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REGISTERED NUMBER: 02984732 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

ISLE OF ELY PRODUCE LIMITED

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ISLE OF ELY PRODUCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr J P Boutwood
Mr O J Boutwood
Mrs C D Boutwood-Potter





SECRETARY: Mr J P Boutwood





REGISTERED OFFICE: Aubrey's Yard
Pulloxhill Road
Silsoe
Bedfordshire
MK45 4QT





REGISTERED NUMBER: 02984732 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,879,221 1,924,074
Investments 5 100 100
1,879,321 1,924,174

CURRENT ASSETS
Stocks 250,000 411,226
Debtors 6 1,535,560 1,792,145
Cash at bank and in hand 1,166,636 159,364
2,952,196 2,362,735
CREDITORS
Amounts falling due within one year 7 2,385,060 2,091,759
NET CURRENT ASSETS 567,136 270,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,446,457

2,195,150

CREDITORS
Amounts falling due after more than one
year

8

(436,310

)

(491,426

)

PROVISIONS FOR LIABILITIES (132,749 ) (102,388 )
NET ASSETS 1,877,398 1,601,336

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Retained earnings 1,865,398 1,589,336
SHAREHOLDERS' FUNDS 1,877,398 1,601,336

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

BALANCE SHEET - continued
31 OCTOBER 2023


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 25 July 2024 and were signed on its behalf by:




Mr J P Boutwood - Director



Mr O J Boutwood - Director


ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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


1. STATUTORY INFORMATION

Isle of Ely Produce 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.

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Isle of Ely Produce Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures fittings & equipment - 15% on cost
Motor vehicles - 25% on reducing balance

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 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.

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Grant income
Grant income is recognised on the accruals model. Where there are no future performance related conditions, income is recognised when the grants are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and fittings Motor
property machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 1,693,548 1,344,160 230,103 106,505 3,374,316
Additions 16,344 10,821 7,129 101,100 135,394
Disposals - (1,181 ) - (47,769 ) (48,950 )
At 31 October 2023 1,709,892 1,353,800 237,232 159,836 3,460,760
DEPRECIATION
At 1 November 2022 268,675 918,511 213,978 49,078 1,450,242
Charge for year 30,414 92,874 6,762 36,289 166,339
Eliminated on disposal - (647 ) - (34,395 ) (35,042 )
At 31 October 2023 299,089 1,010,738 220,740 50,972 1,581,539
NET BOOK VALUE
At 31 October 2023 1,410,803 343,062 16,492 108,864 1,879,221
At 31 October 2022 1,424,873 425,649 16,125 57,427 1,924,074

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 113,730 67,297 181,027
Additions - 83,000 83,000
Transfer to ownership (113,730 ) (25,769 ) (139,499 )
At 31 October 2023 - 124,528 124,528
DEPRECIATION
At 1 November 2022 42,593 27,998 70,591
Charge for year - 28,537 28,537
Transfer to ownership (42,593 ) (17,616 ) (60,209 )
At 31 October 2023 - 38,919 38,919
NET BOOK VALUE
At 31 October 2023 - 85,609 85,609
At 31 October 2022 71,137 39,299 110,436

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 100
NET BOOK VALUE
At 31 October 2023 100
At 31 October 2022 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,480,844 1,703,171
Other debtors 10,000 18,481
Tax 18,856 18,856
VAT 22,594 48,594
Prepayments 3,266 3,043
1,535,560 1,792,145

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 67,150 244,043
Hire purchase contracts (see note 9) 35,671 19,177
Trade creditors 1,935,831 1,693,898
Tax 110,926 -
Social security and other taxes 7,272 6,940
Other creditors 150,000 80,569
Directors' current accounts 4,684 35,520
Accrued expenses 73,526 11,612
2,385,060 2,091,759

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 67,150 67,150
Bank loans - 2-5 years 329,667 398,912
Hire purchase contracts (see note 9) 39,493 25,364
436,310 491,426

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 35,671 19,177
Between one and five years 39,493 25,364
75,164 44,541

ISLE OF ELY PRODUCE LIMITED (REGISTERED NUMBER: 02984732)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 463,967 533,212
Hire purchase contracts 75,164 44,541
539,131 577,753

The bank loans are secured by:

1 A mortgage over the freehold property.

2 A fixed charge over the company's book debts.

3 A floating charge over all other assets.


Hire purchase contracts are secured on the assets acquired.

11. 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.