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

REGISTERED NUMBER: 05384719 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2019

for

NV Produce Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Donohoe

P A M Zwinkels

M R Zwinkels

REGISTERED OFFICE:

Leythorne Nurseries

Vinnetrow Road

Runcton

Chichester

West Sussex

PO20 1QB

REGISTERED NUMBER:

05384719 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

71

94

CURRENT ASSETS

Stocks

1,294

2,123

Debtors

5

1,132,817

347,672

Cash at bank

39,083

67

1,173,194

349,862

CREDITORS

Amounts falling due within one year

6

1,071,361

249,909

NET CURRENT ASSETS

101,833

99,953

TOTAL ASSETS LESS CURRENT LIABILITIES

101,904

100,047

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

100,904

99,047

SHAREHOLDERS' FUNDS

101,904

100,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2020 and were signed on its behalf by:

P A M Zwinkels - Director

M Donohoe - Director

1.	STATUTORY INFORMATION

NV 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.

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.

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.

Plant and machinery

-

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 Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

and 31st December 2019

709

DEPRECIATION

At 1st January 2019

615

Charge for year

23

At 31st December 2019

638

NET BOOK VALUE

At 31st December 2019

71

At 31st December 2018

94

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

643,327

141,084

Other debtors

489,490

206,588

1,132,817

347,672

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

930,909

217,389

Taxation and social security

4,501

8,301

Other creditors

135,951

24,219

1,071,361

249,909

7.	RELATED PARTY DISCLOSURES

Undertaking

Nature of Relationship

Sales to

Purchases from

Debtor balance

Creditor balance

Madestein (UK) Ltd

Common Control

£3,170,137

£398,803

£371934

£721,611

Fresh Willow Ltd

Parent company

£nil

£nil

£nil

£180

Lettuce Online Ltd

Common Control

£1,693

£1,693

£121,652

£315

Management charges of £90,000 were charged from Fresh Willow Ltd

The following inter company loans existed at the balance sheet date.

Fresh Willow Ltd £461,441

Lettuce Online Ltd £24,317

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Mr & Mrs P Zwinkels.