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Registered number: 05324059














FOOD TEAM INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 
FOOD TEAM INTERNATIONAL LIMITED
 

COMPANY INFORMATION


Directors
M F Roscoe 
N C Roscoe 




Registered number
05324059



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
FOOD TEAM INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Statement of income and retained earnings
 
 
10
Balance sheet
 
 
11
Statement of cash flows
 
 
12
Analysis of net debt
 
 
13
Notes to the financial statements
 
 
14 - 29


 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2023.

Business review
 
The principal activity of the Company in the year under review was the importation, exportation, and distribution of a wide range of frozen and ambient food products supplied into the food manufacturing, wholesale & retail sectors in the United Kingdom & the Republic of Ireland.
 
Food Team International’s client portfolio comprises of some of the most recognisable and major names in the UK Food sector. 
We have developed our business into a multi-channel distribution and sourcing model supplying all sectors of the food industry. This model has proven to mitigate many of the detrimental macro events over the last 12 months affecting the food industry and, in many cases, we have used our knowledge of market conditions to provide solutions to our customer base.
Our business has strategically reduced exposure to any one ingredient or range allowing Food Team to contract a range of ingredients with customers.
       
The result for the Company shows a pre tax profit of £978,844 (2022 - £664,579 as restated) for the year and sales of £26,025,465 (2022 - £17,728,016). The underlying pre tax profit of £978,844 reflects a significant improvement in our previous year’s results.
Our achieved results were despite ongoing problems associated with the complications associated with BREXIT and consumer behavioural changes resulting from the COVID pandemic. Food Team International’s agile and lean supply chain helped us navigate major macroeconomic events such as the Ukrainian Conflict, energy crisis, labour shortages, food inflation and the deteriorating UK economic environment.
Adverse weather conditions over the last 12 months have affected crop yields and have created uncertainty and intern upward pressure on raw material prices. Without exception, this year all the food products that Food Team sources have increased in price. The combination of increasing inflation of raw material, packaging, energy, transport, and labour costs, has resulted in increased sales prices, and an example of this manifested in our pasta pricing increasing by over 18%.
The company’s ethos has always been about alternative sourcing, presenting buyers with ‘choices’, matching products currently bought by our customers from different geographical growing regions. Food Team International strive to source semi-finished products that help reduce process steps in our customer’s factory and restaurant chains. This is part of our DNA and what we are known for in the market.
The results reflect the pipeline which our team have developed over the last 2 years and a resurgence in demand following the pandemic and also the continuing growth of our customer base.
Our Quality Department has for the fifth year running achieved a grade of AA in our annual British Retail Consortium audit.
Our new operations software launched in May 2021 which has boosted our efficiency and the subsequent efficiencies gained, with the size of our operations team remaining the same as last year.

Page 1

 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Principal risks and uncertainties
 
The management of the business and the execution of the Company strategy are subject to a number of risks. The key business risks affecting the company are set out below.
Brexit
The implications of the UK’s exit from the European Union is significant and includes increased workload, delays in custom clearance, increase costs due to duty rates and the added complication when clearing goods from Ports.
We have however been able to work with customers to provide a streamlined solution which has led to us acting as an intermediary for transactions, rather than them dealing directly with suppliers themselves.
Inflation and Recession
The cost-of-living crisis has been addressed with a significant increase in remuneration for employees, profit margins have been maintained due to increased turnover/volume which has allowed us to take advantage of the economies of scale increasing our average number of pallets being delivered.  Container freight has also decrease with the trend back the pre-2019 averages.  Road transport prices have remained stubbornly high effecting our agility and putting additional pressure on our operations team. 
Ukranian / Russian Conflict 
The start of the financial year resulted in a number of opportunities supplying various charities aiding the Ukrainian cause.
Raw material was also affected due to various farmers changing their crops to fill the void felt by the war.  This has resulted in more complicated sourcing strategies and approving addition countries of origin and supplies.
COVID-19
One year on from Covid, customer habits have changed with more staff working from home which has resulted in a decrease in demand for Food-to-go by as much as 30% when comparing with 2019 with fewer workers travelling into their workplace and instead working from home.
Competition
The group operates in a highly competitive market particularly around price and service. 
Our supply partners have supported our growth and ensured that we remain competitive.  In addition, we have actively sourced from different geographical regions in order to ensure we spread risk in case of crop shortages, shipment delays, or conflict.
Employee skills and retention
We have successfully retained our staff by offering further training and education for those staff members who have the ability to grow in their leadership roles.
Remuneration of employees are above levels in our local area and all increases were above inflation.
Two staff members were recruited via the apprenticeship scheme and these resources have boosted our operations team.
In conclusion, Revenue has increased from £18m to £27m.  Our bank has supported both our growth and business model and looking forward this will give us a firm footing for next year.
Our business model has proven that in time of conflict, in times of steep inflation and costs our model permits Food Team to prosper

Page 2

 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Financial key performance indicators
 
Given the straight forward nature of the business the company's directors are of the opinion that turnover and profit before tax are the key performance indicators (KPIs) for the business and more detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 17 November 2023 and signed on its behalf.



................................................
M F Roscoe
Director

Page 3

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £782,555 (2022 - £553,607).

Dividends totalling £382,027 (2022 - £830,000) were paid in the year. No further dividend is proposed in relation to the financial year.

Directors

The directors who served during the year were:

M F Roscoe 
N C Roscoe 

Future developments

The directors expect the company to continue to be profitable.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 November 2023 and signed on its behalf.
 





................................................
M F Roscoe
Director

Page 5

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Food Team International Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
•     Discussions with management regarding known or suspected instances of non-compliance with laws and
       regulations;
•     Evaluation of controls designed to prevent and detect irregularities; and
•     Assessing journal entries as part of our planned audit approach.


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 Auditors' report.


Other matters 
 

The previous period's financial statements, the financial statements for the year ended 30 April 2022, were not subjected to an audit as the company took advantage of the small company exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members did not require the company to obtain an audit of its accounts for the year ended 30 April 2022 in accordance with section 476.


Page 8

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Andrew John Childs FCA (Senior statutory auditor)
  
for and on behalf of
Magee Gammon Corporate Limited
 
Chartered Accountants
Statutory Auditors
  
Henwood House
Henwood
Ashford
Kent
TN24 8DH

17 November 2023
Page 9

 
FOOD TEAM INTERNATIONAL LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2023

As restated
2023
2022
Note

  

Turnover
 4 
26,025,465
17,728,016

Cost of sales
  
(23,874,942)
(16,529,179)

Gross profit
  
2,150,523
1,198,837

Administrative expenses
  
(1,171,775)
(535,139)

Operating profit
 5 
978,748
663,698

Interest receivable and similar income
 9 
96
887

Interest payable and similar expenses
 10 
-
(6)

Profit before tax
  
978,844
664,579

Tax on profit
 11 
(196,289)
(110,972)

Profit after tax
  
£782,555
£553,607

Retained earnings
  

-  as previously stated
  
1,062,119
1,613,711

-  correction of a prior period error
  
275,199
-

At the beginning of the year as restated
  
1,337,318
1,613,711

  

Profit for the year
  
782,555
553,607

Dividends declared and paid
  
(382,027)
(830,000)

Retained earnings at the end of the year
  
£1,737,846
£1,337,318
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
FOOD TEAM INTERNATIONAL LIMITED
REGISTERED NUMBER: 05324059

BALANCE SHEET
AS AT 30 APRIL 2023

As restated
2023
2022
Note

Fixed assets
  

Tangible assets
 14 
59,722
49,397

Investments
 15 
2,353
2,353

  
62,075
51,750

Current assets
  

Stocks
 16 
3,348,132
1,769,569

Debtors: amounts falling due within one year
 17 
4,561,642
3,537,453

Cash at bank and in hand
 18 
145,851
480,218

  
8,055,625
5,787,240

Creditors: amounts falling due within one year
 19 
(6,331,590)
(4,455,990)

Net current assets
  
 
 
1,724,035
 
 
1,331,250

Total assets less current liabilities
  
1,786,110
1,383,000

 
Provisions for liabilities
  

Deferred tax
 21 
(14,931)
(12,349)

Net assets
  
£1,771,179
£1,370,651


Capital and reserves
  

Called up share capital 
 22 
33,333
33,333

Profit and loss account
  
1,737,846
1,337,318

  
£1,771,179
£1,370,651


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 November 2023.




................................................
M F Roscoe
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
FOOD TEAM INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

As restated
2023
2022

Cash flows from operating activities

Profit for the financial year
782,555
553,607

Adjustments for:

Depreciation of tangible assets
12,994
15,663

Interest paid
-
6

Interest received
(96)
(887)

Taxation charge
196,289
110,972

(Increase) in stocks
(1,578,563)
(621,482)

(Increase) in debtors
(786,143)
(1,602,285)

(Increase) in amounts owed by groups
(236,611)
(109,008)

(Increase)/decrease in amounts owed by associates
(1,435)
308

Increase in creditors
311,614
2,041,485

Increase in amounts owed to groups
129,000
-

Corporation tax (paid)
(34,070)
(63,426)

Net cash generated from operating activities

(1,204,466)
324,953


Cash flows from investing activities

Purchase of tangible fixed assets
(23,319)
(5,791)

Purchase of share in associates
-
(2,353)

Interest received
96
887

Net cash from investing activities

(23,223)
(7,257)

Cash flows from financing activities

Movements on invoice discounting
1,275,349
408,140

Dividends paid
(382,027)
(830,000)

Interest paid
-
(6)

Net cash used in financing activities
893,322
(421,866)

Net (decrease) in cash and cash equivalents
(334,367)
(104,170)

Cash and cash equivalents at beginning of year
480,218
584,388

Cash and cash equivalents at the end of year
£145,851
£480,218


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
£145,851
£480,218


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
FOOD TEAM INTERNATIONAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023




At 1 May 2022
Cash flows
At 30 April 2023



Cash at bank and in hand

480,218

(334,367)

145,851

Debt due within 1 year

(2,353)

2,120

(233)


£477,865
£(332,247)
£145,618

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Food Team International Limited is a private company limited by shares and incorporated in England and Wales. The company number is  05324059. The registered office address is Henwood House, Henwood, Ashford, Kent TN24 8DH. The principal place of business is 12-16 Grosvenor Road, Tunbridge Wells, Kent, TN1 2AB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The amounts presented in the financial statements are rounded to the nearest whole GBP (£).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the most appropriate basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 18

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
(i) Purchase recognition - directors recognise the purchases when significant risks and rewards of ownership are passed to them as a buyer. They consider this has taken place on delivery.
(ii) Useful economic life of fixed and intangible assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are reassessed annually and amended where necessary.
(iii) Bad debts - Directors have included bad debt provisions for items due from customers in administration and any other debts which are in dispute and have been reviewed. A proportion has been provided based on expected outcome.
(iv) Stock valuation - Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Frozen and ambient food
£26,025,465
£17,728,016


Analysis of turnover by country of destination:

2023
2022

United Kingdom
23,586,349
16,816,078

Rest of Europe
2,434,528
911,938

Rest of the world
4,588
-

£26,025,465
£17,728,016


Page 20

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022

Research & development charged as an expense
14,976
116,555

Exchange differences
(13,505)
(406,706)

Other operating lease rentals
7,188
8,244

£5,717
£298,395


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022

Wages and salaries
439,083
307,383

Social security costs
42,579
28,451

Cost of defined contribution scheme
9,060
8,349

£490,722
£344,183


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Staff
10
7

12
9

Page 21

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Directors' remuneration

2023
2022

Directors' emoluments
59,062
18,673

Company contributions to defined contribution pension schemes
-
231

£59,062
£18,904


During the year retirement benefits were accruing to no directors (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022


Other interest receivable
£96
£887


10.


Interest payable and similar expenses

2023
2022


Other interest payable
£-
£6

Page 22

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Taxation


As restated
2023
2022

Corporation tax


Current tax on profits for the year
193,707
98,623


Total current tax
£193,707
£98,623

Deferred tax


Origination and reversal of timing differences
2,582
12,349

Total deferred tax
£2,582
£12,349


Taxation on profit on ordinary activities
£196,289
£110,972

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19.493% (2022 -19%). The differences are explained below:

As restated
2023
2022


Profit on ordinary activities before tax
£978,844
£664,579


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.493% (2022 -19%)
190,806
126,270

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,631
3,510

Capital allowances for year in excess of depreciation
3,852
13,894

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(32,691)

Group relief
-
(11)

Total tax charge for the year
£196,289
£110,972


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Dividends

2023
2022


Dividends
£382,027
£830,000


13.


Intangible assets




Goodwill



Cost


At 1 May 2022
40,000



At 30 April 2023

40,000



Amortisation


At 1 May 2022
40,000



At 30 April 2023

40,000



Net book value



At 30 April 2023
£-



At 30 April 2022
£-



Page 24

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total



Cost or valuation


At 1 May 2022
-
1,467
80,586
36,191
118,244


Additions
18,241
-
598
4,480
23,319



At 30 April 2023

18,241
1,467
81,184
40,671
141,563



Depreciation


At 1 May 2022
-
722
45,252
22,873
68,847


Charge for the year on owned assets
-
187
8,973
3,834
12,994



At 30 April 2023

-
909
54,225
26,707
81,841



Net book value



At 30 April 2023
£18,241
£558
£26,959
£13,964
£59,722



At 30 April 2022
£-
£745
£35,334
£13,318
£49,397


15.


Fixed asset investments





Investments in associates



Cost or valuation


At 1 May 2022
2,353



At 30 April 2023
£2,353





16.


Stocks

As restated
2023
2022

Finished goods and goods for resale
£3,348,132
£1,769,569


Page 25

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


Debtors

2023
2022


Trade debtors
3,977,007
3,227,306

Amounts owed by group undertakings
345,619
109,008

Amounts owed by joint ventures and associated undertakings
2,683
1,248

Other debtors
184,750
187,250

Prepayments and accrued income
40,964
2,022

Tax recoverable
10,619
10,619

£4,561,642
£3,537,453



18.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£145,851
£480,218



19.


Creditors: Amounts falling due within one year

As restated
2023
2022

Trade creditors
2,979,642
2,431,462

Amounts owed to group undertakings
129,000
-

Corporation tax
258,260
98,623

Other taxation and social security
6,560
-

Proceeds of factored debts
2,880,671
1,605,322

Other creditors
1,978
132,983

Accruals and deferred income
75,479
187,600

£6,331,590
£4,455,990


The following liabilities were secured:

2023
2022



Proceeds of factored debts
2,880,671
1,605,322

Details of security provided:

HSBC UK Bank plc hold a fixed and floating charge over the assets of the company.

Page 26

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

20.


Financial instruments

As restated
2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
145,851
480,218

Financial assets measured at amortised cost
4,161,757
3,414,556

£4,307,608
£3,894,774


Financial Liabilities


Financial liabilities measured at fair value through profit or loss
(2,880,671)
(1,605,322)

Financial liabilities measured at amortised cost
(2,988,180)
(2,564,445)

£(5,868,851)
£(4,169,767)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial assets measured at amortised cost include trade debtors and other debtors.


Financial instruments measured at fair value through profit or loss comprise of proceeds of factored debt.


Other financial liabilities measured at fair value through profit or loss comprise of trade creditors, other taxation and social security and other creditors.


21.


Deferred taxation




2023
2022





At beginning of year
12,349
-


Charged to profit or loss
2,582
12,349



At end of year
£14,931
£12,349

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
£14,931
£12,349

Page 27

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Share capital

2023
2022
Allotted, called up and fully paid



33,333 (2022 - 33,333) Ordinary shares of £1.00 each
£33,333
£33,333

All shares allotted carry full voting rights and are entitled to recieve dividends.



23.


Reserves

Profit and loss account

The profit and loss account reserve represents the accumulation amounts passing through the statement of comprehensive income. This reserve represents distributable profits.


24.


Prior year adjustment

An adjustment of the prior year financial statements has been recognised to reflect errors identifed in respect of goods in transit, stock provisions and trade creditors.  The adjustment is set out below:
 

Profit after tax as previously reported
278,408 

Error in respect of stock (cost of sales)
582,910 

Error in respect of creditors (cost of sales)
(243,159)

Corporation tax effect of errors

(64,552)

Restated profit after tax
553,607





Retained earnings as previously reported
1,062,119

Restatement of comparatives

275,199

Restated retained earnings
1,337,318



25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,060 (2022 - £8,349). Contributions totalling £1,745 (2022 - £1,630) were payable to the fund at the balance sheet date and are included in creditors.

Page 28

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

26.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
2,876
7,520

Later than 1 year and not later than 5 years
-
2,876

£2,876
£10,396


27.


Transactions with directors

Included in creditors due within one year are amounts due to the directors, amounting to £233 (2022 - £2,353).

28.


Related party transactions

The company invoiced a company which is an associate of the parent undertaking, recharged expenses of £464 (2022 - £Nil) and made purchases of £249,153 (2022 - £12,759), on normal commercial terms. At the balance sheet date, £85,749 (2022 - £Nil) was due to this company. This amount is interest free and repayable on demand.
The company invoiced a company which is a partly owned subsidiary of the parent undertaking, sales of £64,819 (2022 - £Nil), salary recharges of £8,999 (2022 - £Nil) and made purchases of £482 (2022 - £Nil), on normal commerical terms. At the balance sheet date, £124,168 (2022 - £Nil) was due from this company. This amount is interest free and repayable on demand.
At the balance sheet date, £70,000 (2022 - £Nil) was due from a company in which a director has an interest. This amount is interest free and repayable on demand.


29.
Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate and ultimate parent undertaking is Food Team Group Limited, a company incorporated in England and Wales. 
M Roscoe is the controlling party of the company.
The parent undertaking of the group to consolidate their financial statements is Food Team Group Limited, a company incorporated in England and Wales. The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
Food Team Group Limited is also the most senior parent entity producing publicly available financial statements.
Food Team Group Limited has prepared consolidated financial statements which include this company and are publicly available.



Page 29