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COMPANY REGISTRATION NUMBER: 04578958
FRESH FIELDS FOODS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
FRESH FIELDS FOODS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
FRESH FIELDS FOODS LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
148,955
109,844
CURRENT ASSETS
Stocks
68,285
67,270
Debtors
6
492,427
399,768
Cash at bank and in hand
136,652
213,927
----------
----------
697,364
680,965
CREDITORS: amounts falling due within one year
7
475,494
487,652
----------
----------
NET CURRENT ASSETS
221,870
193,313
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
370,825
303,157
CREDITORS: amounts falling due after more than one year
8
38,471
46,680
PROVISIONS
Taxation including deferred tax
28,300
20,870
----------
----------
NET ASSETS
304,054
235,607
----------
----------
FRESH FIELDS FOODS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
90
90
Profit and loss account
303,964
235,517
----------
----------
SHAREHOLDERS FUNDS
304,054
235,607
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mrs P Dewick
Director
Company registration number: 04578958
FRESH FIELDS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Stones Drive, Ripponden, Sowerby Bridge, West Yorkshire, HX6 4NY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Alterations to leasehold property
-
10% straight line
Plant, fixtures & fittings
-
16.67% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 23 (2022: 20 ).
5. TANGIBLE ASSETS
Land and buildings
Plant, fixtures & fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
24,650
170,579
124,365
319,594
Additions
38,090
32,000
70,090
Disposals
( 18,430)
( 18,430)
---------
----------
----------
----------
At 30 November 2023
24,650
208,669
137,935
371,254
---------
----------
----------
----------
Depreciation
At 1 December 2022
24,649
123,092
62,009
209,750
Charge for the year
8,724
18,702
27,426
Disposals
( 14,877)
( 14,877)
---------
----------
----------
----------
At 30 November 2023
24,649
131,816
65,834
222,299
---------
----------
----------
----------
Carrying amount
At 30 November 2023
1
76,853
72,101
148,955
---------
----------
----------
----------
At 30 November 2022
1
47,487
62,356
109,844
---------
----------
----------
----------
6. DEBTORS
2023
2022
£
£
Trade debtors
474,871
388,702
Other debtors
17,556
11,066
----------
----------
492,427
399,768
----------
----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
362,794
375,577
Corporation tax
7,595
19,236
Social security and other taxes
9,954
9,366
Other creditors
85,151
73,473
----------
----------
475,494
487,652
----------
----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023
2022
£
£
Hire purchase agreement
19,737
11,403
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
Other creditors
23,471
21,680
---------
---------
38,471
46,680
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company:
2023
2022
£
£
Hire purchase agreement
23,471
21,680
---------
---------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.