Leicester Wholesale Fruit Market Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00869794 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LEICESTER WHOLESALE FRUIT MARKET

LIMITED(THE)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G B Laywood

Mr A J Clarkson

Mr L J Dixon

SECRETARY:

Mr L J Dixon

REGISTERED OFFICE:

33 Commercial Square

Freemens Commons

Leicester

LE2 7SH

REGISTERED NUMBER:

00869794 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Orton FCA FCCA

AUDITORS:

Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

FIXED ASSETS

Tangible assets

4

260,587

284,176

CURRENT ASSETS

Debtors

5

90,921

89,933

Cash at bank and in hand

49,104

70,049

140,025

159,982

CREDITORS

Amounts falling due within one year

6

(251,881

)

(234,869

)

NET CURRENT LIABILITIES

(111,856

)

(74,887

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

148,731

209,289

CREDITORS

Amounts falling due after more than one
year

7

(212,260

)

(212,260

)

NET LIABILITIES

(63,529

)

(2,971

)

CAPITAL AND RESERVES

Called up share capital

28,000

Capital redemption reserve

5,000

Retained earnings

(96,529

)

(35,971

)

SHAREHOLDERS' FUNDS

(63,529

)

(2,971

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Mr L J Dixon - Director

1.	STATUTORY INFORMATION

The Leicester Wholesale Fruit Market Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 33 Commercial Square, Freeman's Common, Leicester, LE2 7SH and the registered number is 00869794.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. TPH (UK) LTD, who are shareholders of Leicester Wholesale Fruit Market Limited(The), current intention is to continue to financially support the company for at least 12 months from the date the financial statements for the year ended 31 December 2024 are approved. We have analysed TPH (UK) LTD's financial statements as part of our going concern assessment and we have been able to determine that they are fully capable in providing the financial support. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents rent and management charges receivable and expenses recharged net of VAT from the market's tenants.

Rental income and management charges are invoiced monthly in advance and recognised in the period to which they relate. Expenses recharged are recharged as and when the expenses occur.

Pallet and Box sales are recognised in the period in which they relate.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Long leasehold land & buildings

Over the term of the lease

Plant and equipment

10%, 20%, 25% and 33 1/3% straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

The tax expense represents the sum of tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which the economic benefits from the lease are consumed.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Long

leasehold

land &

Plant &

buildings

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

314,140

228,089

542,229

DEPRECIATION

At 1 January 2024

150,951

107,102

258,053

Charge for year

3,707

19,882

23,589

At 31 December 2024

154,658

126,984

281,642

NET BOOK VALUE

At 31 December 2024

159,482

101,105

260,587

At 31 December 2023

163,189

120,987

284,176

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

13,815

16,852

Amounts owed by group undertakings

15,630

16,276

Other debtors

61,476

56,805

90,921

89,933

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

53,187

64,550

Taxation and social security

22,514

16,626

Other creditors

176,180

153,693

251,881

234,869

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Other creditors

212,260

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Debenture loans

212,260

8.	LEASING AGREEMENTS

Lessee

Operating lease payments represent rentals payable by the company to Leicester City Council for use of the land on which the market operates. The lease was entered into in October 1968 for a period of 99 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024

2023

£

Within one year

120,651

Between two and five years

482,604

In over five years

4,705,389

4,826,040

5,308,644

5,429,295

Operating lease payments recognised as an expense in the year were £120,651 (2023: £120,651).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Other loans

121,305

Debentures

212,260

333,565

The company has a loan with TPH (UK) Ltd (a related party) which at the year end was £121,305. The loan is repayable on demand or no later than the day prior to the fifth anniversary from 23 March 2021. Interest on the principal amount accrues daily at the rate of 3% per annum above the base rate of Bank of England.The loan is secured against the assets of the company.

The debenture stock is all due to related parties, is redeemable at par on or before 1 January 2029 and interest is paid at 1% over base rate. Debenture stock is secured by a second charge on the leasehold premises.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Orton FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

11.	RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

2024

2023

£

Rent & Management recharged to related parties

435,243

502,290

Interest payable on loans from related parties

22,880

21,311

2024

2023

£

Amounts owed by related parties

15,630

16,276

At the year-end, a provision totalling £Nil (2023: £66,048) was being carried for doubtful debts from a related

party.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Saybest Limited, a company incorporated in Great Britain and registered in England.

Dole Plc, a company incorporated and registered in Ireland is regarded by the directors as being the company's ultimate parent company. Copies of Dole Plc's consolidated group accounts are available from their website www.doleplc.com or from 29 North Anne Street, Dublin 7, Dublin, Ireland.