East Suffolk Produce Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08443660 (England and Wales)

East Suffolk Produce Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2021

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

JRJ Wrinch

JR Foskett

MJ Gregory

AJ Williams

WE Wrinch

SECRETARY:

JRJ Wrinch

REGISTERED OFFICE:

Low Farm

Bridge Road

Bromeswell

Woodbridge

Suffolk

IP12 2QB

REGISTERED NUMBER:

08443660 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

BANKERS:

HSBC

12 Tavern Street

Ipswich

Suffolk

IP1 3AZ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Suffolk Produce Ltd for the year ended 31 May 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of East Suffolk Produce Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of East Suffolk Produce Ltd and state those matters that we have agreed to state to the Board of Directors of East Suffolk Produce Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than East Suffolk Produce Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that East Suffolk Produce Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of East Suffolk Produce Ltd. You consider that East Suffolk Produce Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of East Suffolk Produce Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

27 October 2021

FIXED ASSETS

Tangible assets

4

61,570

48,027

CURRENT ASSETS

Debtors

5

1,040,867

823,000

Cash at bank and in hand

553,318

545,767

1,594,185

1,368,767

CREDITORS

Amounts falling due within one year

6

1,086,527

898,177

NET CURRENT ASSETS

507,658

470,590

TOTAL ASSETS LESS CURRENT LIABILITIES

569,228

518,617

PROVISIONS FOR LIABILITIES

7

11,698

9,127

NET ASSETS

557,530

509,490

CAPITAL AND RESERVES

Allotted, issued and fully paid share capital

500

500

Retained earnings

557,030

508,990

SHAREHOLDERS' FUNDS

557,530

509,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 21 October 2021 and were signed on its behalf by:

JR Foskett - Director

1.	STATUTORY INFORMATION

East Suffolk Produce Ltd 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.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

The directors believe that COVID-19 has not had a substantial impact on the results of the company. Demand for potatoes in some sectors has declined. Trading margins and marketing fees have declined, but the company has still remained profitable.

Turnover

The company markets and sells agricultural produce as principal, but accepts no stock risk in doing so. In some cases the company acts as agent and therefore only recognises the marketing fee as turnover.

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

Office equipment

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

The average number of employees during the year was 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 June 2020

81,638

22,404

104,042

Additions

30,882

1,493

32,375

At 31 May 2021

112,520

23,897

136,417

DEPRECIATION

At 1 June 2020

39,503

16,512

56,015

Charge for year

17,042

1,790

18,832

At 31 May 2021

56,545

18,302

74,847

NET BOOK VALUE

At 31 May 2021

55,975

5,595

61,570

At 31 May 2020

42,135

5,892

48,027

HSBC have a fixed and floating charge over all assets of the company.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,038,117

816,333

Prepayments and accrued income

2,750

-

VAT

-

6,667

1,040,867

823,000

HSBC have a fixed and floating charge over all assets of the company.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,016,216

810,188

Corporation tax payable

25,404

49,337

Social security and other taxes

9,243

5,081

VAT

5,400

-

Accruals and deferred income

30,264

33,571

1,086,527

898,177

7.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax - Accelerated capital allowances

11,698

9,127

Deferred

tax

£

Balance at 1 June 2020

9,127

Provided during year

2,574

Adjustment to prior year

(3

)

Balance at 31 May 2021

11,698

8.	FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £8,500 (2020 - £17,000). The financial commitments are due over the next year and relate to property rent.

9.	RELATED PARTY DISCLOSURES

During the year businesses over which the directors have influence used East Suffolk Produce Ltd to trade their potatoes. East Suffolk Produce purchased these potatoes from the members for £10,045,886 (2020 - £10,294,415).

The members also paid management fees of £38,833 (2020 - £102,215).