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REGISTERED NUMBER: 03104358 (England and Wales)















NEEDLEFRESH DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024






NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


NEEDLEFRESH DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr C A J Hood
Mr J Gejlager
Mr S P Sadler
Mr G C Hood
Mr R Gejlager
Mr J R Hole



SECRETARY: Mrs N M Hood



REGISTERED OFFICE: Blows Barn
Foxhill
SWINDON
Wiltshire
SN4 0DT



REGISTERED NUMBER: 03104358 (England and Wales)



ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: Barclays Bank Plc
10 - 14 High Street
SWINDON
Wiltshire
SN1 3ED

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 26,810 51,348
26,810 51,348

CURRENT ASSETS
Inventories 11,476 14,469
Debtors 6 133,568 127,256
Cash at bank and in hand 1,241,036 1,265,748
1,386,080 1,407,473
CREDITORS
Amounts falling due within one year 7 388,679 301,797
NET CURRENT ASSETS 997,401 1,105,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,024,211

1,157,024

PROVISIONS FOR LIABILITIES 5,959 14,445
NET ASSETS 1,018,252 1,142,579

CAPITAL AND RESERVES
Called up share capital 10 45,870 45,870
Capital redemption reserve 10,252 10,252
Retained earnings 962,130 1,086,457
SHAREHOLDERS' FUNDS 1,018,252 1,142,579

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

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

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th November 2024 and were signed on its behalf by:





Mr G C Hood - Director


NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Needlefresh Direct Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03104358

Registered office: Blows Barn, Foxhill, Swindon, Wiltshire, SN4 0DT

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Commission is earned, per the agency agreements, when the payment of gross proceeds is received from the customer.

Intangible assets
Amortisation is calculated so as to write off the cost of an asset, less estimated residual value, over the useful economic life of that assets as follows:

Patents and licences - 20 - 25% on cost

Tangible fixed assets and impairment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the term of the lease
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
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 transaction price, less any impairment. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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, and 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 the 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 Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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.

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

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


2. ACCOUNTING POLICIES - continued

Agency arrangement
The company acts as agents for businesses operated by the grower directors and others. As such the company operates a separate trust account on behalf of the growers which is not included within these financial statements. At the year end funds of £79,478 (2023: £430,577) were held in a trust account which were due to the growers. Sales of £6,827,339 (2023: £7,564,454) were achieved by the company as agents for the growers. These are reflected in the accounts of the individual growers.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 8,803
AMORTISATION
At 1st April 2023
and 31st March 2024 8,803
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1st April 2023 407,122
Additions 7,016
At 31st March 2024 414,138
DEPRECIATION
At 1st April 2023 355,774
Charge for year 31,554
At 31st March 2024 387,328
NET BOOK VALUE
At 31st March 2024 26,810
At 31st March 2023 51,348

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 72,497 80,054
Other debtors 61,071 47,202
133,568 127,256

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) - 2,339
Trade creditors 100,106 99,796
Taxation and social security 79,777 84,686
Other creditors 208,796 114,976
388,679 301,797

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 2,339

Non-cancellable operating leases
2024 2023
£    £   
Within one year 21,726 19,400
Between one and five years 26,245 33,690
47,971 53,090

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 2,339

A debenture is held over the assets of the company by Barclays Bank PLC in relation to the available overdraft facility.

NEEDLEFRESH DIRECT LIMITED (REGISTERED NUMBER: 03104358)

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


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
31,570 Ordinary A £1 31,570 31,570
14,300 Ordinary B £1 14,300 14,300
45,870 45,870

11. RELATED PARTY DISCLOSURES

The company acts as agent in the selling of Christmas trees for various organisations that are shareholders of the company, or are connected to the directors of Needlefresh Direct Limited, where commission is received from these organisations. The total commission received in the year from these organisations was £680,071 (2023: £749,655) split as follows:


2024 2023
£    £   
Yattendon Estates Limited 44,396 57,678
Gejlager AS/J Gejlager 635,675 691,977


The company rented land and storage space from Mr C A J Hood during the year at a cost of £15,800 (2023: £15,800).

Included in trade debtors is £Nil (2023: £Nil) due from entities related to Mr J Gejlager.

Included in trade creditors is £Nil due to Yattendon (2023: £Nil) and £15,965 (2023:£10,399) due to entities related to Mr J Gejlager.