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Registration number: 10205772

Roots Greengrocer Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Roots Greengrocer Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Roots Greengrocer Ltd

Company Information

Director

Mr Alessandro D'Aprano

Registered office

92 Perinville Road
Torquay
Devon
TQ1 3PB

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Roots Greengrocer Ltd

(Registration number: 10205772)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,823

31,869

Current assets

 

Stocks

5

60,000

44,000

Debtors

6

279,595

277,419

Cash at bank and in hand

 

54,028

42,153

 

393,623

363,572

Creditors: Amounts falling due within one year

7

(280,729)

(252,136)

Net current assets

 

112,894

111,436

Total assets less current liabilities

 

146,717

143,305

Provisions for liabilities

(9,048)

(5,712)

Net assets

 

137,669

137,593

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

137,667

137,591

Shareholders' funds

 

137,669

137,593

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

.........................................
Mr Alessandro D'Aprano
Director

 

Roots Greengrocer Ltd

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

2

137,591

137,593

Profit for the year

-

55,076

55,076

Dividends

-

(55,000)

(55,000)

At 31 May 2024

2

137,667

137,669

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

2

120,592

120,594

Profit for the year

-

84,399

84,399

Dividends

-

(67,400)

(67,400)

At 31 May 2023

2

137,591

137,593

 

Roots Greengrocer Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
92 Perinville Road
Torquay
Devon
TQ1 3PB

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Roots Greengrocer Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

10% straight line basis

Plant and Machinery

25% reducing balance

Shortleasehold proeprty

25% straight line basis

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Roots Greengrocer Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Roots Greengrocer Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 June 2023

48,549

1,114

33,933

19,602

Additions

-

900

-

29,225

At 31 May 2024

48,549

2,014

33,933

48,827

Depreciation

At 1 June 2023

33,377

279

21,559

16,114

Charge for the year

12,137

434

3,393

12,207

At 31 May 2024

45,514

713

24,952

28,321

Carrying amount

At 31 May 2024

3,035

1,301

8,981

20,506

At 31 May 2023

15,172

835

12,374

3,488

 

Roots Greengrocer Ltd

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

Total
£

Cost or valuation

At 1 June 2023

103,198

Additions

30,125

At 31 May 2024

133,323

Depreciation

At 1 June 2023

71,329

Charge for the year

28,171

At 31 May 2024

99,500

Carrying amount

At 31 May 2024

33,823

At 31 May 2023

31,869

Included within the net book value of land and buildings above is £3,035 (2023 - £15,172) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

60,000

44,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

275,144

273,470

Other debtors

4,451

3,949

 

279,595

277,419

 

Roots Greengrocer Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,221

30,375

Trade creditors

 

63,184

113,509

Taxation and social security

 

83,247

61,881

Accruals and deferred income

 

2,700

2,150

Other creditors

 

111,377

44,221

 

280,729

252,136

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 Share of £1 each

2

2

2

2

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,221

30,375

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £55,000.00 (2023 - £67,400.00) per ordinary share

 

55,000

 

67,400

         

11

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

 

 

Roots Greengrocer Ltd

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

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570

Dividends paid to the director

   

2024
£

 

2023
£

Mr Alessandro D'Aprano

       

Interim dividend paid

 

27,500

 

33,700