Company No: 00787985 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	R A Abbott
	S T C Abbott
	R L Hartley

SECRETARY

S T C Abbott

REGISTERED OFFICE	Estate Office
	Ludborough
	Grimsby
	DN36 5SG
	United Kingdom

COMPANY NUMBER

00787985 (England and Wales)

ACCOUNTANT	S&W Partners (East) LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

BANKERS	Handelsbanken
	Suite 4, First Floor
	Origin 2
	Europarc
	Grimsby
	DN37 9TZ
	United Kingdom

SOLICITORS	Roythornes
	10 Pinchbeck Road
	Spalding
	Lincolnshire
	PE11 1PZ

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	0		2,560
Tangible assets	4	12,944,054		10,928,619
Investment property	5	500,000		244,187
Investments	6	110		110
		13,444,164		11,175,476
Current assets
Stocks	7	4,371,733		4,198,831
Debtors
- due within one year	8	819,314		1,075,935
- due after more than one year	8	12,000		12,000
Investments	9	0		750,000
Cash at bank and in hand		3,061,166		2,892,116
		8,264,213		8,928,882
Creditors: amounts falling due within one year	10	( 1,161,937)		( 1,028,939)
Net current assets		7,102,276		7,899,943
Total assets less current liabilities		20,546,440		19,075,419
Provision for liabilities	11	( 1,202,838)		( 1,044,348)
Net assets		19,343,602		18,031,071
Capital and reserves
Called-up share capital	12	1,001		1,001
Share premium account		1,553,937		1,553,937
Revaluation reserve		247,576		247,576
Capital redemption reserve		202		202
Profit and loss account		17,540,886		16,228,355
Total shareholders' funds		19,343,602		18,031,071

For the financial year ending 30 September 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of R.Caudwell (Produce) Limited (registered number: 00787985) were approved and authorised for issue by the Board of Directors on 01 May 2025. They were signed on its behalf by:

S T C Abbott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R.Caudwell (Produce) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Estate Office, Ludborough, Grimsby, DN36 5SG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of R.Caudwell (Produce) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

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

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion.
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Leasehold improvements	5 - 20 years straight line
Plant and machinery	4 - 10 years straight line
	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		16

3. Intangible assets

	Entitlements		Total
	£		£
Cost
At 01 October 2023	32,280		32,280
At 30 September 2024	32,280		32,280
Accumulated amortisation
At 01 October 2023	29,720		29,720
Charge for the financial year	2,560		2,560
At 30 September 2024	32,280		32,280
Net book value
At 30 September 2024	0		0
At 30 September 2023	2,560		2,560

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Total
	£		£		£		£
Cost
At 01 October 2023	8,933,684		518,797		5,612,426		15,064,907
Additions	1,772,980		0		1,141,353		2,914,333
Disposals	0		0		( 641,355)		( 641,355)
At 30 September 2024	10,706,664		518,797		6,112,424		17,337,885
Accumulated depreciation
At 01 October 2023	936,462		345,072		2,854,754		4,136,288
Charge for the financial year	19,688		19,534		683,556		722,778
Disposals	0		0		( 465,235)		( 465,235)
At 30 September 2024	956,150		364,606		3,073,075		4,393,831
Net book value
At 30 September 2024	9,750,514		154,191		3,039,349		12,944,054
At 30 September 2023	7,997,222		173,725		2,757,672		10,928,619

5. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	244,187
Additions	103,746
Fair value movement	152,067
As at 30 September 2024	500,000

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business based on their knowledge of the local market conditions.

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 October 2023	110		110
At 30 September 2024	110		110
Carrying value at 30 September 2024	110		110
Carrying value at 30 September 2023	110		110

7. Stocks

	2024		2023
	£		£
Raw materials	415,618		531,082
Work in progress	813,004		511,402
Finished goods	3,143,111		3,156,347
	4,371,733		4,198,831

8. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	339,113		446,542
Amounts owed by related parties	233,648		303,223
Prepayments	116,963		169,319
Other debtors	129,590		156,851
	819,314		1,075,935
Debtors: amounts falling due after more than one year
Other debtors	12,000		12,000

9. Current asset investments

	2024		2023
	£		£
Other investments – at cost less impairment	0		750,000

10. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	685,920		739,820
Accruals	115,187		187,141
Taxation and social security	355,815		97,344
Other creditors	5,015		4,634
	1,161,937		1,028,939

11. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 1,044,348)		( 929,029)
Charged to the Statement of Income and Retained Earnings	( 158,490)		( 115,319)
At the end of financial year	( 1,202,838)		( 1,044,348)

12. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
39,500 Ordinary A shares shares of £ 0.01 each	395		395
60,554 Ordinary shares shares of £ 0.01 each	606		606
	1,001		1,001

13. Financial commitments

Commitments

Capital commitments are as follows:

	2024		2023
	£		£
Contracted for but not provided for:
Tangible fixed assets	0		701,940

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	352,130		352,130
between one and five years	9,120		9,120
	361,250		361,250

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

14. Related party transactions

The Company paid rent to the directors of £1,000 (2023 - £1,000).

The Company owed the directors £5,015 (2023 - £4,634). These balances are unsecured, interest free and repayable on demand.