REGISTERED NUMBER: 10726783 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED |
REGISTERED NUMBER: 10726783 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Group Strategic Report |
for the year ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
Review of business |
The principal activity of the group 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 group 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 group'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) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Report of the Directors |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
Principal activities |
The principal activities of the group in the year under review were those of an investment company. The subsidiary company's principal activity is the wholesale of fruit and vegetables. |
Dividends |
No interim dividends were paid during the year on any of the shares. |
The directors recommend a final dividend per share as follows: |
Ordinary share 1p - £0.025 |
F Ordinary 1p - £17.99 |
Redeemable A - £248 |
Redeemable B - £142 |
Redeemable C - £80 |
Redeemable D - £100 |
Redeemable E - £200 |
The total distribution of dividends for the year ended 31 March 2023 will be £1,652,124. |
Future developments |
The directors to propose to continue with its current operations but feel the group 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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Report of the Directors |
for the year ended 31 March 2023 |
Financial instruments |
The group’s activities expose it to a number of financial risks including, credit risk, cash flow risk and liquidity risk. The group does not use derivative financial instruments. |
CREDIT RISK |
The group’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 group’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 group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. |
CASHFLOW RISK |
The group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. This is mitigated as the group is in a position to adapt its product mix should prices become prohibitive and the fact that all the group'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 group 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 group's ongoing requirements. All of the group's cash balances are held in such a way that achieves a competitive rate of interest. The group 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 group 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. |
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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Report of the Directors |
for the year ended 31 March 2023 |
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, 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) Holdings |
Limited |
Opinion |
We have audited the financial statements of John Henshall (Fruit Salesmen) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of 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 Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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 31 March 2023 and of the group's 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 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 |
John Henshall (Fruit Salesmen) Holdings |
Limited |
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 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 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. |
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. |
Report of the Independent Auditors to the Members of |
John Henshall (Fruit Salesmen) Holdings |
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) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 4 | 24,071,209 | 22,509,299 |
Cost of sales | (20,006,396 | ) | (18,772,770 | ) |
Gross profit | 4,064,813 | 3,736,529 |
Administrative expenses | (2,713,012 | ) | (2,492,009 | ) |
1,351,801 | 1,244,520 |
Other operating income | - | 30,872 |
Operating profit | 6 | 1,351,801 | 1,275,392 |
Income from fixed asset investments | (28,420 | ) | 33,978 |
Interest receivable and similar income | 9,307 | 1,098 |
1,332,688 | 1,310,468 |
Interest payable and similar expenses | 7 | (647 | ) | - |
Profit before taxation | 1,332,041 | 1,310,468 |
Tax on profit | 8 | (285,806 | ) | (236,295 | ) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year | 1,046,235 | 1,074,173 |
Profit attributable to: |
Owners of the parent | 1,046,235 | 1,074,173 |
Total comprehensive income attributable to: |
Owners of the parent | 1,046,235 | 1,074,173 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 | 495,471 | 225,193 |
Investments | 12 | 700,674 | 751,400 |
1,196,145 | 976,593 |
Current assets |
Stocks | 13 | 327,104 | 231,107 |
Debtors | 14 | 3,729,214 | 2,620,379 |
Cash at bank and in hand | 2,273,090 | 2,370,612 |
6,329,408 | 5,222,098 |
Creditors |
Amounts falling due within one year | 15 | 4,754,576 | 2,903,125 |
Net current assets | 1,574,832 | 2,318,973 |
Total assets less current liabilities | 2,770,977 | 3,295,566 |
Provisions for liabilities | 19 | 114,000 | 32,000 |
Net assets | 2,656,977 | 3,263,566 |
Capital and reserves |
Called up share capital | 20 | 713,670 | 713,670 |
Other reserves | 21 | 27 | 27 |
Retained earnings | 21 | 1,943,280 | 2,549,869 |
Shareholders' funds | 2,656,977 | 3,263,566 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by: |
R J I Murison - Director |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Debtors | 14 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 15 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 20 |
Other reserves | 21 |
Retained earnings | 21 |
Shareholders' funds |
Company's profit for the financial year | 1,049,833 | 1,024,098 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 713,670 | 1,879,870 | 27 | 2,593,567 |
Changes in equity |
Dividends | - | (404,174 | ) | - | (404,174 | ) |
Total comprehensive income | - | 1,074,173 | - | 1,074,173 |
Balance at 31 March 2022 | 713,670 | 2,549,869 | 27 | 3,263,566 |
Changes in equity |
Dividends | - | (1,652,824 | ) | - | (1,652,824 | ) |
Total comprehensive income | - | 1,046,235 | - | 1,046,235 |
Balance at 31 March 2023 | 713,670 | 1,943,280 | 27 | 2,656,977 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Company Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | 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) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Consolidated Cash Flow Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,937,657 | 1,009,227 |
Interest element of hire purchase payments paid |
(647 |
) |
- |
Tax paid | (208,492 | ) | (248,491 | ) |
Net cash from operating activities | 1,728,518 | 760,736 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (257,031 | ) | (59,163 | ) |
Sale of tangible fixed assets | 14,618 | 19,250 |
Sale of fixed asset investments | 22,298 | 10,102 |
Interest received | 9,307 | 1,098 |
Dividends received | - | 33,978 |
Net cash from investing activities | (210,808 | ) | 5,265 |
Cash flows from financing activities |
Capital repayments in year | (64,232 | ) | - |
Amount introduced by directors | 60,411 | 32,739 |
Amount withdrawn by directors | (2,181 | ) | (102,269 | ) |
Equity dividends paid | (1,652,824 | ) | (404,174 | ) |
Net cash from financing activities | (1,658,826 | ) | (473,704 | ) |
(Decrease)/increase in cash and cash equivalents | (141,116 | ) | 292,297 |
Cash and cash equivalents at beginning of year |
2 |
2,370,612 |
2,078,315 |
Cash and cash equivalents at end of year | 2 | 2,229,496 | 2,370,612 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 March 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,332,041 | 1,310,468 |
Depreciation charges | 113,716 | 99,435 |
Loss/(profit) on disposal of fixed assets | 15,730 | (13,189 | ) |
Gain on revaluation of fixed assets | (28,420 | ) | (33,973 | ) |
Finance costs | 647 | - |
Finance income | 19,113 | (35,076 | ) |
1,452,827 | 1,327,665 |
Increase in stocks | (95,997 | ) | (31,269 | ) |
Increase in trade and other debtors | (1,169,246 | ) | (815,852 | ) |
Increase in trade and other creditors | 1,750,073 | 528,683 |
Cash generated from operations | 1,937,657 | 1,009,227 |
2. | 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 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 2,273,090 | 2,370,612 |
Bank overdrafts | (43,594 | ) | - |
2,229,496 | 2,370,612 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 2,370,612 | 2,078,315 |
3. | Analysis of changes in net funds |
Other |
non-cash |
At 1/4/22 | Cash flow | changes | At 31/3/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,370,612 | (97,522 | ) | 2,273,090 |
Bank overdrafts | - | (43,594 | ) | (43,594 | ) |
2,370,612 | (141,116 | ) | 2,229,496 |
Debt |
Finance leases | - | 64,232 | (128,883 | ) | (64,651 | ) |
- | 64,232 | (128,883 | ) | (64,651 | ) |
Total | 2,370,612 | (76,884 | ) | (128,883 | ) | 2,164,845 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
John Henshall (Fruit Salesmen) Holdings Limited is a |
2. | Statement of compliance |
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. |
3. | Accounting policies |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are valued at the lower of cost and 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. |
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 and loans to fellow group companies, 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 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 Consolidated 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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Fixed asset investments |
Fixed asset investments are stated at market value. |
4. | Turnover |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Sales of fruit and vegetables | 24,071,209 | 22,509,299 |
24,071,209 | 22,509,299 |
5. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,880,770 | 1,766,897 |
Social security costs | 180,662 | 186,779 |
Other pension costs | 114,080 | 111,656 |
2,175,512 | 2,065,332 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
5. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 9 | 9 |
Sales | 33 | 30 |
Warehouse | 15 | 13 |
The average number of employees by undertakings that were proportionately consolidated during the year was 3 (2022 - 3 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 155,222 | 106,209 |
Directors' pension contributions to money purchase schemes | 81,272 | 81,230 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
6. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 128,383 | 185,414 |
Depreciation - owned assets | 108,345 | 99,435 |
Depreciation - assets on hire purchase contracts | 5,371 | - |
Profit on disposal of fixed assets | (12,698 | ) | (13,189 | ) |
Auditors' remuneration | 12,815 | 10,500 |
Auditors' remuneration for non audit work | 3,901 | 5,665 |
Included in the above is £11,000 (2022 - £9,000) auditors' remuneration and £3,901 (2022 - £5,665) that relate to the subsidiary in the group. |
7. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Hire purchase | 647 | - |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
8. | 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 | 202,532 | 242,939 |
(Over)/under provision PY | 1,274 | 6,356 |
Total current tax | 203,806 | 249,295 |
Deferred tax | 82,000 | (13,000 | ) |
Tax on profit | 285,806 | 236,295 |
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 | 1,332,041 | 1,310,468 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
253,088 |
248,989 |
Effects of: |
Expenses not deductible for tax purposes | 25,651 | (725 | ) |
Income not taxable for tax purposes | (12,052 | ) | (8,935 | ) |
Capital allowances in excess of depreciation | (65,896 | ) | - |
Depreciation in excess of capital allowances | - | 3,638 |
Adjustments to tax charge in respect of previous periods | 1,275 | 6,328 |
Other adjustments | 1,740 | - |
Deferred tax | 82,000 | (13,000 | ) |
Total tax charge | 285,806 | 236,295 |
9. | Individual statement of comprehensive income |
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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
10. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of 1p each |
Interim | 17,824 | 17,824 |
F Ordinary shares of 1p each |
Interim | 1,250,000 | - |
Redeemable A Ordinary shares of 1p each |
Interim | 124,000 | 74,675 |
Redeemable B Ordinary shares of 1p each |
Interim | 71,000 | 71,675 |
Redeemable C Ordinary shares of 1p each |
Interim | 40,000 | 40,000 |
Redeemable D Ordinary shares of 1p each |
Interim | 50,000 | 100,000 |
Redeemable E Ordinary shares of 1p each |
Interim | 100,000 | 100,000 |
1,652,824 | 404,174 |
11. | Tangible fixed assets |
Group |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 April 2022 | 100,000 | 348,535 | 640,529 | 1,089,064 |
Additions | - | 1,921 | 383,993 | 385,914 |
Disposals | - | - | (144,015 | ) | (144,015 | ) |
At 31 March 2023 | 100,000 | 350,456 | 880,507 | 1,330,963 |
Depreciation |
At 1 April 2022 | 84,000 | 289,395 | 490,476 | 863,871 |
Charge for year | 4,000 | 21,047 | 88,669 | 113,716 |
Eliminated on disposal | - | - | (142,095 | ) | (142,095 | ) |
At 31 March 2023 | 88,000 | 310,442 | 437,050 | 835,492 |
Net book value |
At 31 March 2023 | 12,000 | 40,014 | 443,457 | 495,471 |
At 31 March 2022 | 16,000 | 59,140 | 150,053 | 225,193 |
Cost or valuation at 31 March 2023 is represented by: |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 1987 | 100,000 | - | - | 100,000 |
Cost | - | 350,456 | 880,507 | 1,230,963 |
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. |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
11. | Tangible fixed assets - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
Cost or valuation |
Additions | 128,883 |
At 31 March 2023 | 128,883 |
Depreciation |
Charge for year | 5,371 |
At 31 March 2023 | 5,371 |
Net book value |
At 31 March 2023 | 123,512 |
12. | Fixed asset investments |
Group |
Listed |
investments |
£ |
Cost or valuation |
At 1 April 2022 | 801,400 |
Disposals | (22,298 | ) |
Impairments | (28,428 | ) |
At 31 March 2023 | 750,674 |
Provisions |
At 1 April 2022 |
and 31 March 2023 | 50,000 |
Net book value |
At 31 March 2023 | 700,674 |
At 31 March 2022 | 751,400 |
Cost or valuation at 31 March 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | (3,112 | ) |
Cost | 753,786 |
750,674 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
12. | Fixed asset investments - continued |
Company |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost or valuation |
At 1 April 2022 | 686,795 |
Disposals | ( |
) | (22,298 | ) |
Impairments | ( |
) | (28,428 | ) |
At 31 March 2023 | 636,069 |
Net book value |
At 31 March 2023 | 636,069 |
At 31 March 2022 | 686,795 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2023 | - | (3,112 | ) | (3,112 | ) |
Cost | 2,670 | 636,511 | 639,181 |
2,670 | 633,399 | 636,069 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
John Henshall (Fruit Salesmen) Limited |
Registered office: Stalls D 5-7, New Smithfield Market, Whitworth Street East, Manchester, M11 2WJ |
Nature of business: Wholesale of fruit and vegetables |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Redeemable A ordinary | 100.00 |
Redeemable B ordinary | 100.00 |
Redeemable C ordinary | 100.00 |
Redeemable D ordinary | 100.00 |
Redeemable E ordinary | 100.00 |
F ordinary | 100.00 |
31 March 2023 | 31 March 2022 |
£ | £ |
Aggregate capital and reserves | 1,218,776 | 1,222,375 |
Profit for the year | 811,401 | 970,574 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
13. | Stocks |
Group |
2023 | 2022 |
£ | £ |
Stocks | 327,104 | 231,107 |
14. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,888,172 | 1,957,382 |
Amounts owed by group undertakings | - | - |
Other debtors | 519,733 | 414,363 |
Directors' current accounts | 238,508 | 178,097 | - | - |
VAT | 48,336 | 32,095 |
Prepayments and accrued income | 34,465 | 38,442 |
3,729,214 | 2,620,379 |
Trade debtors are stated after provisions for impairment of £242,500 (2022 - £276,686). |
15. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 43,594 | - |
Hire purchase contracts (see note 17) | 64,651 | - |
Trade creditors | 2,718,884 | 2,157,943 |
Corporation tax | 256,313 | 260,999 |
Social security and other taxes | 77,573 | 83,400 |
Other creditors | 1,556,405 | 307,322 |
Directors' current accounts | 8 | 2,189 | 8 | 184 |
Accruals and deferred income | 37,148 | 91,272 |
4,754,576 | 2,903,125 |
16. | Loans |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 43,594 | - |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
17. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 64,651 | - |
18. | Secured debts |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 64,651 | - |
The hire purchase creditor is secured on the assets to which it relates. |
19. | Provisions for liabilities |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 114,000 | 32,000 |
Group |
Deferred tax |
£ |
Balance at 1 April 2022 | 32,000 |
Provided during year | 82,000 |
Balance at 31 March 2023 | 114,000 |
20. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1p | 712,950 | 712,950 |
F Ordinary | 1p | 695 | 695 |
Redeemable A Ordinary | 1p | 5 | 5 |
Redeemable B Ordinary | 1p | 5 | 5 |
Redeemable C Ordinary | 1p | 5 | 5 |
500 | Redeemable D Ordinary | 1p | 5 | 5 |
500 | Redeemable E Ordinary | 1p | 5 | 5 |
713,670 | 713,670 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
20. | Called up share capital - continued |
Each ordinary share is entitled to one vote in any circumstances each ordinary share is entitled to receive any dividend as may be declared by the directors each ordinary share is entitled pari passu to participate in a distribution arising from the winding up of the company. |
Each F ordinary share is not entitled to vote in any circumstances each F ordinary share is entitled to receive any dividend declared by the directors on the F shares each F ordinary share will have the right to be repaid at par on a return of capital with no further right to share in any surplus on a winding up of the company. |
Each category of redeemable share is not entitled to vote in any circumstances each share is entitled to receive any dividend as may be declared by the directors each share is entitled to be repaid at par on a return of capital with no further right to share in any surplus. |
21. | Reserves |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | 2,549,869 | 27 | 2,549,896 |
Profit for the year | 1,046,235 | - | 1,046,235 |
Dividends | (1,652,824 | ) | - | (1,652,824 | ) |
At 31 March 2023 | 1,943,280 | 27 | 1,943,307 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | 1,330,166 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 March 2023 | 727,175 |
22. | 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. |
23. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 245,800 |
JOHN HENSHALL (FRUIT SALESMEN) HOLDINGS |
LIMITED (REGISTERED NUMBER: 10726783) |
Notes to the Consolidated 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 |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Remuneration | 4,980 | 4,980 |
Amount due from related party | 313,408 | 257,840 |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Directors remuneration | 236,494 | 187,439 |
Amount due from related party | 238,058 | 178,097 |
Amount due to related party | - | 2,005 |
The balances above are interest free and repayable on demand. |