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Company registration number: 01396348
M Leggate & Sons (Produce) Limited
Unaudited filleted financial statements
30 April 2023
M Leggate & Sons (Produce) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
M Leggate & Sons (Produce) Limited
Directors and other information
Directors Mr Malcolm Leggate
Mr Neville Leggate
Mr Richard Leggate
Secretary Malcolm Leggate
Company number 01396348
Registered office Main Road
Wrangle
BOSTON
Lincs
PE22 9AA
Business address Main Road
Wrangle
BOSTON
Lincs
PE22 9AA
Accountants Lister & Co
75 High Street
BOSTON
Lincs
PE21 8SX
M Leggate & Sons (Produce) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of M Leggate & Sons (Produce) Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M Leggate & Sons (Produce) Limited for the year ended 30 April 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of M Leggate & Sons (Produce) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M Leggate & Sons (Produce) Limited and state those matters that we have agreed to state to the board of directors of M Leggate & Sons (Produce) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M Leggate & Sons (Produce) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that M Leggate & Sons (Produce) Limited 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 loss of M Leggate & Sons (Produce) Limited. You consider that M Leggate & Sons (Produce) Limited 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 M Leggate & Sons (Produce) Limited. 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.
Lister & Co
ACCA
75 High Street
BOSTON
Lincs
PE21 8SX
14 August 2023
M Leggate & Sons (Produce) Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 3,454,485 3,425,628
_______ _______
3,454,485 3,425,628
Current assets
Stocks 282,414 248,341
Debtors 7 2,925,401 2,837,982
Cash at bank and in hand 420,667 742,117
_______ _______
3,628,482 3,828,440
Creditors: amounts falling due
within one year 8 ( 2,747,149) ( 2,731,282)
_______ _______
Net current assets 881,333 1,097,158
_______ _______
Total assets less current liabilities 4,335,818 4,522,786
Creditors: amounts falling due
after more than one year 9 ( 311,819) ( 321,606)
Provisions for liabilities - ( 140,139)
_______ _______
Net assets 4,023,999 4,061,041
_______ _______
Capital and reserves
Called up share capital 10 5,000 5,000
Profit and loss account 4,018,999 4,056,041
_______ _______
Shareholders funds 4,023,999 4,061,041
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 August 2023 , and are signed on behalf of the board by:
Mr Malcolm Leggate
Director
Company registration number: 01396348
M Leggate & Sons (Produce) Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Main Road, Wrangle, BOSTON, Lincs, PE22 9AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
Long leasehold property - 10 % straight line
Plant and machinery - 10 % reducing balance
Tractors & harvesters - 25 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 49 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2022 and 30 April 2023 1,088 1,088
_______ _______
Amortisation
At 1 May 2022 and 30 April 2023 1,088 1,088
_______ _______
Carrying amount
At 30 April 2023 - -
_______ _______
At 30 April 2022 - -
_______ _______
6. Tangible assets
Freehold property Long leasehold property Plant and machinery Tractors and harvesters Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 May 2022 254,272 2,728,580 1,491,470 62,396 91,581 4,628,299
Additions - - 177,161 - 5,600 182,761
_______ _______ _______ _______ _______ _______
At 30 April 2023 254,272 2,728,580 1,668,631 62,396 97,181 4,811,060
_______ _______ _______ _______ _______ _______
Depreciation
At 1 May 2022 - 451,243 625,555 59,337 66,536 1,202,671
Charge for the year - 45,601 101,597 764 5,942 153,904
_______ _______ _______ _______ _______ _______
At 30 April 2023 - 496,844 727,152 60,101 72,478 1,356,575
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 April 2023 254,272 2,231,736 941,479 2,295 24,703 3,454,485
_______ _______ _______ _______ _______ _______
At 30 April 2022 254,272 2,277,337 865,915 3,059 25,045 3,425,628
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 2,149,845 2,247,306
Prepayments and accrued income 34,776 51,214
Other debtors 740,780 539,462
_______ _______
2,925,401 2,837,982
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,112,667 1,094,578
Accruals and deferred income 75,039 87,157
Social security and other taxes 37,702 31,806
Other creditors 1,521,741 1,517,741
_______ _______
2,747,149 2,731,282
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 311,819 321,606
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 5,000 5,000 5,000 5,000
_______ _______ _______ _______