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REGISTERED NUMBER: 10904418 (England and Wales)














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: J M P Brown





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Business address: Church Hill Farm
Main Road
Toft
Bourne
Lincolnshire
PE10 0JT





Registered number: 10904418 (England and Wales)





Accountants: Moore Thompson
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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


25 March 2025

Fenland Produce Limited (Registered number: 10904418)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 77 116
Tangible assets 6 280,086 265,908
280,163 266,024

Current assets
Stocks 85,100 30,000
Debtors 7 774,385 691,228
Cash at bank 149,430 169,869
1,008,915 891,097
Creditors
Amounts falling due within one year 8 987,708 911,383
Net current assets/(liabilities) 21,207 (20,286 )
Total assets less current liabilities 301,370 245,738

Creditors
Amounts falling due after more than one
year

9

(132,719

)

(100,643

)

Provisions for liabilities (20,593 ) (18,602 )
Net assets 148,058 126,493

Capital and reserves
Called up share capital 10 100 100
Retained earnings 147,958 126,393
Shareholders' funds 148,058 126,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





J M P Brown - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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 2 (2023 - 2 ) .

5. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 September 2023
and 31 August 2024 194
Amortisation
At 1 September 2023 78
Charge for year 39
At 31 August 2024 117
Net book value
At 31 August 2024 77
At 31 August 2023 116

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 155,683 138,091 5,167 19,995 318,936
Additions - 25,750 - 42,995 68,745
Disposals - (3,000 ) - (19,995 ) (22,995 )
At 31 August 2024 155,683 160,841 5,167 42,995 364,686
Depreciation
At 1 September 2023 451 39,875 3,725 8,977 53,028
Charge for year 285 30,580 289 10,749 41,903
Eliminated on disposal - (1,354 ) - (8,977 ) (10,331 )
At 31 August 2024 736 69,101 4,014 10,749 84,600
Net book value
At 31 August 2024 154,947 91,740 1,153 32,246 280,086
At 31 August 2023 155,232 98,216 1,442 11,018 265,908

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 583,358 535,771
PAYE/NI - 681
Related party 84,981 25,608
Directors' loan accounts 10,116 54,535
VAT 19,637 34,519
Prepayments and accrued income 76,293 40,114
774,385 691,228

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 23,270 14,110
Hire purchase contracts 29,934 -
Trade creditors 898,976 880,025
Corporation tax 30,086 12,633
Social security and other taxes 313 -
Other creditors 115 115
Directors' current accounts 94 -
Accruals and deferred income 4,920 4,500
987,708 911,383

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 81,014 37,855
Bank loans - 62,788
Hire purchase contracts 51,705 -
132,719 100,643

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: £    £   
100 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%.