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Strategic Report, Report of the Directors and |
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Financial Statements |
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For The Year Ended 30 September 2017 |
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for |
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Suncrop Produce Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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For The Year Ended 30 September 2017 |
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for |
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Suncrop Produce Limited |
Suncrop Produce Limited (Registered number: 03255798) |
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Contents of the Financial Statements |
For The Year Ended 30 September 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Income and Retained Earnings | 6 |
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Balance Sheet | 7 |
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Cash Flow Statement | 8 |
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Notes to the Cash Flow Statement | 9 |
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Notes to the Financial Statements | 10 |
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Suncrop Produce Limited |
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Company Information |
For The Year Ended 30 September 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Registered Auditor |
10-12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
Suncrop Produce Limited (Registered number: 03255798) |
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Strategic Report |
For The Year Ended 30 September 2017 |
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PRINCIPAL ACTIVITIES |
The company's principal activity during the year was wholesale merchandising of fresh fruit and vegetables to UK |
supermarkets. There have not been any significant changes in the company's principal activities in the year under |
review. The directors are not aware, at the date of this report, of any likely changes to the company's activities in the |
next year. |
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REVIEW OF BUSINESS |
The directors are pleased with the results of the company for the year ended 30 September 2017. Turnover has |
increased by 6.2% and gross profit has remained in line with the previous year at 3.9%.The company continues to |
pursue a policy of researching new varieties for an ever increasing demand within the marketplace. Profit has |
decreased marginally in what continues to be a challenging market. The company ends the year in a good position and |
expects continued growth going forward. |
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KEY PERFORMANCE INDICATORS |
The directors/management of the company have identified Gross and Net margin analysis, Cash Flow forecasting, |
Stock Management, Profitability by Customer/Supplier and Profitability by Product as being critical to the success of the |
business. Reports are regularly produced providing a foundation for sound management of the company's affairs. |
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FINANCIAL RISK MANAGEMENT |
Currency Risk |
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Much of the company's winter programmes are sourced from Europe, currency positions and exchange rate movements |
are constantly monitored. |
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Credit Risk |
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The company's main customer is a nationally recognised, well-established company resulting in minimal exposure to |
credit risk. |
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Liquidity Risk |
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Cash flow is regularly monitored and a stringent credit control policy has been adopted by the management. |
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Price Risk |
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Whilst prices with growers are agreed in advance, they are discounted during promotional periods with the customer. |
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Supply Risk |
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Supply of product is shared by a number of suppliers, reducing the risk of non-supply when product is scarce. |
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ON BEHALF OF THE BOARD: |
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Suncrop Produce Limited (Registered number: 03255798) |
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Report of the Directors |
For The Year Ended 30 September 2017 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2017. |
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DIVIDENDS |
An interim dividend of £ dividend be paid. |
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The total distribution of dividends for the year ended 30 September 2017 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2016 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have 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 directors must not |
approve the financial statements unless they are 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 directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Giess Wallis Crisp LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Suncrop Produce Limited |
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Opinion |
We have audited the financial statements of Suncrop Produce Limited (the 'company') for the year ended |
30 September 2017 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow |
Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant |
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 September 2017 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Suncrop Produce Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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Registered Auditor |
10-12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
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Suncrop Produce Limited (Registered number: 03255798) |
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Statement of Income and Retained Earnings |
For The Year Ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(19,460 | ) | 33,881 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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184,323 | 212,165 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 7 | ( |
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RETAINED EARNINGS AT END OF YEAR |
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Suncrop Produce Limited (Registered number: 03255798) |
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Balance Sheet |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 13 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Capital redemption reserve | 15 |
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Retained earnings | 15 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Suncrop Produce Limited (Registered number: 03255798) |
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Cash Flow Statement |
For The Year Ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Amount introduced by directors | - | 14,492 |
Amount withdrawn by directors | (73,461 | ) | (43,960 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Decrease in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning
of year |
2 |
(137,207 |
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(69,875 |
) |
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Cash and cash equivalents at end of year | 2 | ( |
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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Cash Flow Statement |
For The Year Ended 30 September 2017 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 11,222 | 9,270 |
Finance income | (358 | ) | (58 | ) |
272,671 | 285,301 |
Decrease/(increase) in stocks |
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( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 30 September 2017 |
30/9/17 | 1/10/16 |
£ | £ |
Cash and cash equivalents | 2,951 | 2,498 |
Bank overdrafts | ( |
) | ( |
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(267,253 | ) | (137,207 | ) |
Year ended 30 September 2016 |
30/9/16 | 1/10/15 |
£ | £ |
Cash and cash equivalents | 2,498 | 288,674 |
Bank overdrafts | ( |
) | ( |
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(137,207 | ) | (69,875 | ) |
Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements |
For The Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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Suncrop Produce Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from |
other sources. The estimates and associated assumptions based on historical experience and other factors that |
are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period, or in the period of the revision and future periods where the revision affects both current and future |
periods. |
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There are no estimates and assumptions which have had a significant risk of causing a material adjustment to |
the carrying amount of assets and liabilities |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Financial instruments |
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments |
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The company only enters into basic financial instruments that result in the recognition of financial assets and |
liabilities such as trade debtors and creditors. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis |
or to realise the asset and settle the liability simultaneously. |
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Debtors |
Short terms debtors are measured at transaction price, less any impairment. |
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Cash and cash equivalents |
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without |
penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known amounts of cash |
with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are |
held separately from those of the company. The annual contributions payable are charged to the profit and loss |
account. |
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Going concern |
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the |
company's resources and the challenges presented by the current economic climate, the directors are satisfied |
that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the |
date of approval of the accounts. |
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3. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2017 | 2016 |
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Staff | 15 | 14 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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Information regarding the highest paid director for the year ended 30 September 2017 is as follows: |
2017 |
£ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
) | ( |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
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Other interest |
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Interest on late tax |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
) |
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Tax on profit |
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7. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2016 |
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Additions |
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Disposals |
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( |
) | ( |
) |
At 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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) |
At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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9. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 747,716 | 674,255 |
VAT |
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Prepayments and accrued income |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 12) |
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Trade creditors |
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Tax |
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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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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
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12. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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13. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 3,189 | 14,112 |
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Deferred |
tax |
£ |
Balance at 1 October 2016 |
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Credit to Income Statement during year | ( |
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Balance at 30 September 2017 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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15. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2016 |
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703,141 |
Profit for the year |
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Dividends | ( |
) | ( |
) |
At 30 September 2017 |
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708,051 |
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16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 September 2017 and |
30 September 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Suncrop Produce Limited (Registered number: 03255798) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
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16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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17. | ULTIMATE CONTROLLING PARTY |
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The controlling party is D R Lynch. |