| North East Wholesale Fruit & Vegetable Market Limited |
| Registered number: |
00870142 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
628,888 |
|
|
626,765 |
|
|
|
|
628,888 |
|
|
626,765 |
|
| Current assets |
| Debtors |
4 |
|
212,563 |
|
|
151,588 |
| Recoverable from members |
|
|
114,252 |
|
|
114,252 |
| Tax recoverable |
|
|
36,274 |
|
|
33,196 |
| Cash at bank and in hand |
|
|
296,439 |
|
|
367,958 |
|
|
|
659,528 |
|
|
666,994 |
|
| Creditors: amounts falling due within one year |
5 |
|
(570,928) |
|
|
(576,271) |
|
| Net current assets |
|
|
|
88,600 |
|
|
90,723 |
|
| Total assets less current liabilities |
|
|
|
717,488 |
|
|
717,488 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(436,473) |
|
|
(436,473) |
|
|
|
| Net assets |
|
|
|
281,015 |
|
|
281,015 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
176 |
|
|
176 |
| Capital redemption reserve |
7 |
|
|
122,958 |
|
|
122,958 |
| Profit and loss account |
|
|
|
157,881 |
|
|
157,881 |
|
| Shareholders' funds |
|
|
|
281,015 |
|
|
281,015 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| D Baty |
| Director |
| Approved by the board on 31 July 2025 |
|
| North East Wholesale Fruit & Vegetable Market Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Income |
|
Rental income is recognised in the Profit and Loss Account on a straight-line basis in accordance with the terms of the individual leases. |
|
|
Management charge |
|
In accordance with the relevant leases an annual management charge, net of VAT, is made in instalments to members and certain other lessees, in proportion to the number of units held, to reclaim costs, charges and expenses incurred on behalf of the company. |
|
|
Other income |
|
Income other than rental income and management charges represents the amounts, net of VAT, derived from the provision of goods and services. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
1% st line net of building costs (building alone is £337,131) |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
20% reducing balance |
|
|
Freehold buildings include a Portacabin with a cost of £19,940 which is depreciated on a 3% straight line basis. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs. |
|
|
Taxation |
|
No provision is made for deferred taxation, as all taxes are recoverable from members. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
12 |
|
12 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Freehold land and buildings |
|
Leasehold land |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2024 |
713,682 |
|
22,736 |
|
191,635 |
|
928,053 |
|
Additions |
- |
|
- |
|
25,085 |
|
25,085 |
|
Disposals |
- |
|
- |
|
(8,451) |
|
(8,451) |
|
At 31 December 2024 |
713,682 |
|
22,736 |
|
208,269 |
|
944,687 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
128,474 |
|
13,805 |
|
159,009 |
|
301,288 |
|
Charge for the year |
4,430 |
|
909 |
|
10,862 |
|
16,201 |
|
On disposals |
- |
|
- |
|
(1,690) |
|
(1,690) |
|
At 31 December 2024 |
132,904 |
|
14,714 |
|
168,181 |
|
315,799 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
580,778 |
|
8,022 |
|
40,088 |
|
628,888 |
|
At 31 December 2023 |
585,208 |
|
8,931 |
|
32,626 |
|
626,765 |
|
|
|
|
|
|
|
|
|
|
Freehold buildings include a Portacabin with a cost of £19,940 which is depreciated on a 3% straight line basis. |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
164,402 |
|
146,818 |
|
Recoverable from members |
|
|
|
|
114,252 |
|
114,252 |
|
Tax recoverable |
36,274 |
|
33,196 |
|
Other debtors |
48,161 |
|
4,770 |
|
|
|
|
|
|
363,089 |
|
299,036 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Recoverable from members |
114,252 |
|
114,252 |
|
Accrued expenses |
|
|
|
|
42,530 |
|
7,178 |
|
Deferred income |
|
|
|
|
311,635 |
|
398,297 |
|
Trade creditors |
18,418 |
|
31,202 |
|
Corporation tax |
|
3,078 |
|
3,436 |
|
Taxation and social security costs |
57,067 |
|
20,709 |
|
Other creditors |
23,948 |
|
1,197 |
|
|
|
|
|
|
570,928 |
|
576,271 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Loans from members |
436,473 |
|
436,473 |
|
|
|
|
|
|
436,473 |
|
436,473 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Capital redemption reserves |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
122,958 |
|
122,958 |
|
|
At 31 December 2024 |
122,958 |
|
122,958 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Other information |
|
|
North East Wholesale Fruit & Vegetable Market Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
North East Wholesale Fruit & Vegetable Market |
|
Team Valley |
|
Gateshead |
|
NE11 0QY |