Madestein (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08805670 (England and Wales)

Unaudited Financial Statements

for the Period

1st January 2020 to 31st March 2021

for

Madestein (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A M Zwinkels

M R Zwinkels

J Zwinkels

REGISTERED OFFICE:

Leythorne Nurseries

Vinnetrow Road

Runcton

Chichester

West Sussex

PO20 1QB

REGISTERED NUMBER:

08805670 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Intangible assets

4

833,527

828,037

Tangible assets

5

211,144

242,564

1,044,671

1,070,601

CURRENT ASSETS

Stocks

378,818

383,145

Debtors

6

747,773

845,384

Cash at bank

15,535

136,583

1,142,126

1,365,112

CREDITORS

Amounts falling due within one year

7

3,436,014

2,924,936

NET CURRENT LIABILITIES

(2,293,888

)

(1,559,824

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,249,217

)

(489,223

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,249,317

)

(489,323

)

SHAREHOLDERS' FUNDS

(1,249,217

)

(489,223

)

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 24th February 2022 and were signed on its behalf by:

P A M Zwinkels - Director

J Zwinkels - Director

1.	STATUTORY INFORMATION

Madestein (UK) 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.

Intangible assets

Research and developments costs and robotic systems which have been expensed but are not yet either complete or fully operational have been capitalised at the balance sheet date but have not been depreciated/amortised.

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

-

20% on cost

Expenditure on capital assets which are not yet operational have been capitalised but not depreciated.

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 period 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 period 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.

Going concern

During the accounting period, the trade was adversely affected by the global Covid 19 pandemic and the fact that the trading period covers a greater proportion of winter trading where the growing of crops is harder and more costly however, these accounts have been prepared under the going concern convention. The company is reliant upon the support of its directors and associated companies (under common control) via interest free loans. The company is also reliant on the support of its bankers. Since the year end associated companies, bankers and the directors have continued to provide financial support, without which the company could not continue as a going concern. The directors have also been seeking investment from third parties to return the trade to profitability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 50 (2019 - 47 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2020

828,037

Additions

5,490

At 31st March 2021

833,527

NET BOOK VALUE

At 31st March 2021

833,527

At 31st December 2019

828,037

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2020

303,204

Additions

55,341

At 31st March 2021

358,545

DEPRECIATION

At 1st January 2020

60,640

Charge for period

86,761

At 31st March 2021

147,401

NET BOOK VALUE

At 31st March 2021

211,144

At 31st December 2019

242,564

6.

DEBTORS

2021

2019

£

£

Amounts falling due within one year:

Trade debtors

617,953

724,437

Other debtors

62,145

58,818

680,098

783,255

Amounts falling due after more than one year:

Other debtors

67,675

62,129

Aggregate amounts

747,773

845,384

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2019

£

£

Trade creditors

1,492,222

1,148,288

Taxation and social security

(92,225

)

(224,598

)

Other creditors

2,036,017

2,001,246

3,436,014

2,924,936

8.	RELATED PARTY DISCLOSURES

During the period the following sales were made to related parties:

N V Produce Ltd £3,476,407

Purchases were acquired from the following related parties:

N V Produce Ltd £343,034

Lettuce Online Ltd £111,258

Fresh Willow Ltd £531,599

Debtors balances outstanding at the balance sheet date were as follows:

N V Produce Ltd £611,430

Creditor balances outstanding at the balance sheet date were as follows:

Fresh Willow Ltd £414,760

N V Produce Ltd £220,800

Lettuce Online Ltd £268,461

An interest free loan was obtained from Fresh Willow Ltd and the amount outstanding

at the balance sheet date was £1,602,578 (2019-£1,650,620).