Company registration number SC430631 (Scotland)
FAILTE PRODUCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
FAILTE PRODUCE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
FAILTE PRODUCE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,035
45,299
Current assets
Stocks
16,882
17,279
Debtors
5
1,506,576
1,513,316
Cash at bank and in hand
550,441
397,478
2,073,899
1,928,073
Creditors: amounts falling due within one year
6
(161,098)
(138,679)
Net current assets
1,912,801
1,789,394
Net assets
1,916,836
1,834,693
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,916,736
1,834,593
Total equity
1,916,836
1,834,693
The notes on pages 3 to 8 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr J Cummiskey
Director
Company Registration No. SC430631
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Failte Produce Limited is a private company limited by shares incorporated in Scotland. The registered office is East Warehouse, Glasgow Fruit Market, Blochairn Road, Glasgow, Scotland, G21 2SW. The company's registration number is SC430631.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the Statement of Comprehensive Income represents the value of all goods sold during the year, less returns received at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Tangible fixed assets are reviewed annually by the directors for any impairment. Factors taken into consideration in reaching such a decision included the economic viability and expected future financial performance of the asset.
1.5
Stocks
Stocks, which comprise goods held for resale, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents purchase price.
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fair value measurement of financial instruments
Financial assets, other than those held at fair value through the profit and loss account are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.11
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Coronavirus support
-
(244,728)
Depreciation of owned tangible fixed assets
37,623
150,739
Profit on disposal of tangible fixed assets
(27,994)
-
Operating lease charges
82,000
99,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
22
21
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
304,206
564,751
868,957
Disposals
(58,258)
(58,258)
At 31 January 2024
304,206
506,493
810,699
Depreciation and impairment
At 1 February 2023
302,347
521,311
823,658
Depreciation charged in the year
1,859
35,764
37,623
Eliminated in respect of disposals
(54,617)
(54,617)
At 31 January 2024
304,206
502,458
806,664
Carrying amount
At 31 January 2024
4,035
4,035
At 31 January 2023
1,859
43,440
45,299
5
Debtors
2024
2023
Amounts falling due within one year:
Notes
£
£
Trade debtors
183,060
188,717
Amounts owed by group undertakings
1,296,521
1,296,521
Other debtors
11,108
11,110
1,490,689
1,496,348
Deferred tax asset
7
15,887
16,968
1,506,576
1,513,316
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
81,667
69,235
Taxation and social security
40,193
45,007
Other creditors
39,238
24,437
161,098
138,679
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
15,887
16,968
2024
Movements in the year:
£
Asset at 1 February 2023
(16,968)
Charge to profit or loss
1,081
Asset at 31 January 2024
(15,887)
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
60,000
60,000
FAILTE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
11
Related party transactions
The Company has taken advantage of exemption, under the terms of Financial Reporting's 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.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12
Ultimate controlling party
In the opinion of the directors there is no ultimate controlling party.
13
Ultimate parent company
The Company's immediate and ultimate parent undertaking is Failte Group Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies of the group financial statements are available to the public from Companies House, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.