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Registration number: 14654489

Donald Freeston Fresh Produce Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Donald Freeston Fresh Produce Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Detailed Profit and Loss Account

9 to 11

 

Donald Freeston Fresh Produce Ltd

Company Information

Directors

N Freeston

B Freeston

E Smithers

Registered office

Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

Donald Freeston Fresh Produce Ltd

(Registration number: 14654489)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

41,068

Current assets

 

Stocks

6

8,513

Debtors

7

131,666

Cash at bank and in hand

 

80,436

 

220,615

Creditors: Amounts falling due within one year

8

(256,983)

Net current liabilities

 

(36,368)

Net assets

 

4,700

Capital and reserves

 

Called up share capital

9

3

Retained earnings

4,697

Shareholders' funds

 

4,700

For the financial year ending 31 March 2024 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.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
N Freeston
Director

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

These financial statements were authorised for issue by the Board on 2 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 current 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.

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.

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

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 merchandise sold 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. 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10.

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

10,255

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

30,367

25,736

56,103

Disposals

(4,780)

-

(4,780)

At 31 March 2024

25,587

25,736

51,323

Depreciation

Charge for the year

6,396

3,859

10,255

At 31 March 2024

6,396

3,859

10,255

Carrying amount

At 31 March 2024

19,191

21,877

41,068

6

Stocks

2024
£

Other inventories

8,513

7

Debtors

2024
£

Trade debtors

124,192

Other debtors

5,799

Prepayments

1,675

131,666

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

127,442

Trade creditors

 

103,916

Taxation and social security

 

12,822

Accruals and deferred income

 

2,000

Other creditors

 

10,803

 

256,983

9

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary A of £1 each

1

1

Ordinary B of £1 each

1

1

Ordinary C of £1 each

1

1

 

3

3

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

Not later than one year

35,004

Later than one year and not later than five years

175,020

Later than five years

134,182

344,206

 

Donald Freeston Fresh Produce Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors' loan account

-

19,896

(144,338)

(124,442)

         
       

 

 

Donald Freeston Fresh Produce Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
 £

Turnover (analysed below)

1,624,097

Cost of sales (analysed below)

(1,142,019)

Gross profit

482,078

Gross profit (%)

29.68%

Administrative expenses

Employment costs (analysed below)

(350,950)

Establishment costs (analysed below)

(44,751)

General administrative expenses (analysed below)

(61,982)

Finance charges (analysed below)

(1,186)

Depreciation costs (analysed below)

(10,255)

Other expenses (analysed below)

116

(469,008)

Operating profit

13,070

Other interest receivable and similar income (analysed below)

37

Interest payable and similar charges (analysed below)

(68)

(31)

Profit before tax

13,039

 

Donald Freeston Fresh Produce Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

 

Turnover

Sales

1,624,097

 

Cost of sales

Purchases

(1,150,532)

Closing stock

8,513

(1,142,019)

 

Employment costs

Wages and salaries (excluding directors)

(152,249)

Staff NIC (Employers)

(26,867)

Directors remuneration

(171,238)

Staff pensions (Defined contribution)

(596)

(350,950)

 

Establishment costs

Rent and rates

(19,680)

Light, heat and power

(7,221)

Repairs and maintenance

(17,850)

(44,751)

 

General administrative expenses

Telephone and fax

(21)

Computer software and maintenance costs

(5,679)

Printing, postage and stationery

(558)

Sundry expenses

(4,979)

Motor expenses

(35,049)

Advertising

(69)

Accountancy fees

(2,450)

Insurance

(12,177)

Legal and professional fees

(1,000)

(61,982)

 

Finance charges

Bank charges

(1,186)

 

Depreciation costs

Depreciation of plant and machinery (owned)

(3,859)

Depreciation of motor vehicles (owned)

(6,396)

(10,255)

 

Other expenses

(Profit)/loss on disposal of tangible fixed assets

116

 

Donald Freeston Fresh Produce Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

 

Other interest receivable and similar income

Bank interest receivable

37

 

Interest payable and similar expenses

Hire purchase interest

(68)