IRIS Accounts Production v23.3.0.418 07743628 Board of Directors Board of Directors 31.1.23 1.2.22 31.1.23 31.1.23 true true true false true true false false false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure077436282022-01-31077436282023-01-31077436282022-02-012023-01-31077436282021-01-31077436282021-02-012022-01-31077436282022-01-3107743628ns16:EnglandWales2022-02-012023-01-3107743628ns15:PoundSterling2022-02-012023-01-3107743628ns11:Director12022-02-012023-01-3107743628ns11:Director22022-02-012023-01-3107743628ns11:Consolidated2023-01-3107743628ns11:ConsolidatedGroupCompanyAccounts2022-02-012023-01-3107743628ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3107743628ns11:FRS102ns11:Consolidated2022-02-012023-01-3107743628ns11:Auditedns11:Consolidated2022-02-012023-01-3107743628ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3107743628ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-02-012023-01-3107743628ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3107743628ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-02-012023-01-3107743628ns11:FullAccounts2022-02-012023-01-3107743628ns6:Subsidiary12022-02-012023-01-3107743628ns6:Subsidiary22022-02-012023-01-3107743628ns6:Associate12022-02-012023-01-310774362812022-02-012023-01-3107743628ns11:OrdinaryShareClass12022-02-012023-01-3107743628ns11:Consolidated2022-02-012023-01-3107743628ns11:RegisteredOffice2022-02-012023-01-3107743628ns11:Consolidated2021-02-012022-01-3107743628ns6:CurrentFinancialInstruments2023-01-3107743628ns6:CurrentFinancialInstruments2022-01-3107743628ns6:ShareCapital2023-01-3107743628ns6:ShareCapital2022-01-3107743628ns6:RetainedEarningsAccumulatedLosses2023-01-3107743628ns6:RetainedEarningsAccumulatedLosses2022-01-3107743628ns6:ShareCapital2021-01-3107743628ns6:RetainedEarningsAccumulatedLosses2021-01-3107743628ns6:RetainedEarningsAccumulatedLosses2021-02-012022-01-3107743628ns6:RetainedEarningsAccumulatedLosses2022-02-012023-01-3107743628ns6:NetGoodwill2022-02-012023-01-3107743628ns6:IntangibleAssetsOtherThanGoodwill2022-02-012023-01-3107743628ns6:PlantMachinery2022-02-012023-01-3107743628ns6:FurnitureFittings2022-02-012023-01-3107743628ns6:MotorVehicles2022-02-012023-01-3107743628ns6:LandBuildings2022-01-3107743628ns6:PlantMachinery2022-01-3107743628ns6:LandBuildings2022-02-012023-01-3107743628ns6:LandBuildings2023-01-3107743628ns6:PlantMachinery2023-01-3107743628ns6:LandBuildings2022-01-3107743628ns6:PlantMachinery2022-01-3107743628ns6:AdditionsToInvestments2023-01-3107743628ns6:CostValuation2023-01-31077436281ns6:Subsidiary12022-02-012023-01-3107743628ns6:Subsidiary12023-01-3107743628ns6:Subsidiary12022-01-3107743628ns6:Subsidiary12021-02-012022-01-3107743628ns6:Subsidiary232022-02-012023-01-3107743628ns6:Subsidiary22023-01-3107743628ns6:Subsidiary22022-01-3107743628ns6:Subsidiary22021-02-012022-01-3107743628ns6:Associate112022-02-012023-01-3107743628ns6:Associate12023-01-3107743628ns6:Associate12022-01-3107743628ns6:Associate12021-02-012022-01-3107743628ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3107743628ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3107743628ns11:OrdinaryShareClass12023-01-3107743628ns6:RetainedEarningsAccumulatedLosses2022-01-31
REGISTERED NUMBER: 07743628 (England and Wales)









GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

FERRYFAST HOLDINGS LIMITED

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


FERRYFAST HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: R J Byrd
N J Gorin





REGISTERED OFFICE: Ascot Road
Pershore
Worcestershire
WR10 2JJ





REGISTERED NUMBER: 07743628 (England and Wales)





AUDITORS: Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

GROUP STRATEGIC REPORT
for the Year Ended 31 January 2023

The directors present their strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
The group achieved a pre-tax profit of £577,675. At 31 January 2023 total equity was £3,497,162.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainties facing the company include: the Russia-Ukraine war and resulting impact on product availability; the general difficult trading conditions the economy presents; and the uncertainty of exchange rate variations, affecting the price of some of the company's purchases.

KEY PERFORMANCE INDICATORS
Key performance indicators that are focused on by management include Turnover, Direct costs, and Overheads. Each of these are reviewed regularly by management against the budget and prior periods. The directors are pleased with the performance of the group during the year with regard the indicators above.

ON BEHALF OF THE BOARD:





N J Gorin - Director


20 October 2023

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

COMMENCEMENT OF GROUP
Ferryfast Holdings Limited acquired a subsidiary company on 23 December 2022 and subsequently became a group. These financial statements show the profit and loss of the company for the year ended 31 January 2023, plus the profit and loss of the subsidiary companies for the 38 days from acquisition to the year ended 31 January 2023.

The comparative results are only of the company for the year ended 31 January 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the marketing and distribution of fruit and vegetables.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2023 will be £311,499.

FUTURE DEVELOPMENTS
Demand for fresh produce continues to increase. The trading results for the current year remain profitable. The group continues to invest in new equipment and vehicles.

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

R J Byrd
N J Gorin

FINANCIAL INSTRUMENTS
The company's financial instruments comprise long term bank loans, bank overdraft and cash deposits. The main purpose of these financial instruments is to raise finance to fund the company's operations. The company has other financial instruments such as trade debtors and trade creditors which arise directly from its operations.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have included information relating to the review of business, principal risks and uncertainties, and performance indicators in the Strategic Report.

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.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N J Gorin - Director


20 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST HOLDINGS LIMITED

Opinion
We have audited the financial statements of Ferryfast Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 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 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 January 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
FERRYFAST 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 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
FERRYFAST HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Group's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: food safety, health and safety, GDPR, and employment laws and regulations, recognising the nature of the Group's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Other matters
The prior year financial statements for the parent company were not audited. The prior year financial statements for the subsidiary companies were audited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FERRYFAST 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.




Gwyneth Milner (Senior Statutory Auditor)
for and on behalf of Kingscott Dix (Cheltenham) Limited
Statutory Auditor
Chartered Accountants
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ

20 October 2023

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

TURNOVER 3 2,632,529 -

Cost of sales 928,492 -
GROSS PROFIT 3,561,021 -

Administrative expenses (3,617,983 ) -
(56,962 ) -

Other operating income 594,967 -
OPERATING PROFIT 5 538,005 -

Interest receivable and similar income 24,125 -
562,130 -

Interest payable and similar expenses 6 (4,455 ) -
PROFIT BEFORE TAXATION 557,675 -

Tax on profit 7 (97,963 ) -
PROFIT FOR THE FINANCIAL YEAR 459,712 -
Profit attributable to:
Owners of the parent 479,918 -
Non-controlling interests (20,206 ) -
459,712 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 459,712 -


OTHER COMPREHENSIVE INCOME
Acquired on business combination 2,666,635 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

2,666,635

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,126,347

-

Total comprehensive income attributable to:
Owners of the parent 2,474,239 -
Non-controlling interests 652,108 -
3,126,347 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED BALANCE SHEET
31 January 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 400,000 -
Tangible assets 11 3,410,093 -
Investments 12
Interest in associate 50 -
Investment property 13 - -
3,810,143 -

CURRENT ASSETS
Stocks 14 281,401 -
Debtors 15 3,024,164 -
Cash at bank and in hand 2,123,160 -
5,428,725 -
CREDITORS
Amounts falling due within one year 16 (5,437,946 ) -
NET CURRENT LIABILITIES (9,221 ) -
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,800,922

-

CREDITORS
Amounts falling due after more than one
year

17

(200,100

)

-

PROVISIONS FOR LIABILITIES 20 (103,660 ) -
NET ASSETS 3,497,162 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED BALANCE SHEET - continued
31 January 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 21 10,000 -
Retained earnings 22 2,835,054 -
SHAREHOLDERS' FUNDS 2,845,054 -

NON-CONTROLLING INTERESTS 23 652,108 -
TOTAL EQUITY 3,497,162 -


The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:




R J Byrd - Director



N J Gorin - Director


FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

COMPANY BALANCE SHEET
31 January 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,324,159 87,246
Investments 12 1,411,820 -
Investment property 13 - 2,250,000
3,735,979 2,337,246

CURRENT ASSETS
Debtors 15 727,566 922,380
Cash at bank 404,978 1,370,235
1,132,544 2,292,615
CREDITORS
Amounts falling due within one year 16 (1,989,861 ) (1,953,226 )
NET CURRENT (LIABILITIES)/ASSETS (857,317 ) 339,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,878,662

2,676,635

CAPITAL AND RESERVES
Called up share capital 21 10,000 10,000
Retained earnings 2,868,662 2,666,635
SHAREHOLDERS' FUNDS 2,878,662 2,676,635

Company's profit for the financial year 502,027 497,211

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:




R J Byrd - Director



N J Gorin - Director


FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   

Changes in equity
Balance at 31 January 2022 - - - - -

Changes in equity
Issue of share capital 10,000 - 10,000 - 10,000
Dividends - (311,499 ) (311,499 ) - (311,499 )
Total comprehensive income - 3,146,553 3,146,553 652,108 3,798,661
Balance at 31 January 2023 10,000 2,835,054 2,845,054 652,108 3,497,162

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 10,000 2,469,424 2,479,424

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 497,211 497,211
Balance at 31 January 2022 10,000 2,666,635 2,676,635

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 502,027 502,027
Balance at 31 January 2023 10,000 2,868,662 2,878,662

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 January 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,193,660 -
Interest element of hire purchase payments
paid

(4,455

)

-
Net cash from operating activities 1,189,205 -

Cash flows from investing activities
Acquisition of subsidiary 1,233,087 -
Interest received 24,125 -
Net cash from investing activities 1,257,212 -

Cash flows from financing activities
Capital repayments in year (11,758 ) -
Equity dividends paid (300,000 ) -
Dividends paid to minority interests (11,499 ) -
Net cash from financing activities (323,257 ) -

Increase in cash and cash equivalents 2,123,160 -
Cash and cash equivalents at beginning of
year

2

-

-

Cash and cash equivalents at end of year 2 2,123,160 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 557,675 -
Depreciation charges 36,153 -
Finance costs 4,455 -
Finance income (24,125 ) -
574,158 -
Increase in stocks (28,520 ) -
Decrease in trade and other debtors 1,700,826 -
Decrease in trade and other creditors (1,052,804 ) -
Cash generated from operations 1,193,660 -

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 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,123,160 -
Year ended 31 January 2022
31.1.22 1.2.21
£    £   


3. ANALYSIS OF CHANGES IN NET FUNDS

Acquisition
of
At 1.2.22 Cash flow subsidiary At 31.1.23
£    £    £    £   
Net cash
Cash at bank
and in hand - (371,747 ) 2,494,907 2,123,160
- (371,747 ) 2,494,907 2,123,160
Debt
Finance leases - (292,742 ) (11,758 ) (304,500 )
- (292,742 ) (11,758 ) (304,500 )
Total - (664,489 ) 2,483,149 1,818,660

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 January 2023

4. ACQUISITION OF BUSINESS

On 23 December 2022, the company acquired 60% of the share capital of Hob Farms Limited for £1,411,770 which became a subsidiary of the company. In addition the company acquired 33.33% of the share capital of Keyfresh IT Limited for £50, which became an associate of the company.

Subsidiary acquisition:
Recognised under the acquisition method. Goodwill is measured as the surplus between the consideration payable, and the fair value of the identifiable assets acquired and the liabilities assumed on the acquisition date.

Associate acquisition:
Recognised under the equity method. Initially recognised at transaction price, subsequently adjusted by the proportion of the associate's profit or loss.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Ferryfast Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The comparative results for the company are unaudited.

Basis of consolidation
Subsidiaries:

All companies over which the Group has direct influence to determine the financial and operating policies are considered subsidiaries.

The assets, liabilities, costs and revenues of the individual consolidated companies are fully consolidated on a line-by-line basis, regardless of the percentage owned, while the carrying value of consolidated investments held by the Parent Company and other consolidated companies is eliminated against the related share of equity.

All intercompany balances and transactions, including unrealised profits deriving from transactions between consolidated companies, are eliminated.

The financial statements of the subsidiaries are all prepared in £ sterling to the 31 January each year.

Associates:

An associate is an entity in which the Group is able to exert a significant influence, but without being able to control its financial and operating policies.

Such equity investments in associates are recognised using the the equity method.

Significant judgements and estimates
Typically there are no significant judgements or estimations used in preparing the financial statements, as transactions are not complex and policies requiring estimation are limited.

Goodwill:
However, due to the business acquisition in the year, goodwill has been recognised in the group accounts. To ensure goodwill has been fairly stated and should not be impaired, the group have assessed potential future results, based on budgets and assumptions. Such forecasts do not indicate a need for impairment.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Produce sales are recognised when orders leave the warehouse. Haulage sales are recognised when the delivery is made.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold property (excluding land) is depreciated over 100 years on a straight line basis.

Investments in associates
Investments in associate undertakings are recognised at cost.

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

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business for the year ended 31 January 2023 is given below:

£   
Produce wholesale 2,253,445
Transport and logistics 379,084
2,632,529

This analysis is not considered to be applicable to the year ended 31 January 2022.

An analysis of turnover by geographical market for the year ended 31 January 2023 is given below:

£   
United Kingdom 2,632,529
2,632,529

This analysis is not considered to be applicable to the year ended 31 January 2022.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 402,348 -
Social security costs 37,519 -
439,867 -

The average number of employees during the year was as follows:
2023 2022

Administration, office and sales 50 2
Distribution 105 -
155 2

2023 2022
£    £   
Directors' remuneration 11,302 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 -

The disclosure of directors emoluments relates to all directors of the company and subsidiary companies, as they are all considered to be the key management personnel of the business.

Directors remuneration above is for the 38 day period post acquisition. The total directors remuneration paid to directors of the parent company for the full year ended 31 January 2023 was £35,000. The total directors remuneration paid to directors of the subsidiary companies for the full year ended 31 January 2023 was £112,864.

5. OPERATING PROFIT

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

2023 2022
£    £   
Vehicle hire 289,961 -
Other operating leases 540,457 -
Depreciation - owned assets 201,379 -
Depreciation - assets on hire purchase contracts 48,899 -
Loss on disposal of fixed assets 6,890 -
Goodwill amortisation 3,300 -
Foreign exchange differences (45,676 ) -
Auditor's remuneration - group 3,900 -
Auditor's remuneration - subsidiaries 16,700 -
Auditor's remuneration - other services 6,185 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 4,455 -

7. 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 61,723 -

Deferred tax 36,240 -
Tax on profit 97,963 -

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

7. TAXATION - continued

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

2023
£   
Profit before tax 557,675
Profit multiplied by the standard rate of corporation tax in the UK of 19 % 105,958

Effects of:
Expenses not deductible for tax purposes 8,227
Other items (16,222 )
Total tax charge 97,963

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Acquired on business combination 2,666,635 - 2,666,635

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 311,499 -

Group dividends include £11,499 of subsidiary dividends paid to non-controlling interests.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 403,300
At 31 January 2023 403,300
AMORTISATION
Amortisation for year 3,300
At 31 January 2023 3,300
NET BOOK VALUE
At 31 January 2023 400,000

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
Additions - 5,188 - 315,700 320,888
Disposals - - - (100,180 ) (100,180 )
Reclassification/transfer 2,250,000 1,338,770 385,993 2,898,479 6,873,242
At 31 January 2023 2,250,000 1,343,958 385,993 3,113,999 7,093,950
DEPRECIATION
Charge for year - 39,552 8,104 202,622 250,278
Eliminated on disposal - - - (83,040 ) (83,040 )
Reclassification/transfer - 1,075,094 345,474 2,096,051 3,516,619
At 31 January 2023 - 1,114,646 353,578 2,215,633 3,683,857
NET BOOK VALUE
At 31 January 2023 2,250,000 229,312 32,415 898,366 3,410,093

Group:
Tangible fixed assets includes £2,250,000 of freehold property previously recognised as investment property, and assets with a net book value of £1,085,934 acquired from subsidiary companies.

At the balance sheet date, assets held under Hire Purchase contracts had a cost of £569,142 and accumulated depreciation of £170,238.


FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 February 2022 - 382,911 382,911
Reclassification/transfer 2,250,000 - 2,250,000
At 31 January 2023 2,250,000 382,911 2,632,911
DEPRECIATION
At 1 February 2022 - 295,665 295,665
Charge for year - 13,087 13,087
At 31 January 2023 - 308,752 308,752
NET BOOK VALUE
At 31 January 2023 2,250,000 74,159 2,324,159
At 31 January 2022 - 87,246 87,246

Company:
Tangible fixed assets includes £2,250,000 of freehold property previously recognised as investment property.

12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
Additions 50
At 31 January 2023 50
NET BOOK VALUE
At 31 January 2023 50
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
Additions 1,411,770 50 1,411,820
At 31 January 2023 1,411,770 50 1,411,820
NET BOOK VALUE
At 31 January 2023 1,411,770 50 1,411,820

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Hob Farms Limited
Registered office: Ascot Road, Pershore, Worcestershire, WR10 2JJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 1,082,635 928,854
Profit for the year 412,535 575,684

Ferryfast Produce Limited
Registered office: Ascot Road, Pershore, Worcestershire, WR10 2JJ
Nature of business:
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 2,159,135 1,931,929
Profit for the year 227,206 495,683

Associated company

Keyfresh IT Limited
Registered office: Ascot Road, Pershore, Worcestershire, WR10 2JJ
Nature of business: Software development
%
Class of shares: holding
Ordinary 33.33
2023 2022
£    £   
Aggregate capital and reserves (131,919 ) (100,886 )
Loss for the year (31,033 ) (30,791 )


FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

13. INVESTMENT PROPERTY - continued

13. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 February 2022 2,250,000
Reclassification/transfer (2,250,000 )
At 31 January 2023 -
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 2,250,000

14. STOCKS

Group
2023 2022
£    £   
Stocks 281,401 -

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,751,101 - - -
Other debtors 203,272 - 307,529 307,529
Loan notes - - 194,820 185,331
Prepayments and accrued income 69,791 - - -
3,024,164 - 502,349 492,860

Amounts falling due after more than one year:
Loan notes - - 225,217 429,520

Aggregate amounts 3,024,164 - 727,566 922,380

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) 104,400 - - -
Trade creditors 2,528,106 - - -
Tax 183,329 - 119,361 122,660
Social security and other taxes 292,771 - - -
Other creditors 193,430 - 187,398 43,902
Directors' current accounts 1,683,102 - 1,683,102 1,786,664
Accrued expenses 452,808 - - -
5,437,946 - 1,989,861 1,953,226

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

Group
2023 2022
£    £   
Hire purchase contracts (see note 18) 200,100 -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 104,400 -
Between one and five years 200,100 -
304,500 -

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,464 -
Between one and five years 395 -
9,859 -

During the year the group incurred £45,718 under operating leases.

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 304,500 -

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the subsidiary.

Hire purchase liabilities are secured on the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 103,660 -

Group
Deferred
tax
£   
Charge to Profit and Loss Account during year 36,240
Acquired during year 67,420
Balance at 31 January 2023 103,660

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 -

Ordinary shares have full dividend, voting and capital rights.

22. RESERVES

Group
Retained
earnings
£   

Profit for the year 479,918
Dividends (311,499 )
Acquired 2,666,635
At 31 January 2023 2,835,054

FERRYFAST HOLDINGS LIMITED (REGISTERED NUMBER: 07743628)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

22. RESERVES - continued

Company
Retained
earnings
£   

At 1 February 2022 2,666,635
Profit for the year 502,027
Dividends (300,000 )
At 31 January 2023 2,868,662

The company has recognised a retained earnings reserve, which is comprised of accumulated profits and losses, less dividends.

23. NON-CONTROLLING INTERESTS

The company acquired 60% of a subsidiary company during the year. As such, 40% of the subsidiary is owned by external individuals, who represent a non-controlling interest. At the point of acquisition, profits attributable to them were £672,314. Losses attributable to them for the post acquisition period to 31 January 2023 were £20,206.

24. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under the terms of FRS 102 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.

Subsidiaries:
During the year, the company received loan repayments from a subsidiary of £221,132 (2022 - £221,131) which included £26,318 (2022 - £35,800) of interest. At the year end the outstanding loan was £420,037 (2022 - £614,851).

During the year, the company received rent from a subsidiary of £570,564 (2022 - £570,564). At the year end the subsidiary owed £289,101 (2022 - £289,101).

Associates:
During the year, the group made purchases from an associate of £28,320 (2022 - £28,815), made sales to an associate of £902 (2022 - £612), raised a management charge to an associate of £13,000 (2022 - £13,000), and received rent from an associate of £19,200 (2022 - £19,200). At the year end the group was owed £157,571 (2022 - £157,503).

Other:
During the year, the group made purchases from a related party of £1,974,966 (2022 - £1,745,362) and the group made sales to the related party of £33,346 (2022 - £25,802). In addition, a management charge was raised to the related party of £44,129 (2022 - £44,129). At the balance sheet date, £65,594 was owed by the group (2022 - £35,339 owed to the group).

Directors:
During the year, the company paid dividends to directors of £311,499 (2022 - £300,000).

25. ULTIMATE CONTROLLING PARTY

There is no controlling party.