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REGISTERED NUMBER: SC181159 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 28 February 2023

for

Scotfresh Group Ltd

Scotfresh Group Ltd (Registered number: SC181159)






Contents of the Consolidated Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Scotfresh Group Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S R Marwaha
S Marwaha
Mrs R Marwaha





REGISTERED OFFICE: 1598 Dumbarton Road
Glasgow
G14 9DB





REGISTERED NUMBER: SC181159 (Scotland)





AUDITORS: Bell Barr & Company, Statutory Auditor
2 Stewart Street
Milngavie
Glasgow
G62 6BW

Scotfresh Group Ltd (Registered number: SC181159)

Group Strategic Report
for the Year Ended 28 February 2023

The directors present their strategic report of the company and the group for the year ended 28 February 2023.

REVIEW OF BUSINESS
The directors consider that the trading performance of the group during the year was above satisfactory and are confident of a continued strong performance in the coming year. Turnover increased by 12% compared to the previous year. The gross profit margin increased to 25.8% from 23.2%.

The operating profit for the year ended 28 February 2023 was £1,029,136 which is an increase of 23.5% on the previous year.

The accounts show a loss before taxation of £1,277,909 but this is stated after an exceptional item of £2,305,407, representing the relate of a loan to a company under common control.

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive pressure has continued to increase in the food retailing industry with the major multiples and discounters continuing to fight for their market share. Home deliveries and 'click and collect' services are continuing to become more popular and an essential part of the food retail offer.

Although not directly exposed to interest rate risk, the group continues to monitor the impact that rising interest rates and inflation will have on the wider economy.

KEY PERFORMANCE INDICATORS
The directors use several KPIs to manage and measure the financial performance of the group including monitoring weekly sales, gross profit margins and customer count by branch.

ON BEHALF OF THE BOARD:





S R Marwaha - Director


21 September 2023

Scotfresh Group Ltd (Registered number: SC181159)

Report of the Directors
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

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

S R Marwaha
S Marwaha
Mrs R Marwaha

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Bell Barr & Company, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R Marwaha - Director


21 September 2023

Report of the Independent Auditors to the Members of
Scotfresh Group Ltd

Opinion
We have audited the financial statements of Scotfresh Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 28 February 2023 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report and 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 Group 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
- the Group 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
Scotfresh Group Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

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.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Scotfresh Group Ltd


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:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding and accumulated knowledge of the Group and the sector in which it operates we considered the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud, and whether such actions or non-compliance might have a material effect on the financial statements. These laws and regulations included but were not limited to local licencing regulations, HMRC legislation and the Companies Act 2006.

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management bias and override of controls.

Our audit procedures included, but were not limited to:
- Agreement of the financial statement balances and disclosures to underlying supporting documentation;
- Revenue year end cut-off procedures;
- Identifying and testing journal entries;
- Discussion with management, including consideration of known of suspected instances of non-compliance with laws and regulation and fraud;
- Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not prevent all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more than compliance with laws and regulations is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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.

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.




Jennifer Irvine (Senior Statutory Auditor)
for and on behalf of Bell Barr & Company, Statutory Auditor
2 Stewart Street
Milngavie
Glasgow
G62 6BW

22 September 2023

Scotfresh Group Ltd (Registered number: SC181159)

Consolidated Profit and Loss Account
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

TURNOVER 14,687,815 13,113,579

Cost of sales 10,899,195 10,068,358
GROSS PROFIT 3,788,620 3,045,221

Administrative expenses 2,836,005 2,295,530
952,615 749,691

Other operating income 76,521 83,952
OPERATING PROFIT 4 1,029,136 833,643

Loan write off 5 2,305,407 -
(1,276,271 ) 833,643


Interest payable and similar expenses 6 1,638 24,189
(LOSS)/PROFIT BEFORE TAXATION (1,277,909 ) 809,454

Tax on (loss)/profit 7 245,264 160,671
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,523,173

)

648,783
(Loss)/profit attributable to:
Owners of the parent (1,523,173 ) 648,783

Scotfresh Group Ltd (Registered number: SC181159)

Consolidated Other Comprehensive Income
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,523,173 ) 648,783


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,523,173

)

648,783

Total comprehensive income attributable to:
Owners of the parent (1,523,173 ) 648,783

Scotfresh Group Ltd (Registered number: SC181159)

Consolidated Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 440,000 299,990
Tangible assets 10 831,782 858,520
Investments 11 - -
1,271,782 1,158,510

CURRENT ASSETS
Stocks 12 432,338 389,500
Debtors 13 158,625 319,902
Cash at bank and in hand 911,499 2,048,199
1,502,462 2,757,601
CREDITORS
Amounts falling due within one year 14 2,339,987 1,986,973
NET CURRENT (LIABILITIES)/ASSETS (837,525 ) 770,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

434,257

1,929,138

CREDITORS
Amounts falling due after more than one
year

15

(14,874

)

(25,266

)

PROVISIONS FOR LIABILITIES 18 (163,703 ) (125,020 )
NET ASSETS 255,680 1,778,852

CAPITAL AND RESERVES
Called up share capital 19 199 199
Retained earnings 20 255,481 1,778,653
SHAREHOLDERS' FUNDS 255,680 1,778,852

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:





S R Marwaha - Director


Scotfresh Group Ltd (Registered number: SC181159)

Company Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 3 3
3 3

CURRENT ASSETS
Debtors 13 197 197
Cash at bank 2 2
199 199
CREDITORS
Amounts falling due within one year 14 3 3
NET CURRENT ASSETS 196 196
TOTAL ASSETS LESS CURRENT
LIABILITIES

199

199

CAPITAL AND RESERVES
Called up share capital 19 199 199
SHAREHOLDERS' FUNDS 199 199

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:





S R Marwaha - Director


Scotfresh Group Ltd (Registered number: SC181159)

Consolidated Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 March 2021 199 1,129,870 1,130,069

Changes in equity
Total comprehensive income - 648,783 648,783
Balance at 28 February 2022 199 1,778,653 1,778,852

Changes in equity
Total comprehensive income - (1,523,173 ) (1,523,173 )
Balance at 28 February 2023 199 255,480 255,679

Scotfresh Group Ltd (Registered number: SC181159)

Company Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 March 2021 199 - 199

Changes in equity
Balance at 28 February 2022 199 - 199

Changes in equity
Balance at 28 February 2023 199 - 199

Scotfresh Group Ltd (Registered number: SC181159)

Consolidated Cash Flow Statement
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 23 (415,769 ) 1,131,557
Interest paid (703 ) -
Interest element of finance lease payments
paid

(935

)

(23,131

)
Tax paid (206,581 ) (125,900 )
Net cash from operating activities (623,988 ) 982,526

Cash flows from investing activities
Purchase of intangible fixed assets (280,000 ) (235,000 )
Purchase of tangible fixed assets (197,611 ) (256,266 )
Net cash from investing activities (477,611 ) (491,266 )

Cash flows from financing activities
Loan repayments in year (4,824 ) (4,824 )
Capital repayments in year (30,277 ) (67,861 )
Net cash from financing activities (35,101 ) (72,685 )

(Decrease)/increase in cash and cash equivalents (1,136,700 ) 418,575
Cash and cash equivalents at beginning of
year

24

2,048,199

1,629,624

Cash and cash equivalents at end of year 24 911,499 2,048,199

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Scotfresh Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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.

The directors have reviewed the group's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the group is a going concern.

Basis of consolidation
The consolidated financial statements incorporate those of Scotfresh Group Limited and its subsidiaries. All inter-company transactions and balances are eliminated on consolidation.

Turnover
Income from the sale of goods is recognised when the customer has delivered goods to the customer, the customer has accepted the products and collectability of payment for the goods is relatively assured.

Goodwill
Goodwill arises from the acquisition of several businesses between 2014 and 2022 and is being amortised over 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - 5% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.


Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand
Cash at bank and in hand included cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.

3. EMPLOYEES AND DIRECTORS
28.2.23 28.2.22
£    £   
Wages and salaries 1,576,947 1,372,591
Social security costs 80,623 63,207
Other pension costs 15,963 16,795
1,673,533 1,452,593

The average number of employees during the year was as follows:
28.2.23 28.2.22

Shop 133 119
Head office 8 8
141 127

28.2.23 28.2.22
£    £   
Directors' remuneration 37,772 30,084

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

28.2.23 28.2.22
£    £   
Hire of plant and machinery 7,568 5,841
Other operating leases 213,950 191,818
Depreciation - owned assets 116,331 107,489
Loss on disposal of fixed assets 108,018 -
Goodwill amortisation 139,990 111,990
Auditors' remuneration 5,250 5,000
Government grants - (7,706 )

5. EXCEPTIONAL ITEMS
28.2.23 28.2.22
£    £   
Loan write off (2,305,407 ) -

This represents the release of a loan that the Group had previously advanced to a connected company.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
28.2.23 28.2.22
£    £   
Bank interest 703 -
Hire purchase and finance lease 935 24,189
1,638 24,189

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
28.2.23 28.2.22
£    £   
Current tax:
UK corporation tax 206,581 125,900

Deferred tax 38,683 34,771
Tax on (loss)/profit 245,264 160,671

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

7. TAXATION - continued

Reconciliation of total tax charge 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:

28.2.23 28.2.22
£    £   
(Loss)/profit before tax (1,277,909 ) 809,454
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(242,803

)

153,796

Effects of:
Expenses not deductible for tax purposes 510 1,290
Depreciation in excess of capital allowances 10,241 5,585
Loan write off 438,027 -
Impact of increasing deferred tax rate to 25% 39,289 -
Total tax charge 245,264 160,671

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 March 2022 1,379,210
Additions 280,000
At 28 February 2023 1,659,210
AMORTISATION
At 1 March 2022 1,079,220
Amortisation for year 139,990
At 28 February 2023 1,219,210
NET BOOK VALUE
At 28 February 2023 440,000
At 28 February 2022 299,990

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 March 2022 168,754 333,927 1,060,674
Additions 6,411 7,358 170,000
Disposals - (76,052 ) (223,441 )
At 28 February 2023 175,165 265,233 1,007,233
DEPRECIATION
At 1 March 2022 90,940 197,241 472,031
Charge for year 8,758 14,404 75,864
Eliminated on disposal - (69,722 ) (129,481 )
At 28 February 2023 99,698 141,923 418,414
NET BOOK VALUE
At 28 February 2023 75,467 123,310 588,819
At 28 February 2022 77,814 136,686 588,643

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 16,251 129,163 1,708,769
Additions - 13,842 197,611
Disposals - (35,758 ) (335,251 )
At 28 February 2023 16,251 107,247 1,571,129
DEPRECIATION
At 1 March 2022 7,110 82,927 850,249
Charge for year 2,285 15,020 116,331
Eliminated on disposal - (28,030 ) (227,233 )
At 28 February 2023 9,395 69,917 739,347
NET BOOK VALUE
At 28 February 2023 6,856 37,330 831,782
At 28 February 2022 9,141 46,236 858,520

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 3
NET BOOK VALUE
At 28 February 2023 3
At 28 February 2022 3

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Dynamic Retail Ltd
Registered office: Scotland
Nature of business: Licenced grocers
%
Class of shares: holding
Ordinary 100.00

Scotfresh Limited
Registered office: Scotland
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


The subsidiary undertaking Scotfresh Limited (SC473672) is exempt from audit of its individual accounts under S479A of the Companies Act 2006.

12. STOCKS

Group
28.2.23 28.2.22
£    £   
Stocks 432,338 389,500

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Trade debtors 5,337 10,228 - -
Other debtors 74,643 295,286 197 197
Prepayments 78,645 14,388 - -
158,625 319,902 197 197

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Other loans (see note 16) 4,824 4,824 - -
Finance leases (see note 17) 5,568 30,277 - -
Trade creditors 1,722,826 1,555,686 - -
Social security and other taxes 393,009 242,674 - -
Other creditors 191,207 133,704 3 3
Accrued expenses 22,553 19,808 - -
2,339,987 1,986,973 3 3

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
28.2.23 28.2.22
£    £   
Other loans (see note 16) 14,874 19,698
Finance leases (see note 17) - 5,568
14,874 25,266

16. LOANS

An analysis of the maturity of loans is given below:

Group
28.2.23 28.2.22
£    £   
Amounts falling due within one year or on demand:
Other loans 4,824 4,824
Amounts falling due between one and two years:
Other loans 14,874 19,698

The loan is from Energy Savings Trust under the Resource Efficient Scotland SME Scheme. The loan is not secured and is interest free.

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
28.2.23 28.2.22
£    £   
Net obligations repayable:
Within one year 5,568 30,277
Between one and five years - 5,568
5,568 35,845

Group
Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 231,450 191,450
Between one and five years 888,471 765,800
In more than five years 1,711,768 1,086,164
2,831,689 2,043,414

18. PROVISIONS FOR LIABILITIES

Group
28.2.23 28.2.22
£    £   
Deferred tax 163,703 125,020

Group
Deferred
tax
£   
Balance at 1 March 2022 125,020
Provided during year 38,683
Balance at 28 February 2023 163,703

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
151 Ordinary A £1 151 151
24 Ordinary B £1 24 24
24 Ordinary C £1 24 24
199 199

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023

20. RESERVES

Group
Retained
earnings
£   

At 1 March 2022 1,778,654
Deficit for the year (1,523,173 )
At 28 February 2023 255,481


21. RELATED PARTY DISCLOSURES

During the year the group paid rent of £47,500 to a non group company under common control.

At the beginning of the year the group was owed £140,000 from a company under the control of the directors. A further £2,165,407 was advanced during the year and the total balance of £2,305,407 was released on 28 February 2023. The loan was interest free and carried no fixed repayment terms.

22. ULTIMATE CONTROLLING PARTY

The controlling party is S R Marwaha.

23. RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS
28.2.23 28.2.22
£    £   
(Loss)/profit for the financial year (1,523,173 ) 648,783
Depreciation charges 256,320 219,479
Loss on disposal of fixed assets 108,018 -
Finance costs 1,638 24,189
Taxation 245,264 160,671
(911,933 ) 1,053,122
Increase in stocks (42,838 ) (67,756 )
Decrease/(increase) in trade and other debtors 161,277 (112,137 )
Increase in trade and other creditors 377,725 258,328
Cash generated from operations (415,769 ) 1,131,557

24. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 911,499 2,048,199
Year ended 28 February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 2,048,199 1,629,624

Scotfresh Group Ltd (Registered number: SC181159)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28 February 2023


25. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 2,048,199 (1,136,700 ) 911,499
2,048,199 (1,136,700 ) 911,499
Debt
Finance leases (35,845 ) 30,277 (5,568 )
Debts falling due within 1 year (4,824 ) - (4,824 )
Debts falling due after 1 year (19,698 ) 4,824 (14,874 )
(60,367 ) 35,101 (25,266 )
Total 1,987,832 (1,101,599 ) 886,233