| Perfectly Fresh Cheshire Limited |
| Registered number: |
10448539 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
5,720,918 |
|
|
6,301,718 |
|
| Current assets |
| Debtors |
4 |
|
104,300 |
|
|
207,900 |
| Cash at bank and in hand |
|
|
16,591 |
|
|
21,315 |
|
|
|
120,891 |
|
|
229,215 |
|
| Creditors: amounts falling due within one year |
5 |
|
(3,485,986) |
|
|
(2,054,718) |
|
| Net current liabilities |
|
|
|
(3,365,095) |
|
|
(1,825,503) |
|
| Total assets less current liabilities |
|
|
|
2,355,823 |
|
|
4,476,215 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(6,282,554) |
|
|
(5,666,463) |
|
|
|
| Net liabilities |
|
|
|
(3,926,731) |
|
|
(1,190,248) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Share premium |
|
|
|
3,499,999 |
|
|
3,499,999 |
| Profit and loss account |
|
|
|
(7,426,732) |
|
|
(4,690,249) |
|
| Shareholders' funds |
|
|
|
(3,926,731) |
|
|
(1,190,248) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| J Cranmer |
| Director |
| Approved by the board on 9 January 2023 |
|
| Perfectly Fresh Cheshire Limited |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of crops. Turnover from the sale of crops is recognised when the significant risks and rewards of ownership of them have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 10 years |
|
Fixtures and fittings |
over 10 years |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
8 |
|
11 |
|
|
|
|
|
|
|
|
|
|
Including the Directors the company had 16 employees at the balance sheet date. |
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Fixtures & fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2021 |
- |
|
- |
|
- |
|
Additions |
7,206,863 |
|
225,734 |
|
7,432,597 |
|
At 31 March 2022 |
7,206,863 |
|
225,734 |
|
7,432,597 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2021 |
- |
|
- |
|
- |
|
Charge for the year |
1,672,156 |
|
39,523 |
|
1,711,679 |
|
At 31 March 2022 |
1,672,156 |
|
39,523 |
|
1,711,679 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2022 |
5,534,707 |
|
186,211 |
|
5,720,918 |
|
At 31 March 2021 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Included in plant and machinery additions is £0 (2020: £206,522) of capitalised finance costs. |
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
57,337 |
|
47,262 |
|
Accrued income |
|
24,896 |
|
25,611 |
|
VAT due to the Company |
|
|
|
|
17,437 |
|
37,838 |
|
Prepayments |
2,173 |
|
1,687 |
|
Other Debtors |
2,457 |
|
95,502 |
|
|
|
|
|
|
|
104,300 |
|
207,900 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
23,957 |
|
- |
|
Trade creditors |
904,659 |
|
855,267 |
|
Accruals |
91,818 |
|
103,587 |
|
Amount due to Perfectly Fresh Limited |
2,065,773 |
|
713,694 |
|
Amount due to Lendnet LLP |
396,358 |
|
367,474 |
|
Taxation and social security costs |
3,421 |
|
11,198 |
|
Other creditors |
- |
|
3,498 |
|
|
|
|
|
|
3,485,986 |
|
2,054,718 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
70,027 |
|
- |
|
Triple Point Income VCT plc |
1,668,532 |
|
1,500,000 |
|
Aeris Power Limited |
644,032 |
|
594,009 |
|
Funding Path Limited |
2,755,457 |
|
2,541,435 |
|
Broadpoint 2 Limited |
1,144,506 |
|
1,031,019 |
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
6,282,554 |
|
5,666,463 |
|
|
|
|
|
|
|
|
|
|
The loans from both Aeris Power Limited, Funding Path Limited and Broadpoint 2 Limited are due for repayment on 18 March 2024. |
|
|
The loan from Triple Point Income VCT plc is due for repayment on 18 March 2026. |
|
| 7 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
|
Secured loans |
5,410,451 |
|
5,410,451 |
|
|
|
|
|
|
|
|
|
|
The loans provided by Triple Point Income VCT plc, Funding Path Limited, Broadpoint 2, Aeris Power Limited and LendNet LLP are secured by both a fixed and floating charge over all assets of the Company. |
|
|
| 8 |
Other financial commitments |
2022 |
|
2021 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
1,035,268 |
|
1,035,268 |
|
|
|
|
|
|
|
|
|
|
The Company entered into a lease with A Pearson & Sons (1949) LLP on 18 May 2018. The annual rent is £60,433 and the lease expires on 17 May 2038. |
|
|
| 9 |
Controlling party |
|
|
The Directors are of the opinion that there is no ultimate controlling party. |
|
|
| 10 |
Other information |
|
|
Perfectly Fresh Cheshire Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
1 King William Street |
|
London |
|
EC4N 7AF |
