Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A Small Entities, of the Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the Companies Act 2006 as applicable to companies subject to the small companies regime.
Basis of preparation
The financial statements have been prepared under the historical cost convention, in accordance with the accounting policies set out below. These policies have been applied consistently to all the years presented, unless otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest pound.

The director has assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The company traded profitably during the year and has net current assets at the year end. The director therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and the financial statements have been prepared on the going concern basis.

Turnover represents the amounts receivable for fresh fruit and vegetables supplied to customers during the year, net of trade discounts. The company is not registered for VAT and turnover therefore includes no value added tax.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the customer, which is normally on delivery of the goods.

Cost of sales comprises the cost of fresh produce purchased for resale and directly attributable costs such as packaging. Purchases are recognised when the goods are received.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year and any adjustment to tax payable in respect of previous years. It is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured at the tax rates expected to apply when the timing differences reverse and is not discounted.

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 at a general meeting. Dividends are paid only out of distributable reserves.

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the purchase price and any costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided at rates calculated to write off the cost of each asset, less its estimated residual value, over its expected useful life on the following basis:

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the statement of financial position when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors
Trade and other debtors and creditors are basic financial instruments. They are measured initially at the transaction price and subsequently at amortised cost, less any provision for impairment in the case of debtors. Balances with the director are unsecured, interest free and repayable on demand.
Bank loans
The Bounce Back Loan is a basic financial instrument measured at amortised cost using the effective interest method. Interest is charged to the income statement as it accrues. Amounts repayable within twelve months of the reporting date are shown as creditors due within one year.
Cash at bank and in hand
Cash comprises cash in hand and balances held with banks that are repayable on demand.
Offsetting
Financial assets and liabilities are offset, and the net amount reported, only when there is a legally enforceable right to set off the recognised amounts and an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.