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COMPANY REGISTRATION NUMBER: 07561336
Harvest Direct Ltd
Filleted Unaudited Reports and Accounts
30 April 2024
Harvest Direct Ltd
Directors' Report
Year ended 30 April 2024
The directors present their report and the unaudited Reports and Accounts of the company for the year ended 30 April 2024 .
Principal activities
The company's principal activity is the sale of fruit and vegetables to wholesalers, shops and the catering trade.
Directors
The directors who served the company during the year were as follows:
Mr M Martinez Fernandez
Dr E V Beltran
Business review
Harvest Direct Ltd continues to be a leading supplier of fresh fruit and vegetables in the UK, with an established network of growers and farmers and a specialist procurement team importing the highest quality fruit and vegetables from around the world.
The key performance indicators are turnover which has increased by 20% in comparison to 2023, resulting in a gross profit percentage increase of 6%. However, during the year a new client, a company which had been established for over 30 years and was a major supplier to UK supermarkets, went into administration resulting in an irrecoverable bad debt of over £300,000 owed to Harvest Direct Ltd . The bad debt has been written off and has resulted in the company generating a loss overall for the year to 30 April 2024. Since this event, the company has strived to recover from this loss, increasing its current level of activity, and is predicting a 3.5% increase on gross profit for 2024/25.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 November 2024 and signed on behalf of the board by:
Mr M Martinez Fernandez
Director
Registered office:
Earlsfield Business Centre
9 Lydden Road
London
SW18 4LT
Harvest Direct Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,415
3,185
Current assets
Debtors
6
712,725
579,525
Cash at bank and in hand
175,079
219,086
---------
---------
887,804
798,611
Creditors: amounts falling due within one year
7
621,786
396,935
---------
---------
Net current assets
266,018
401,676
---------
---------
Total assets less current liabilities
268,433
404,861
Creditors: amounts falling due after more than one year
8
23,060
34,120
---------
---------
Net assets
245,373
370,741
---------
---------
Capital and reserves
Called up share capital
40
40
Capital redemption reserve
60
60
Profit and loss account
245,273
370,641
---------
---------
Shareholders funds
245,373
370,741
---------
---------
These Reports and Accounts 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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its Reports and Accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Reports and Accounts .
Harvest Direct Ltd
Statement of Financial Position (continued)
30 April 2024
These Reports and Accounts were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr M Martinez Fernandez
Director
Company registration number: 07561336
Harvest Direct Ltd
Notes to the Reports and Accounts
Year ended 30 April 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 Earlsfield Business Centre, 9 Lydden Road, London, SW18 4LT.
2. Statement of compliance
These Reports and Accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Reports and Accounts 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 Reports and Accounts are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch 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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
20% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 May 2023
37,280
Additions
365
--------
At 30 April 2024
37,645
--------
Depreciation
At 1 May 2023
34,095
Charge for the year
1,135
--------
At 30 April 2024
35,230
--------
Carrying amount
At 30 April 2024
2,415
--------
At 30 April 2023
3,185
--------
6. Debtors
2024
2023
£
£
Trade debtors
427,691
272,053
Other debtors
285,034
307,472
---------
---------
712,725
579,525
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
558,954
102,948
Corporation tax
47,730
Other creditors
(673)
246,257
Other creditors
63,505
---------
---------
621,786
396,935
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
23,060
34,120
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr M Martinez Fernandez
( 63,505)
--------
----