REGISTERED NUMBER: 05218735 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

P K PRODUCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Kingsland

E Kingsland

J N Oldridge

REGISTERED OFFICE:

Wood House

58 North Street

Biddenden

Ashford

Kent

TN27 8AS

REGISTERED NUMBER:

05218735 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

2nd Floor

Medway Bridge House

1-8 Fairmeadow

Maidstone

Kent

ME14 1JP

FIXED ASSETS

Tangible assets

4

170,336

145,546

CURRENT ASSETS

Stocks

24,417

28,954

Debtors

5

195,684

203,560

Cash at bank and in hand

5,589

19,537

225,690

252,051

CREDITORS

Amounts falling due within one year

6

259,993

242,879

NET CURRENT (LIABILITIES)/ASSETS

(34,303

)

9,172

TOTAL ASSETS LESS CURRENT LIABILITIES

136,033

154,718

CREDITORS

Amounts falling due after more than one year

7

(61,259

)

(58,917

)

PROVISIONS FOR LIABILITIES

9

(31,963

)

(36,990

)

NET ASSETS

42,811

58,811

CAPITAL AND RESERVES

Called up share capital

10

850

850

Capital redemption reserve

11

150

150

Retained earnings

11

41,811

57,811

SHAREHOLDERS' FUNDS

42,811

58,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:

P Kingsland - Director

1.	STATUTORY INFORMATION

P K 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 principal activity of the company in the year under review was that of the distribution of fruit and vegetables.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves, cash balances and no significant long term liabilities. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when goods are delivered to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold land & buildings

-

5% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and Equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with significant risk of change in value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Operating lease commitments

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

land &

Plant and

and

Motor

buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2023

26,638

73,532

59,674

222,465

382,309

Additions

531

733

2,525

65,265

69,054

Disposals

-

(41,146

)

(39,977

)

(33,500

)

(114,623

)

At 30 September 2024

27,169

33,119

22,222

254,230

336,740

DEPRECIATION

At 1 October 2023

19,874

58,001

50,320

108,568

236,763

Charge for year

1,227

4,356

3,091

30,590

39,264

Eliminated on disposal

-

(41,146

)

(39,977

)

(28,500

)

(109,623

)

At 30 September 2024

21,101

21,211

13,434

110,658

166,404

NET BOOK VALUE

At 30 September 2024

6,068

11,908

8,788

143,572

170,336

At 30 September 2023

6,764

15,531

9,354

113,897

145,546

The NBV of fixed assets, included in motor vehicles and plant and machinery above, which are held under hire purchase contracts are £95,024 (2023: £67,561).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

168,755

186,399

Other debtors

26,929

17,161

195,684

203,560

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

20,000

30,000

Hire purchase contracts (see note 8)

28,610

27,244

Trade creditors

198,535

169,135

Taxation and social security

7,934

11,819

Other creditors

4,914

4,681

259,993

242,879

Liabilities for hire purchase contracts are secured upon the assets to which they relate.

Included within bank loans and overdrafts is a loan of £nil (2023: £10,000), which is secured via a personal guarantee of the director.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

20,000

40,000

Hire purchase contracts (see note 8)

41,259

18,917

61,259

58,917

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

28,610

27,244

Between one and five years

41,259

18,917

69,869

46,161

Non-cancellable

operating leases

2024

2023

£

£

Within one year

26,750

26,750

In more than five years

428,000

481,500

454,750

508,250

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

31,963

36,990

Deferred

tax

£

Balance at 1 October 2023

36,990

Fixed asset timing differences

(5,027

)

Balance at 30 September 2024

31,963

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

800

Ordinary A

£1

800

800

50

Ordinary B

£1

50

50

850

850

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2023

57,811

150

57,961

Deficit for the year

(11,000

)

(11,000

)

Dividends

(5,000

)

(5,000

)

At 30 September 2024

41,811

150

41,961

12.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,693 (2023: £5,933). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.

13.	RELATED PARTY DISCLOSURES

During the year, dividends of £5,000 (2023: £nil) were paid to P Kingsland, a director, and his family.

At the year end date, £9,702 (2023: £181 owing to the director) was owed to the company from the director P Kingsland. The balance is included within other debtors and was repaid in full post year end.