REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 29 March 2023 |
for |
The Original Produce Company |
(Middlesbrough) Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 29 March 2023 |
for |
The Original Produce Company |
(Middlesbrough) Limited |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Contents of the Financial Statements |
for the Period 1 April 2022 to 29 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Original Produce Company |
(Middlesbrough) Limited |
Company Information |
for the Period 1 April 2022 to 29 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
140 Coniscliffe Road |
Darlington |
County Durham |
DL3 7RT |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Balance Sheet |
29 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 by the Board of Directors and authorised for issue on |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Notes to the Financial Statements |
for the Period 1 April 2022 to 29 March 2023 |
1. | STATUTORY INFORMATION |
The Original Produce Company (Middlesbrough) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
The company's finance system works on a 4-4-5 week basis, meaning the date the year-end figures are prepared to depends on how the end of the week falls. For this period that was on 29 March 2023, and so the figures are prepared up to that date. This does not change the company's accounting reference date at Companies House, which remains as 31 March. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income is recognised when the goods have been despatched to customers. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are held at cost less accumulated depreciation. |
Grants receivable |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. |
Grants of a revenue nature are credited to income upon receipt. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first out formula. |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 29 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Taxation |
Taxation for the period 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 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. |
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 period was |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 29 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 29 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 29 March 2023 |
NET BOOK VALUE |
At 29 March 2023 |
At 31 March 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Directors' current accounts | 221 | 222 |
Accruals and deferred income |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 29 March 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | - | 418 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Statement of Income and Retained Earnings during period | ( |
) |
Balance at 29 March 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We were appointed as auditors after the end of this period. Whilst we have carried out work in relation to the opening balances at 1 April 2022 that relate to the previous period, we have been unable to obtain sufficient evidence through other audit procedures in respect of some areas, including the stock figures at that point. The stock value in the March 2022 financial statements being £21,137. |
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 qualified opinion. |
for and on behalf of |
The Original Produce Company |
(Middlesbrough) Limited (Registered number: 04384300) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 29 March 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The company's parent and ultimate parent company is Embeck Group Limited, a company registered in England and Wales. |