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REGISTERED NUMBER: 02703091 (England and Wales)














Tulipland Potatoes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Tulipland Potatoes Limited (Registered number: 02703091)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3

Notes to the financial statements 5


Tulipland Potatoes Limited

Company Information
for the Year Ended 31 March 2024







Directors: Miss J M Stanberry
Miss M Stanberry





Registered office: Fengate
Moulton Chapel
Spalding
Lincolnshire
PE12 0XL





Registered number: 02703091 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Tulipland Potatoes Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tulipland Potatoes Limited for the year ended 31 March 2024 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Tulipland Potatoes Limited, as a body, in accordance with the terms of our engagement letter dated 22 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Tulipland Potatoes Limited and state those matters that we have agreed to state to the Board of Directors of Tulipland Potatoes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tulipland Potatoes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Tulipland Potatoes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tulipland Potatoes Limited. You consider that Tulipland Potatoes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tulipland Potatoes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


19 September 2024

Tulipland Potatoes Limited (Registered number: 02703091)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 945,497 1,094,600

Current assets
Stocks 251,509 292,306
Debtors 6 1,918,772 1,390,228
Investments 7 3,004,436 2,799,568
Cash at bank 2,655,942 2,068,883
7,830,659 6,550,985
Creditors
Amounts falling due within one year 8 1,671,473 1,230,622
Net current assets 6,159,186 5,320,363
Total assets less current liabilities 7,104,683 6,414,963

Provisions for liabilities 108,321 139,996
Net assets 6,996,362 6,274,967

Capital and reserves
Called up share capital 10 100 100
Non-distributable reserve 4,436 (200,432 )
Retained earnings 6,991,826 6,475,299
Shareholders' funds 6,996,362 6,274,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Tulipland Potatoes Limited (Registered number: 02703091)

Statement of Financial Position - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




Miss J M Stanberry - Director



Miss M Stanberry - Director


Tulipland Potatoes Limited (Registered number: 02703091)

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


1. Statutory information

Tulipland Potatoes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Tulipland Potatoes Limited (Registered number: 02703091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Defined contribution plans
The company operates a defined contribution pension scheme for some employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged as an expense in the period in which the related service is provided.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tulipland Potatoes Limited (Registered number: 02703091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

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.

Investments
Investments are initially recorded at cost, and are subsequently revalued and are recorded at the fair value at the date of revaluation, as determined by reference to an active market.

4. Employees and directors

The average number of employees during the year was 19 (2023 - 20 ) .

5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2023 704,894 1,876,422 49,436 136,114 2,766,866
Additions - 14,615 4,335 - 18,950
Disposals (10,398 ) (88,693 ) - - (99,091 )
At 31 March 2024 694,496 1,802,344 53,771 136,114 2,686,725
Depreciation
At 1 April 2023 256,248 1,345,569 33,595 36,854 1,672,266
Charge for year 13,816 107,114 4,035 24,305 149,270
Eliminated on disposal (1,508 ) (78,800 ) - - (80,308 )
At 31 March 2024 268,556 1,373,883 37,630 61,159 1,741,228
Net book value
At 31 March 2024 425,940 428,461 16,141 74,955 945,497
At 31 March 2023 448,646 530,853 15,841 99,260 1,094,600

Included within the cost of land and buildings of £694,496 (2023 - £704,894) is £3,709 (2023 - £3,709) relating to non depreciable land costs.

Tulipland Potatoes Limited (Registered number: 02703091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,870,480 1,267,428
Other debtors 4,600 38,320
Directors' current accounts 10,350 -
VAT 6,084 47,719
Prepayments and accrued income 27,258 36,761
1,918,772 1,390,228

7. Current asset investments
2024 2023
£    £   
Listed investments 3,004,436 2,799,568

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 1,311,270 1,000,160
Amounts owed to group undertakings 810 810
Tax 278,151 117,571
Social security and other taxes 40,204 38,744
Directors' current accounts - 50,070
Accruals and deferred income 41,038 23,267
1,671,473 1,230,622

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 11,960 17,760
Between one and five years 7,956 19,916
19,916 37,676

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares 1 100 100

Tulipland Potatoes Limited (Registered number: 02703091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Miss J M Stanberry
Balance outstanding at start of year (50,070 ) 19,930
Amounts advanced 236,420 -
Amounts repaid (176,000 ) (70,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,350 (50,070 )

Interest is charged on directors overdrawn loan balances at the official rate of interest

12. Controlling party

The ultimate parent company is Tulipland Potatoes (Holdings) Limited, a company registered in England and Wales with its registered office address at Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB.

The company together with its parent company comprise a small group and are exempt from preparing consolidated accounts.