Registered number:
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
COMPANY INFORMATION
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FOOD TEAM INTERNATIONAL LIMITED
CONTENTS
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FOOD TEAM INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2023.
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.
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FOOD TEAM INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
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
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FOOD TEAM INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
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.
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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.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
The directors expect the company to continue to be profitable.
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FOOD TEAM INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
There have been no significant events affecting the Company since the year end.
The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FOOD TEAM INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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FOOD TEAM INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)
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.
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.
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FOOD TEAM INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)
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.
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.
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FOOD TEAM INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Kent
TN24 8DH
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FOOD TEAM INTERNATIONAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
REGISTERED NUMBER: 05324059
BALANCE SHEET
AS AT 30 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 29 form part of these financial statements.
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FOOD TEAM INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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
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:
Functional and presentation currency
Transactions and balances
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (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:
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.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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.
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
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (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.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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.
Analysis of turnover by country of destination:
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
There were no factors that may affect future tax charges.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
HSBC UK Bank plc hold a fixed and floating charge over the assets of the company.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Profit and loss account
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:
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.
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FOOD TEAM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Included in creditors due within one year are amounts due to the directors, amounting to £233 (2022 - £2,353).
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.
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