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REGISTERED NUMBER: 01486489 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FERRYFAST PRODUCE LIMITED

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FERRYFAST PRODUCE LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: R J Byrd
N J Gorin
S J Houghton
D B Byrd





REGISTERED OFFICE: Ascot Road
Pershore
Worcestershire
WR10 2JJ





REGISTERED NUMBER: 01486489 (England and Wales)





AUDITORS: Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
7 Rockfield Business Park
Old Station Drive
Leckhampton
Cheltenham
GL53 0AN

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

STRATEGIC REPORT
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The company achieved a pre-tax profit of £863,844 compared with £268,254 in the previous year. At 31 January 2024 shareholders funds were £2,176,562 compared with £2,159,135 last year.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainties facing the company include: the ongoing conflicts in Ukraine and Gaza and the resulting economic impact and the impact on product availability; the general difficult trading conditions the economy presents; and the uncertainty of exchange rate variations, affecting the price of some of the company's purchases.

KEY PERFORMANCE INDICATORS
Key performance indicators that are focused on by management include Turnover, Direct costs, and Overheads. Each of these are reviewed regularly by management against the budget and prior periods. The directors are pleased with the performance of the company during the year with regard the indicators above.

ON BEHALF OF THE BOARD:





S J Houghton - Director


23 October 2024

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the marketing and distribution of fruit and vegetables.

DIVIDENDS
An interim dividend of £60 per share was paid on 31 January 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 600,000 .

FUTURE DEVELOPMENTS
Demand for fresh produce continues to increase. The trading results for the current year remain profitable. The company continues to invest in new equipment and vehicles.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

R J Byrd
N J Gorin
S J Houghton
D B Byrd

FINANCIAL INSTRUMENTS
The company's financial instruments comprise long term bank loans, bank overdraft and cash deposits. The main purpose of these financial instruments is to raise finance to fund the company's operations. The company has other financial instruments such as trade debtors and trade creditors which arise directly from its operations.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have included information relating to the review of business, principal risks and uncertainties, and performance indicators in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Houghton - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED

Opinion
We have audited the financial statements of Ferryfast Produce Limited (the 'company') for the year ended 31 January 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Company's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: food safety, health and safety, GDPR, and employment laws and regulations, recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST PRODUCE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gwyneth Milner (Senior Statutory Auditor)
for and on behalf of Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
7 Rockfield Business Park
Old Station Drive
Leckhampton
Cheltenham
GL53 0AN

30 October 2024

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 3 31,422,171 29,643,925

Cost of sales (26,074,709 ) (24,903,874 )
GROSS PROFIT 5,347,462 4,740,051

Administrative expenses (4,509,299 ) (4,486,542 )
838,163 253,509

Other operating income 19,200 19,200
OPERATING PROFIT 5 857,363 272,709

Interest receivable and similar income 16,682 -
874,045 272,709

Interest payable and similar expenses 6 (10,201 ) (4,455 )
PROFIT BEFORE TAXATION 863,844 268,254

Tax on profit 7 (246,417 ) (41,048 )
PROFIT FOR THE FINANCIAL YEAR 617,427 227,206

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 617,427 227,206


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

617,427

227,206

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 302,100 -
Tangible assets 10 838,533 1,085,934
1,140,633 1,085,934

CURRENT ASSETS
Stocks 11 296,996 281,401
Debtors 12 3,306,387 3,112,705
Cash at bank and in hand 2,255,862 1,673,844
5,859,245 5,067,950
CREDITORS
Amounts falling due within one year 13 (4,509,666 ) (3,690,989 )
NET CURRENT ASSETS 1,349,579 1,376,961
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,490,212

2,462,895

CREDITORS
Amounts falling due after more than one
year

14

(215,700

)

(200,100

)

PROVISIONS FOR LIABILITIES 17 (97,950 ) (103,660 )
NET ASSETS 2,176,562 2,159,135

CAPITAL AND RESERVES
Called up share capital 18 10,000 10,000
Retained earnings 19 2,166,562 2,149,135
SHAREHOLDERS' FUNDS 2,176,562 2,159,135

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




D B Byrd - Director



S J Houghton - Director


FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 10,000 1,921,929 1,931,929

Changes in equity
Total comprehensive income - 227,206 227,206
Balance at 31 January 2023 10,000 2,149,135 2,159,135

Changes in equity
Dividends - (600,000 ) (600,000 )
Total comprehensive income - 617,427 617,427
Balance at 31 January 2024 10,000 2,166,562 2,176,562

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Ferryfast Produce Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
No significant judgements or estimations are used in preparing the financial statements, as transactions are not complex and policies requiring estimation are limited.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Produce sales are recognised when orders leave the warehouse. Haulage sales are recognised when the delivery is made.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Produce wholesale 27,591,790 25,375,607
Transport and logistics 3,830,381 4,268,318
31,422,171 29,643,925

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 31,422,171 29,643,925
31,422,171 29,643,925

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,572,569 4,813,905
Social security costs 513,418 450,237
Other pension costs 1,167 4,296
5,087,154 5,268,438

The average number of employees during the year was as follows:
2024 2023

Administration, office and sales 52 50
Distribution 100 105
152 155

2024 2023
£    £   
Directors' remuneration 71,537 121,338
Directors' pension contributions to money purchase schemes 1,167 4,296

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

The directors are considered to be the key management of the business.

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Vehicle hire 249,773 289,961
Other operating leases 575,764 588,004
Depreciation - owned assets 227,189 188,292
Depreciation - assets on hire purchase contracts 76,669 48,899
Loss on disposal of fixed assets 2,416 6,890
Goodwill amortisation 39,900 -
Foreign exchange differences (61,254 ) (45,676 )
Auditor's remuneration - audit of the financial statements 12,995 8,100
Auditor's remuneration - non audit services 3,000 12,085

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 10,201 4,455

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 252,127 4,808

Deferred tax (5,710 ) 36,240
Tax on profit 246,417 41,048

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 863,844 268,254
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

207,582

50,968

Effects of:
Expenses not deductible for tax purposes 11,025 8,227
Other differences 27,810 (18,147 )
Total tax charge 246,417 41,048

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 600,000 -

9. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
Additions 341,997 3 342,000
At 31 January 2024 341,997 3 342,000
AMORTISATION
Amortisation for year 39,900 - 39,900
At 31 January 2024 39,900 - 39,900
NET BOOK VALUE
At 31 January 2024 302,097 3 302,100

During the year, the company acquired the trade of a complimentary business. Deferred consideration of £220,000 has been recognised on the transaction, which will be paid over the next 2 years.

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 961,047 385,993 3,113,999 4,461,039
Additions - 1,335 108,447 109,782
Disposals (13,234 ) - (484,901 ) (498,135 )
At 31 January 2024 947,813 387,328 2,737,545 4,072,686
DEPRECIATION
At 1 February 2023 805,894 353,578 2,215,633 3,375,105
Charge for year 22,952 6,601 274,305 303,858
Eliminated on disposal (11,158 ) - (433,652 ) (444,810 )
At 31 January 2024 817,688 360,179 2,056,286 3,234,153
NET BOOK VALUE
At 31 January 2024 130,125 27,149 681,259 838,533
At 31 January 2023 155,153 32,415 898,366 1,085,934

At the balance sheet date, assets held under Hire Purchase contracts had a cost of £313,200 (2023 - £313,200) and accumulated depreciation of £83,194 (2023 - £6,525).

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

11. STOCKS
2024 2023
£    £   
Stocks 296,996 281,401

Stocks are comprised of finished goods.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,045,100 2,751,101
Other debtors 187,419 291,813
Prepayments and accrued income 73,868 69,791
3,306,387 3,112,705

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 104,400 104,400
Trade creditors 2,561,189 2,528,106
Amounts owed to group undertakings 600,000 -
Tax 214,519 -
Social security and other taxes 246,691 321,499
Other creditors 389,101 289,101
Accrued expenses 393,766 447,883
4,509,666 3,690,989

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 95,700 200,100
Other creditors 120,000 -
215,700 200,100

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 104,400 104,400
Between one and five years 95,700 200,100
200,100 304,500

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 580,028 580,028
Between one and five years - 570,564
580,028 1,150,592

During the year the company incurred £616,282 under operating leases (2023 - £616,282).

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 200,100 304,500

Hire purchase liabilities are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 97,950 103,660

Deferred
tax
£   
Balance at 1 February 2023 103,660
Provided during year (5,710 )
Balance at 31 January 2024 97,950

Deferred tax relates to accelerated capital allowances. The provision is due to unwind as the company continues to depreciate its assets.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

FERRYFAST PRODUCE LIMITED (REGISTERED NUMBER: 01486489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

19. RESERVES

The company has recognised the following reserves:

Retained earnings are comprised of accumulated total comprehensive income less dividends.

20. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, not to disclose related party transactions with fellow group companies.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Support and administration income 24,769 902
IT services purchased 18,300 28,320
Management charges payable 13,000 13,000
Rent received 19,200 19,200
Amount due from related parties 157,868 157,571

Other related parties
2024 2023
£    £   
Sales 57,667 33,346
Purchases 2,145,751 1,974,966
Management charges payable 44,129 44,129
Rent payable 570,564 570,564
Amount due to related parties 250,537 223,507

21. ULTIMATE CONTROLLING PARTY

The company's immediate controlling party is Hob Farms Limited, a company incorporated in the UK.

The company's ultimate controlling party is Ferryfast Holdings Limited, a company incorporated in the UK.