REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LEICESTER WHOLESALE FRUIT MARKET |
LIMITED(THE) |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 & buildings | Over the term of the lease |
Plant and equipment | 10%, 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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Debenture loans |
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 |
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. |
for and on behalf of |
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. |