H2H (PRODUCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024
H2H (Produce) Limited is a private limited company, limited by shares, incorporated in England and Wales (no. 03922853). The Registered Office is 79 North East Fruit & Vegetable Market, Team Valley Trading Estate, Gateshead, Tyne & Wear, NE11 0RF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared in accordance with applicable accounting standards. The financial statements are drawn up to the nearest Wednesday to 31 March each year.
The financial statements are prepared in GBP sterling, rounded to the nearest £, which is the functional currency of the Company.
The following principal accounting policies have been applied:
After the year end, management determined that the entity would be liquidated. The financial statements have therefore been prepared on a break up basis. The financial statements include adjustments which are necessary to reflect the net recoverable amounts of assets and recognition of liabilities based on the probable outflow of economic benefit.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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