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REGISTERED NUMBER: 10994685 (England and Wales)















Giddings Fruit UK Limited

Report of the Directors and

Financial Statements for the Year Ended 31 December 2022






Giddings Fruit UK Limited (Registered number: 10994685)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Giddings Fruit UK Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: J Giddings
J S Salman Boghikian



REGISTERED OFFICE: 3 - 5 London Road
Rainham
Gillingham
Kent
ME8 7RG



BUSINESS ADDRESS: Abbey Mead
Palace Lane
Beaulieu
Brockenhurst
Hampshire
SO42 7YG



REGISTERED NUMBER: 10994685 (England and Wales)



SENIOR STATUTORY AUDITOR: Jonathan Spurling FCCA



AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

Giddings Fruit UK Limited (Registered number: 10994685)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the import and wholesale distribution of fruit.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

J Giddings
J S Salman Boghikian

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Spurling Cannon Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Giddings Fruit UK Limited (Registered number: 10994685)

Report of the Directors
for the Year Ended 31 December 2022

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J S Salman Boghikian - Director


29 September 2023

Report of the Independent Auditors to the Members of
Giddings Fruit UK Limited

Opinion
We have audited the financial statements of Giddings Fruit UK Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss 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.

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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Giddings Fruit UK Limited


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 Report of the Directors.

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:
- 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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.

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.

Report of the Independent Auditors to the Members of
Giddings Fruit UK Limited


Auditors' 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-

-
The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-
We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the business sector;


-
We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation and
legislation data protection, anti-bribery, employment and health and safety legislation;

-
We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and

-
identified laws and regulations that were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-
Making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and

-
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;

-
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative
of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation; and
- Enquiring of management as to actual and potential litigation and claims.

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.

Report of the Independent Auditors to the Members of
Giddings Fruit UK Limited


Use of our report
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.




Jonathan Spurling FCCA (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

29 September 2023

Giddings Fruit UK Limited (Registered number: 10994685)

Statement of Comprehensive
Income
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

TURNOVER 2,125,559 2,161,626

Cost of sales 1,980,144 2,067,932
GROSS PROFIT 145,415 93,694

Administrative expenses 162,736 163,293
(17,321 ) (69,599 )

Interest receivable and similar income 7 70,314
(17,314 ) 715

Interest payable and similar expenses 4 1,566 47,002
LOSS BEFORE TAXATION 5 (18,880 ) (46,287 )

Tax on loss 6 - (443 )
LOSS FOR THE FINANCIAL YEAR (18,880 ) (45,844 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (18,880 ) (45,844 )

Giddings Fruit UK Limited (Registered number: 10994685)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 7 951,871 1,038,564
Cash at bank 259,165 116,349
1,211,036 1,154,913
CREDITORS
Amounts falling due within one year 8 1,242,624 1,167,621
NET CURRENT LIABILITIES (31,588 ) (12,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES (31,588 ) (12,708 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (31,589 ) (12,709 )
SHAREHOLDERS' FUNDS (31,588 ) (12,708 )

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:




J S Salman Boghikian - Director



J Giddings - Director


Giddings Fruit UK Limited (Registered number: 10994685)

Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 1 33,135 33,136

Changes in equity
Deficit for the year - (45,844 ) (45,844 )
Total comprehensive loss - (45,844 ) (45,844 )
Balance at 31 December 2021 1 (12,709 ) (12,708 )

Changes in equity
Deficit for the year - (18,880 ) (18,880 )
Total comprehensive loss - (18,880 ) (18,880 )
Balance at 31 December 2022 1 (31,589 ) (31,588 )

Giddings Fruit UK Limited (Registered number: 10994685)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Giddings Fruit UK 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Income recognition
Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Giddings Fruit UK Limited (Registered number: 10994685)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis. The company is dependant upon the parent company who has pledged its continued financial support and with the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

There were no employees during the year or the prior year.

2022 2021
£    £   
Directors' remuneration - -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Other interest 1,566 47,002

5. LOSS BEFORE TAXATION

The loss is stated after charging:

2022 2021
£    £   
Auditors' remuneration 5,000 4,000
Foreign exchange differences 11,774 3,082

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax - (443 )
Tax on loss - (443 )

Giddings Fruit UK Limited (Registered number: 10994685)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Loss before tax (18,880 ) (46,287 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

(3,587

)

(8,795

)

Effects of:
Expenses not deductible for tax purposes 173 133
Unrelieved tax losses carried forward 3,414 8,219
Total tax credit - (443 )

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 389,039 385,549
Other debtors 541,746 619,351
Tax 453 443
VAT 7,906 6,187
Prepayments and accrued income 12,727 27,034
951,871 1,038,564

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 189,222 6,949
Amounts owed to group undertakings 929,991 939,838
Corporation tax - 443
Accruals 123,411 220,391
1,242,624 1,167,621

9. LEASING AGREEMENTS

The company has no other operating lease commitments at 31 December 2022 (2021: nil).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary £1 1 1 1

Giddings Fruit UK Limited (Registered number: 10994685)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. RELATED PARTY DISCLOSURES

During the year the company entered into transactions with group members. The company made fruit purchases of £1,574,451 and received additional funding of £187,866. No loan repayments were made and interest charged on the loan of £1,566. The amount due at the year end was £929,991 (2021 - £939,838) and is shown in other creditors. This amount is unsecured and repayable on demand.

The above fruit purchased figure is calculated on an accruals basis.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J C Giddings-Candia by way of his shareholding in the parent company, Giiddings Fruit S.A.