REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Strategic Report |
for the year ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
Review of business |
The principal activity of the company remained sale of fruit and vegetables primarily to wholesalers. |
This year turnover was affected by higher than normal prices due to shortages of fruit and vegetables as well as an increase in costs of growing the product, We do expect the prices to be at a higher level on average for the foreseeable future. |
The directors foresee the company continuing to be profit making in the future. |
Principal risks and uncertainties |
This year the inflationary pressure on the fruit and vegetable market was the highest in the recent history. It has positively affected the turnover, but increased a risk of non-payments and potentially lower future demand. |
The war in Ukraine adversely affects the availability and prices of products. Current climate change, which resulted in higher than normal temperature in France and Spain, will continue to disrupt the production output. All above will likely increase prices during the next year. |
As our customers are all UK based and all our competitors will be in the same position we feel that the strong financial position of the company will allow us to adapt to any possible change in the market as we always have. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Key performance indicators |
The company's key performance indicator is considered to be turnover. As noted above, turnover has improved due to higher than usual prices. |
On behalf of the board: |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Report of the Directors |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
Principal activity |
The principal activity of the company in the year under review was that of the wholesale of fruit and vegetables. |
Dividends |
Interim dividends totalling £4.18 per share were paid on the ordinary 1p shares during the year. No dividends were paid on any other classes of shares. |
The total distribution of dividends for the year ended 31 March 2023 will be £815,000. |
Future developments |
The directors to propose to continue with its current operations but feel the company is in a strong position to identify new opportunities and efficiencies and to adapt to the market. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Financial instruments |
The company’s activities expose it to a number of financial risks including, credit risk, cash flow risk and liquidity risk. The company does not use derivative financial instruments. |
CREDIT RISK |
The company’s principal financial assets are bank balances and cash, trade and other receivables. The main purpose of these is to finance the business' operations. |
The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. |
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. |
The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. |
CASHFLOW RISK |
The company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. This is mitigated as the company is in a position to adapt its product mix should prices become prohibitive and the fact that all the company's competitors are in the UK and would all experience the same risk. |
LIQUIDITY RISK |
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses the funds held in its bank accounts. |
In respect of bank balances the liquidity risk is managed by maintaining a balance sufficient to cover the company's ongoing requirements. All of the company's cash balances are held in such a way that achieves a competitive rate of interest. The company makes use of money market facilities where funds are available. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. |
The company is a lessee in respect of finance lease assets. The liquidity risk in respect of this is managed by ensuring that there are sufficient funds available to meet the payments. |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Report of the Directors |
for the year ended 31 March 2023 |
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. |
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: |
- | 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, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
John Henshall (Fruit Salesmen) Limited |
Opinion |
We have audited the financial statements of John Henshall (Fruit Salesmen) Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 March 2023 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. |
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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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. |
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. |
Report of the Independent Auditors to the Members of |
John Henshall (Fruit Salesmen) Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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 assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- challenging assumptions and judgements made by management in its significant accounting estimates, in particular we have performed a retrospective bad debt review to ensure that managements judgments are reliable and reasonable. |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations |
- We have tested a sample of stock items and ensured that they have led to profitable sales or that if not sold they have a resalable value to the company |
- We have tested a sample of purchase orders in the year and ensured that stock purchased has eventually resulted in a sale that has been included in the accounts as well as increasing the risk in our samples when testing trade debtors that we have tested by agreeing to underlying records and cash after date; and |
- assessing the extent of compliance with the relevant laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 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 audit 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. |
Report of the Independent Auditors to the Members of |
John Henshall (Fruit Salesmen) 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. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Statement of Comprehensive |
Income |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 4 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
1,026,744 | 1,158,534 |
Other operating income | 5 |
Operating profit | 7 |
Interest receivable and similar income |
1,036,051 | 1,190,504 |
Interest payable and similar expenses | 8 | ( |
) |
Profit before taxation |
Tax on profit | 9 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 15 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 18 |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
John Henshall (Fruit Salesmen) Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results.The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors management considers factors including the current credit rating of the debtor, the aging profile of the debtors and historical experience. See note 14 for the net carrying amount of debtors and associated impairment provision. Other than those discussed above there are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of fruit and vegetables to customers. |
The company recognises revenue when the goods have been delivered to the customer. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
Cost is determined on a first-in, first out (FIFO) method. Cost included the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition. |
At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and investments, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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 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 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 payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
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. |
Fixed asset investments |
Fixed asset investments are stated at market value. |
4. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
5. | Other operating income |
2023 | 2022 |
£ | £ |
Other income | - | 30,872 |
Other income relates to grant receivable. They are recognised on the accruals basis. |
6. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 9 | 9 |
Sales | 33 | 30 |
Warehouse | 15 | 13 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors remuneration - non audit fees |
8. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Hire purchase |
9. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
(Over)/under provision PY | 1,274 | 6,328 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
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: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Other adjustments | 1,740 | - |
Deferred tax | 82,000 | (13,000 | ) |
Total tax charge | 224,003 | 219,930 |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
10. | Dividends |
2023 | 2022 |
£ | £ |
Interim Dividends | 815,000 | 920,500 |
11. | Tangible fixed assets |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost | 100,000 | 350,456 | 880,507 | 1,330,963 |
Advantage has been taken of the transitional provisions of FRS 102. These allow entities which have revalued an asset in the past to treat the valuation as deemed cost on transition. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
Cost or valuation |
Additions |
At 31 March 2023 |
Depreciation |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
12. | Fixed asset investments |
Listed |
investments |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Provisions |
At 1 April 2022 |
and 31 March 2023 | 50,000 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The carrying value above is not materially different from the market value. |
13. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
14. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 238,508 | 178,097 |
VAT |
Prepayments and accrued income |
Trade debtors are stated after provisions for impairment of £242,500 (2022 - £276,686 ). |
15. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Redeemable shares (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 2,005 |
Accruals and deferred income |
The redeemable shares included in other creditors may be redeemed (in whole or in part) at any time, at par, and on written notice from either the company or the holder of such shares. The holders have the right to receive dividends as may be declared by the directors. |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
16. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Preference shares | 25 | 25 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
500 | Redeemable A 1p Ordinary | 1p | 5 | 5 |
500 | Redeemable B 1p Ordinary | 1p | 5 | 5 |
500 | Redeemable C 1p Ordinary | 1p | 5 | 5 |
500 | Redeemable D 1p Ordinary | 1p | 5 | 5 |
500 | Redeemable E 1p Ordinary | 1p | 5 | 5 |
25 | 25 |
The redeemable shares may be redeemed (in whole or in part) at any time, at par, and on written notice from either the company or the holder of such shares. The holders have the right to receive dividends as may be declared by the directors. |
17. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
18. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 April 2022 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 March 2023 |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
19. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
195,000 | Ordinary shares | 1p | 1,950 | 1,950 |
69,500 | Ordinary F shares | 1p | 695 | 695 |
2,645 | 2,645 |
The ordinary shares give one vote per member on a show of hands and one vote per share on a poll, give a independent right to dividends and a right to repayment at par in winding up and a further right to participate in any surplus assets of the company. The shares are not redeemable. |
The ordinary F shares give no voting rights, however they give a right to receive dividends if declared by directors on this class of share, a right to repayment of capital at par with no further share of any surplus on a winding up. The shares are not redeemable. |
20. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 1,219,730 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Transfer between reserves | 9,147 | (9,147 | ) | - |
At 31 March 2023 | 1,216,131 |
The revaluation reserve relates to a historic revaluation that under FRS 102 has been taken as deemed cost. |
21. | Pension commitments |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £114,080 (2022 - £111,656 ). |
Contributions totalling £4,026 (2022 - £4,263) were payable to the scheme at the end of the year and are included in creditors. |
22. | Ultimate parent company |
John Henshall (Fruit Salesmen) Holdings Limited. is regarded by the directors as being the company's ultimate parent company. |
John Henshall (Fruit Salesmen) Limited is the sole parent company of the group of which the company is a member and for which group accounts are prepared. Copies of the group accounts are available from Northern Assurance Builldings, Albert Square, 9/21 Princess Street, Manchester, United Kingdom, M2 4DN. |
23. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
JOHN HENSHALL (FRUIT SALESMEN) LIMITED (REGISTERED NUMBER: 0023086 |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
24. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | 178,097 | 110,836 |
Advances | 225,949 | 143,429 |
Credits | (165,538 | ) | (76,168 | ) |
Balance outstanding at the end of year | 238,508 | 178,097 |
25. | Related party disclosures |
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. |
2023 | 2022 |
£ | £ |
Remuneration | 4,980 | 4,980 |
Amount due from related party |
2023 | 2022 |
£ | £ |
Directors Remuneration | 103,130 | 93,196 |
Amount due from related party |
Amount due to related party |