Company registration number 02964645 (England and Wales)
DIRECT FRUIT INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DIRECT FRUIT INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
DIRECT FRUIT INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,537
1,224
Current assets
Debtors
4
451,977
601,546
Cash at bank and in hand
1,944,316
2,092,841
2,396,293
2,694,387
Creditors: amounts falling due within one year
5
(1,503,725)
(1,819,403)
Net current assets
892,568
874,984
Net assets
894,105
876,208
Capital and reserves
Called up share capital
6
138,775
138,775
Capital redemption reserve
66,000
66,000
Profit and loss reserves
689,330
671,433
Total equity
894,105
876,208
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 13 February 2024 and are signed on its behalf by:
Mr P Lymer
Director
Company registration number 02964645 (England and Wales)
DIRECT FRUIT INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
138,775
66,000
657,714
862,489
Year ended 30 September 2022:
Profit and total comprehensive income
-
-
27,438
27,438
Dividends
-
-
(13,719)
(13,719)
Balance at 30 September 2022
138,775
66,000
671,433
876,208
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
35,795
35,795
Dividends
-
-
(17,898)
(17,898)
Balance at 30 September 2023
138,775
66,000
689,330
894,105
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Direct Fruit International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN. This business address is Grovemere House, Lancaster Way Business Park, Ely, Cambridgeshire CB6 3NP.
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
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover represents amounts receivable for the wholesale of fruit and vegetables net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks 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 or to be 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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment
20% - 33% straight line
Computer equipment
33% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
39,129
Additions
1,073
Disposals
(862)
At 30 September 2023
39,340
Depreciation and impairment
At 1 October 2022
37,905
Depreciation charged in the year
760
Eliminated in respect of disposals
(862)
At 30 September 2023
37,803
Carrying amount
At 30 September 2023
1,537
At 30 September 2022
1,224
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
336,951
573,276
Corporation tax recoverable
577
Other debtors
114,449
28,270
451,977
601,546
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
859,838
1,375,741
Corporation tax
11,048
Other taxation and social security
5,154
5,428
Other creditors
638,733
427,186
1,503,725
1,819,403
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
68,000 Ordinary 'A' shares of £1 each
68,000
68,000
70,775 Ordinary 'C' shares of £1 each
70,775
70,775
138,775
138,775
Each class of shares ranks pari passu in all respects.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Woosey
Statutory Auditor:
Gravita Audit Limited
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,650
1,633
DIRECT FRUIT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
12,933
10,116,275
11,913,138
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,072,487
Other information
A director and shareholder of the company is also a director and shareholder of the company's sole supplier.
2023-09-302022-10-01false13 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr P LymerMr J C RuizMr A LymerMr P Lymer029646452022-10-012023-09-30029646452023-09-30029646452022-09-3002964645core:OtherPropertyPlantEquipment2023-09-3002964645core:OtherPropertyPlantEquipment2022-09-3002964645core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3002964645core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3002964645core:CurrentFinancialInstruments2023-09-3002964645core:CurrentFinancialInstruments2022-09-3002964645core:ShareCapital2023-09-3002964645core:ShareCapital2022-09-3002964645core:CapitalRedemptionReserve2023-09-3002964645core:CapitalRedemptionReserve2022-09-3002964645core:RetainedEarningsAccumulatedLosses2023-09-3002964645core:RetainedEarningsAccumulatedLosses2022-09-3002964645core:ShareCapital2021-09-3002964645core:CapitalRedemptionReserve2021-09-3002964645core:RetainedEarningsAccumulatedLosses2021-09-3002964645core:ShareCapitalOrdinaryShares2023-09-3002964645core:ShareCapitalOrdinaryShares2022-09-3002964645bus:CompanySecretaryDirector12022-10-012023-09-3002964645core:RetainedEarningsAccumulatedLosses2021-10-012022-09-30029646452021-10-012022-09-3002964645core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3002964645core:PlantMachinery2022-10-012023-09-3002964645core:FurnitureFittings2022-10-012023-09-3002964645core:OtherPropertyPlantEquipment2022-09-3002964645core:OtherPropertyPlantEquipment2022-10-012023-09-3002964645core:WithinOneYear2023-09-3002964645core:WithinOneYear2022-09-3002964645core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2022-10-012023-09-3002964645core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2021-10-012022-09-3002964645core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-09-3002964645bus:PrivateLimitedCompanyLtd2022-10-012023-09-3002964645bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3002964645bus:FRS1022022-10-012023-09-3002964645bus:Audited2022-10-012023-09-3002964645bus:Director12022-10-012023-09-3002964645bus:Director22022-10-012023-09-3002964645bus:Director32022-10-012023-09-3002964645bus:CompanySecretary12022-10-012023-09-3002964645bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP