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COMPANY REGISTRATION NUMBER: 09214290
FRUITAPEEL (JUICE) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FRUITAPEEL (JUICE) LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
FRUITAPEEL (JUICE) LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
4
697,047
819,212
CURRENT ASSETS
Stocks
158,350
120,000
Debtors
5
28,993
17,779
Cash at bank and in hand
51,420
46
-----------
-----------
238,763
137,825
CREDITORS: amounts falling due within one year
6
17,441,076
17,258,501
---------------
---------------
NET CURRENT LIABILITIES
17,202,313
17,120,676
---------------
---------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 16,505,266)
( 16,301,464)
---------------
---------------
NET LIABILITIES
( 16,505,266)
( 16,301,464)
---------------
---------------
FRUITAPEEL (JUICE) LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 16,506,266)
( 16,302,464)
---------------
---------------
SHAREHOLDERS DEFICIT
( 16,505,266)
( 16,301,464)
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 December 2024 , and are signed on behalf of the board by:
Mr S A Housecroft
Director
Company registration number: 09214290
FRUITAPEEL (JUICE) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Llantrisant Business Park, Llantrisant, Pontyclun, Mid Glamorgan, Wales, CF72 8LF.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Finance costs
Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue wholly consists of the the recharges invoiced to the related party entities during the year for labour, utilities and overheads. The recharges are invoiced on a monthly basis when relevant expenses have been incurred and quantified.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting period date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10-20 years
Fixtures and fittings
-
10 years
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks represent raw materials and engineering spares. Engineering spares are not held for sale.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in the accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in the independently administered funds.
3. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 31 (2023: 31 ).
4. TANGIBLE ASSETS
Long leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
93,003
954,720
316,985
1,364,708
----------
-----------
-----------
---------------
Depreciation
At 1 April 2023
397,225
148,271
545,496
Charge for the year
90,464
31,701
122,165
----------
-----------
-----------
---------------
At 31 March 2024
487,689
179,972
667,661
----------
-----------
-----------
---------------
Carrying amount
At 31 March 2024
93,003
467,031
137,013
697,047
----------
-----------
-----------
---------------
At 31 March 2023
93,003
557,495
168,714
819,212
----------
-----------
-----------
---------------
5. DEBTORS
2024
2023
£
£
Trade debtors
3,506
Other debtors
28,993
14,273
----------
----------
28,993
17,779
----------
----------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,159
286,575
Trade creditors
65,593
72,345
Social security and other taxes
83,130
139,472
Other creditors
17,291,194
16,760,109
---------------
---------------
17,441,076
17,258,501
---------------
---------------
Other loans are secured with a fixed charge on certain assets of the company.
7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.
8. RELATED PARTY TRANSACTIONS
At the balance sheet date the company owed Multiple Marketing Limited (a related company by virtue of its 100% ownership by W Porter) a total of £2,421,359 (2023: £2,421,359), there are no terms attached with this loan. During the period the company paid management charges to Sunmagic Juices Limited of £Nil (2023: £1,880,000). At the balance sheet date a total of £13,940,237 (2023: £13,028,164) was owed to this company.