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REGISTERED NUMBER: 01557615 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Paul Jackson Potatoes Limited

Paul Jackson Potatoes Limited (Registered number: 01557615)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Paul Jackson Potatoes Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mr C R Jackson





REGISTERED OFFICE: The Potato Store
Firsby
Spilsby
Lincoln
Lincolnshire
PE23 5QS





REGISTERED NUMBER: 01557615 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Paul Jackson Potatoes Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul Jackson Potatoes Limited for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Paul Jackson Potatoes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paul Jackson Potatoes Limited and state those matters that we have agreed to state to the director of Paul Jackson Potatoes Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul Jackson Potatoes Limited and its director for our work or for this report.

It is your duty to ensure that Paul Jackson Potatoes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paul Jackson Potatoes Limited. You consider that Paul Jackson Potatoes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paul Jackson Potatoes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


9 January 2025

Paul Jackson Potatoes Limited (Registered number: 01557615)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 181,946 177,338

CURRENT ASSETS
Stocks 55,158 55,892
Debtors 5 615,526 530,821
Cash at bank and in hand 1,958 245
672,642 586,958
CREDITORS
Amounts falling due within one year 6 552,754 448,241
NET CURRENT ASSETS 119,888 138,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

301,834

316,055

CREDITORS
Amounts falling due after more than one
year

7

(99,188

)

(114,183

)

PROVISIONS FOR LIABILITIES (1,906 ) (203 )
NET ASSETS 200,740 201,669

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Retained earnings 170,740 171,669
200,740 201,669

Paul Jackson Potatoes Limited (Registered number: 01557615)

Balance Sheet - continued
31 May 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 January 2025 and were signed by:





Mr C R Jackson - Director


Paul Jackson Potatoes Limited (Registered number: 01557615)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Paul Jackson Potatoes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The presentation currency of the financial statements is the pound sterling (£).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred, or to be incurred, in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - Straight line over 50 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Paul Jackson Potatoes Limited (Registered number: 01557615)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 230,607 62,227 9,099 - 301,933
Additions - - - 12,500 12,500
Disposals - - (3,086 ) - (3,086 )
At 31 May 2024 230,607 62,227 6,013 12,500 311,347
DEPRECIATION
At 1 June 2023 54,083 61,498 9,014 - 124,595
Charge for year 4,612 146 8 3,125 7,891
Eliminated on disposal - - (3,085 ) - (3,085 )
At 31 May 2024 58,695 61,644 5,937 3,125 129,401
NET BOOK VALUE
At 31 May 2024 171,912 583 76 9,375 181,946
At 31 May 2023 176,524 729 85 - 177,338

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 499,844 442,682
Other debtors 115,682 88,139
615,526 530,821

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 162,419 141,017
Trade creditors 327,386 268,386
Amounts owed to participating interests 32,727 14,348
Taxation and social security 3,582 8,600
Other creditors 26,640 15,890
552,754 448,241

The bank loan and overdraft is secured by a charge over the company's freehold property dated 8 August 2019.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 99,188 114,183

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 36,690 52,706

The loan in secured against the assets of the company.

Paul Jackson Potatoes Limited (Registered number: 01557615)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CONTINGENT LIABILITIES

The company has given a £10,000 guarantee in respect of the bank borrowing of PJP Foods Services Limited.

9. RELATED PARTY DISCLOSURES

During the year the company traded with PJP Foods Services Limited, a company in which Mr C R Jackson is a director and shareholder. The company also traded with Posh Spuds & Co, a business which is Mr C R Jackson's. Transactions were as follows:

Sales to PJP Foods Services Limited £224,953 (2023: £299,289)

At the year end, the company had the following related party balances:

Amounts owed from PJP Foods Services Limited £32,727 (2023: £15,223)
Amounts owed from Posh Spuds & Co £Nil (2023: £876)