Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falsetruefalseNo description of principal activity3153true 05641329 2023-07-01 2024-06-30 05641329 2022-07-01 2023-06-30 05641329 2024-06-30 05641329 2023-06-30 05641329 c:Director2 2023-07-01 2024-06-30 05641329 d:Buildings 2023-07-01 2024-06-30 05641329 d:Buildings 2024-06-30 05641329 d:Buildings 2023-06-30 05641329 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05641329 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05641329 d:PlantMachinery 2023-07-01 2024-06-30 05641329 d:PlantMachinery 2024-06-30 05641329 d:PlantMachinery 2023-06-30 05641329 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05641329 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05641329 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 05641329 d:OtherPropertyPlantEquipment 2024-06-30 05641329 d:OtherPropertyPlantEquipment 2023-06-30 05641329 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05641329 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05641329 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05641329 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05641329 d:CurrentFinancialInstruments 2024-06-30 05641329 d:CurrentFinancialInstruments 2023-06-30 05641329 d:Non-currentFinancialInstruments 2024-06-30 05641329 d:Non-currentFinancialInstruments 2023-06-30 05641329 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 05641329 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05641329 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 05641329 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 05641329 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 05641329 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 05641329 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 05641329 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 05641329 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 05641329 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 05641329 d:ShareCapital 2024-06-30 05641329 d:ShareCapital 2023-06-30 05641329 d:SharePremium 2024-06-30 05641329 d:SharePremium 2023-06-30 05641329 d:RevaluationReserve 2023-07-01 2024-06-30 05641329 d:RevaluationReserve 2024-06-30 05641329 d:RevaluationReserve 2023-06-30 05641329 d:RetainedEarningsAccumulatedLosses 2024-06-30 05641329 d:RetainedEarningsAccumulatedLosses 2023-06-30 05641329 c:OrdinaryShareClass2 2023-07-01 2024-06-30 05641329 c:OrdinaryShareClass2 2024-06-30 05641329 c:OrdinaryShareClass2 2023-06-30 05641329 c:FRS102 2023-07-01 2024-06-30 05641329 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05641329 c:FullAccounts 2023-07-01 2024-06-30 05641329 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05641329 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 05641329 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 05641329 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 05641329 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 05641329 d:HirePurchaseContracts d:MoreThanFiveYears 2024-06-30 05641329 d:HirePurchaseContracts d:MoreThanFiveYears 2023-06-30 05641329 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 05641329 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 05641329 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 05641329 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 05641329 d:OtherDeferredTax 2024-06-30 05641329 d:OtherDeferredTax 2023-06-30 05641329 2 2023-07-01 2024-06-30 05641329 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-06-30 05641329 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 05641329 d:LeasedAssetsHeldAsLessee 2024-06-30 05641329 d:LeasedAssetsHeldAsLessee 2023-06-30 05641329 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05641329










WRIGHTS PRODUCE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
WRIGHTS PRODUCE LIMITED
REGISTERED NUMBER: 05641329

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,798,108
1,933,993

  
1,798,108
1,933,993

Current assets
  

Stocks
  
41,250
36,780

Debtors: amounts falling due within one year
 5 
282,193
271,113

Cash at bank and in hand
  
779,828
736,119

  
1,103,271
1,044,012

Creditors: amounts falling due within one year
 6 
(341,298)
(408,368)

Net current assets
  
 
 
761,973
 
 
635,644

Total assets less current liabilities
  
2,560,081
2,569,637

Creditors: amounts falling due after more than one year
 7 
(1,064,742)
(1,037,872)

Provisions for liabilities
  

Deferred tax
 10 
(225,480)
(203,503)

  
 
 
(225,480)
 
 
(203,503)

Net assets
  
1,269,859
1,328,262


Capital and reserves
  

Called up share capital 
 11 
402
402

Share premium account
 12 
149,900
149,900

Revaluation reserve
 12 
301,157
301,157

Profit and loss account
 12 
818,400
876,803

  
1,269,859
1,328,262

Page 1

 
WRIGHTS PRODUCE LIMITED
REGISTERED NUMBER: 05641329
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R W Wright
Director

Date: 23 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


Company information

Wrights Produce Limited is a private company limited by shares and incorporated in England and Wales, registration number 05641329. The registered office is Brettenham Manor, Brettenham, Thetford, Norfolk, IP24 2RP. The Company's principal activities and nature of operations are disclosed in the Directors' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed 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.

Under FRS 102 Section 1A, the directors have elected to use a previous revaluation of their freehold property before the date of transition as its deemed cost at the revaluation date.

Depreciation is provided on the following basis:

Property improvements
-
10%
straight line
Plant and machinery
-
20%
reducing balance

The assets' 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 date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administration expenses' in the Income statement.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is determined by a fellow of the Association of Agricultural Valuers.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Finance costs

Finance costs are charged to 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 53).

Page 6

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Property improvements
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 July 2023
440,000
1,902,443
2,901,256
5,243,699


Additions
-
5,675
360,015
365,690


Disposals
-
-
(346,648)
(346,648)



At 30 June 2024

440,000
1,908,118
2,914,623
5,262,741



Depreciation


At 1 July 2023
-
1,354,378
1,955,328
3,309,706


Charge for the year on owned assets
-
169,453
94,034
263,487


Charge for the year on financed assets
-
-
149,049
149,049


Disposals
-
-
(257,609)
(257,609)



At 30 June 2024

-
1,523,831
1,940,802
3,464,633



Net book value



At 30 June 2024
440,000
384,287
973,821
1,798,108



At 30 June 2023
440,000
548,065
945,928
1,933,993

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
596,198
485,043

596,198
485,043

Included in freehold property is freehold land at a cost of £138,843 and value of £440,000 (2023: £138,843  and value of £440,000) which is not depreciated. 
In the year 2020 freehold property was revalued based on the sales value achieved on land disposed in that year.

Page 7

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
105,934
160,271

Other debtors
22,459
300

Prepayments and accrued income
153,800
110,542

282,193
271,113



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
43,583
38,005

Trade creditors
90,023
122,707

Other taxation and social security
45,694
58,825

Obligations under finance lease and hire purchase contracts
146,681
110,196

Other creditors
-
64,781

Accruals and deferred income
15,317
13,854

341,298
408,368



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
705,513
745,681

Net obligations under finance leases and hire purchase contracts
359,229
292,191

1,064,742
1,037,872


Secured loans
Bank loans are secured by a debenture dated 29 November 2011, a legal charge dated 20 December 2011 over freehold land owned by the Company, a legal charge dated 28 April 2016 over the leasehold property of the Company, a legal charge dated 22 January 2018 over the freehold property owned by the Company, personal guarantees given by the directors and an unlimited composite company guarantee provided by Wrights of Brettenham Partnership.

Page 8

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
43,583
38,005


43,583
38,005

Amounts falling due 1-2 years

Bank loans
47,132
41,097


47,132
41,097

Amounts falling due 2-5 years

Bank loans
134,224
126,977


134,224
126,977

Amounts falling due after more than 5 years

Bank loans
524,157
577,607

524,157
577,607

749,096
783,686



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
169,285
118,185

Between 1-5 years
148,902
108,059

Over 5 years
239,238
195,716

Less finance charges allocated to future periods
(51,515)
(32,464)

505,910
389,496

Page 9

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Deferred taxation




2024


£






At beginning of year
(203,503)


Charged to profit or loss
(21,977)



At end of year
(225,480)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(276,308)
(249,266)

Tax losses carried forward
116,780
111,715

Capital gains
(65,952)
(65,952)

(225,480)
(203,503)

Page 10

 
WRIGHTS PRODUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



402 (2023 - 402) Ordinary 'A' shares of £1.00 each
402
402



12.


Reserves

Revaluation reserve

During the year there was no movement in the revaluation reserve. 


13.


Contingent liabilities

The Company, together with Wrights of Brettenham Partnership, has given an unlimited multilateral guarantee to its bankers in respect of monies due to the bank by parties to the guarantee. The bank guarantee is secured by a debenture dated 29 November 2011. At 30 June 2024 the contingent liability in respect of this agreement amounted to £1,651,656 (2023: £1,644,154).


14.


Controlling party

The company is controlled by Richard Wright, Peter Wright and Elizabeth Craven, who between them own 100% of the issued voting share capital of the company.

 
Page 11