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 2018

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

Amberley Court

Sutton St Nicholas

Hereford

Herefordshire

HR1 3BX

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 2018 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

Amberley Court

Sutton St Nicholas

Hereford

Herefordshire

HR1 3BX

8 November 2018

FIXED ASSETS

Tangible assets

4

60,026

64,674

CURRENT ASSETS

Debtors

5

946,284

418,660

Cash at bank and in hand

212,668

314,368

1,158,952

733,028

CREDITORS

Amounts falling due within one year

6

869,238

466,269

NET CURRENT ASSETS

289,714

266,759

TOTAL ASSETS LESS CURRENT LIABILITIES

349,740

331,433

PROVISIONS FOR LIABILITIES

7

11,404

12,287

NET ASSETS

338,336

319,146

CAPITAL AND RESERVES

Allotted, issued and fully paid share capital

500

500

Retained earnings

337,836

318,646

SHAREHOLDERS' FUNDS

338,336

319,146

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 for issue by the Board of Directors on 6 November 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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 etc

-

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.

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 AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 June 2017

55,693

22,404

78,097

Additions

13,165

-

13,165

Disposals

(1,685

)

-

(1,685

)

At 31 May 2018

67,173

22,404

89,577

DEPRECIATION

At 1 June 2017

4,676

8,747

13,423

Charge for year

13,801

3,358

17,159

Eliminated on disposal

(1,031

)

-

(1,031

)

At 31 May 2018

17,446

12,105

29,551

NET BOOK VALUE

At 31 May 2018

49,727

10,299

60,026

At 31 May 2017

51,017

13,657

64,674

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

933,307

380,548

VAT

12,977

38,112

946,284

418,660

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

831,330

439,438

Corporation tax payable

22,952

10,907

Accruals and deferred income

14,956

15,924

869,238

466,269

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax - Accelerated capital allowances

11,404

12,287

Deferred

tax

£

Balance at 1 June 2017

12,287

Provided during year

(883

)

Balance at 31 May 2018

11,404

8.	FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £173 (2017 - £7,173). The

financial commitments are due over the next year and relate to property rent.

9.	RELATED PARTY DISCLOSURES

During the year the businesses over which the directors have influence used East Suffolk Produce Ltd to trade

£10,326,797 of potatoes. (2017 - £10,062,385).

They also paid management fees of £133,232 (2017 - £75,834).