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REGISTERED NUMBER: 03746443 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

FALLEN FRUITS LIMITED

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FALLEN FRUITS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M F Hall





SECRETARY: M F Hall





REGISTERED OFFICE: Number 5
The Business Quarter
Eco Park Road
Ludlow
Shropshire
SY8 1FD





REGISTERED NUMBER: 03746443 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 356,397 460,980

CURRENT ASSETS
Stocks 508,241 799,447
Debtors 6 1,014,026 1,797,305
Cash at bank and in hand 165,767 167,135
1,688,034 2,763,887
CREDITORS
Amounts falling due within one year 7 1,129,690 1,733,738
NET CURRENT ASSETS 558,344 1,030,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

914,741

1,491,129

CREDITORS
Amounts falling due after more than one
year

8

(82,727

)

(120,909

)

PROVISIONS FOR LIABILITIES 11 (29,679 ) (37,017 )
NET ASSETS 802,335 1,333,203

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 802,333 1,333,201
SHAREHOLDERS' FUNDS 802,335 1,333,203

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





M F Hall - Director


FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Fallen Fruits 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 principal place of business is The Potting Shed, Lower Barns Business Park, Ludford, Ludlow, Shropshire, SY8 4DS.

2. 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are for the individual entity only.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

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 each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Hedging arrangements

The company does not generally apply hedge accounting in respect of forward foreign exchange contracts held to manage the cash flow exposures of forecast transactions denominated in foreign currencies.


FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 31 ) .

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Improvements
Leasehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2022 594,920 31,938 205,658
Additions - - -
Disposals - - (20,864 )
At 31 March 2023 594,920 31,938 184,794
DEPRECIATION
At 1 April 2022 297,460 22,672 148,235
Charge for year 59,492 1,816 12,096
Eliminated on disposal - - (19,976 )
At 31 March 2023 356,952 24,488 140,355
NET BOOK VALUE
At 31 March 2023 237,968 7,450 44,439
At 31 March 2022 297,460 9,266 57,423

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 67,815 58,176 158,003 1,116,510
Additions - - 780 780
Disposals (16,427 ) (29,103 ) (31,309 ) (97,703 )
At 31 March 2023 51,388 29,073 127,474 1,019,587
DEPRECIATION
At 1 April 2022 39,425 39,631 108,107 655,530
Charge for year 6,175 2,560 14,030 96,169
Eliminated on disposal (16,427 ) (20,797 ) (31,309 ) (88,509 )
At 31 March 2023 29,173 21,394 90,828 663,190
NET BOOK VALUE
At 31 March 2023 22,215 7,679 36,646 356,397
At 31 March 2022 28,390 18,545 49,896 460,980

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 859,556 1,669,014
Other debtors 69,036 15,372
Prepayments 85,434 112,919
1,014,026 1,797,305

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 38,182 38,182
Trade creditors 209,035 1,153,557
Amounts owed to group undertakings 522,733 -
Corporation tax 96,332 162,872
Social security and other taxes 18,838 23,829
VAT 197,692 328,776
Other creditors 18,290 15,324
Directors' current accounts 520 171
Accrued expenses 28,068 11,027
1,129,690 1,733,738

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 38,182 38,182
Bank loans - 2-5 years 44,545 82,727
82,727 120,909

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 86,215 81,088
Between one and five years 61,630 128,941
147,845 210,029

10. SECURED DEBTS

A liability of £nil (2022: £nil) is owed to Lloyds Bank PLC. The liability is secured by a debenture dated 8 November 2021 between Fallen Fruits Limited and Lloyds Bank PLC with a fixed and floating charge over all property and undertaking of the company currently or at any time afterwards.

11. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 29,679 37,017

Deferred
tax
£   
Balance at 1 April 2022 37,017
Credit to Income Statement during year (7,338 )
Balance at 31 March 2023 29,679

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
200 Ordinary £0.01 2 2

Ordinary shares have full voting rights and rights to dividends.

13. RESERVES
Retained
earnings
£   

At 1 April 2022 1,333,201
Deficit for the year (358,230 )
Dividends (172,638 )
At 31 March 2023 802,333

Retained earnings includes all current and prior period retained profits and losses.

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion on financial statements
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.

The preceding years' financial statements were not audited as advantage had been taken of audit exemption. Due to insufficient audit information it has not been possible for us to perform the auditing procedures necessary to obtain sufficient audit evidence to satisfy ourselves that no material misstatement exists in the comparative figures. In consequence the comparative information may not be comparable.

Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, total dividends of £172,638 were paid to the directors .

During the year, the company made sales to directors totalling £240 (2022: £nil) and purchases from directors totalling £672 (2022: £nil). Included in creditors due within one year is a balance of £520 (2022: £171) due to a director. This loan is interest free and repayable on demand.

FALLEN FRUITS LIMITED (REGISTERED NUMBER: 03746443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

16. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Esschert Design BV following the acquisition of the entire share capital of the company on 31 March 2023. The ultimate parent company and controlling party is Esschert Design Investments BV, a company incorporated in the Netherlands. Financial statements of the ultimate parent company are available from Esschert Design Investments BV, at Euregioweg 225, 7532 SM, Enschede or via the internet at www.kvk.nl.