Rose Produce Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10405095 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

ROSE PRODUCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C P Bester

M J Hodson

G W Whalley

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

BUSINESS ADDRESS:

MJS House

Wisbech Road

March

Cambridgeshire

PE15 0BA

REGISTERED NUMBER:

10405095 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

9,693

922

CURRENT ASSETS

Stocks

11,272

5,530

Debtors

5

835,579

699,292

Cash at bank and in hand

149,368

39,887

996,219

744,709

CREDITORS

Amounts falling due within one year

6

968,555

831,157

NET CURRENT ASSETS/(LIABILITIES)

27,664

(86,448

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,357

(85,526

)

CREDITORS

Amounts falling due after more than one year

7

(3,307

)

-

PROVISIONS FOR LIABILITIES

(1,800

)

-

NET ASSETS/(LIABILITIES)

32,250

(85,526

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

32,150

(85,626

)

SHAREHOLDERS' FUNDS

32,250

(85,526

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 27 August 2020 and were signed on its behalf by:

M J Hodson - Director

1.	STATUTORY INFORMATION

Rose Produce Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 directors believe that the company is well placed to manage its financial risks successfully and have

reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable

future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual

financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2019

1,350

-

1,350

Additions

1,495

9,995

11,490

At 31 March 2020

2,845

9,995

12,840

DEPRECIATION

At 1 April 2019

428

-

428

Charge for year

220

2,499

2,719

At 31 March 2020

648

2,499

3,147

NET BOOK VALUE

At 31 March 2020

2,197

7,496

9,693

At 31 March 2019

922

-

922

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

9,995

At 31 March 2020

9,995

DEPRECIATION

Charge for year

2,499

At 31 March 2020

2,499

NET BOOK VALUE

At 31 March 2020

7,496

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

817,298

687,419

Other debtors

18,281

11,873

835,579

699,292

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts (see note 8)

3,009

-

Advances in respect of invoice

discounting

335,729

330,579

Trade creditors

554,208

398,732

Taxation and social security

26,233

5,686

Other creditors

49,376

96,160

968,555

831,157

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts (see note 8)

3,307

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.20

31.3.19

£

£

Net obligations repayable:

Within one year

3,009

-

Between one and five years

3,307

-

6,316

-

Non-cancellable operating

leases

31.3.20

31.3.19

£

£

Within one year

7,434

2,340

Between one and five years

8,065

-

15,499

2,340

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Invoice discounting advances

335,728

330,579

The invoice discounting advances are secured by the debenture in favour of Bibby Financial Services Ltd by way

of fixed and floating charges over the assets of the company.

10.	CAPITAL COMMITMENTS

31.3.20

31.3.19

£

£

Contracted but not provided for in the

financial statements

-

9,995

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and

31 March 2019:

31.3.20

31.3.19

£

£

M J Hodson

Balance outstanding at start of year

-

-

Amounts advanced

2,015

-

Amounts repaid

(1,770

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

245

-