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REGISTERED NUMBER: 00869794 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE)

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE)

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr G B Laywood
Mr A J Clarkson
Mr L J Dixon





SECRETARY: Mr L J Dixon





REGISTERED OFFICE: 33 Commercial Square
Freeman's Common
Leicester
LE2 7SH





REGISTERED NUMBER: 00869794 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 284,176 222,074

CURRENT ASSETS
Debtors 5 89,933 93,349
Cash at bank and in hand 70,049 93,382
159,982 186,731
CREDITORS
Amounts falling due within one year 6 (234,869 ) (227,657 )
NET CURRENT LIABILITIES (74,887 ) (40,926 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

209,289

181,148

CREDITORS
Amounts falling due after more than one
year

7

(212,260

)

(212,260

)
NET LIABILITIES (2,971 ) (31,112 )

CAPITAL AND RESERVES
Called up share capital 28,000 28,000
Capital redemption reserve 5,000 5,000
Retained earnings (35,971 ) (64,112 )
SHAREHOLDERS' FUNDS (2,971 ) (31,112 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr L J Dixon - Director


LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

The Leicester Wholesale Fruit Market Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 33 Commercial Square, Freeman's Common, Leicester, LE2 7SH and the registered number is 00869794.

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. TPH (UK) Ltd's current intention is to continue to financially support the company for at least 12 months from the date the financial statements for the year ended 31 December 2023 are approved. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents rent and management charges receivable and expenses recharged net of VAT from the market's tenants.

Rental income and management charges are invoiced monthly in advance and recognised in the period to which they relate. Expenses recharged are recharged as and when the expenses occur.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Long leasehold land & buildingsOver the term of the lease
Plant and equipment10%, 20%, 25% and 33 1/3% straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.


LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
The tax expense represents the sum of tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will 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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which the economic benefits from the lease are consumed.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Long
leasehold
land & Plant &
buildings equipment Totals
£    £    £   
COST
At 1 January 2023 314,140 149,266 463,406
Additions - 78,823 78,823
At 31 December 2023 314,140 228,089 542,229
DEPRECIATION
At 1 January 2023 147,243 94,089 241,332
Charge for year 3,708 13,013 16,721
At 31 December 2023 150,951 107,102 258,053
NET BOOK VALUE
At 31 December 2023 163,189 120,987 284,176
At 31 December 2022 166,897 55,177 222,074

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,852 28,676
Amounts owed by group undertakings 16,276 14,670
Other debtors 56,805 50,003
89,933 93,349

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 64,550 41,322
Amounts owed to group undertakings - 10,483
Taxation and social security 16,626 21,165
Other creditors 153,693 154,687
234,869 227,657

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 212,260 212,260

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Debenture loans 212,260 212,260

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


8. LEASING AGREEMENTS
Lessee

Operating lease payments represent rentals payable by the company to Leicester City Council for use of the land on which the market operates. The lease was entered into in October 1968 for a period of 99 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £

Within one year 120,651 120,651
Between two and five years 482,604 482,604
In over five years 4,826,040 4,946,691
5,429,295 5,549,946

Operating lease payments recognised as an expense in the year were £120,651 (2022: £120,651).

Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023 2022
£ £

Within one year 326,874 328,324
Between two and five years 1,307,495 1,313,296
In over five years 13,074,945 13,461,282
14,709,314 15,102,902

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 121,305 121,305
Debentures 212,260 212,260
333,565 333,565

The company has a loan with TPH (UK) Ltd (a related party) which at the year end was £121,305. The loan is repayable on demand or no later than the day prior to the fifth anniversary from 23 March 2021. Interest on the principal amount accrues daily at the rate of 3% per annum above the base rate of Bank of England.The loan is secured against the assets of the company.

The debenture stock is all due to related parties, is redeemable at par on or before 1 January 2029 and interest is paid at 1% over base rate. Debenture stock is secured by a second charge on the leasehold premises.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

LEICESTER WHOLESALE FRUIT MARKET
LIMITED(THE) (REGISTERED NUMBER: 00869794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


11. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

2023 2022
£    £   

Rent & Management charges to related parties 502,290 454,166
Interest payable on loans from related parties 21,311 12,085

2023 2022
£    £   

Amounts owed by related parties 16,276 14,670
Amounts owed to related parties - (10,483 )

For the year-end, a provision totalling £66,048 (2022: £74,715) was being carried for doubtful debts from a related party.

12. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Saybest Limited, a company incorporated in Great Britain and registered in England.

Dole Plc, a company incorporated and registered in Ireland is regarded by the directors as being the company's ultimate parent company. Copies of Dole Plc's consolidated group accounts are available from their website www.doleplc.com or from 29 North Anne Street, Dublin 7, Dublin, Ireland.