WOOD PARK FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company Registration No. 09176052 (England and Wales)
WOOD PARK FOODS LIMITED
COMPANY INFORMATION
Directors
Mr I R Stewart
Mr J L Wood
Mr P M Jones
Mr P N Barratt
Company number
09176052
Registered office
Wood Park
Chester High Road
Neston
CH64 7TB
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
WOOD PARK FOODS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
WOOD PARK FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of processors and distributors of conventional, organic and fair trade food ingredients.

 

Business review and results

The profit before tax for the group and its share of its associated company profits was £936k (2022: £1,125k).

 

The group recorded sales of £84,959k (2022: £81,204k). This growth arose from large increases in sales in the United States, with UK based sales remaining stable. Sales from Berries Chile were also in line with prior year.

 

In light of the pressures caused by high supply chain costs, raw material volatility and the impact of rising energy costs and interest rates, we are pleased that our focus on cost control and tight working capital management has enabled us to maintain profitability at similar levels to last year without compromising the quality, service and value we offer our customers.

 

 

Key performance indicators

 

Key performance indicators include turnover, cost of goods sold as a percentage of sales, and total borrowing levels.

 

2023          2022

 

Revenue (£000)                    84,959        81,204

Cost of sales (£000)                78,420        75,367

Cost of sales as percentage of revenue (%)        92.3         92.8

Group borrowing (net debt) (£000)            8,317        12,008

 

 

 

Group revenues rose 4.6%, due to a strong performance in the USA. Cost of sales has as a % of sales has remained in line with prior year.

 

The group’s borrowings have reduced by 30% as a result of a combination of falling raw material prices in 2023 and our focus on working capital management. We have remained comfortably within our existing banking facilities throughout the year.

 

 

 

WOOD PARK FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Section 172 statement

The board of directors of Wood Park Foods Limited consider, both individually and collectively, that they have acted in such a manner that they believe are in good faith to be the most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and other matters set out in s172(1) of the Act) in the decisions they made during the year ended 31 March 2023. When making these decisions, the board of directors seek to understand their impact on the wider stakeholders of the group and act in the interest of these stakeholders while also seeking to generate sustainable growth for the business.

 

Our employees are our most important asset and we aim to be a responsible employer in our approach to the pay and benefits they receive. Ensuring the health, safety and wellbeing of our employees is of the highest importance and one of the primary considerations in the manner in which we conduct business.

 

Caring for our customers is fundamental to the success of our business and we endeavour to serve them to the best of our ability. We are committed to ensuring that our products the quality, safety and value of our products as evidenced by our investment in our quality assurance team and in our BRC Agents and Brokers accreditation.

 

We also aim to act responsibly and fairly in our engagement with suppliers, regulators, insurers, charitable partners, governments, and local authorities. All suppliers are paid in accordance with agreed terms.

 

The intention of the board of directors is always to act responsibly and to ensure that the business operates in a responsible manner, adhering to standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour and integrity, is fundamental to our continuing ability to achieve profitable growth for the benefit of all our stakeholders in the future.

On behalf of the board

Mr P M Jones
Director
20 November 2023
WOOD PARK FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

This report contains the statutory information disclosed in addition to that set out in the strategic report. Information relating to the group and company's principal activity which would otherwise be included in the directors' report, is included in the strategic report.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were declared amounting to £500k (2022: £871k). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr I R Stewart
Mr J L Wood
Mr P M Jones
Mr P N Barratt
Future developments

The directors aim to maintain the management policies which have resulted in the group’s development in recent years and to focus on initiatives which drive improved profitability.

The directors continue to assess the impact of the UK’s decision to leave the EU to ensure the group remains competitive in both the UK and global markets.

Auditor

The auditor, DSG, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

WOOD PARK FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Energy and carbon report

The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1, 2 and to some extent scope 3 emissions, an appropriate intensity metric, the total energy use of electricity, oil and transport fuel and an energy efficiency actions summary taken during the relevant financial year.

 

 

2023

2022

Energy consumption used to calculate emissions (kWh)

105,514

72,661

Emissions from combustion of liquid fuels kgCO2e (Scope 1)

10,587

10,159

Emissions from purchased electricity kgCO2e (Scope 2)

15,093

7,818

Emissions from business travel in rental cards or employee owned vehicles where company is responsible for purchasing the fuel

1,285

1,017

Total gross kgCO2e based on above

29,965

18,995

Intensity ratio: Gross kgCO2e/£000 Turnover

0.32

0.23

 

 

 

 

Methodology

Electricity usage has been collected using data from 3rd party meter readings, business mileage has been estimated from data from employee expense forms and fuel usage calculated from the amount purchased in the year. Usage volumes have been multiplied by the gov.uk greenhouse gas reporting conversion factors to arrive at the figures reported above. Energy use is presented in Gross Calorific Value kWh and emissions are presented in kilograms of CO2 equivalent (kgCO2e).

 

Energy Efficiency Action

Wood Park Foods is committed to achieve savings in energy and associated carbon emissions, through technological and operational improvements including:

 

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Political contributions

Neither the Company nor any of its subsidiaries made any political donations or incurred any political expenditure during the year.

WOOD PARK FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Principal risks and uncertainties

The Company and Group use financial instruments, including loans, cash, equity investments and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company’s and Group’s operations.

The existence of these financial instruments exposes the Company and Group to a number of financial risks, which are described in more detail below. In order to manage the Company’s and Group’s exposure to these risks, in particular the exposure to currency risk, the Company and Group enter into forward foreign currency contracts.

Currency risk – The Group is exposed to translation and transaction foreign currency risk. In relation to translation risk, as far as possible the assets held in the foreign currency are matched to an appropriate level of borrowings in the same currency. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts.

Liquidity risk – the Company and Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

Interest risk – The Company and Group finances its operations through a mixture of retained profits and bank borrowings. The only interest bearing liabilities are bank borrowings at a variable rate.

On behalf of the board
Mr P M Jones
Director
20 November 2023
WOOD PARK FOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

WOOD PARK FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD PARK FOODS LIMITED
- 7 -
Opinion

We have audited the financial statements of Wood Park Food Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

WOOD PARK FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOOD PARK FOODS LIMITED
- 8 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

WOOD PARK FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOOD PARK FOODS LIMITED
- 9 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

Laura Leslie BSc ACA
For and on behalf of
20 November 2023
DSG
Chartered Accountants
Statutory Auditor
WOOD PARK FOODS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
Notes
£'000
£'000
Turnover
3
84,959
81,204
Cost of sales
(78,420)
(75,367)
Gross profit
6,539
5,837
Administrative expenses
(5,216)
(4,600)
Operating profit
4
1,323
1,237
Share of profits of associates
243
216
Interest receivable and similar income
9
109
143
Interest payable and similar expenses
8
(739)
(471)
Profit before taxation
936
1,125
Tax on profit
10
(121)
(272)
Profit for the financial year
815
853
Profit for the financial year is attributable to:
- Owners of the parent company
571
853
- Non-controlling interests
244
-
815
853
WOOD PARK FOODS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
£'000
£'000
Profit for the year
815
853
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
39
(143)
Cash flow hedges (loss)/gain arising in the year
(223)
677
Other comprehensive income for the year
(184)
534
Total comprehensive income for the year
631
1,387
Total comprehensive income for the year is attributable to:
- Owners of the parent company
387
1,387
- Non-controlling interests
244
-
631
1,387
WOOD PARK FOODS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 12 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
12
2,232
2,184
Investments
13
2,128
1,967
4,360
4,151
Current assets
Stocks
16
7,387
10,581
Debtors
18
15,414
19,019
Cash at bank and in hand
857
834
23,658
30,434
Creditors: amounts falling due within one year
19
(18,681)
(25,449)
Net current assets
4,977
4,985
Total assets less current liabilities
9,337
9,136
Creditors: amounts falling due after more than one year
20
(208)
(182)
Provisions for liabilities
Deferred tax liability
23
-
0
(44)
-
44
Net assets
9,129
8,998
Capital and reserves
Called up share capital
25
1
1
Share premium account
23
23
Hedging reserve
25
(64)
159
Profit and loss reserves
8,925
8,815
Equity attributable to owners of the parent company
8,885
8,998
Non-controlling interests
244
-
9,129
8,998
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
20 November 2023
Mr P M Jones
Director
WOOD PARK FOODS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 13 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
13
5,006
5,006
Current assets
Debtors
18
85
23
Cash at bank and in hand
1
1
86
24
Creditors: amounts falling due within one year
19
(4,758)
(4,585)
Net current liabilities
(4,672)
(4,561)
Total assets less current liabilities
334
445
Provisions for liabilities
Deferred tax liability
23
-
0
(62)
-
62
Net assets
334
507
Capital and reserves
Called up share capital
25
1
1
Share premium account
23
23
Profit and loss reserves
310
483
Total equity
334
507

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £327k (2022 - £1,168k).

The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
20 November 2023
Mr P M Jones
Director
Company registration number 09176052 (England and Wales)
WOOD PARK FOODS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Share capital
Share premium account
Hedging reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 April 2021
1
23
(518)
8,976
8,482
-
8,482
Year ended 31 March 2022:
Profit for the year
-
-
-
853
853
-
853
Other comprehensive income:
Currency translation differences
-
-
-
(143)
(143)
-
(143)
Cash flow hedges gains arising in the year
-
-
677
-
677
-
677
Total comprehensive income for the year
-
-
677
710
1,387
-
1,387
Dividends
11
-
-
-
(871)
(871)
-
(871)
Balance at 31 March 2022
1
23
159
8,815
8,998
-
0
8,998
Year ended 31 March 2023:
Profit for the year
-
-
-
571
571
244
815
Other comprehensive income:
Currency translation differences
-
-
-
39
39
-
39
Cash flow hedges gains arising in the year
-
-
(223)
-
(223)
-
(223)
Total comprehensive income for the year
-
-
(223)
610
387
244
631
Dividends
11
-
-
-
(500)
(500)
-
(500)
Balance at 31 March 2023
1
23
(64)
8,925
8,885
244
9,129
WOOD PARK FOODS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 April 2021
1
23
186
210
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
1,168
1,168
Dividends
11
-
-
(871)
(871)
Balance at 31 March 2022
1
23
483
507
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
327
327
Dividends
11
-
-
(500)
(500)
Balance at 31 March 2023
1
23
310
334
WOOD PARK FOODS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
30
5,835
415
Interest paid
(739)
(471)
Income taxes paid
(170)
(300)
Net cash inflow/(outflow) from operating activities
4,926
(356)
Investing activities
Purchase of tangible fixed assets
(289)
(228)
Proceeds from disposal of tangible fixed assets
-
1
Interest received
6
80
Dividends received
103
62
Net cash used in investing activities
(180)
(85)
Financing activities
Movement in invoice discounting
(3,644)
768
Movement in bank loans
(23)
733
Payment of finance leases obligations
20
(44)
Dividends paid to equity shareholders
(1,076)
(871)
Net cash (used in)/generated from financing activities
(4,723)
586
Net increase in cash and cash equivalents
23
145
Cash and cash equivalents at beginning of year
834
689
Cash and cash equivalents at end of year
857
834
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
1
Accounting policies
Company information

Wood Park Food Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wood Park, Chester High Road, Neston, CH64 7TB.

 

The group consists of Wood Park Food Limited and all of its subsidiaries. The principal activity is included in the strategic report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wood Park Food Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Investments in associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value.

 

If the group’s share of losses in an associate equals or exceeds its investment in the associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the associate.

 

Unrealised gains arising from transactions with associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Cashflow forecasts are prepared which show that the company and group, has sufficient reserves and can operate within their agreed banking facilities. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line on buildings, 0% on land
Plant and equipment
8 - 20% straight line
Fixtures and fittings
15 - 50% straight line
Motor vehicles
20 - 40% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 22 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 23 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases and charged to the profit and loss.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The critical accounting policies where judgements or estimates are necessarily applied are detailed below.

 

Cashflow hedge effectiveness

In considering cashflow effectiveness, the timing of the cashflows on each unmatured financial instrument is compared to the estimating timing of the cashflows arising from the on the corresponding sales or purchase contract on a case by case basis. Given that the timing of the cashflows arising from sales or purchase contract may change as a consequence of change in customer demand or changes in production or logistics arrangements with suppliers, the effectiveness of a hedge may be greater or less than expected, changing the extent to which changes in the fair value of effective cashflow hedges are recognised in the statement of other comprehensive income. The change in fair value of effective cashflow hedges for the year ended 31 March 2023 is shown in the Statement of Changes in Equity.

3
Turnover and other revenue
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
51,372
54,325
Rest of the world
33,587
26,879
84,959
81,204
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Turnover and other revenue
(Continued)
- 24 -
2023
2022
£'000
£'000
Other revenue
Interest income
6
81
Dividends received
103
62

 

All turnover relates to the sale of fruit, fruit juices and concentrates, vegetables, honey, nuts and other food ingredients.

4
Operating profit
2023
2022
£'000
£'000
Operating profit for the year is stated after charging:
Exchange losses
296
190
Depreciation of owned tangible fixed assets
309
335
Operating lease charges
62
63
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
3
5
Audit of the financial statements of the company's subsidiaries
26
30
29
35
For other services
Taxation compliance services
6
6
All other non-audit services
4
-
10
6
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
as restated
Purchasing and distribution
142
132
-
-
Sales and marketing
13
12
-
-
Administration
29
31
-
-
Total
184
175
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Wages and salaries
3,860
3,209
-
0
-
0
Social security costs
580
447
-
-
Pension costs
183
128
-
0
-
0
4,623
3,784
-
0
-
0
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
706
722
Company pension contributions to defined contribution schemes
43
15
749
737
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£'000
£'000
Remuneration for qualifying services
240
240

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022: 3).

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
8
Interest payable and similar expenses
2023
2022
£'000
£'000
Other interest on financial liabilities
69
118
Other interest
670
353
Total finance costs
739
471
9
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
6
45
Other interest income
-
36
Total interest revenue
6
81
Other income from investments
Dividends received
103
62
Total income
109
143
10
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
121
254
Deferred tax
Origination and reversal of timing differences
-
0
18
Total tax charge
121
272
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
Profit before taxation
936
1,125
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
178
214
Tax effect of expenses that are not deductible in determining taxable profit
3
5
Permanent capital allowances in excess of depreciation
14
12
Other permanent differences
(74)
23
Deferred tax movement
-
0
18
Taxation charge
121
272
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£'000
£'000
Final paid
500
871
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2022
1,579
1,555
742
25
3,901
Additions
149
116
24
-
0
289
Exchange adjustments
39
119
2
4
164
At 31 March 2023
1,767
1,790
768
29
4,354
Depreciation and impairment
At 1 April 2022
396
900
431
(10)
1,717
Depreciation charged in the year
54
154
99
2
309
Exchange adjustments
18
53
7
18
96
At 31 March 2023
468
1,107
537
10
2,122
Carrying amount
At 31 March 2023
1,299
683
231
19
2,232
At 31 March 2022
1,183
655
311
35
2,184
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 28 -
Land and buildings are shown at cost. Land and buildings are represented by a cold store situated in Chile and the freehold UK head office premises.
Included within the cost of land and buildings is £339k (2022: £339k) in respect of land which is not depreciated.
Included in the net book value of plant, equipment and motor vehicles is £568k (2022: £535k) in respect of finance leases. Depreciation for the year on these assets was £155k (2022: £143k).
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
14
-
0
-
0
5,006
5,006
Investments in associates
15
2,128
1,967
-
0
-
0
2,128
1,967
5,006
5,006
Movements in fixed asset investments
Group
Shares in associates
£'000
Cost
At 1 April 2022
1,967
Share of profits
243
Exchange rate difference
(82)
At 31 March 2023
2,128
Carrying amount
At 31 March 2023
2,128
At 31 March 2022
1,967
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost
At 1 April 2022 and 31 March 2023
5,006
Carrying amount
At 31 March 2023
5,006
At 31 March 2022
5,006
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Uren Food Group Limited
UK
Neston, UK
Ordinary
100.00
-
Berries Chile SA
Chile
Linares, Chile
Ordinary
-
80.00
Uren North America LLC
USA
North Carolina, USA
Ordinary
-
100.00

All the group undertakings are engaged in the same principal activities as the parent company. All companies have a financial year end of 31 March except Berries Chile SA, which has a 31 December year end, a legal requirement in Chile. All the subsidiary undertakings are included in the consolidation.

15
Associates

Details of associates at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Uren Novaberry Sp. z.o.o.
Poland
Lublin, Poland
Ordinary
34
Uren Serbia
Serbia
Ljubovija, Serbia
Ordinary
33

All the group undertakings are engaged in the same principal activities as the parent company. All companies have a financial year end of 31 March. All the associate undertakings are included in the consolidation.

16
Stocks
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Raw materials and consumables
7,387
10,581
-
-

 

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
17
Financial instruments
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Carrying amount of financial assets
Debt instruments measured at amortised cost
14,571
17,765
-
-
Debt instruments measured at fair value
81
189
-
-
Carrying amount of financial liabilities
Measured at amortised cost
17,927
24,523
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
14,439
17,664
-
0
-
0
Other debtors
316
457
23
23
Prepayments and accrued income
596
897
-
0
-
0
15,351
19,018
23
23
Deferred tax asset (note 23)
63
1
62
-
0
15,414
19,019
85
23

All debts are repayable on demand. An impairment loss of £430k was recognised (2022: £253k) in the group accounts.

 

19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans
22
3,694
3,726
-
0
-
0
Obligations under finance leases
21
50
47
-
0
-
0
Invoice discounting
22
5,325
8,969
-
0
-
0
Trade creditors
6,768
9,116
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,323
3,643
Amounts owed to associates
264
137
-
0
-
0
Corporation tax payable
63
112
-
0
-
0
Other taxation and social security
899
996
-
-
Other creditors
648
1,182
435
942
Accruals and deferred income
970
1,164
-
0
-
0
18,681
25,449
4,758
4,585

Obligations under finance leases are secured by way of a charge over the relevant assets.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
22
155
146
-
0
-
0
Obligations under finance leases
21
53
36
-
0
-
0
208
182
-
-

Obligations under finance leases are secured by way of a charge over the relevant assets.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Future minimum lease payments due under finance leases:
Within one year
50
47
-
0
-
0
In two to five years
53
36
-
0
-
0
103
83
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Bank loans
3,849
3,872
-
0
-
0
Invoice discounting
5,325
8,969
-
0
-
0
9,174
12,841
-
-
Payable within one year
9,019
12,695
-
0
-
0
Payable after one year
155
146
-
0
-
0

At 31 March 2023 the group's bank borrowings are secured by a charge against the assets of the Uren Food group. At the balance sheet date group borrowings on which security has been given, total £9,174k (2022: £12,841k).

 

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 32 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£'000
£'000
£'000
£'000
Decelerated capital allowances
-
-
63
45
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£'000
£'000
£'000
£'000
Decelerated capital allowances
-
-
62
62
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£'000
£'000
Asset at 1 April 2022
(45)
(62)
Credit to profit or loss
(18)
-
Asset at 31 March 2023
(63)
(62)

In the company and group accounts, the deferred tax asset includes the deferred tax relating to timing differences between capital allowances and depreciation.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
183
128

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 33 -
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary of £1 each
1,053
1,053
1
1

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

 

Called-up share capital

This represents the nominal value of the shares that have been issued.

 

Profit and loss account

This includes all current and prior period retained profits and losses.

 

Cash flow hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred.

 

Dividends

Total dividends of £500k (2022: £871k) equivalent to £500 (2022: £871) per qualifying ordinary share were proposed by the directors.

26
Financial commitments, guarantees and contingent liabilities

Uren Food Group Limited has given guarantees to HMRC in relation to its duty deferment bond amounting to £300k (2022: £300k). On 8 March 2019 the company entered into a cross guarantee and fixed and floating charge agreement with Wood Park Foods Limited in favour of HSBC PLC. This guarantees the Uren Food Group Limited bank facilities of £12,000k. The directors believe the financial condition of the Group is such that this guarantee will not be called upon. There was a liability of £5,325k (2022: £8,969k) at the end of the current financial year. On 21 January 2020, Uren Food Group provided a guarantee of £2,500k in favour of HSBC Chile. The guarantee was increased to £3,200k in December 2021 and to £4,200k in December 2022. This guarantees the Berries Chile SA bank facilities with HSBC. The directors believe the financial condition of the Group is such that this guarantee will not be called upon. The parent company has provided a guarantee in respect of group loan facilities which are included within group loans of £3,849k (2022: £3,872k) at the end of the current financial year, disclosed in Note 22.

27
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Within one year
32
42
-
-
Between two and five years
8
29
-
-
40
71
-
-
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 34 -
28
Related party transactions

At the beginning and end of the year, an employee had a 15% interest in Uren Novaberry Sp. z o.o. The company is an associated company of the Uren Group and trades with the group. Uren Novaberry turnover was £11,250k for the year ended 31 March 2023 (2022: £9,300k) of which £1,654k (2022: £1,834k) sales were to Uren Food Group Limited. At 31 March 2023 £264k was due to the associate from the group (2022: £137k) as part of normal trading. No amounts were written off the debt due to Uren Novaberry Sp. z o.o. during the year.

 

During the year, Uren Food Group entered into transactions with Berries Chile SA, a subsidiary, of which it owns 80%, in the ordinary course of business. Purchases from Berries Chile SA in the year were £1,291k (2022: £1,102k). At 31 March 2023, £70k was due from Berries Chile SA (2022: (£248k). No amounts were written off the debt due from Berries Chile SA during the year.

 

At 31 March 2023, £103k (2022: £34k) was due to directors and is included in other creditors. The directors loan account was not overdrawn at any point in they year.

 

At 31 March 2023, £333k (2022: £908k) was included in other creditors in relation to unpaid dividends to shareholders.

 

Transactions with key management personnel

 

Total compensation to key management personnel in the year amounted to £749k (2022: £737k).

29
Controlling party

There is no ultimate controlling party of the company.

30
Cash generated from group operations
2023
2022
£'000
£'000
Profit for the year after tax
815
853
Adjustments for:
Share of results of associates and joint ventures
(243)
(216)
Taxation charged
121
272
Finance costs
739
471
Investment income
(109)
(142)
Depreciation and impairment of tangible fixed assets
309
337
Foreign exchange (gains) / losses
(80)
(356)
Movements in working capital:
Decrease in stocks
3,194
2,153
Decrease/(increase) in debtors
3,559
(6,611)
(Decrease)/increase in creditors
(2,470)
3,654
Cash generated from operations
5,835
415
WOOD PARK FOODS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 35 -
31
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£'000
£'000
£'000
Cash at bank and in hand
834
23
857
Borrowings excluding overdrafts
(12,841)
3,667
(9,174)
Obligations under finance leases
(83)
(20)
(103)
(12,090)
3,670
(8,420)
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