REGISTERED NUMBER: |
Fenland Produce Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
REGISTERED NUMBER: |
Fenland Produce Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
Fenland Produce Limited (Registered number: 10904418) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 9 |
Fenland Produce Limited |
Company Information |
for the Year Ended 31 August 2024 |
Director: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Fenland Produce Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fenland Produce Limited for the year ended 31 August 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Fenland Produce Limited in accordance with the terms of our engagement letter dated 7 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Fenland Produce Limited and state those matters that we have agreed to state to the director of Fenland Produce Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fenland Produce Limited and its director for our work or for this report. |
It is your duty to ensure that Fenland Produce Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fenland Produce Limited. You consider that Fenland Produce Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Fenland Produce Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Fenland Produce Limited (Registered number: 10904418) |
Statement of Financial Position |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Fenland Produce Limited (Registered number: 10904418) |
Statement of Financial Position - continued |
31 August 2024 |
The financial statements were approved by the director and authorised for issue on |
Fenland Produce Limited (Registered number: 10904418) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | Statutory information |
Fenland Produce Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparation |
The financial statements have been prepared on the historical cost basis. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. |
Intangible assets |
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. |
Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
Entitlements - 5 years straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Fenland Produce Limited (Registered number: 10904418) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | Accounting policies - continued |
Tangible fixed 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: |
Equipment | - 3 years straight line or 20% reducing balance |
Plant and machinery | - 25% reducing balances |
Motor vehicles | - 25% reducing balances |
Freehold property | - 10 years straight line, land no depreciation |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Income 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fenland Produce Limited (Registered number: 10904418) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | Accounting policies - continued |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 September 2023 |
and 31 August 2024 |
Amortisation |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
Fenland Produce Limited (Registered number: 10904418) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | Tangible fixed assets |
Freehold | Plant and | Motor |
property | machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
PAYE/NI | - | 681 |
Related party | 84,981 | 25,608 |
Directors' loan accounts | 10,116 | 54,535 |
VAT |
Prepayments and accrued income |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 94 | - |
Accruals and deferred income |
Fenland Produce Limited (Registered number: 10904418) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
8. | Creditors: amounts falling due within one year - continued |
Bank loans and overdrafts are secured by a fixed and floating over all property and undertakings of the company. |
Also included in Bank loans is a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed. |
Obligations under hire purchase contracts are secured on the assets concerned. |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | - | 62,788 |
Bank loans and overdrafts are secured by a fixed and floating over all property and undertakings of the company. |
Also included in Bank loans is a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed. |
Obligations under hire purchase contracts are secured on the assets concerned. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | Director's advances, credits and guarantees |
At 31 August 2024, the directors owed £10,116 (2023 - £54,535) to the company. During the period £36,379 was advanced and £80,798 was repaid by the directors. Interest was charged at a rate of 2.25%. |