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Company registration number: 05253547
Montgomery Wholesale Fruit and Veg Limited
Unaudited filleted financial statements
28 February 2025
Montgomery Wholesale Fruit and Veg Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Montgomery Wholesale Fruit and Veg Limited
Directors and other information
Director D Hutchinson
Company number 05253547
Registered office 124-126 Church Hill
Loughton
Essex
IG10 1LH
Accountants Pollock Taylor Ltd
Chartered Certified Accountants
124-126 Church Hill
Loughton
Essex
IG10 1LH
Montgomery Wholesale Fruit and Veg Limited
Statement of financial position
28 February 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 6 579,885 254,237
__________ __________
579,885 254,237
Current assets
Debtors 7 2,840,700 2,782,519
Cash at bank and in hand 2,928 376,000
__________ __________
2,843,628 3,158,519
Creditors: amounts falling due
within one year 8 ( 1,428,253) ( 1,715,648)
__________ __________
Net current assets 1,415,375 1,442,871
__________ __________
Total assets less current liabilities 1,995,260 1,697,108
Creditors: amounts falling due
after more than one year 9 ( 86,797) ( 26,257)
Provisions for liabilities 10 ( 88,750) ( 17,885)
__________ __________
Net assets 1,819,713 1,652,966
__________ __________
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 1,799,713 1,632,966
__________ __________
Shareholders funds 1,819,713 1,652,966
__________ __________
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
D Hutchinson
Director
Company registration number: 05253547
Montgomery Wholesale Fruit and Veg Limited
Notes to the financial statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 124-126 Church Hill, Loughton, Essex, IG10 1LH.
The principal activity of the company is the wholesale distribution of fruit and vegetables.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - Over the life of the lease
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2024: 20 ).
5. Tax on profit
Major components of tax expense
2025 2024
£ £
Current tax:
UK current tax expense 143,643 377,585
__________ __________
Deferred tax:
Origination and reversal of timing differences 70,865 5,404
__________ __________
Tax on profit 214,508 382,989
__________ __________
6. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 March 2024 437,155 236,355 102,325 775,835
Additions - 368,703 106,094 474,797
Disposals - ( 13,817) ( 14,699) ( 28,516)
__________ __________ __________ __________
At 28 February 2025 437,155 591,241 193,720 1,222,116
__________ __________ __________ __________
Depreciation
At 1 March 2024 349,726 147,982 23,890 521,598
Charge for the year 43,714 66,082 27,086 136,882
Disposals - ( 5,503) ( 10,746) ( 16,249)
__________ __________ __________ __________
At 28 February 2025 393,440 208,561 40,230 642,231
__________ __________ __________ __________
Carrying amount
At 28 February 2025 43,715 382,680 153,490 579,885
__________ __________ __________ __________
At 28 February 2024 87,429 88,373 78,435 254,237
__________ __________ __________ __________
7. Debtors
2025 2024
£ £
Trade debtors 1,494,684 1,478,084
Other debtors 1,346,016 1,304,435
__________ __________
2,840,700 2,782,519
__________ __________
8. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 190,704 214,912
Trade creditors 990,159 832,380
Corporation tax 143,643 377,585
Social security and other taxes 46,720 41,794
Other creditors 57,027 248,977
__________ __________
1,428,253 1,715,648
__________ __________
9. Creditors: amounts falling due after more than one year
2025 2024
£ £
Other creditors 86,797 26,257
__________ __________
10. Provisions
Deferred tax (note ) Total
£ £
At 1 March 2024 17,885 17,885
Additions 70,865 70,865
__________ __________
At 28 February 2025 88,750 88,750
__________ __________
11. Controlling party
The ultimate controlling party is the director Mr David Hutchinson.