Registered number
04288056
Kenyons Fruit & Veg Limited
Filleted Accounts
31 October 2023
Kenyons Fruit & Veg Limited
Registered number: 04288056
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 25,471 31,943
Investments 5 1 1
25,472 31,944
Current assets
Stocks 20,297 22,661
Debtors 6 50,741 72,882
Cash at bank and in hand 582,860 542,104
653,898 637,647
Creditors: amounts falling due within one year 7 (181,374) (175,275)
Net current assets 472,524 462,372
Total assets less current liabilities 497,996 494,316
Provisions for liabilities (4,185) (3,425)
Net assets 493,811 490,891
Capital and reserves
Called up share capital 2 2
Profit and loss account 493,809 490,889
Shareholders' funds 493,811 490,891
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S M Kenyon
Director
Approved by the board on 22 July 2024
Kenyons Fruit & Veg Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% straight line
Fixtures and fittings 15% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 90,000
At 31 October 2023 90,000
Amortisation
At 1 November 2022 90,000
At 31 October 2023 90,000
Net book value
At 31 October 2023 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Long leasehold Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 5,828 36,838 75,658 118,324
Disposals - - (33,965) (33,965)
At 31 October 2023 5,828 36,838 41,693 84,359
Depreciation
At 1 November 2022 5,828 20,938 59,615 86,381
Charge for the year - 2,385 3,985 6,370
On disposals - - (33,863) (33,863)
At 31 October 2023 5,828 23,323 29,737 58,888
Net book value
At 31 October 2023 - 13,515 11,956 25,471
At 31 October 2022 - 15,900 16,043 31,943
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 1
At 31 October 2023 1
6 Debtors 2023 2022
£ £
Trade debtors 43,342 59,974
Other debtors 7,399 12,908
50,741 72,882
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 24,950 49,244
Taxation and social security costs 26,722 24,204
Other creditors 129,702 101,827
181,374 175,275
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,997 16,311
9 Loans to/(from) directors
Loan repayable on demand B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S M Kenyon
Loan movements (44,415) (42,053) 28,416 (58,052)
Mrs N J Kenyon
Loan movements (44,414) (42,053) 28,416 (58,051)
(88,829) (84,106) 56,832 (116,103)
10 Other information
Kenyons Fruit & Veg Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bull Pens
Sezincote
Moreton in Marsh
Gloucestershire
GL56 9AW
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