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REGISTERED NUMBER: 08443660 (England and Wales)













East Suffolk Produce Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024






East Suffolk Produce Ltd (Registered number: 08443660)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


East Suffolk Produce Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: JRJ Wrinch
JR Foskett
MJ Gregory
WE Wrinch
AJ Francis



SECRETARY: JRJ Wrinch



REGISTERED OFFICE: Low Farm
Bridge Road
Bromeswell
Woodbridge
Suffolk
IP12 2QB



REGISTERED NUMBER: 08443660 (England and Wales)



ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF



BANKERS: HSBC
12 Tavern Street
Ipswich
Suffolk
IP1 3AZ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
East Suffolk Produce Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Suffolk Produce Ltd for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of East Suffolk Produce Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of East Suffolk Produce Ltd and state those matters that we have agreed to state to the Board of Directors of East Suffolk Produce Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than East Suffolk Produce Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that East Suffolk Produce Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of East Suffolk Produce Ltd. You consider that East Suffolk Produce Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of East Suffolk Produce Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


22 October 2024

East Suffolk Produce Ltd (Registered number: 08443660)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,061 71,081

CURRENT ASSETS
Debtors 5 1,512,377 2,145,502
Cash at bank and in hand 1,260,961 778,509
2,773,338 2,924,011
CREDITORS
Amounts falling due within one year 6 1,828,251 2,265,937
NET CURRENT ASSETS 945,087 658,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,034,148

729,155

PROVISIONS FOR LIABILITIES 7 22,266 17,771
NET ASSETS 1,011,882 711,384

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 500 500
Retained earnings 1,011,382 710,884
SHAREHOLDERS' FUNDS 1,011,882 711,384

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

East Suffolk Produce Ltd (Registered number: 08443660)

Balance Sheet - continued
31 May 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 19 October 2024 and were signed on its behalf by:





JR Foskett - Director


East Suffolk Produce Ltd (Registered number: 08443660)

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


1. STATUTORY INFORMATION

East Suffolk Produce Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
The company markets and sells agricultural produce as principal, but accepts no stock risk in doing so. In some cases the company acts as agent and therefore only recognises the marketing fee as turnover.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

East Suffolk Produce Ltd (Registered number: 08443660)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 June 2023 127,637 27,537 155,174
Additions 25,203 12,805 38,008
At 31 May 2024 152,840 40,342 193,182
DEPRECIATION
At 1 June 2023 63,315 20,778 84,093
Charge for year 16,444 3,584 20,028
At 31 May 2024 79,759 24,362 104,121
NET BOOK VALUE
At 31 May 2024 73,081 15,980 89,061
At 31 May 2023 64,322 6,759 71,081

HSBC have a fixed and floating charge over all assets of the company.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,509,038 2,135,596
Prepayments and accrued income 3,339 -
VAT - 9,906
1,512,377 2,145,502

HSBC have a fixed and floating charge over all assets of the company.

East Suffolk Produce Ltd (Registered number: 08443660)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,589,003 2,160,509
Corporation tax payable 126,959 51,500
Social security and other taxes 3,554 3,598
VAT 24,789 -
Accruals and deferred income 83,946 50,330
1,828,251 2,265,937

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - Accelerated capital
allowances

22,266

17,771

Deferred
tax
£   
Balance at 1 June 2023 17,771
Provided during year 4,495
Balance at 31 May 2024 22,266

8. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 10,500 -

9. RELATED PARTY DISCLOSURES

During the year businesses over which the directors have influence used East Suffolk Produce Ltd to trade their potatoes. East Suffolk Produce purchased these potatoes from the members for £14,599,403 (2023 - £11,972,248). The members also paid management fees of £42,034 (2023 - £37,943).