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Registration number: 01882859

Chris Eley Produce Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Chris Eley Produce Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Chris Eley Produce Limited

Company Information

Directors

Mrs G Eley

Mr S C Eley

Company secretary

Mrs G Eley

Registered office

Kellett Gate
Low Fulney
Spalding
Lincs
PE12 6EH

Accountants

Cannon Williamson
Chartered Certified AccountantsAlbion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Chris Eley Produce Limited

(Registration number: 01882859)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

715,174

1,116,887

Investment property

5

1,356,323

1,356,323

 

2,071,497

2,473,210

Current assets

 

Stocks

6

-

100,003

Debtors

7

668,796

596,871

Cash at bank and in hand

 

490,630

286,293

 

1,159,426

983,167

Creditors: Amounts falling due within one year

8

(703,118)

(650,111)

Net current assets

 

456,308

333,056

Total assets less current liabilities

 

2,527,805

2,806,266

Provisions for liabilities

(68,239)

(120,205)

Net assets

 

2,459,566

2,686,061

Capital and Reserves

 

Called up share capital

9

25,003

25,003

Retained Earnings

2,434,563

2,661,058

Shareholders' funds

 

2,459,566

2,686,061

For the financial year ending 31 December 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 and 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 19 March 2025 and signed on its behalf by:
 

 

Chris Eley Produce Limited

(Registration number: 01882859)
Balance Sheet as at 31 December 2024 (continued)

.........................................
Mrs G Eley
Company secretary and director

.........................................
Mr S C Eley
Director

 

Chris Eley Produce Limited

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

1

General information

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

The address of its registered office is:
Kellett Gate
Low Fulney
Spalding
Lincs
PE12 6EH

These financial statements were authorised for issue by the Board on 19 March 2025.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

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

Long Leasehold Property

15% reducing balance

Plant and Machinery

10% reducing balance

Fixtures, Fittings and Equipment

33% reducing balance

Motor Vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 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 directors) during the year, was 28 (2023 - 35).

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

1,416,213

117,700

1,682,100

1,969,622

5,185,635

Additions

-

-

12,500

6,625

19,125

Disposals

-

(52,463)

(316,652)

(717,366)

(1,086,481)

At 31 December 2024

1,416,213

65,237

1,377,948

1,258,881

4,118,279

Depreciation

At 1 January 2024

1,220,242

83,420

1,159,449

1,605,637

4,068,748

Charge for the year

29,396

8,340

120,582

43,401

201,719

Eliminated on disposal

-

(40,606)

(247,873)

(578,883)

(867,362)

At 31 December 2024

1,249,638

51,154

1,032,158

1,070,155

3,403,105

Carrying amount

At 31 December 2024

166,575

14,083

345,790

188,726

715,174

At 31 December 2023

195,971

34,280

522,651

363,985

1,116,887

Included within the net book value of land and buildings above is £166,575 (2023 - £195,971) in respect of long leasehold land and buildings.
 

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Investment properties

2024
£

At 1 January

1,356,323

At 31 December

1,356,323

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

-

100,003

7

Debtors

Current

2024
£

2023
£

Trade Debtors

573,800

529,783

Prepayments

91,419

47,154

Other debtors

3,577

19,934

 

668,796

596,871

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

16,674

Trade Creditors

 

378,732

367,762

Taxation and social security

 

97,208

105,931

Accruals and deferred income

 

93,578

25,665

Other creditors

 

133,600

134,079

 

703,118

650,111

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

25,000

25,000

25,000

25,000

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

25,003

25,003

25,003

25,003

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

16,674

11

Dividends

Interim dividends paid

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

11

Dividends (continued)

2024
£

2023
£

Interim dividend of £Nil per each Ordinary A

-

-

Interim dividend of £50.00 per each Ordinary B

50,000

50,000

Interim dividend of £50.00 per each Ordinary C

50,000

50,000

100,000

100,000

12

Related party transactions

 

Chris Eley Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,100

14,100

Contributions paid to money purchase schemes

386

836

14,486

14,936