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Registration number: SC386346

Market Fresh Paterson Limited

Unaudited Financial Statements

31 October 2023

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Market Fresh Paterson Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Market Fresh Paterson Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Market Fresh Paterson Limited for the year ended 31 October 2023 as set out on pages 2 to 11 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 at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Market Fresh Paterson Limited, as a body, in accordance with the terms of our engagement letter dated 21 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Market Fresh Paterson Limited and state those matters that we have agreed to state to the Board of Directors of Market Fresh Paterson Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Market Fresh Paterson Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Market Fresh Paterson Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Market Fresh Paterson Limited. You consider that Market Fresh Paterson 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 accounts of Market Fresh Paterson 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

29 July 2024

 

Market Fresh Paterson Limited

(Registration number: SC386346)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

69,749

60,450

Current assets

 

Stocks

24,000

20,000

Debtors

6

542,294

504,895

Cash at bank and in hand

 

1

793

 

566,295

525,688

Creditors: Amounts falling due within one year

7

(539,868)

(443,925)

Net current assets

 

26,427

81,763

Total assets less current liabilities

 

96,176

142,213

Creditors: Amounts falling due after more than one year

7

(95,501)

(119,951)

Provisions for liabilities

(11,737)

(9,309)

Net (liabilities)/assets

 

(11,062)

12,953

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Profit and loss account

(12,062)

11,953

Total equity

 

(11,062)

12,953

 

Market Fresh Paterson Limited

(Registration number: SC386346)
Balance Sheet as at 31 October 2023 (continued)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 29 July 2024 and signed on its behalf by:
 

.........................................

C Paterson

Director

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Jaylin
Toppinghead Bridge
KIRKPATRICK FLEMING
DG11 3BE

2

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 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net liabilities at 31 October 2023 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition longer term bank loans and other loans provide financial support. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises current and 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.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Buildings

10 years straight line basis

Motor vehicles

25% reducing balance basis and over the length of the lease

Furniture, fittings and office equipment

15% reducing balance basis and 3 years straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

40,000

40,000

At 31 October 2023

40,000

40,000

Amortisation

At 1 November 2022

40,000

40,000

At 31 October 2023

40,000

40,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 November 2022

51,402

138,741

44,946

235,089

Additions

-

19,300

11,155

30,455

Disposals

-

(28,652)

-

(28,652)

At 31 October 2023

51,402

129,389

56,101

236,892

Depreciation

At 1 November 2022

41,856

102,626

30,157

174,639

Charge for the year

3,820

9,385

6,160

19,365

Eliminated on disposal

-

(26,861)

-

(26,861)

At 31 October 2023

45,676

85,150

36,317

167,143

Carrying amount

At 31 October 2023

5,726

44,239

19,784

69,749

At 31 October 2022

9,546

36,115

14,789

60,450

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

231,621

225,878

Other debtors

310,673

279,017

542,294

504,895

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

124,513

84,813

Trade creditors

 

394,949

309,789

Taxation and social security

 

3,404

15,071

Corporation tax liability

 

2,474

25,439

Other creditors

 

14,528

8,813

 

539,868

443,925

Due after one year

 

Loans and borrowings

8

95,501

119,951

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

2,432

Bank overdrafts

28,070

25,871

Finance lease liabilities

12,111

17,355

Other borrowings

84,332

39,155

124,513

84,813

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

12,111

17,355

Finance lease liabilities are secured on the assets to which they relate.

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

19,245

12,458

Other borrowings

76,256

107,493

95,501

119,951

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

19,245

12,458

Finance lease liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £19,948 (2022 - £28,081).

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2023
£

C Paterson

Loan to director

121,877

66,771

(61,952)

-

(10,000)

2,719

119,415

               
         

J L Paterson

Loan to director

121,877

66,771

(61,953)

-

(10,000)

2,719

119,414

               
         

 

 

Market Fresh Paterson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2022

At 1 November 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2022
£

C Paterson

Loan to director

107,112

57,657

(45,169)

-

-

2,277

121,877

               
         

J L Paterson

Loan to director

107,112

57,657

(45,168)

-

-

2,276

121,877

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors up to 5 April 2023 and at 2.25% thereafter.