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REGISTERED NUMBER: 04517085 (England and Wales)















NENE POTATOES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






NENE POTATOES LIMITED (REGISTERED NUMBER: 04517085)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


NENE POTATOES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: M A Taylor
J L Symington
J P F Perowne
S C T Brown
R W H Overton
N E Harrold
C D Kisby
R M F Golland





REGISTERED OFFICE: c/o Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR





REGISTERED NUMBER: 04517085 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

NENE POTATOES LIMITED (REGISTERED NUMBER: 04517085)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,679 66,169

CURRENT ASSETS
Debtors 5 1,463,227 2,599,933
Cash at bank 159,947 549,933
1,623,174 3,149,866
CREDITORS
Amounts falling due within one year 6 1,010,860 2,535,158
NET CURRENT ASSETS 612,314 614,708
TOTAL ASSETS LESS CURRENT LIABILITIES 675,993 680,877

CAPITAL AND RESERVES
Called up share capital 8 290 290
Capital redemption reserve 9 475 475
Retained earnings 9 675,228 680,112
SHAREHOLDERS' FUNDS 675,993 680,877

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





M A Taylor - Director


NENE POTATOES LIMITED (REGISTERED NUMBER: 04517085)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Nene Potatoes 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 company's place of business is Winters Lane, Sutton Crosses, Long Sutton, Spalding, Lincolnshire, PE12 9BE.

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.

Turnover
Turnover represents the charges levied upon members and the net invoiced sales of produce on behalf of non-members, excluding value added tax. Charges are recognised for the period to which they relate and sales of produce are recognised upon despatch from the supplier.

Tangible fixed assets
Fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Tenancy improvements 10%, 20% and 50% straight-line
Plant and machinery 10%, 20%, 25% and 33% straight-line

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Operating lease agreements
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.

Throughput
Throughput represents amounts received and receivable for produce supplied to customers during the year on behalf of members and non-members.

The throughput of the company during the year was 71,236 (2023: 91,178) tonnes valued at £29,140,726 (2022: £20,929,183).

NENE POTATOES LIMITED (REGISTERED NUMBER: 04517085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Tenant's Plant and
improvements equipment Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 142,133 36,104 178,237
DEPRECIATION
At 1 August 2023 76,472 35,596 112,068
Charge for year 2,320 170 2,490
At 31 July 2024 78,792 35,766 114,558
NET BOOK VALUE
At 31 July 2024 63,341 338 63,679
At 31 July 2023 65,661 508 66,169

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,459,476 2,597,996
Other debtors 3,751 1,937
1,463,227 2,599,933

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 807,667 2,314,935
Taxation and social security 23,663 20,058
Other creditors 179,530 200,165
1,010,860 2,535,158

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,557 20,252
Between one and five years 28,563 35,175
46,120 55,427

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
29 'A' ordinary shares £10 290 290

NENE POTATOES LIMITED (REGISTERED NUMBER: 04517085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. CALLED UP SHARE CAPITAL - continued

The 'A' shares carry voting rights and rights to a dividend if declared. The amount of the dividend will be proportionate to the amount of business that the shareholder has generated from the Company since payment of the last dividend.

'A' shares shall only be transferred by approval of the board of directors.

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 August 2023 680,112 475 680,587
Profit for the year 159,606 - 159,606
Distributions (164,490 ) - (164,490 )
At 31 July 2024 675,228 475 675,703

10. RELATED PARTY DISCLOSURES

The company has widespread ownership of shares, with no single party having overall control of the entity.

No director had a beneficial interest in any contract with the company during the year, except for transactions entered into under the ordinary course of business between the company and its members.

The following directors were also directors of businesses to which the company supplied services or purchased from:

Director Name of Director's Business
J L Symington L Symington (Farms) Limited
J Perowne Jack Buck Farms Limited
Loveden Estates Limited
N E Harrold E.F. Harrold Ltd
R W H Overton H A Overton & Sons Limited
C D Kisby E.W. Kisby and Sons Limited



The total services supplied to these businesses during the year amounted to £195,114 (2023 - £208,125). At the year end the company was owed a net amount of £nil (2023 - £803). All these transactions were carried out on normal commercial terms.

11. ULTIMATE CONTROLLING PARTY

The company has 26 shareholders. Consequently no individual or party has overall control of the company.