Registered number
00870142
North East Wholesale Fruit & Vegetable Market Limited
Filleted Accounts For The Year Ended
31 December 2023
North East Wholesale Fruit & Vegetable Market Limited
Registered number: 00870142
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 626,765 614,526
626,765 614,526
Current assets
Debtors 4 151,588 92,953
Recoverable from members 114,252 114,252
Tax recoverable 33,196 29,243
Cash at bank and in hand 367,958 91,429
666,994 327,877
Creditors: amounts falling due within one year 5 (576,271) (194,915)
Net current assets 90,723 132,962
Total assets less current liabilities 717,488 747,488
Creditors: amounts falling due after more than one year 6 (436,473) (436,473)
Provisions for liabilities 7 - (30,000)
Net assets 281,015 281,015
Capital and reserves
Called up share capital 176 176
Capital redemption reserve 8 122,958 122,958
Profit and loss account 157,881 157,881
Shareholders' funds 281,015 281,015
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Baty
Director
Approved by the board on 30 May 2024
North East Wholesale Fruit & Vegetable Market Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Income
Rental income is recognised in the Profit and Loss Account on a straight-line basis in accordance with the terms of the individual leases.
Management charge
In accordance with the relevant leases an annual management charge, net of VAT, is made in instalments to members and certain other lessees, in proportion to the number of units held, to reclaim costs, charges and expenses incurred on behalf of the company.
Other income
Income other than rental income and management charges represents the amounts, net of VAT, derived from the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% st line net of building costs (building alone is £337,131)
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Freehold buildings include a Portacabin with a cost of £19,940 which is depreciated on a 3% straight line basis.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
No provision is made for deferred taxation, as all taxes are recoverable from members.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 15
3 Tangible fixed assets
Freehold land and buildings Leasehold land Plant and machinery etc Total
£ £ £ £
Cost
At 1 January 2023 713,682 22,736 183,228 919,646
Additions - - 33,407 33,407
Disposals - - (25,000) (25,000)
At 31 December 2023 713,682 22,736 191,635 928,053
Depreciation
At 1 January 2023 124,044 12,896 168,180 305,120
Charge for the year 4,430 909 8,829 14,168
On disposals - - (18,000) (18,000)
At 31 December 2023 128,474 13,805 159,009 301,288
Net book value
At 31 December 2023 585,208 8,931 32,626 626,765
At 31 December 2022 589,638 9,840 15,048 614,526
Freehold buildings include a Portacabin with a cost of £19,940 which is depreciated on a 3% straight line basis.
4 Debtors 2023 2022
£ £
Trade debtors 146,818 92,436
Corporation tax repayable - 517
Recoverable from members 114,252 114,252
Tax recoverable 33,196 29,243
Other debtors 4,770 -
299,036 236,448
5 Creditors: amounts falling due within one year 2023 2022
£ £
Recoverable from members 114,252 114,252
Accrued expenses 7,178 1,350
Deferred income 398,297 46,541
Trade creditors 31,202 16,181
Corporation tax 3,436 -
Taxation and social security costs 20,709 16,591
Other creditors 1,197 -
576,271 194,915
6 Creditors: amounts falling due after one year 2023 2022
£ £
Loans from members 436,473 436,473
436,473 436,473
7 Provisions for liabilities 2023 2022
£ £
Provision for repairs - 30,000
- 30,000
8 Capital redemption reserves 2023 2022
£ £
At 1 January 2023 122,958 122,958
At 31 December 2023 122,958 122,958
9 Other information
North East Wholesale Fruit & Vegetable Market Limited is a private company limited by shares and incorporated in England. Its registered office is:
North East Wholesale Fruit & Vegetable Market
Team Valley
Gateshead
NE11 0QY
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