41 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,070,000 2,028,000 7,000 2,035,000 35,000 42,000 xbrli:pure xbrli:shares iso4217:GBP 07991427 2023-07-01 2024-06-30 07991427 2024-06-30 07991427 2023-06-30 07991427 2022-07-01 2023-06-30 07991427 2023-06-30 07991427 2022-06-30 07991427 core:FurnitureFittings 2023-07-01 2024-06-30 07991427 core:MotorVehicles 2023-07-01 2024-06-30 07991427 bus:Director4 2023-07-01 2024-06-30 07991427 core:NetGoodwill 2023-06-30 07991427 core:NetGoodwill 2024-06-30 07991427 core:LandBuildings 2023-06-30 07991427 core:FurnitureFittings 2023-06-30 07991427 core:MotorVehicles 2023-06-30 07991427 core:LandBuildings 2024-06-30 07991427 core:FurnitureFittings 2024-06-30 07991427 core:MotorVehicles 2024-06-30 07991427 core:WithinOneYear 2024-06-30 07991427 core:WithinOneYear 2023-06-30 07991427 core:AfterOneYear 2024-06-30 07991427 core:AfterOneYear 2023-06-30 07991427 core:ShareCapital 2024-06-30 07991427 core:ShareCapital 2023-06-30 07991427 core:RetainedEarningsAccumulatedLosses 2024-06-30 07991427 core:RetainedEarningsAccumulatedLosses 2023-06-30 07991427 core:BetweenOneFiveYears 2024-06-30 07991427 core:BetweenOneFiveYears 2023-06-30 07991427 core:MoreThanFiveYears 2024-06-30 07991427 core:MoreThanFiveYears 2023-06-30 07991427 core:NetGoodwill 2023-07-01 2024-06-30 07991427 core:NetGoodwill 2023-06-30 07991427 core:FurnitureFittings 2023-06-30 07991427 core:MotorVehicles 2023-06-30 07991427 bus:SmallEntities 2023-07-01 2024-06-30 07991427 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07991427 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07991427 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07991427 bus:FullAccounts 2023-07-01 2024-06-30 07991427 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 07991427
T. G. FRUITS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
T. G. FRUITS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
35,000
42,000
Tangible assets
6
321,377
119,755
----------
----------
356,377
161,755
Current assets
Stocks
79,046
99,447
Debtors
7
848,627
696,370
Investments
8
250,000
Cash at bank and in hand
3,221,645
3,277,294
-------------
-------------
4,399,318
4,073,111
Creditors: amounts falling due within one year
9
527,712
445,326
-------------
-------------
Net current assets
3,871,606
3,627,785
-------------
-------------
Total assets less current liabilities
4,227,983
3,789,540
Creditors: amounts falling due after more than one year
10
228,482
229,773
Provisions
Taxation including deferred tax
79,610
23,816
-------------
-------------
Net assets
3,919,891
3,535,951
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,919,791
3,535,851
-------------
-------------
Shareholders funds
3,919,891
3,535,951
-------------
-------------
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.
T. G. FRUITS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
For the year ending 30 June 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
Mr A R Griffiths
Director
Company registration number: 07991427
T. G. FRUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
The directors consider that the uncertainty caused in the fruit and vegetable wholesale industry as a result of Coronavirus and the recovery from the restrictions put in place by the government, should not materially affect the company's ability to continue as a going concern.
This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short Leasehold Property
-
Straight line over the life of the lease
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Software
-
25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2023: 43 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
2,070,000
-------------
Amortisation
At 1 July 2023
2,028,000
Charge for the year
7,000
-------------
At 30 June 2024
2,035,000
-------------
Carrying amount
At 30 June 2024
35,000
-------------
At 30 June 2023
42,000
-------------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
11,585
168,301
433,472
15,224
628,582
Additions
131,248
188,371
319,619
Disposals
( 82,806)
( 82,806)
---------
----------
----------
---------
----------
At 30 June 2024
11,585
216,743
621,843
15,224
865,395
---------
----------
----------
---------
----------
Depreciation
At 1 July 2023
11,585
133,508
349,267
14,467
508,827
Charge for the year
37,826
65,245
189
103,260
Disposals
( 68,069)
( 68,069)
---------
----------
----------
---------
----------
At 30 June 2024
11,585
103,265
414,512
14,656
544,018
---------
----------
----------
---------
----------
Carrying amount
At 30 June 2024
113,478
207,331
568
321,377
---------
----------
----------
---------
----------
At 30 June 2023
34,793
84,205
757
119,755
---------
----------
----------
---------
----------
7. Debtors
2024
2023
£
£
Trade debtors
745,909
611,402
Other debtors
102,718
84,968
----------
----------
848,627
696,370
----------
----------
8. Investments
2024
2023
£
£
Other investments
250,000
----------
----
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
225,003
178,791
Corporation tax
200,057
208,912
Social security and other taxes
19,546
Other creditors
83,106
57,623
----------
----------
527,712
445,326
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
228,482
229,773
----------
----------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
99,209
99,209
Later than 1 year and not later than 5 years
414,694
408,741
Later than 5 years
52,581
157,742
----------
----------
566,484
665,692
----------
----------
12.