New Forest Produce Limited 05212215 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is a food and produce scheme. Digita Accounts Production Advanced 6.30.9574.0 true true 05212215 2022-09-01 2023-08-31 05212215 2023-08-31 05212215 core:RetainedEarningsAccumulatedLosses 2023-08-31 05212215 core:CurrentFinancialInstruments 2023-08-31 05212215 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05212215 core:OfficeEquipment 2023-08-31 05212215 bus:SmallEntities 2022-09-01 2023-08-31 05212215 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 05212215 bus:FullAccounts 2022-09-01 2023-08-31 05212215 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 05212215 bus:RegisteredOffice 2022-09-01 2023-08-31 05212215 bus:Director1 2022-09-01 2023-08-31 05212215 bus:CompanyLimitedByGuarantee 2022-09-01 2023-08-31 05212215 core:OfficeEquipment 2022-09-01 2023-08-31 05212215 countries:EnglandWales 2022-09-01 2023-08-31 05212215 2022-08-31 05212215 core:OfficeEquipment 2022-08-31 05212215 2021-09-01 2022-08-31 05212215 2022-08-31 05212215 core:RetainedEarningsAccumulatedLosses 2022-08-31 05212215 core:CurrentFinancialInstruments 2022-08-31 05212215 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 05212215 core:OfficeEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 05212215

New Forest Produce Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

New Forest Produce Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

New Forest Produce Limited

(Registration number: 05212215)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

398

530

Current assets

 

Stocks

5

395

504

Debtors

6

1,327

1,212

Cash at bank and in hand

 

95,777

94,973

 

97,499

96,689

Creditors: Amounts falling due within one year

7

(14,021)

(12,262)

Net current assets

 

83,478

84,427

Net assets

 

83,876

84,957

Reserves

 

Retained earnings

83,876

84,957

Surplus

 

83,876

84,957

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 December 2023 and signed on its behalf by:
 

.........................................
Mr D C Parsons
Director

 

New Forest Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Lymington Town Hall
Avenue Road
Lymington
Hampshire
SO41 9ZG

These financial statements were authorised for issue by the Board on 21 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received from the sale of merchandise and membership income.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

New Forest Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

New Forest Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

2,026

2,026

At 31 August 2023

2,026

2,026

Depreciation

At 1 September 2022

1,496

1,496

Charge for the year

132

132

At 31 August 2023

1,628

1,628

Carrying amount

At 31 August 2023

398

398

At 31 August 2022

530

530

5

Stocks

2023
£

2022
£

Other inventories

395

504

6

Debtors

Current

2023
£

2022
£

Trade debtors

585

250

Prepayments

553

683

Other debtors

189

279

 

1,327

1,212

 

New Forest Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

161

193

Accruals and deferred income

660

550

Other creditors

13,200

11,519

14,021

12,262