Year Ended
Registration number:
Newquay Fruit Sales Limited
trading as FreshPoint
Contents
Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Newquay Fruit Sales Limited
trading as FreshPoint
Statement of Income and Retained Earnings
Year Ended 30 April 2022
Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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- |
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Interest payable and similar charges |
( |
( |
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(14,677) |
(30,163) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
18,192 |
17,597 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
64,510 |
18,192 |
Newquay Fruit Sales Limited
trading as FreshPoint
Balance Sheet
30 April 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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Newquay Fruit Sales Limited
trading as FreshPoint
Balance Sheet
30 April 2022
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
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Company Registration Number: 03102762
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
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.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of bankers.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classed as relating to revenue or assets. Grants relating to revenue are recognised as income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life og the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income
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.
The current corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Motor Vehicles |
25% reducing balance |
Plant, Machinery and Equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 May 2021 |
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At 30 April 2022 |
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Amortisation |
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At 1 May 2021 |
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Amortisation charge |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Tangible assets |
Land and buildings |
Motor vehicles |
Office and computer equipment |
Total |
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Cost or valuation |
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At 1 May 2021 |
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Additions |
- |
- |
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At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
- |
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Charge for the year |
- |
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At 30 April 2022 |
- |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2022 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
46,746 |
36,005 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £189,036 (2021 - £159,145).
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £127,753 (2021 - £170,975).
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Loans and borrowings |
2022 |
2021 |
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Loans and borrowings due after one year |
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HP and finance lease liabilities |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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Hire purchase contracts |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
Newquay Fruit Sales Limited
trading as FreshPoint
Notes to the Unaudited Financial Statements
Year Ended 30 April 2022
Related party transactions |
Advances to directors |
2022 |
At 1 May 2021 |
Advances to director |
Repayments by director |
At 30 April 2022 |
Directors current account |
- |
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( |
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2021 |
At 1 May 2020 |
Advances to director |
Repayments by director |
At 30 April 2021 |
Directors current account |
65,141 |
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( |
- |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Newquay Fruit Sales Limited
trading as FreshPoint
Year Ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Newquay Fruit Sales Limited for the year ended 30 April 2022 as set out on pages 1 to 11 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 at
http://www.icaew.com/en/membership/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Newquay Fruit Sales Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2017. Our work has been undertaken solely to prepare for your approval the accounts of Newquay Fruit Sales Limited and state those matters that we have agreed to state to the Board of Directors of Newquay Fruit Sales Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newquay Fruit Sales Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Newquay Fruit Sales Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Newquay Fruit Sales Limited. You consider that Newquay Fruit Sales Limited 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 accounts of Newquay Fruit Sales Limited. 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.
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Chartered Accountants
Tregolls Road
Truro
Cornwall
TR1 2NA