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REGISTERED NUMBER: 06742789 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MILLSIDE FRESH PRODUCE LTD

MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

31/8/24 31/8/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 717,282 797,022
717,282 797,022

CURRENT ASSETS
Stocks 41,793 30,881
Debtors 6 465,523 476,585
Cash at bank 10,451 53,897
517,767 561,363
CREDITORS
Amounts falling due within one year 7 453,241 509,362
NET CURRENT ASSETS 64,526 52,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

781,808

849,023

CREDITORS
Amounts falling due after more than one year 8 (198,350 ) (287,218 )

PROVISIONS FOR LIABILITIES (34,847 ) (54,782 )
NET ASSETS 548,611 507,023

CAPITAL AND RESERVES
Called up share capital 11 3 3
Retained earnings 548,608 507,020
SHAREHOLDERS' FUNDS 548,611 507,023

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 16 January 2025 and were signed by:




A Milward - Director


MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Millside Fresh Produce Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06742789

Registered office: Units A & B, Thornfield Estate
Hooton Street
Nottingham
Nottinghamshire
NG3 2NJ

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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

No depreciation is provided on freehold property. It is the company's policy to maintain the property in a continual state of sound repair and make improvements thereto from time to time and accordingly the director considers that the useful economic life of the property is so long and residual value, based on prevailing market prices, is so high, that depreciation is insignificant. The director considers this treatment necessary in order to show a true and fair view. Any diminution in value of the property is charged to the profit and loss account as appropriate.

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 statement of financial position date.


MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 51 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 66,450
AMORTISATION
At 1 September 2023
and 31 August 2024 66,450
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 603,274 252,058 29,050 317,367 1,201,749
Disposals - - - (127,733 ) (127,733 )
At 31 August 2024 603,274 252,058 29,050 189,634 1,074,016
DEPRECIATION
At 1 September 2023 25,378 146,120 29,050 204,179 404,727
Charge for year - 19,664 - 29,490 49,154
Eliminated on disposal - - - (97,147 ) (97,147 )
At 31 August 2024 25,378 165,784 29,050 136,522 356,734
NET BOOK VALUE
At 31 August 2024 577,896 86,274 - 53,112 717,282
At 31 August 2023 577,896 105,938 - 113,188 797,022

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 118,251
Disposals (76,405 )
At 31 August 2024 41,846
DEPRECIATION
At 1 September 2023 44,347
Charge for year 15,422
Eliminated on disposal (45,825 )
At 31 August 2024 13,944
NET BOOK VALUE
At 31 August 2024 27,902
At 31 August 2023 73,904

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Trade debtors 218,044 246,472
Other debtors 247,479 230,113
465,523 476,585

MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans and overdrafts 48,125 54,554
Hire purchase contracts (see note 9) 11,532 23,392
Trade creditors 270,888 299,114
Taxation and social security 87,464 80,655
Other creditors 35,232 51,647
453,241 509,362

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans 188,979 237,105
Hire purchase contracts (see note 9) 9,371 50,113
198,350 287,218

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 103,910 117,035

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/8/24 31/8/23
£    £   
Net obligations repayable:
Within one year 11,532 23,392
Between one and five years 9,371 50,113
20,903 73,505

Non-cancellable operating leases
31/8/24 31/8/23
£    £   
Within one year 3,985 3,923
Between one and five years 8,073 11,661
12,058 15,584

10. SECURED DEBTS

The following secured debts are included within creditors:

31/8/24 31/8/23
£    £   
Bank loans 237,104 291,659
Hire purchase contracts 20,903 73,505
258,007 365,164

The loans are secured by fixed charges over the company

MILLSIDE FRESH PRODUCE LTD (REGISTERED NUMBER: 06742789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/8/24 31/8/23
value: £    £   
300 Ordinary £.01 3 3

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year a director was advanced £1,884 (2023: £1,478), amounts repaid were £nil (2023: £nil) and the balance outstanding at 31 August 2024 was £77,264 (2023: £75,380). Interest is charged on the loan at a rate of 2.25% and is repayable on demand.

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £22,500 (2023 - £30,000) were paid to the director .

A participator of the company owes the company £82,553 as at 31 August 2024 (2023: £80,540). Interest is charged on the loan at a rate of 2.25% and is repayable on demand