Registration number:
Arundel Kerr Produce (East Anglia) Limited
for the Year Ended 31 October 2023
Arundel Kerr Produce (East Anglia) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Arundel Kerr Produce (East Anglia) Limited
Company Information
Directors |
R D Arundel B W Kerr |
Company secretary |
E S Arundel |
Registered office |
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Arundel Kerr Produce (East Anglia) Limited
(Registration number: 04713346)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' deficit |
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For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04713346.
The address of its registered office is:
These financial statements cover the individual entity, Arundel Kerr Produce (East Anglia) Limited.
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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
Going concern
The company is financed by a significant bank overdraft facility. The overdraft facility provided is governed by an agreement with the bank and the company is aware of their repayment obligations and their limits and considers that it can continue trading whilst meeting these. The directors have made assurances that the company will continue to receive financial support from the bank and that the changes to trade should result in the company generating profits in the next accounting period. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises deferred 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.
Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
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.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
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 |
Fixtures and fittings |
20% - 25% reducing balance |
Plant and machinery |
10% - 25% reducing balance and 4% - 33% straight line |
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 at the transaction price 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
The basis of valuation is as follows:
Raw materials and consumables are stated at the lower of cost and net realisable value.
Produce on hand is valued at the lower of estimated cost of production and net realisable value.
Tenantright is calculated by a combination of actual costs and standard costs.
The basis of valuation is consistent with previous years.
Trade creditors
Trade creditors are obligations to pay for goods or services 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 at the transaction price.
Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
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- |
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Disposals |
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- |
- |
( |
At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
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- |
- |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Stock and Farm Valuation |
2023 |
2022 |
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Raw materials and consumables |
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Produce on hand |
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Tenantright |
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- |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors amounts falling within one year which security has been given includes finance leases of £54,845 (2022 - £41,428) and the bank overdraft of £796,689 (2022 - £646,362).
Creditors amounts falling due after more than one year on which security has been given includes finance leases of £139,396 (2022- £99,238).
The finance leases are secured against the assets to which they relate. The bank overdraft is secured by charges over the company's assets and personal guarantees given by the company's directors.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Other borrowings |
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Arundel Kerr Produce (East Anglia) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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99 |
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99 |
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100 |
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100 |
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Financial commitments, guarantees and contingencies |
The company has entered into an unlimited cross guarantee with its bankers in respect of Arundel Kerr Produce Limited, Arundel Kerr Produce (East Anglia) Limited and Healthfresh Properties Limited to secure liabilities of each other. There are no tax implications with regards to this guarantee. The uncertainities which are expected to affect the future outcome are the future liquidity and profitability of the two companies whose debts are secured by Arundel Kerr Produce (East Anglia) Limited. The financial effect due to this guarantee is dependent upon the amount of debt secured by Arundel Kerr Produce (East Anglia) Limited in respect of the two companies.
Related party transactions |
Transactions with Directors |
2023 |
At 1 November 2022 |
Advances to Director |
At 31 October 2023 |
Director's interest free loan accounts - no formal repayment terms |
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