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Registration number: NI051498

Daily Fresh Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Daily Fresh Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Daily Fresh Ltd

Company Information

Directors

Kathleen Kelly

Mark William Kelly

Mark Kelly

Conor Patrick Kelly

Registered office

68 Laney Road
MOIRA
BT67 0NZ

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Daily Fresh Ltd

(Registration number: NI051498)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,112,722

960,577

Current assets

 

Stocks

6

12,000

11,450

Debtors

7

1,306,743

1,444,177

Cash at bank and in hand

 

2,647,155

1,220,867

 

3,965,898

2,676,494

Creditors: Amounts falling due within one year

8

(540,736)

(376,830)

Net current assets

 

3,425,162

2,299,664

Total assets less current liabilities

 

4,537,884

3,260,241

Provisions for liabilities

(115,056)

(69,366)

Net assets

 

4,422,828

3,190,875

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,422,728

3,190,775

Total equity

 

4,422,828

3,190,875

For the financial year ending 31 August 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.

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.

 

Daily Fresh Ltd

(Registration number: NI051498)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 

.........................................

Mark Kelly

Director

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
68 Laney Road
MOIRA
BT67 0NZ

These financial statements were authorised for issue by the Board on 16 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

2

Accounting policies (continued)

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

Plant & Machinery

20% Straight Line

Fixtures & Fittings

20% Straight Line

Motor Vehicles

25% Straight Line

Land & Buildings

2% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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.

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

2

Accounting policies (continued)

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

100,000

100,000

At 31 August 2024

100,000

100,000

Amortisation

At 1 September 2023

100,000

100,000

At 31 August 2024

100,000

100,000

Carrying amount

At 31 August 2024

-

-

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

634,406

24,751

162,535

1,312,040

2,133,732

Additions

66,035

-

33,300

183,463

282,798

At 31 August 2024

700,441

24,751

195,835

1,495,503

2,416,530

Depreciation

At 1 September 2023

33,624

23,760

121,053

994,718

1,173,155

Charge for the year

14,009

350

33,421

82,873

130,653

At 31 August 2024

47,633

24,110

154,474

1,077,591

1,303,808

Carrying amount

At 31 August 2024

652,808

641

41,361

417,912

1,112,722

At 31 August 2023

600,782

991

41,482

317,322

960,577

Included within the net book value of land and buildings above is £652,808 (2023 - £600,782) in respect of freehold land and buildings.
 

 

Daily Fresh Ltd

Notes to the Unaudited Financial Statements
For the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Other inventories

12,000

11,450

7

Debtors

2024
£

2023
£

Trade debtors

858,712

1,110,202

Other debtors

448,031

333,975

1,306,743

1,444,177

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

94,910

144,888

Corporation tax liability

 

401,420

167,012

Taxation and social security

 

12,250

7,821

Loans from directors

 

10,256

11,209

Accruals and deferred income

 

21,900

45,900

 

540,736

376,830

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100