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REGISTERED NUMBER: 01486489 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

FERRYFAST PRODUCE LIMITED

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FERRYFAST PRODUCE LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: R J Byrd
N J Gorin
S J Houghton
D B Byrd





SECRETARY: S J Houghton





REGISTERED OFFICE: Ascot Road
Pershore
Worcestershire
WR10 2JJ





REGISTERED NUMBER: 01486489 (England and Wales)





AUDITORS: Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

STRATEGIC REPORT
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
The company achieved a pre-tax profit of £268,254 compared with £578,331 in the previous year. At 31 January 2023 shareholders funds were £2,159,135 compared with £1,931,929 last year.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainties facing the company include: the Russia-Ukraine war and resulting impact on product availability; the general difficult trading conditions the economy presents; and the uncertainty of exchange rate variations, affecting the price of some of the company's purchases.

KEY PERFORMANCE INDICATORS
Key performance indicators that are focused on by management include Turnover, Direct costs, and Overheads. Each of these are reviewed regularly by management against the budget and prior periods. The directors are pleased with the performance of the company during the year with regard the indicators above.

ON BEHALF OF THE BOARD:





S J Houghton - Secretary


20 October 2023

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the marketing and distribution of fruit and vegetables.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

FUTURE DEVELOPMENTS
Demand for fresh produce continues to increase. The trading results for the current year remain profitable. The company continues to invest in new equipment and vehicles.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

R J Byrd
N J Gorin
S J Houghton
D B Byrd

Other changes in directors holding office are as follows:

P E Osborne - resigned 23 December 2022

FINANCIAL INSTRUMENTS
The company's financial instruments comprise long term bank loans, bank overdraft and cash deposits. The main purpose of these financial instruments is to raise finance to fund the company's operations. The company has other financial instruments such as trade debtors and trade creditors which arise directly from its operations.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have included information relating to the review of business, principal risks and uncertainties, and performance indicators in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



S J Houghton - Secretary


20 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED

Opinion
We have audited the financial statements of Ferryfast Produce Limited (the 'company') for the year ended 31 January 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Company's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: food safety, health and safety, GDPR, and employment laws and regulations, recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gwyneth Milner (Senior Statutory Auditor)
for and on behalf of Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ

20 October 2023

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

TURNOVER 3 29,643,925 22,369,973

Cost of sales (24,903,874 ) (18,111,290 )
GROSS PROFIT 4,740,051 4,258,683

Administrative expenses (4,486,542 ) (4,058,250 )
253,509 200,433

Other operating income 19,200 389,546
OPERATING PROFIT 5 272,709 589,979


Interest payable and similar expenses 6 (4,455 ) (11,648 )
PROFIT BEFORE TAXATION 268,254 578,331

Tax on profit 7 (41,048 ) (82,648 )
PROFIT FOR THE FINANCIAL YEAR 227,206 495,683

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 227,206 495,683


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

227,206

495,683

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

BALANCE SHEET
31 January 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 8 1,085,934 1,019,377

CURRENT ASSETS
Stocks 9 281,401 241,784
Debtors 10 3,112,705 3,002,369
Cash at bank and in hand 1,673,844 916,165
5,067,950 4,160,318
CREDITORS
Amounts falling due within one year 11 (3,690,989 ) (3,180,346 )
NET CURRENT ASSETS 1,376,961 979,972
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,462,895

1,999,349

CREDITORS
Amounts falling due after more than one
year

12

(200,100

)

-

PROVISIONS FOR LIABILITIES 15 (103,660 ) (67,420 )
NET ASSETS 2,159,135 1,931,929

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 2,149,135 1,921,929
SHAREHOLDERS' FUNDS 2,159,135 1,931,929

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:




D B Byrd - Director



S J Houghton - Director


FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 10,000 1,426,246 1,436,246

Changes in equity
Total comprehensive income - 495,683 495,683
Balance at 31 January 2022 10,000 1,921,929 1,931,929

Changes in equity
Total comprehensive income - 227,206 227,206
Balance at 31 January 2023 10,000 2,149,135 2,159,135

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Ferryfast Produce 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 (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
The directors are of the opinion that there are no significant judgements or estimations used in 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.

Produce sales are recognised when orders leave the warehouse. Haulage sales are recognised when the delivery is made.

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 - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on 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 Profit and Loss Account, 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.


FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Produce wholesale 25,375,607 18,083,490
Transport and logistics 4,268,318 4,286,483
29,643,925 22,369,973

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 29,643,925 22,369,973
29,643,925 22,369,973

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,813,905 4,180,218
Social security costs 450,237 344,342
Other pension costs 4,296 4,591
5,268,438 4,529,151

The average number of employees during the year was as follows:
2023 2022

Administration, office and sales 50 42
Distribution 105 102
155 144

2023 2022
£    £   
Directors' remuneration 121,338 117,828
Directors' pension contributions to money purchase schemes 4,296 4,591

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

The directors are considered to be the key management of the business.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Vehicle hire 289,961 162,328
Other operating leases 588,004 575,764
Depreciation - owned assets 188,292 250,869
Depreciation - assets on hire purchase contracts 48,899 56,293
Loss on disposal of fixed assets 6,890 11,161
Foreign exchange differences (45,676 ) (22,999 )
Auditor's remuneration - audit of the financial statements 8,100 8,100
Auditor's remuneration - non audit services 12,085 12,085

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank and loan interest - 5,765
Hire purchase 4,455 5,883
4,455 11,648

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 4,808 119,168
Over provision prior years - (17,500 )
Total current tax 4,808 101,668

Deferred tax 36,240 (19,020 )
Tax on profit 41,048 82,648

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 268,254 578,331
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

50,968

109,883

Effects of:
Expenses not deductible for tax purposes 8,227 3,224
Adjustments to tax charge in respect of previous periods - (17,500 )
Other differences (18,147 ) (12,959 )
Total tax charge 41,048 82,648

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2022 955,859 385,993 2,898,479 4,240,331
Additions 5,188 - 315,700 320,888
Disposals - - (100,180 ) (100,180 )
At 31 January 2023 961,047 385,993 3,113,999 4,461,039
DEPRECIATION
At 1 February 2022 779,429 345,474 2,096,051 3,220,954
Charge for year 26,465 8,104 202,622 237,191
Eliminated on disposal - - (83,040 ) (83,040 )
At 31 January 2023 805,894 353,578 2,215,633 3,375,105
NET BOOK VALUE
At 31 January 2023 155,153 32,415 898,366 1,085,934
At 31 January 2022 176,430 40,519 802,428 1,019,377

At the balance sheet date, assets held under Hire Purchase contracts had a cost of £569,142 (2022 - £338,842) and accumulated depreciation of £170,238 (2022 - £167,269).

9. STOCKS
2023 2022
£    £   
Stocks 281,401 241,784

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,751,101 2,642,384
Other debtors 291,813 275,037
Prepayments and accrued income 69,791 84,948
3,112,705 3,002,369

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 104,400 98,121
Trade creditors 2,528,106 2,088,990
Tax - 81,560
Social security and other taxes 321,499 300,596
Other creditors 289,101 289,101
Accrued expenses 447,883 321,978
3,690,989 3,180,346

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 200,100 -

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 104,400 98,121
Between one and five years 200,100 -
304,500 98,121

Non-cancellable operating leases
2023 2022
£    £   
Within one year 580,028 590,264
Between one and five years 570,564 1,141,888
1,150,592 1,732,152

During the year the company incurred £616,282 under operating leases (2022 - £637,019).

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 304,500 98,121

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

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

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 103,660 67,420

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2022 67,420
Charge to Profit and Loss Account during year 36,240
Balance at 31 January 2023 103,660

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

17. RESERVES

The company has recognised the following reserves:

Retained earnings are comprised of accumulated total comprehensive income less dividends.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, not to disclose related party transactions with fellow group companies.

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Support and administration income 902 612
IT services purchased 28,320 28,815
Management charges payable 13,000 23,000
Rent received 19,200 19,200
Amount due from related parties 157,571 157,503

Other related parties
2023 2022
£    £   
Sales 33,346 25,802
Purchases 1,974,966 1,745,362
Management charges payable 44,129 52,955
Rent payable 570,564 570,564
Amount due to related parties 223,507 324,440

19. ULTIMATE CONTROLLING PARTY

The company's immediate controlling party is Hob Farms Limited, a company incorporated in the UK.

The company's ultimate controlling party is Ferryfast Holdings Limited, a company incorporated in the UK.