Company Registration No. SC294178 (Scotland)
FIFE FRUITS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
FIFE FRUITS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
492,767
534,658
Investments
4
25
25
492,792
534,683
Current assets
Stocks
177,141
172,555
Debtors
5
201,757
60,748
Cash at bank and in hand
5,914
56,013
384,812
289,316
Creditors: amounts falling due within one year
6
(256,938)
(99,703)
Net current assets
127,874
189,613
Total assets less current liabilities
620,666
724,296
Creditors: amounts falling due after more than one year
7
(339,568)
(361,193)
Provisions for liabilities
8
(35,778)
(35,778)
Net assets
245,320
327,325
Capital and reserves
Called up share capital
9
100,000
100,000
Profit and loss reserves
145,320
227,325
Total equity
245,320
327,325
FIFE FRUITS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 2 November 2023
Mr R A Simpson
Director
Company Registration No. SC294178
FIFE FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Fife Fruits Limited is a private company limited by shares incorporated in Scotland. The registered office is Tarvit Home Farm, CUPAR, Fife, KY15 5SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on the going concern basis, the appropriateness of this basis is heavily reliant upon the continued support of the company's directors and bankers. true

1.3
Turnover

Turnover is derived from the sale of fruit and packaging and is stated net of VAT and trade discounts.

 

Revenue from the sale of fruit and packaging is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant, equipment and vehicles
20% reducing balance
Fixtures, fittings & office equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

 

Fruit trees are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of fruit trees, less their residual values, over their useful lives depending on the type of tree and method of planting, over a range of one to ten years.

FIFE FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

FIFE FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
33
33
3
Tangible fixed assets
Freehold land and buildings
Plant, equipment and vehicles
Fixtures, fittings & office equipment
Total
£
£
£
£
Cost
At 1 January 2022
389,510
687,233
4,242
1,080,985
Additions
-
0
9,376
-
0
9,376
Disposals
-
0
(11,000)
-
0
(11,000)
At 31 December 2022
389,510
685,609
4,242
1,079,361
Depreciation and impairment
At 1 January 2022
51,474
490,816
4,037
546,327
Depreciation charged in the year
7,790
40,591
51
48,432
Eliminated in respect of disposals
-
0
(8,165)
-
0
(8,165)
At 31 December 2022
59,264
523,242
4,088
586,594
Carrying amount
At 31 December 2022
330,246
162,367
154
492,767
At 31 December 2021
338,036
196,417
205
534,658
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
25
25
FIFE FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2022 & 31 December 2022
25
Carrying amount
At 31 December 2022
25
At 31 December 2021
25
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
64,360
41,797
Corporation tax recoverable
10,183
12,257
Other debtors
10,804
5,366
Prepayments and accrued income
116,410
1,328
201,757
60,748
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
23,068
23,554
Trade creditors
157,334
11,433
Other taxation and social security
2,902
2,663
Other creditors
67,919
52,830
Accruals and deferred income
5,715
9,223
256,938
99,703
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
209,306
231,888
Other creditors
130,262
129,305
339,568
361,193

The loans are secured by fixed and floating charges over the assets of the company.

FIFE FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
129,619
139,329
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
35,778
35,778
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100,000 Shares of £1 each
100,000
100,000
10
Directors' transactions

Dividends totalling Nil (2021 - £2,000) were paid in the year in respect of shares held by the company's directors.

The director also paid rent to the company of £2,400 (2021 - £2,400) during the year.

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