REGISTERED NUMBER: |
The Norfolk Apple Company Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
The Norfolk Apple Company Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 |
Notes to the financial statements | 5 |
The Norfolk Apple Company Limited |
Company Information |
for the Year Ended 30 June 2023 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Monica House |
St Augustines Road |
Wisbech |
Cambridgeshire |
PE13 3AD |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
The Norfolk Apple Company Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Norfolk Apple Company Limited for the year ended 30 June 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of The Norfolk Apple Company Limited, as a body, in accordance with the terms of our engagement letter dated 10 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of The Norfolk Apple Company Limited and state those matters that we have agreed to state to the Board of Directors of The Norfolk Apple Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Norfolk Apple Company Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that The Norfolk Apple Company 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 profit of The Norfolk Apple Company Limited. You consider that The Norfolk Apple Company 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 The Norfolk Apple Company 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. |
Monica House |
St Augustines Road |
Wisbech |
Cambridgeshire |
PE13 3AD |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Statement of Financial Position |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Investments | 8 |
Cash at bank |
Creditors |
Amounts falling due within one year | 9 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Other reserve | 11 |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Statement of Financial Position - continued |
30 June 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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 |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | Statutory information |
The Norfolk Apple Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Refrigeration equipment | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | Accounting policies - continued |
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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
At 1 July 2022 |
Additions |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Refrigeration | Computer |
equipment | equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2022 |
Additions |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | Stocks |
2023 | 2022 |
£ | £ |
Total stock |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
8. | Current asset investments |
2023 | 2022 |
£ | £ |
Anglian Farmers Limited |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 169,997 | 222,480 |
VAT | 28,820 | 171 |
Accruals |
An interest free loan of £85,000 was issued to The Norfolk Apple Company by Wisbech Contract Farming Ltd in 2018. Repayments will be made at the discretion of the directors of the company. The loan which has been discounted to a fair value of £85,000 (2022: £85,000), is included in other creditors falling due within one year at 30 June 2023. Repayments totalling £40,000 were made in the year ended 30 June 2024. |
An interest free loan of £84,997 was issued to The Norfolk Apple Company by Fenland Topfruits Ltd in 2018. Repayments will be made at the discretion of the directors of the company. The loan which has been discounted to a fair value of £84,997 (2022: £84,997), is included in other creditors falling due within one year at 30 June 2023. Repayments totalling £40,000 were made in the year ended 30 June 2024. |
An interest free loan of £175,870 was issued to The Norfolk Apple Company by Greenyard Fresh Ltd in 2019. The loan which had been discounted to a fair value of £52,483 in 2022 was written off in full during 2023. |
10. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
The Norfolk Apple Company Limited (Registered number: 10810630) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | Reserves |
Other |
reserve |
£ |
At 1 July 2022 |
Profit & loss - Reclassification from revaluation |
(9,167 |
) |
At 30 June 2023 |
12. | Post balance sheet events |
During the year end 30 June 2024 all fruit was completely packed at a third party packhouse, and the company's own packhouse ceased to be used. |
The company still deals with the sale of fruit on behalf of the growers, and charges a levy to cover expenses. |
13. | Going concern |
The company is reliant on the financial support of its members and this will continue for the foreseeable future. |