Good Produce Limited - Period Ending 2021-05-31

Good Produce Limited

Contents

Company Information	1
Statement of Director's Responsibilities	2
Accountants' Report	3
Balance Sheet	4
Notes to the Unaudited Financial Statements	5 to 10

Good Produce Limited

Company Information

Director

Mr Carlo Berardi

Registered office

Second Floor 150-151 Fleet Street London EC4A 2DQ

Registered Number

08084744

Accountants

Gower Accountancy Limited Chartered Certified Accountants Second Floor 150-151 Fleet Street London EC4A 2DQ

Good Produce Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Good Produce Limited
for the Year Ended 31 May 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Good Produce Limited for the year ended 31 May 2021 as set out on pages 4 to 10 from the company's accounting records and from information and explanations given to us.

It is your duty to ensure that Good Produce Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities and financial position of the company. You consider that Good Produce Limited is exempt from the statutory audit requirement for the year to 31 May 2021.

We have not been instructed to carry out an audit or a review of the accounts of Good Produce Limited and 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 accounts.

......................................

Gower Accountancy Limited
Chartered Certified Accountants
Second Floor
150-151 Fleet Street
London
EC4A 2DQ

28 February 2022

Good Produce Limited

(Registration number: 08084744)
Balance Sheet as at 31 May 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	47,380	64,368
Current assets
Debtors	5	1,285,508	604,410
Cash at bank and in hand		1,659,598	1,153,286
		2,945,106	1,757,696
Creditors: Amounts falling due within one year	6	(2,125,724)	(1,180,296)
Net current assets		819,382	577,400
Total assets less current liabilities		866,762	641,768
Creditors: Amounts falling due after more than one year	6	(238,524)	(284,399)
Net assets		628,238	357,369
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		628,138	357,269
Shareholders' funds		628,238	357,369

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 February 2022
 

.........................................

Mr Carlo Berardi
Director

The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the financial year ending 31 May 2021.

Director's responsibilities:

•	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; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Second Floor
150-151 Fleet Street
London
EC4A 2DQ
United Kingdom

These financial statements were approved by the director on 28 February 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows.

Asset class	Depreciation method and rate
	33.33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2020	3,023	84,940	87,963
At 31 May 2021	3,023	84,940	87,963
Depreciation
At 1 June 2020	3,023	20,572	23,595
Charge for the year	-	16,988	16,988
At 31 May 2021	3,023	37,560	40,583
Carrying amount
At 31 May 2021	-	47,380	47,380
At 31 May 2020	-	64,368	64,368

5

Debtors

	2021 £	2020 £
Trade debtors	1,031,940	597,083
Prepayments	3,204	4,951
Other debtors	250,364	2,376
	1,285,508	604,410

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	50,000	-
Trade creditors		1,901,015	1,125,164
Taxation and social security		76,773	47,154
Accruals and deferred income		97,936	7,820
Other creditors		-	158
		2,125,724	1,180,296

Creditors: amounts falling due after more than one year

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	238,524	284,399

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	200,000	250,000
Other borrowings	38,524	34,399
	238,524	284,399

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	50,000	-

9

Dividends

		2021		2020
		£		£
Final dividend of £36,000 (2020 - £Nil) per ordinary share		36,000		-

10	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

Good Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

	2021 £	2020 £
Remuneration	13,500	12,000