: JRJ Wrinch
JR Foskett
MJ Gregory
WE Wrinch
RW Parry



SECRETARY: JRJ Wrinch



REGISTERED OFFICE: Low Farm
Bridge Road
Bromeswell
Woodbridge
Suffolk
IP12 2QB



REGISTERED NUMBER: 08443660 (England and Wales)



ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF



BANKERS: HSBC
12 Tavern Street
Ipswich
Suffolk
IP1 3AZ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
East Suffolk Produce Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Suffolk Produce Ltd for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, 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 Board of Directors of East Suffolk Produce Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of East Suffolk Produce Ltd and state those matters that we have agreed to state to the Board of Directors of East Suffolk Produce Ltd, as a body, 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 East Suffolk Produce Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that East Suffolk Produce 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 East Suffolk Produce Ltd. You consider that East Suffolk Produce 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 East Suffolk Produce 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.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


24 October 2023

East Suffolk Produce Ltd (Registered number: 08443660)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,081 46,236

CURRENT ASSETS
Debtors 5 2,145,502 994,690
Cash at bank and in hand 778,509 605,468
2,924,011 1,600,158
CREDITORS
Amounts falling due within one year 6 2,265,937 1,089,449
NET CURRENT ASSETS 658,074 510,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

729,155

556,945

PROVISIONS FOR LIABILITIES 7 17,771 11,559
NET ASSETS 711,384 545,386

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 500 500
Retained earnings 710,884 544,886
SHAREHOLDERS' FUNDS 711,384 545,386

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

East Suffolk Produce Ltd (Registered number: 08443660)

Balance Sheet - continued
31 May 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 Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





JR Foskett - Director


East Suffolk Produce Ltd (Registered number: 08443660)

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


1. STATUTORY INFORMATION

East Suffolk Produce Ltd 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 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 directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
The company markets and sells agricultural produce as principal, but accepts no stock risk in doing so. In some cases the company acts as agent and therefore only recognises the marketing fee as turnover.

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 - 25% on reducing balance
Office equipment - 25% on reducing balance

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

East Suffolk Produce Ltd (Registered number: 08443660)

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


2. ACCOUNTING POLICIES - continued

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.

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

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 June 2022 112,520 23,897 136,417
Additions 39,169 3,640 42,809
Disposals (24,052 ) - (24,052 )
At 31 May 2023 127,637 27,537 155,174
DEPRECIATION
At 1 June 2022 70,539 19,642 90,181
Charge for year 12,520 1,136 13,656
Eliminated on disposal (19,744 ) - (19,744 )
At 31 May 2023 63,315 20,778 84,093
NET BOOK VALUE
At 31 May 2023 64,322 6,759 71,081
At 31 May 2022 41,981 4,255 46,236

HSBC have a fixed and floating charge over all assets of the company.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,135,596 994,690
VAT 9,906 -
2,145,502 994,690

HSBC have a fixed and floating charge over all assets of the company.

East Suffolk Produce Ltd (Registered number: 08443660)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,160,509 1,013,658
Corporation tax payable 51,500 23,191
Social security and other taxes 3,598 3,524
VAT - 1,247
Accruals and deferred income 50,330 47,829
2,265,937 1,089,449

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - Accelerated capital
allowances

17,771

11,559

Deferred
tax
£   
Balance at 1 June 2022 11,559
Provided during year 6,212
Balance at 31 May 2023 17,771

8. RELATED PARTY DISCLOSURES

During the year businesses over which the directors have influence used East Suffolk Produce Ltd to trade their potatoes. East Suffolk Produce purchased these potatoes from the members for £10,971,172 (2022 - £9,822,656). The members also paid management fees of £37,943 (2022 - £39,333). During the year a Toyota Hilux was sold to James Foskett Farms Ltd for £12,700.