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REGISTERED NUMBER: 03262617 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2023

for

Newberry International Produce Ltd

Newberry International Produce Ltd (Registered number: 03262617)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


Newberry International Produce Ltd

Company Information
for the year ended 28 February 2023







Directors: Mrs G L Taylor
S Taylor
L K Rowley



Registered office: Unit 6 & 7 Newent Business Park
Newent
Gloucestershire
GL18 1DZ



Registered number: 03262617 (England and Wales)



Senior statutory auditor: Russell John Spencer



Auditors: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

Newberry International Produce Ltd (Registered number: 03262617)

Strategic Report
for the year ended 28 February 2023


The directors present their strategic report for the year ended 28 February 2023.

Review of business
The directors are pleased to report sales growth of 50% to £45.3m in the year, achieved from the development of UK and international markets and recovery from the Covid-19 pandemic. Margins came under pressure from a number of factors including cost impacts resulting from the war in Ukraine, together with raw material price rises and domestic inflationary pressures. Despite these factors, Gross profit improved to £3.5m.

The company continued to invest in personnel and infrastructure to deliver longer term growth plans, resulting in a small reduction in operating profit to £1.15m.

The balance sheet has continued to be strengthened from the retained profits with net assets improving to £3.45m.

Principal risks and uncertainties
The principal risks faced by the business continue to be the supply of quality produce, exposure to foreign exchange movements and capacity risk. These are being addressed as follows:
- Produce risks are managed through carrying increased stock in key product categories and entering into medium term agreements with the company's global supplier network;
- Foreign currency exposure is managed through entry into forward hedging products; and
- Medium term capacity risk is addressed through the development of a new operating site in the UK which is set to become operational in 2024.

Key performance indicators
The company monitors a range of KPIs covering financial performance, working capital management, technical, health and safety, customer complaints and environmental matters.
In May 2023 Newberry was re-awarded the highest achievable AA+ quality rating from the British Retail Consortium reflecting the focus on quality assurance and food safety throughout the

Future developments
The directors consider the Business well placed for further expansion over the next 24 months, particularly once the new production unit goes live in 2024. Future performance is largely underpinned by contracted revenues with key customers through to 2025.

On behalf of the board:





Mrs G L Taylor - Director


28 November 2023

Newberry International Produce Ltd (Registered number: 03262617)

Report of the Directors
for the year ended 28 February 2023


The directors present their report with the financial statements of the company for the year ended 28 February 2023.

Principal activity
The principal activity of the company in the year under review was that of trading of fruit and vegetable products.

Dividends
Interim dividends of £1,123.596 (2022 £1,123.596 )per share were declared by the directors.

The total distribution of dividends for the year ended 28 February 2023 was £300,000 (2022 £300,000).

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

Mrs G L Taylor
S Taylor
L K Rowley

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Newberry International Produce Ltd (Registered number: 03262617)

Report of the Directors
for the year ended 28 February 2023


Auditors
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



Mrs G L Taylor - Director


28 November 2023

Report of the Independent Auditors to the Members of
Newberry International Produce Ltd


Opinion
We have audited the financial statements of Newberry International Produce Ltd (the 'company') for the year ended 28 February 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Newberry International Produce Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Newberry International Produce Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Russell John Spencer (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

29 November 2023

Newberry International Produce Ltd (Registered number: 03262617)

Profit and Loss Account
for the year ended 28 February 2023

2023 2022
Notes £    £   

TURNOVER 45,340,641 30,274,851

Cost of sales (41,861,484 ) (27,172,260 )
GROSS PROFIT 3,479,157 3,102,591

Administrative expenses (2,339,913 ) (1,810,420 )
1,139,244 1,292,171

Other operating income 1,561 2,322
OPERATING PROFIT 5 1,140,805 1,294,493

Interest receivable and similar income 5,915 454
1,146,720 1,294,947

Interest payable and similar expenses 6 (576,303 ) (270,262 )
PROFIT BEFORE TAXATION 570,417 1,024,685

Tax on profit 7 (83,831 ) (188,601 )
PROFIT FOR THE FINANCIAL YEAR 486,586 836,084

Newberry International Produce Ltd (Registered number: 03262617)

Other Comprehensive Income
for the year ended 28 February 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 486,586 836,084


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

486,586

836,084

Newberry International Produce Ltd (Registered number: 03262617)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 4,639,521 3,956,262
Investments 10 85,672 43,478
4,725,193 3,999,740

CURRENT ASSETS
Stocks 11 9,471,711 7,178,659
Debtors 12 6,226,158 5,614,015
Cash at bank 2,155,161 956,687
17,853,030 13,749,361
CREDITORS
Amounts falling due within one year 13 (14,281,301 ) (11,512,048 )
NET CURRENT ASSETS 3,571,729 2,237,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,296,922

6,237,053

CREDITORS
Amounts falling due after more than one
year

14

(4,606,433

)

(2,743,928

)

PROVISIONS FOR LIABILITIES 18 (240,082 ) (229,304 )
NET ASSETS 3,450,407 3,263,821

CAPITAL AND RESERVES
Called up share capital 19 267 267
Share premium 20 289,765 289,765
Capital redemption reserve 20 1,084 1,084
Retained earnings 20 3,159,291 2,972,705
SHAREHOLDERS' FUNDS 3,450,407 3,263,821

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





Mrs G L Taylor - Director


Newberry International Produce Ltd (Registered number: 03262617)

Statement of Changes in Equity
for the year ended 28 February 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 March 2021 267 2,436,621 289,765 1,084 2,727,737

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 836,084 - - 836,084
Balance at 28 February 2022 267 2,972,705 289,765 1,084 3,263,821

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 486,586 - - 486,586
Balance at 28 February 2023 267 3,159,291 289,765 1,084 3,450,407

Newberry International Produce Ltd (Registered number: 03262617)

Cash Flow Statement
for the year ended 28 February 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,125,741 (2,498,179 )
Interest paid (552,169 ) (233,841 )
Interest element of hire purchase payments
paid

(24,134

)

(36,421

)
Amount loaned to joint venture (24,596 ) (63,961 )
Tax paid (140,622 ) (207,420 )
Taxation refund - 19,257
Government grants 1,561 2,322
Net cash from operating activities 385,781 (3,018,243 )

Cash flows from investing activities
Purchase of tangible fixed assets (864,918 ) (260,910 )
Purchase of fixed asset investments (42,194 ) -
Sale of tangible fixed assets 8,000 39,924
Interest received 5,915 454
Net cash from investing activities (893,197 ) (220,532 )

Cash flows from financing activities
New loans in year 2,490,000 -
Loan repayments in year (392,938 ) (177,775 )
Capital repayments in year (140,834 ) (215,879 )
Amount introduced by directors 141,350 -
Amount withdrawn by directors (7,380 ) (9,173 )
Additional finance lease capital - 50,265
Equity dividends paid (300,000 ) (300,000 )
Net cash from financing activities 1,790,198 (652,562 )

Increase/(decrease) in cash and cash equivalents 1,282,782 (3,891,337 )
Cash and cash equivalents at beginning of
year

2

(6,305,870

)

(2,414,533

)

Cash and cash equivalents at end of year 2 (5,023,088 ) (6,305,870 )

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Cash Flow Statement
for the year ended 28 February 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 570,417 1,024,685
Depreciation charges 181,659 186,955
Profit on disposal of fixed assets (8,000 ) (12,476 )
Government grants (1,561 ) (2,322 )
Finance costs 576,303 270,262
Finance income (5,915 ) (454 )
1,312,903 1,466,650
Increase in stocks (2,293,052 ) (1,340,673 )
Increase in trade and other debtors (587,546 ) (2,639,554 )
Increase in trade and other creditors 2,693,436 15,398
Cash generated from operations 1,125,741 (2,498,179 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 2,155,161 956,687
Bank overdrafts (7,178,249 ) (7,262,557 )
(5,023,088 ) (6,305,870 )
Year ended 28 February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 956,687 531,390
Bank overdrafts (7,262,557 ) (2,945,923 )
(6,305,870 ) (2,414,533 )


Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Cash Flow Statement
for the year ended 28 February 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank 956,687 1,198,474 2,155,161
Bank overdrafts (7,262,557 ) 84,308 (7,178,249 )
(6,305,870 ) 1,282,782 (5,023,088 )
Debt
Finance leases (337,001 ) 140,834 (196,167 )
Debts falling due within 1 year (388,100 ) (138,989 ) (527,089 )
Debts falling due after 1 year (2,547,824 ) (1,958,074 ) (4,505,898 )
(3,272,925 ) (1,956,229 ) (5,229,154 )
Total (9,578,795 ) (673,447 ) (10,252,242 )

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Newberry International Produce Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sales of good and services in the ordinary course of the business. Turnover is shown net of Value Added Tax, for goods and services provided to customers. In the case of long term contracts, turnover is recognised appropriate to the stage of completion where the outcome of the contract can be ascertained with reasonable certainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 20% on cost
Plant and machinery - 10% on cost
Motor vehicles - 20% on cost
Office equipment - 15% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


3. ACCOUNTING POLICIES - continued

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

Forward foreign exchange gains and losses are assessed and provided for at the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,759,801 1,627,531
Social security costs 149,656 124,127
Other pension costs 246,477 29,237
2,155,934 1,780,895

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

Directors 3 3
Admin 24 17
Production 41 42
68 62

2023 2022
£    £   
Directors' remuneration 108,000 101,424
Directors' pension contributions to money purchase schemes 219,974 7,464

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 26,467 25,950
Depreciation - owned assets 181,659 186,956
Profit on disposal of fixed assets (8,000 ) (12,476 )
Auditors' remuneration 9,425 11,450
Foreign exchange differences 108,823 109,098

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 486,812 175,140
HMRC interest 1,116 -
Mortgage 64,241 58,701
Hire purchase 24,134 36,421
576,303 270,262

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 94,523 181,263
Over/under provision (21,470 ) (38,428 )
Total current tax 73,053 142,835

Deferred tax 10,778 45,766
Tax on profit 83,831 188,601

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


7. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 570,417 1,024,685
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

108,379

194,690

Effects of:
Expenses not deductible for tax purposes 284 534
Depreciation in excess of capital allowances 2,333 1,764
Adjustments to tax charge in respect of previous periods (21,470 ) (38,428 )
Increasing deferred tax provision rate to 25% 2,587 55,033
Effect of superdeduction claims (8,282 ) (1,474 )
Capital allowances claimed on non depreciable assets - (23,518 )
Total tax charge 83,831 188,601

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 300,000 300,000

The above dividends were paid to the directors of the company.

9. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost
At 1 March 2022 3,058,348 84,266 1,567,693
Additions 646,918 - 211,454
At 28 February 2023 3,705,266 84,266 1,779,147
Depreciation
At 1 March 2022 - 65,918 735,626
Charge for year - 12,289 155,746
At 28 February 2023 - 78,207 891,372
Net book value
At 28 February 2023 3,705,266 6,059 887,775
At 28 February 2022 3,058,348 18,348 832,067

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


9. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1 March 2022 54,640 104,020 4,868,967
Additions - 6,546 864,918
At 28 February 2023 54,640 110,566 5,733,885
Depreciation
At 1 March 2022 47,643 63,518 912,705
Charge for year 2,799 10,825 181,659
At 28 February 2023 50,442 74,343 1,094,364
Net book value
At 28 February 2023 4,198 36,223 4,639,521
At 28 February 2022 6,997 40,502 3,956,262

The netbook value of assets held under hire purchase or finance leases and included above was £311,371 (2022: £617,395). The depreciation charged in respect of the assets held under hire purchase or finance lease agreements was £68,371 (2022: £120,125).

Freehold property has not depreciated in the year as it had not been brought into use at the balance sheet date.

10. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
Cost
At 1 March 2022 43,478
Additions 42,194
At 28 February 2023 85,672
Net book value
At 28 February 2023 85,672
At 28 February 2022 43,478

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


10. FIXED ASSET INVESTMENTS - continued

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

Joint venture

Love Life Smoothies & Fruit Solutions S.L.
Registered office: Spain
Nature of business: Wholesale of fruit and vegetables
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves 134,412 20,335
Profit/(loss) for the year 131,779 (10,968 )

During the year the company acquired the remaining 50% share capital. The shares are held as a short term investment and so have not been consolidated into group accounts

11. STOCKS
2023 2022
£    £   
Stocks 9,471,711 7,178,659

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,916,206 4,664,744
Amounts owed by joint ventures 135,059 110,462
Other debtors 18,317 11,652
Smootheelicious loan 73,263 92,322
VAT 899,032 651,623
Prepayments 184,281 83,212
6,226,158 5,614,015

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 7,705,338 7,650,657
Hire purchase contracts (see note 16) 95,632 140,897
Trade creditors 5,616,967 3,078,708
Tax 94,523 162,092
Social security and other taxes 36,441 27,780
Other creditors 31,638 28,954
Directors' loan accounts 294,977 161,007
Accrued expenses 405,785 261,953
14,281,301 11,512,048

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) 4,505,898 2,547,824
Hire purchase contracts (see note 16) 100,535 196,104
4,606,433 2,743,928

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 7,178,249 7,262,557
Bank loans 527,089 388,100
7,705,338 7,650,657

Amounts falling due between one and two years:
Bank loans - 1-2 years 758,191 399,971

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,964,148 1,081,625

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable after more than 5 years
by instalments

1,783,559

1,066,228

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 95,632 140,897
Between one and five years 100,535 196,104
196,167 337,001

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 36,411 13,948
Between one and five years 86,792 15,832
123,203 29,780

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 7,178,249 7,262,557
Bank loans 5,032,987 2,935,924
Hire purchase contracts 196,167 337,001
12,407,403 10,535,482

The company's bank borrowings are secured by fixed and floating charges over the assets of the company. There is a right of set-off between the bank overdraft and credit balances held in the same bank. The bank overdraft disclosed above includes £7,004,303 (2022: £6,950,211) in respect of borrowings provided under a confidential invoice discounting facility (that is secured on the trade debtors of the company) and an import finance facility.

The bank also hold an unlimited multilateral guarantee given by the company and Smootheelicious Limited a related company.

Coronavirus Business Interruption Loans were taken out in 2021 with guarantees given by the UK Government under CBILS (The CBILS Guarantee). A further loan was taken out in 2022 under the Recovery Loan Scheme (RLS) which also has guarantees given by the UK government.

Hire purchase creditors are secured on fixed assets to which they relate.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - accelerated
capital allowances 240,082 229,304
240,082 229,304

Deferred
tax
£   
Balance at 1 March 2022 229,304
Provided during year 10,778
Balance at 28 February 2023 240,082

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
267 Ordinary £1 267 267

20. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2022 2,972,705 289,765 1,084 3,263,554
Profit for the year 486,586 486,586
Dividends (300,000 ) (300,000 )
At 28 February 2023 3,159,291 289,765 1,084 3,450,140

21. RELATED PARTY DISCLOSURES

Smootheelicious Limited is a company, the shareholdings in which are the same as for Newberry International Produce Limited.

In addition to transactions and trading balances that are conducted on an arms-length basis, the company has also provided a loan to Smootheelicious Limited that is not subject to interest. The balance as at 28 February 2023 was £73,263 (2022 - £92,322).

Mrs G L Taylor, a director and shareholder Newberry International Produce Limited, has provided a loan to the company during the period. At the year end the amount due from the company was £294,976 (2022: £161,007). There is no interest charged on the loan and the outstanding amount is repayable on demand.

During 2021 Newberry International Produce Limited entered into a Joint Venture and acquired 50% of the share capital of Love Life Smoothies & Fruit Solutions S.L, the remaining 50% was aquired in the current year. In order to assist with the working capital the company has provided a loan to Love Life Smoothies & Fruit Solutions S.L. that is not subject to interest. The balance as at 28th February 2023 was £135,059 (2022 £110,462).The company also supplies Love Life Smoothies & Fruit Solutions S.L. on an arms length basis, as at 28th February 2023 an amount of £72,719 (2022 £138,915) is included in trade debtors in respect of amounts owing to Newberry International Produce Limited.