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Company No: 06403718 (England and Wales)

CHERRY TREE (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CHERRY TREE (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CHERRY TREE (UK) LIMITED

BALANCE SHEET

As at 31 December 2023
CHERRY TREE (UK) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 66,480 25,673
66,480 25,673
Current assets
Stocks 4 91,671 204,045
Debtors 5 256,949 250,341
Cash at bank and in hand 124,650 57,222
473,270 511,608
Creditors: amounts falling due within one year 6 ( 353,069) ( 312,759)
Net current assets 120,201 198,849
Total assets less current liabilities 186,681 224,522
Creditors: amounts falling due after more than one year 7 ( 59,654) ( 87,732)
Provision for liabilities ( 15,473) ( 5,817)
Net assets 111,554 130,973
Capital and reserves
Called-up share capital 41,600 41,600
Share premium account 4,400 4,400
Profit and loss account 65,554 84,973
Total shareholders' funds 111,554 130,973

For the financial 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 financial statements of Cherry Tree (UK) Limited (registered number: 06403718) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

G C S Brooking
Director
CHERRY TREE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CHERRY TREE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Cherry Tree (UK) 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 Unit 38 Martock Business Park, Great Western Road, Martock, TA12 6HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
25 % reducing balance
Vehicles 5 years straight line
Fixtures and fittings 33 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 20

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 180,212 4,000 6,982 191,194
Additions 57,115 0 581 57,696
At 31 December 2023 237,327 4,000 7,563 248,890
Accumulated depreciation
At 01 January 2023 160,813 600 4,108 165,521
Charge for the financial year 14,965 800 1,124 16,889
At 31 December 2023 175,778 1,400 5,232 182,410
Net book value
At 31 December 2023 61,549 2,600 2,331 66,480
At 31 December 2022 19,399 3,400 2,874 25,673

4. Stocks

2023 2022
£ £
Stocks 91,671 204,045

5. Debtors

2023 2022
£ £
Trade debtors 214,238 237,975
Other debtors 42,711 12,366
256,949 250,341

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 109,898) 164,219 80,272
Trade creditors 111,724 144,913
Corporation tax 37 5,519
Other taxation and social security 6,647 120
Obligations under finance leases and hire purchase contracts 7,767 0
Other creditors 62,675 81,935
353,069 312,759

Lloyds Bank Commercial Finance holds a fixed and floating charge over the assets of the company as a continuing security for the payment and discharge of the secured obligations.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 33,763 87,732
Obligations under finance leases and hire purchase contracts 25,891 0
59,654 87,732

8. Related party transactions

Transactions with the entity's directors

Advances

M G Teideman
The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2023, the balance owed by the director was £nil. During the year, £nil was advanced to the director, and £nil was repaid by the director. At 31 December 2023, the balance owed by the director was £nil.

At 1 January 2022, the balance owed by the director was £4,148. During the year, £40,000 was advanced to the director, and £44,148 was repaid by the director. At 31 December 2022, the balance owed by the director was £nil.