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COMPANY REGISTRATION NUMBER: 04792163
Paul & Jane Mansfield Soft Fruits Ltd
Filleted Unaudited Financial Statements
31 December 2023
Paul & Jane Mansfield Soft Fruits Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Paul & Jane Mansfield Soft Fruits Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,747,338
1,948,873
Investments
6
522
522
------------
------------
1,747,860
1,949,395
Current assets
Stocks
791,007
1,365,199
Debtors
7
362,707
343,196
Cash at bank and in hand
119,804
27,444
------------
------------
1,273,518
1,735,839
Creditors: amounts falling due within one year
8
3,509,795
2,941,584
------------
------------
Net current liabilities
2,236,277
1,205,745
------------
------------
Total assets less current liabilities
( 488,417)
743,650
---------
---------
Net (liabilities)/assets
( 488,417)
743,650
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 488,517)
743,550
---------
---------
Shareholders (deficit)/funds
( 488,417)
743,650
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paul & Jane Mansfield Soft Fruits Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr P Mansfield
Director
Company registration number: 04792163
Paul & Jane Mansfield Soft Fruits Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates are accounted for in accordance with the cost model, and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
4,526,355
335,407
4,861,762
Additions
9,238
9,238
Disposals
( 11,200)
( 11,200)
------------
---------
------------
At 31 December 2023
4,535,593
324,207
4,859,800
------------
---------
------------
Depreciation
At 1 January 2023
2,664,147
248,742
2,912,889
Charge for the year
186,949
20,946
207,895
Disposals
( 8,322)
( 8,322)
------------
---------
------------
At 31 December 2023
2,851,096
261,366
3,112,462
------------
---------
------------
Carrying amount
At 31 December 2023
1,684,497
62,841
1,747,338
------------
---------
------------
At 31 December 2022
1,862,208
86,665
1,948,873
------------
---------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
2,045,164
------------
Impairment
At 1 January 2023 and 31 December 2023
2,044,642
------------
Carrying amount
At 31 December 2023
522
------------
At 31 December 2022
522
------------
7. Debtors
2023
2022
£
£
Trade debtors
18,498
24,333
Amounts owed by group undertakings and undertakings in which the company has a participating interest
279,100
244,100
Other debtors
65,109
74,763
---------
---------
362,707
343,196
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
349,883
348,366
Amounts owed to group undertakings and undertakings in which the company has a participating interest
560,000
525,000
Other creditors
2,599,912
2,068,218
------------
------------
3,509,795
2,941,584
------------
------------
9. Related party transactions
At the year end the company was owed £279,000 (2022: £244,000) by a group company. At the year end the company owed £2,065,000 (2022: £2,030,000) to group companies. At the year end the company owed a Director £136,337 (2022: £546,547).
10. Controlling party
Paul & Jane Mansfield Soft Fruits Ltd is a wholly owned subsidiary of Mansfield Farms Group Limited. Mr P Mansfield is the majority shareholder of Mansfield Farms Group Limited and therefore the ultimate controlling party of Paul & Jane Mansfield Soft Fruits Ltd .