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 2022

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

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

41,559

12,442

CURRENT ASSETS

Stocks

8,033

12,434

Debtors

5

760,325

718,680

Cash at bank

151,297

136,286

919,655

867,400

CREDITORS

Amounts falling due within one year

6

821,995

790,669

NET CURRENT ASSETS

97,660

76,731

TOTAL ASSETS LESS CURRENT LIABILITIES

139,219

89,173

PROVISIONS FOR LIABILITIES

7,900

2,400

NET ASSETS

131,319

86,773

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

131,219

86,673

SHAREHOLDERS' FUNDS

131,319

86,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 7 October 2022 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

Government grants

Government grants have been recognised based on the accrual model. As such, government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

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 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2021

3,851

14,840

18,691

Additions

3,926

39,072

42,998

Disposals

-

(9,995

)

(9,995

)

At 31 March 2022

7,777

43,917

51,694

DEPRECIATION

At 1 April 2021

1,068

5,181

6,249

Charge for year

740

7,519

8,259

Eliminated on disposal

-

(4,373

)

(4,373

)

At 31 March 2022

1,808

8,327

10,135

NET BOOK VALUE

At 31 March 2022

5,969

35,590

41,559

At 31 March 2021

2,783

9,659

12,442

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

Motor

vehicles

£

COST

At 1 April 2021

9,995

Disposals

(9,995

)

At 31 March 2022

-

DEPRECIATION

At 1 April 2021

4,373

Eliminated on disposal

(4,373

)

At 31 March 2022

-

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

5,622

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

736,105

687,462

Other debtors

24,220

31,218

760,325

718,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Hire purchase contracts (see note 7)

-

3,307

Advances in respect of invoice

discounting

191,698

199,602

Trade creditors

546,273

457,227

Taxation and social security

38,348

45,706

Other creditors

45,676

84,827

821,995

790,669

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.22

31.3.21

£

£

Net obligations repayable:

Within one year

-

3,307

Non-cancellable operating

leases

31.3.22

31.3.21

£

£

Within one year

4,786

6,909

Between one and five years

-

2,971

4,786

9,880

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Hire purchase contracts

-

3,307

Invoice discounting advances

191,698

199,602

191,698

202,909

The invoice discounting advances are secured by the debenture in favour of Santander UK PLC by way of fixed and floating charges over the assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

M J Hodson

Balance outstanding at start of year

5,455

245

Amounts advanced

56,185

5,585

Amounts repaid

(46,225

)

(375

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,415

5,455

C P Bester

Balance outstanding at start of year

5,555

-

Amounts advanced

5,195

5,555

Amounts repaid

(10,750

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

5,555

Interest has been charged on loan balances over £10,000 at a rate of 2.25% until 5 April 2021 and at 2.00% thereafter.