I Fruit Ltd - Period Ending 2020-03-31

I Fruit Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

I Fruit Ltd

Company Information

Directors

A Papadopoulos D J Crooks Azconti Management Ltd

Registered office

Barham Court Teston Maidstone Kent ME18 5BZ

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton BN1 5NP

I Fruit Ltd

(Registration number: 08380940)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	11,662	7,411
Current assets
Debtors	5	393,069	193,745
Cash at bank and in hand		304,767	450,275
		697,836	644,020
Creditors: Amounts falling due within one year	6	(544,343)	(503,223)
Net current assets		153,493	140,797
Net assets		165,155	148,208
Capital and reserves
Called up share capital	7	106,557	106,557
Profit and loss account		58,598	41,651
Shareholders' funds		165,155	148,208

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

I Fruit Ltd

(Registration number: 08380940)
Balance Sheet as at 31 March 2020

Approved and authorised by the Board on 21 July 2020 and signed on its behalf by:



 

.........................................

D J Crooks

Director

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

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

The address of its registered office is:
Barham Court
Teston
Maidstone
Kent
ME18 5BZ

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.

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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.

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
Motor vehicles	25% Reducing Balance
Office equipment	33% Straight Line
Fixtures and fittings	25% Reducing Balance

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 3).

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2019	8,454	18,542	26,996
Additions	2,741	6,450	9,191
Disposals	(970)	-	(970)
At 31 March 2020	10,225	24,992	35,217
Depreciation
At 1 April 2019	4,042	15,543	19,585
Charge for the year	2,577	2,362	4,939
Eliminated on disposal	(969)	-	(969)
At 31 March 2020	5,650	17,905	23,555
Carrying amount
At 31 March 2020	4,575	7,087	11,662
At 31 March 2019	4,412	2,999	7,411

5

Debtors

	2020 £	2019 £
Trade debtors	372,475	177,083
Other debtors	20,594	16,662
	393,069	193,745

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	249,191	196,527
Taxation and social security	18,634	10,377
Accruals and deferred income	275,579	295,121
Other creditors	939	1,198
	544,343	503,223

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	100,000	100,000	100,000	100,000

Allotted, called up and not fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	6,557	6,557	6,557	6,557