Company registration number 02645066 (England and Wales)
VICASOL PRODUCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
VICASOL PRODUCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VICASOL PRODUCE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
74,362
98,117
Cash at bank and in hand
240,768
639,816
315,130
737,933
Creditors: amounts falling due within one year
5
(68,173)
(512,177)
Net current assets
246,957
225,756
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
246,857
225,656
Total equity
246,957
225,756

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
J A G Real
Director
Company Registration No. 02645066
VICASOL PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Vicasol Produce Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, The Anchorage, 34 Bridge Street, Reading, Berkshire, United Kingdom, RG1 2LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.true

1.3
Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted for accrued revenue calculated by reference to the fair value of services performed up to the balance sheet date but not invoiced.

1.4
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 original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

VICASOL PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
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. 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VICASOL PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The company assesses the likelihood of recovering outstanding balances from customers and makes a provision against these balances as required.

 

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,382
93,608
Other debtors
10,980
4,509
74,362
98,117
VICASOL PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,514
17,175
Amounts owed to group undertakings
6,149
452,078
Taxation and social security
6,244
23,549
Other creditors
19,266
19,375
68,173
512,177

Amounts owed to group undertakings are interest free and repayable on demand.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Adam East ACA
Statutory Auditor:
Azets Audit Services
7
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transaction with wholly owned subsidiaries within the group.

8
Parent company

The company is a wholly owned subsidiary undertaking of Vicasol S.C.A., which is the ultimate parent company incorporated in Spain.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Vicasol S.C.A. No other group financial statements include the results of the company. The consolidated financial statements of the group can be obtained from 37 Puebla de Vicar, Almeria, 04738, Spain.

2024-08-312023-09-01false22 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedF M BerenguerJ M F ArchillaJ A G RealF J R LopezF E M BerenguerMr J D GuillenMr J R FernandezPitsec Limitedfalsefalse026450662023-09-012024-08-31026450662024-08-31026450662023-08-3102645066core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3102645066core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3102645066core:CurrentFinancialInstruments2024-08-3102645066core:CurrentFinancialInstruments2023-08-3102645066core:ShareCapital2024-08-3102645066core:ShareCapital2023-08-3102645066core:RetainedEarningsAccumulatedLosses2024-08-3102645066core:RetainedEarningsAccumulatedLosses2023-08-3102645066bus:Director32023-09-012024-08-31026450662022-09-012023-08-3102645066core:WithinOneYear2024-08-3102645066core:WithinOneYear2023-08-3102645066bus:PrivateLimitedCompanyLtd2023-09-012024-08-3102645066bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102645066bus:FRS1022023-09-012024-08-3102645066bus:Audited2023-09-012024-08-3102645066bus:Director12023-09-012024-08-3102645066bus:Director22023-09-012024-08-3102645066bus:Director42023-09-012024-08-3102645066bus:Director52023-09-012024-08-3102645066bus:Director62023-09-012024-08-3102645066bus:Director72023-09-012024-08-3102645066bus:CompanySecretary12023-09-012024-08-3102645066bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP