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Registered number: 01674628
Produce Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Arete Capital Limited
Chartered Accountants
5 Merchant Square
1st Floor
London
W2 1AY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—8
Page 1
Statement of Financial Position
Registered number: 01674628
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 458 583
Investment Properties 5 11,035,047 11,035,047
Investments 6 250,000 250,000
11,285,505 11,285,630
CURRENT ASSETS
Debtors 7 3,451,806 3,296,792
Cash at bank and in hand 629,382 669,244
4,081,188 3,966,036
Creditors: Amounts Falling Due Within One Year 8 (213,667 ) (2,324,137 )
NET CURRENT ASSETS (LIABILITIES) 3,867,521 1,641,899
TOTAL ASSETS LESS CURRENT LIABILITIES 15,153,026 12,927,529
Creditors: Amounts Falling Due After More Than One Year 9 (2,032,000 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (911,398 ) (911,398 )
NET ASSETS 12,209,628 12,016,131
CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Other reserves 3,284,053 3,284,053
Income Statement 8,875,575 8,682,078
SHAREHOLDERS' FUNDS 12,209,628 12,016,131
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Ehoud Zaidman
Director
13 November 2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Produce Services Limited Registered number 01674628 is a limited by shares company incorporated in England & Wales. The Registered Office is 167-169 Great Portland Street, London, W1W 5PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Fixed asset investments
lnterests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits fiom its activities.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with oilginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within bonowings in cunent liabilities.
2.2. Turnover
Turnover comprises total rental and associated income net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% per annum on cost
Computer Equipment 15% per annum on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
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2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financia! lnstruments' and Section 12 'Other Financial lnstruments lssues'of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable are classified as current liabilities if payment is due within one year or less. lf not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the efiective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the statement of financial position date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the statement of financial position date.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 833
As at 31 March 2024 833
Depreciation
As at 1 April 2023 250
Provided during the period 125
As at 31 March 2024 375
Net Book Value
As at 31 March 2024 458
As at 1 April 2023 583
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5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 11,035,047
6. Investments
Unlisted
£
Cost
As at 1 April 2023 1,250,000
As at 31 March 2024 1,250,000
Provision
As at 1 April 2023 1,000,000
As at 31 March 2024 1,000,000
Net Book Value
As at 31 March 2024 250,000
As at 1 April 2023 250,000
Investments represents the cost of acquiring the following unlisted shares:
100% subsidiary 62days.com Ltd 
Loss for the year ended 31 December 2023.......£ 98,429
Net liabilities at 31 December 2023..................£4,162,488
Loss for the year ended 31 December 2022......£  68,894
Net liabilities at 31 December 2022.................£4,064,059
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,146 61,700
Prepayments and accrued income 27,008 19,013
Other debtors 2,548,669 2,457,314
Corporation tax recoverable assets 138,242 107,570
Amounts owed by subsidiaries 732,741 651,195
3,451,806 3,296,792
Other debtors include amounts owed by the Directors of £417,292 (2023: £326,412). 
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 2,132,000
Corporation tax 95,805 104,624
Other creditors 69,963 77,491
Accruals and deferred income 47,899 10,022
213,667 2,324,137
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,032,000 -
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. The bank loan is due to be repaid on 17 April 2028.
2024 2023
£ £
Bank loans and overdrafts 2,032,000 2,132,000
11. Deferred Taxation
The provision for deferred taxation represents a provision for corporation tax based on the investment properties revaluation to fair value.
2024 2023
£ £
Other timing differences 911,398 911,398
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 911,398 911,398
Balance at 31 March 2024 911,398 911,398
13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50,000 50,000
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14. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 100,000 100,000
15. Ultimate Controlling Party
The company's ultimate controlling party is Mr E Zaidman and Mrs L Zaidman by virtue of their ownership of 100% of the issued share capital in the company.
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