Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr B Ruby 04/09/2012 16 September 2024 The principal activity of the Company during the financial year was the wholesale of potatoes. 08200627 2024-03-31 08200627 bus:Director1 2024-03-31 08200627 2023-03-31 08200627 core:CurrentFinancialInstruments 2024-03-31 08200627 core:CurrentFinancialInstruments 2023-03-31 08200627 core:Non-currentFinancialInstruments 2024-03-31 08200627 core:Non-currentFinancialInstruments 2023-03-31 08200627 core:ShareCapital 2024-03-31 08200627 core:ShareCapital 2023-03-31 08200627 core:RetainedEarningsAccumulatedLosses 2024-03-31 08200627 core:RetainedEarningsAccumulatedLosses 2023-03-31 08200627 core:Goodwill 2023-03-31 08200627 core:Goodwill 2024-03-31 08200627 core:LandBuildings 2023-03-31 08200627 core:LeaseholdImprovements 2023-03-31 08200627 core:Vehicles 2023-03-31 08200627 core:FurnitureFittings 2023-03-31 08200627 core:LandBuildings 2024-03-31 08200627 core:LeaseholdImprovements 2024-03-31 08200627 core:Vehicles 2024-03-31 08200627 core:FurnitureFittings 2024-03-31 08200627 bus:OrdinaryShareClass1 2024-03-31 08200627 2023-04-01 2024-03-31 08200627 bus:FilletedAccounts 2023-04-01 2024-03-31 08200627 bus:SmallEntities 2023-04-01 2024-03-31 08200627 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08200627 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08200627 bus:Director1 2023-04-01 2024-03-31 08200627 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 08200627 core:Goodwill 2023-04-01 2024-03-31 08200627 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 08200627 core:Vehicles 2023-04-01 2024-03-31 08200627 core:FurnitureFittings 2023-04-01 2024-03-31 08200627 2022-04-01 2023-03-31 08200627 core:LandBuildings 2023-04-01 2024-03-31 08200627 core:LeaseholdImprovements 2023-04-01 2024-03-31 08200627 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 08200627 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 08200627 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08200627 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08200627 (England and Wales)

A & B POTATOES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

A & B POTATOES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

A & B POTATOES LIMITED

BALANCE SHEET

As at 31 March 2024
A & B POTATOES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 27,608 36,782
Tangible assets 4 464,271 539,501
491,879 576,283
Current assets
Stocks 80,206 55,545
Debtors 5 375,184 305,497
Cash at bank and in hand 248,352 210,328
703,742 571,370
Creditors: amounts falling due within one year 6 ( 544,562) ( 398,720)
Net current assets 159,180 172,650
Total assets less current liabilities 651,059 748,933
Creditors: amounts falling due after more than one year 7 ( 100,647) ( 126,723)
Provision for liabilities ( 85,703) ( 104,731)
Net assets 464,709 517,479
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 464,609 517,379
Total shareholder's funds 464,709 517,479

For the financial 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.

Director's responsibilities:

The financial statements of A & B Potatoes Limited (registered number: 08200627) were approved and authorised for issue by the Director on 16 September 2024. They were signed on its behalf by:

Mr B Ruby
Director
A & B POTATOES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
A & B POTATOES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A & B Potatoes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tremabyn, Trematon, Saltash, PL12 4RT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Leasehold improvements not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 91,739 91,739
At 31 March 2024 91,739 91,739
Accumulated amortisation
At 01 April 2023 54,957 54,957
Charge for the financial year 9,174 9,174
At 31 March 2024 64,131 64,131
Net book value
At 31 March 2024 27,608 27,608
At 31 March 2023 36,782 36,782

4. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 153,442 0 817,698 60,819 1,031,959
Additions 0 7,752 28,415 2,071 38,238
At 31 March 2024 153,442 7,752 846,113 62,890 1,070,197
Accumulated depreciation
At 01 April 2023 33,771 0 430,526 28,161 492,458
Charge for the financial year 5,963 0 102,452 5,053 113,468
At 31 March 2024 39,734 0 532,978 33,214 605,926
Net book value
At 31 March 2024 113,708 7,752 313,135 29,676 464,271
At 31 March 2023 119,671 0 387,172 32,658 539,501

5. Debtors

2024 2023
£ £
Trade debtors 357,873 280,179
Other debtors 17,311 25,318
375,184 305,497

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 349,059 282,074
Corporation tax 35,212 31,342
Other taxation and social security 13,259 6,522
Obligations under finance leases and hire purchase contracts (secured) 75,070 72,074
Other creditors 71,962 6,708
544,562 398,720

The hire purchase loans are secured on the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 100,647 126,723

The hire purchase loans are secured on the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100