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Registration number: 02173152

Kirmington Potato Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kirmington Potato Services Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Kirmington Potato Services Limited

Company Information

Directors

R D Arundel

B R Mordue

B W Kerr

E S Arundel

N D Elwell

Registered office

Pegasus House
Pegasus Road
Elsham Wold Ind. Estate
Elsham
North Lincolnshire
DN20 0SQ

 

Kirmington Potato Services Limited

Directors' Report for the Year Ended 30 June 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the Company

The Directors who held office during the year were as follows:

R D Arundel

B R Mordue

B W Kerr

E S Arundel

N D Elwell

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
R D Arundel
Director

 

Kirmington Potato Services Limited

(Registration number: 02173152)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,330,303

5,484,050

Current assets

 

Stocks

5

36,731

20,376

Debtors

6

983,442

806,711

Cash at bank and in hand

 

1,366

1,080

 

1,021,539

828,167

Creditors: Amounts falling due within one year

7

(1,846,653)

(1,785,132)

Net current liabilities

 

(825,114)

(956,965)

Total assets less current liabilities

 

4,505,189

4,527,085

Creditors: Amounts falling due after more than one year

7

(1,192,698)

(1,258,708)

Provisions for liabilities

(376,209)

(338,983)

Net assets

 

2,936,282

2,929,394

Capital and reserves

 

Called up share capital

9

332,218

332,218

Revaluation reserve

1,881,343

1,909,933

Retained earnings

722,721

687,243

Shareholders' funds

 

2,936,282

2,929,394

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
R D Arundel
Director

 

Kirmington Potato Services Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

332,218

1,909,933

687,243

2,929,394

Profit for the year

-

-

68,388

68,388

Dividends

-

-

(61,500)

(61,500)

Transfers

-

(28,590)

28,590

-

At 30 June 2024

332,218

1,881,343

722,721

2,936,282

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

332,218

1,938,523

796,295

3,067,036

Loss for the year

-

-

(76,142)

(76,142)

Dividends

-

-

(61,500)

(61,500)

Transfers

-

(28,590)

28,590

-

At 30 June 2023

332,218

1,909,933

687,243

2,929,394

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02173152.

The address of its registered office is:
Pegasus House
Pegasus Road
Elsham Wold Ind. Estate
Elsham
North Lincolnshire
DN20 0SQ

These financial statements cover the individual entity, Kirmington Potato Services Limited.

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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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

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.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are release to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises 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.

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Freehold land and buildings are measured at fair value at each reporting date with changes in fair value recognised in the revaluation reserve.

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

Freehold land

No depreciation is charged

Freehold buildings

25% reducing balance, 2-10% straight line and 0%

Plant and machinery

2%, 10% and 25% reducing balance and 4-20% straight line

Fixtures and fittings

10%, 15% and 25% reducing balance and 25% straight line

Motor vehicles

15% straight line

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.

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 at the transaction price 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 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.

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 at the transaction price.

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.

Dividends

Dividend distribution to the company’s shareholder 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 during the year, was 11 (2023 - 12).

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,918,069

4,051,139

332,209

8,301,417

Additions

43,332

72,053

97,008

212,393

At 30 June 2024

3,961,401

4,123,192

429,217

8,513,810

Depreciation

At 1 July 2023

77,066

2,648,669

91,632

2,817,367

Charge for the year

78,065

235,116

52,959

366,140

At 30 June 2024

155,131

2,883,785

144,591

3,183,507

Carrying amount

At 30 June 2024

3,806,270

1,239,407

284,626

5,330,303

At 30 June 2023

3,841,003

1,402,470

240,577

5,484,050


Revaluation

The freehold land and buildings class of fixed assets have not been revalued in the year to 30th June 2024. The last revaluation took place on 30th June 2022. The basis of this valuation was open market value. The class of assets has a current value of £3,806,270 (2023 - £3,841,003) and a carrying amount at historical cost of £1,924,932 (2023 - £1,931,073). The depreciation on this historical cost is £1,012,582 (2023 - £963,102). The historical cost as at 30 June, 2024 was £2,937,514 (2023 - £2,894,175).

5

Stocks

2024
£

2023
£

Other inventories

36,731

20,376

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

624,023

671,424

Amounts owed by related parties

185,997

-

Prepayments and accrued income

 

143,999

29,481

Other debtors

 

29,423

105,806

   

983,442

806,711

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

 

715,575

726,067

Trade creditors

 

373,815

357,898

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

29,654

29,654

Taxation and social security

 

55,460

89,570

Accruals and deferred income

 

32,527

64,628

Other creditors

 

639,622

517,315

 

1,846,653

1,785,132

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank loans

862,378

821,823

Deferred income

209,309

224,638

Other non-current financial liabilities

121,011

212,247

1,192,698

1,258,708

2024
£

2023
£

Due after more than five years

After more than five years by instalments

281,836

271,889

-

-

Creditors amounts falling due within one year on which security has been given includes a bank overdraft of £540,718 (2023 - £585,798), bank loans of £174,857 (2023 - £140,269) and finance lease liabilities of £171,320 (2023 - £234,209).

Creditors amounts falling due after more than one year on which security has been given includes a bank loans of £862,378 (2023 - £821,823) and finance lease liabilities of £121,011 (2023 - £212,247).

The bank loans and finance lease liabilities are secured by charges over the company's assets.

 

Kirmington Potato Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

862,378

821,823

HP and finance lease liabilities

121,011

212,247

983,389

1,034,070

2024
£

2023
£

Current loans and borrowings

Bank borrowings

174,857

140,269

Bank overdrafts

540,718

585,798

HP and finance lease liabilities

171,320

234,209

Other borrowings

304,980

252,000

1,191,875

1,212,276

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

332,218

332,218

332,218

332,218

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,643 (2023 - £31,995).