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REGISTERED NUMBER: 09118119 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

World Fresh Produce Limited

World Fresh Produce Limited (Registered number: 09118119)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


World Fresh Produce Limited (Registered number: 09118119)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £ £
Fixed assets
Tangible assets 4 189,452 99,478

Current assets
Stocks 5 - 40,767
Debtors 6 612,002 738,072
Cash at bank 79,720 176,110
691,722 954,949
Creditors
Amounts falling due within one year 7 (750,409 ) (995,633 )
Net current liabilities (58,687 ) (40,684 )
Total assets less current liabilities 130,765 58,794

Creditors
Amounts falling due after more than one
year

8

(17,108

)

(32,869

)

Provisions for liabilities (17,540 ) (11,948 )
Net assets 96,117 13,977

Capital and reserves
Called up share capital 100 100
Retained earnings 96,017 13,877
96,117 13,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

World Fresh Produce Limited (Registered number: 09118119)

Balance Sheet - continued
31 July 2024


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 14 October 2024 and were signed on its behalf by:





Mr L Parker - Director


World Fresh Produce Limited (Registered number: 09118119)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. Statement of compliance

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.

2. Accounting policies

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

Critical accounting 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.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic loves and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets.

(ii) Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Turnover
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - Straight line over 5 years
Fixtures and fittings - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

World Fresh Produce Limited (Registered number: 09118119)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


World Fresh Produce Limited (Registered number: 09118119)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost
At 1 August 2023 55,875 28,849 5,937
Additions 67,771 1,477 1,506
Disposals - - -
At 31 July 2024 123,646 30,326 7,443
Depreciation
At 1 August 2023 1,947 10,261 1,983
Charge for year 195 4,222 1,248
Eliminated on disposal - - -
At 31 July 2024 2,142 14,483 3,231
Net book value
At 31 July 2024 121,504 15,843 4,212
At 31 July 2023 53,928 18,588 3,954

World Fresh Produce Limited (Registered number: 09118119)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 August 2023 70,337 3,069 164,067
Additions 59,995 - 130,749
Disposals (70,337 ) - (70,337 )
At 31 July 2024 59,995 3,069 224,479
Depreciation
At 1 August 2023 47,857 2,541 64,589
Charge for year 12,499 132 18,296
Eliminated on disposal (47,858 ) - (47,858 )
At 31 July 2024 12,498 2,673 35,027
Net book value
At 31 July 2024 47,497 396 189,452
At 31 July 2023 22,480 528 99,478

5. Stocks
31.7.24 31.7.23
£ £
Stocks - 40,767

6. Debtors: amounts falling due within one year
31.7.24 31.7.23
£ £
Trade debtors 606,554 721,749
Other debtors 5,448 16,323
612,002 738,072

7. Creditors: amounts falling due within one year
31.7.24 31.7.23
£ £
Bank loans and overdrafts 5,807 5,556
Trade creditors 573,095 854,614
Taxation and social security 45,186 8,164
Other creditors 126,321 127,299
750,409 995,633

World Fresh Produce Limited (Registered number: 09118119)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


8. Creditors: amounts falling due after more than one year
31.7.24 31.7.23
£ £
Bank loans 17,108 32,869

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 10,647

9. Related party disclosures

During the year there were net transactions with the directors of £32,507 (2023: £42,075). As at the balance sheet date the company owed the directors a balance of £120,819 (2023: £88,312).

The amount recognised in profit or loss as an expense in relation to company contributions to private pension plans was £10,000 (2023: £Nil).

There were no transactions during the year that require disclosure under FRS 102 Section 1A.