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Company No: 00687085 (England and Wales)

NEW CROSS FRUIT FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NEW CROSS FRUIT FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NEW CROSS FRUIT FARMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
NEW CROSS FRUIT FARMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 381,434 401,378
381,434 401,378
Current assets
Stocks 800 750
Debtors 4 2,893 3,348
Cash at bank and in hand 14,017 3,878
17,710 7,976
Creditors: amounts falling due within one year 5 ( 235,252) ( 220,960)
Net current liabilities (217,542) (212,984)
Total assets less current liabilities 163,892 188,394
Provision for liabilities ( 9,139) ( 4,620)
Net assets 154,753 183,774
Capital and reserves
Called-up share capital 6 7,750 7,750
Profit and loss account 147,003 176,024
Total shareholders' funds 154,753 183,774

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 financial statements of New Cross Fruit Farms Limited (registered number: 00687085) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Elizabeth Anne Hebditch
Director
William Henry John Hebditch
Director
NEW CROSS FRUIT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NEW CROSS FRUIT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

New Cross Fruit Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows except for Freehold Property which is depreciated at £1,000 per annum.

Land and buildings not depreciated
Plant and machinery 10 years straight line
Vehicles 5 years straight line
Other property, plant and equipment 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 388,942 123,099 49,583 30,786 592,410
Additions 0 7,166 0 0 7,166
Disposals 0 ( 25,553) 0 0 ( 25,553)
At 31 March 2024 388,942 104,712 49,583 30,786 574,023
Accumulated depreciation
At 01 April 2023 32,640 90,338 49,583 18,471 191,032
Charge for the financial year 1,000 1,486 0 2,052 4,538
Disposals 0 ( 2,981) 0 0 ( 2,981)
At 31 March 2024 33,640 88,843 49,583 20,523 192,589
Net book value
At 31 March 2024 355,302 15,869 0 10,263 381,434
At 31 March 2023 356,302 32,761 0 12,315 401,378

4. Debtors

2024 2023
£ £
VAT recoverable 2,893 3,348

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 231,601 217,310
Accruals 3,651 3,650
235,252 220,960

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
7,750 Ordinary shares of £ 1.00 each 7,750 7,750

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 231,601 217,310

During the year the company paid the directors dividends totalling £29,063 (2023: £42,341).