General Produce and Fibres Limited

(Registration number: 00936777) (England and Wales)
Balance Sheet as at 31 December 2024

	Note	2024 $	2023 $
Fixed assets
Tangible assets	5	248	967,245
Investments	6	6,588,033	4,880,515
Other financial assets	7	7,760	7,760
		6,596,041	5,855,520
Current assets
Debtors	8	2,983,337	1,900,738
Cash at bank and in hand		1,069,551	474,725
		4,052,888	2,375,463
Creditors: Amounts falling due within one year	9	(1,382,612)	(980,154)
Net current assets		2,670,276	1,395,309
Total assets less current liabilities		9,266,317	7,250,829
Creditors: Amounts falling due after more than one year	9	-	(1,500,000)
Net assets		9,266,317	5,750,829
Capital and reserves
Called up share capital	11	270,878	270,878
Revaluation reserve		8,537	8,537
Profit and loss account		8,986,902	5,471,414
Shareholders' funds		9,266,317	5,750,829

These financial statements have been prepared and 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.

The financial statements were approved and authorised for issue by the Board on 2 December 2025 and signed on its behalf by:
 

......................................... Mr J A Peracha Director

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3
First floor offices
17 St. Ann's Road
Harrow
Middlesex
HA1 1JU
United Kingdom

These financial statements were authorised for issue by the Board on 2 December 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional and presentational currency is US Dollars ($), being the currency of the primary economic environment in which the company operates in.

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 2 December 2025 was Bhavita Shah ACA, who signed for and on behalf of KNAV.

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 rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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% per annum on reducing balance basis
Fixtures & fittings	20% per annum on reducing balance basis

Investment property

Investment properties comprises leasehold properties that are held to earn rentals or for capital appreciation or both. It is not depreciated but stated at their open market value. Changes in the market value are taken to the profit and loss account.

Fixed asset investments

Fixed asset investments are measured using one of two methods:

1. Cost less impairment
Investments are initially measured at the acquisition cost and subsequently at historic cost less impairment. The carrying value of the investment is reviewed for impairment at each period end or when events or changes in circumstances indicate that the carrying value may not be recoverable.

2. Fair value through profit of loss
Investments classified as financial assets at fair value through profit or loss are initially recognised at cost (which equates to fair value at the date of acquisition) and are subsequently re-measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss as they arise.

Fair value is determined by management based on the most reliable evidence available at the reporting date. In the current year, fair value has been estimated using a fair-value-adjusted net asset value approach, which incorporates the underlying net assets of the investee entities and adjusts them to reflect the fair value of the vessels held. For one investment, this adjustment is derived from the actual disposal proceeds realised shortly after the year end. For the other investment, fair value has been estimated by reference to comparable disposal values for similar vessels.

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.

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4	Profit before tax

Arrived at after charging/(crediting)

	2024 $	2023 $
Depreciation expense	62	83
Fair value movement (gain)/loss on investment property	(10,932)	146,671
Fair value (gain)/loss on other investments	(1,707,518)	(50,240)
Other interest payable	28,129	160,667

5	Tangible assets

	Investment properties $	Furniture, fittings and equipment  $	Other property, plant and equipment  $	Total $
Cost or valuation
At 1 January 2024	966,936	7,534	24,839	999,309
Revaluations	10,932	-	-	10,932
Disposals	(977,868)	-	-	(977,868)
At 31 December 2024	-	7,534	24,839	32,373
Depreciation
At 1 January 2024	-	7,441	24,623	32,064
Charge for the year	-	18	43	61
At 31 December 2024	-	7,459	24,666	32,125
Carrying amount
At 31 December 2024	-	75	173	248
At 31 December 2023	966,936	93	216	967,245

The company disposed of its investment property during the year. Accordingly, the carrying value of investment properties at 31 December 2024 was $Nil (2023: $966,936).

General Produce and Fibres Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6	Investments

	2024 $	2023 $
Investments in joint ventures	6,588,033	4,880,515