Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3148No description of principal activityfalse2023-01-01false56trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05302286 2023-01-01 2023-12-31 05302286 2022-01-01 2022-12-31 05302286 2023-12-31 05302286 2022-12-31 05302286 c:Director3 2023-01-01 2023-12-31 05302286 d:Buildings 2023-01-01 2023-12-31 05302286 d:Buildings 2023-12-31 05302286 d:Buildings 2022-12-31 05302286 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05302286 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05302286 d:Buildings d:LongLeaseholdAssets 2023-12-31 05302286 d:Buildings d:LongLeaseholdAssets 2022-12-31 05302286 d:PlantMachinery 2023-01-01 2023-12-31 05302286 d:PlantMachinery 2023-12-31 05302286 d:PlantMachinery 2022-12-31 05302286 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05302286 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05302286 d:Goodwill 2023-01-01 2023-12-31 05302286 d:Goodwill 2023-12-31 05302286 d:Goodwill 2022-12-31 05302286 d:CurrentFinancialInstruments 2023-12-31 05302286 d:CurrentFinancialInstruments 2022-12-31 05302286 d:Non-currentFinancialInstruments 2023-12-31 05302286 d:Non-currentFinancialInstruments 2022-12-31 05302286 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05302286 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05302286 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05302286 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05302286 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05302286 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05302286 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05302286 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05302286 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 05302286 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 05302286 d:ShareCapital 2023-12-31 05302286 d:ShareCapital 2022-12-31 05302286 d:RetainedEarningsAccumulatedLosses 2023-12-31 05302286 d:RetainedEarningsAccumulatedLosses 2022-12-31 05302286 c:FRS102 2023-01-01 2023-12-31 05302286 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05302286 c:FullAccounts 2023-01-01 2023-12-31 05302286 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05302286 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05302286 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05302286 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05302286 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05302286 2 2023-01-01 2023-12-31 05302286 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 05302286 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 05302286 d:LeasedAssetsHeldAsLessee 2023-12-31 05302286 d:LeasedAssetsHeldAsLessee 2022-12-31 05302286 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05302286 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number:
05302286













TAS VALLEY MUSHROOMS LIMITED


UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAS VALLEY MUSHROOMS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 11


 
TAS VALLEY MUSHROOMS LIMITED
REGISTERED NUMBER:05302286

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
2,850
5,700

Tangible assets
 6 
1,339,182
1,390,783

  
1,342,032
1,396,483

Current assets
  

Stocks
  
426,454
359,727

Debtors: amounts falling due within one year
 7 
620,958
657,761

Cash at bank and in hand
 8 
357
210

  
1,047,769
1,017,698

Creditors: amounts falling due within one year
 9 
(1,518,326)
(1,566,961)

Net current liabilities
  
 
 
(470,557)
 
 
(549,263)

Total assets less current liabilities
  
871,475
847,220

Creditors: amounts falling due after more than one year
 10 
(150,272)
(234,702)

Provisions for liabilities
  

Deferred tax
 13 
(91,139)
(73,638)

  
 
 
(91,139)
 
 
(73,638)

Net assets
  
630,064
538,880


Capital and reserves
  

Called up share capital 
  
400
400

Profit and loss account
  
629,664
538,480

  
630,064
538,880


Page 1

 
TAS VALLEY MUSHROOMS LIMITED
REGISTERED NUMBER:05302286
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T Tumov
Director

Date: 9 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tas Valley Mushrooms Limited is a private company limited by shares registered in England and Wales, registration number 05302286. The registered office is The Street, Flordon, Norwich, Norfolk, NR15 1RN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Plant & machinery
-
15/25% reducing balance

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obselete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income statement.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residal values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property plant and equipment, and accounting policy 2.8 for the useful economic lives for each class of assets.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 6

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 56 (2022 - 48).


5.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
57,000



At 31 December 2023

57,000



Amortisation


At 1 January 2023
51,300


Charge for the year on owned assets
2,850



At 31 December 2023

54,150



Net book value



At 31 December 2023
2,850



At 31 December 2022
5,700



Page 7

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Freehold Property
Property improvements
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 January 2023
165,334
887,628
823,286
1,876,248


Additions
-
15,702
9,398
25,100


Disposals
-
-
(20,436)
(20,436)



At 31 December 2023

165,334
903,330
812,248
1,880,912



Depreciation


At 1 January 2023
-
-
485,465
485,465


Charge for the year on owned assets
-
-
56,265
56,265



At 31 December 2023

-
-
541,730
541,730



Net book value



At 31 December 2023
165,334
903,330
270,518
1,339,182



At 31 December 2022
165,334
887,628
337,821
1,390,783

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
6,097
8,130

6,097
8,130

Page 8

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
582,909
492,125

Other debtors
38,049
165,636

620,958
657,761



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
357
210

Less: bank overdrafts
(145,402)
(185,228)

(145,045)
(185,018)



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
145,402
185,228

Bank loans
16,721
16,800

Other loans
395,300
394,204

Trade creditors
604,038
667,758

Corporation tax
33,535
-

Other taxation and social security
33,991
-

Obligations under finance lease and hire purchase contracts
4,494
4,106

Other creditors
284,845
298,865

1,518,326
1,566,961


Page 9

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
62,041
78,389

Other loans
87,839
151,427

Net obligations under finance leases and hire purchase contracts
392
4,886

150,272
234,702



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
16,721
16,800

Other loans
395,300
394,204


412,021
411,004

Amounts falling due 1-2 years

Bank loans
16,721
16,800

Other loans
69,484
63,588


86,205
80,388

Amounts falling due 2-5 years

Bank loans
45,320
50,400

Other loans
18,355
87,839


63,675
138,239

Amounts falling due after more than 5 years

Bank loans
-
11,189

-
11,189

561,901
640,820


Page 10

 
TAS VALLEY MUSHROOMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
£


Within one year
4,494

Between 1-2 years
392

4,886


13.


Deferred taxation




2023


£






At beginning of year
(73,638)


Charged to profit or loss
(17,501)



At end of year
(91,139)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(91,139)
(73,638)

(91,139)
(73,638)


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,924 (2022 - £27,153).

Page 11