Elveden Produce Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05867693 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ELVEDEN PRODUCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J B Allpress

J K Buckle

REGISTERED OFFICE:

Estate Office

Elveden

Thetford

Norfolk

IP24 3TQ

REGISTERED NUMBER:

05867693 (England and Wales)

AUDITORS:

Thompson Taraz Rand Audit and Assurance Limited

Chartered Accountants and Statutory Auditors

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Investments

5

50

50

CURRENT ASSETS

Stocks

136,747

68,637

Debtors

6

1,039,090

908,611

Cash at bank and in hand

244,300

364,462

1,420,137

1,341,710

CREDITORS

Amounts falling due within one year

7

(931,453

)

(1,182,611

)

NET CURRENT ASSETS

488,684

159,099

TOTAL ASSETS LESS CURRENT LIABILITIES

488,734

159,149

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

488,634

159,049

SHAREHOLDERS' FUNDS

488,734

159,149

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by:

J B Allpress - Director

J K Buckle - Director

1.	STATUTORY INFORMATION

Elveden 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes in respect of the wholesale of Onions. The following criteria must be met before revenue is recognised:

Sale of goods

Revenue from the sale of Onions is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold.

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments.

Basic financial assets:

Basic financial assets which include assets and such as debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted.

Basic financial liabilities:

Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price net of transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Pension costs and other post-retirement benefits

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Going concern

In assessing the company’s ability to continue as a going concern, the Directors have considered the liquidity position and reviewed cash flow forecasts for the foreseeable future. The company has adequate financial resources and as a consequence, the members believe that the company is well placed to manage its business risks successfully and meet its liabilities as they fall due. For this reason, the Directors continue to adopt the going concern basis in preparing the accounts.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2022

and 31 December 2022

50

NET BOOK VALUE

At 31 December 2022

50

At 31 December 2021

50

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,017,685

883,067

Other debtors

21,405

25,544

1,039,090

908,611

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

39,668

85,030

Amounts owed to associates

793,952

961,035

Taxation and social security

87,657

88,666

Other creditors

10,176

47,880

931,453

1,182,611

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Rand (Senior Statutory Auditor)

for and on behalf of Thompson Taraz Rand Audit and Assurance Limited