Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31306trueWetruetruetruetruetrue2022-01-01No description of principal activityfalse314false 05694172 2022-01-01 2022-12-31 05694172 2021-01-01 2021-12-31 05694172 2022-12-31 05694172 2021-12-31 05694172 1 2022-01-01 2022-12-31 05694172 1 2021-01-01 2021-12-31 05694172 4 2022-01-01 2022-12-31 05694172 4 2021-01-01 2021-12-31 05694172 d:Director2 2022-01-01 2022-12-31 05694172 d:Director3 2022-01-01 2022-12-31 05694172 d:Director4 2022-01-01 2022-12-31 05694172 d:Director5 2022-01-01 2022-12-31 05694172 d:Director6 2022-01-01 2022-12-31 05694172 d:Director6 2022-12-31 05694172 d:Director7 2022-01-01 2022-12-31 05694172 d:Director7 2022-12-31 05694172 d:RegisteredOffice 2022-01-01 2022-12-31 05694172 e:Buildings 2022-01-01 2022-12-31 05694172 e:Buildings 2022-12-31 05694172 e:Buildings 2021-12-31 05694172 e:Buildings e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:PlantMachinery 2022-01-01 2022-12-31 05694172 e:PlantMachinery 2022-12-31 05694172 e:PlantMachinery 2021-12-31 05694172 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:MotorVehicles 2022-01-01 2022-12-31 05694172 e:MotorVehicles 2022-12-31 05694172 e:MotorVehicles 2021-12-31 05694172 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:FurnitureFittings 2022-01-01 2022-12-31 05694172 e:FurnitureFittings 2022-12-31 05694172 e:FurnitureFittings 2021-12-31 05694172 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:OfficeEquipment 2022-01-01 2022-12-31 05694172 e:OfficeEquipment 2022-12-31 05694172 e:OfficeEquipment 2021-12-31 05694172 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05694172 e:CurrentFinancialInstruments 2022-12-31 05694172 e:CurrentFinancialInstruments 2021-12-31 05694172 e:Non-currentFinancialInstruments 2022-12-31 05694172 e:Non-currentFinancialInstruments 2021-12-31 05694172 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05694172 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 05694172 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 05694172 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 05694172 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 05694172 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-12-31 05694172 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 05694172 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-12-31 05694172 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-12-31 05694172 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2021-12-31 05694172 e:UKTax 2022-01-01 2022-12-31 05694172 e:UKTax 2021-01-01 2021-12-31 05694172 e:ShareCapital 2022-12-31 05694172 e:ShareCapital 2021-12-31 05694172 e:SharePremium 2022-01-01 2022-12-31 05694172 e:SharePremium 2022-12-31 05694172 e:SharePremium 2021-12-31 05694172 e:CapitalRedemptionReserve 2022-01-01 2022-12-31 05694172 e:CapitalRedemptionReserve 2022-12-31 05694172 e:CapitalRedemptionReserve 2021-12-31 05694172 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05694172 e:RetainedEarningsAccumulatedLosses 2022-12-31 05694172 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 05694172 e:RetainedEarningsAccumulatedLosses 2021-12-31 05694172 e:RetainedEarningsAccumulatedLosses 2021-01-01 05694172 d:OrdinaryShareClass1 2022-01-01 2022-12-31 05694172 d:OrdinaryShareClass1 2022-12-31 05694172 d:OrdinaryShareClass1 2021-12-31 05694172 d:OrdinaryShareClass2 2022-01-01 2022-12-31 05694172 d:OrdinaryShareClass2 2022-12-31 05694172 d:OrdinaryShareClass2 2021-12-31 05694172 d:OrdinaryShareClass3 2022-01-01 2022-12-31 05694172 d:OrdinaryShareClass3 2022-12-31 05694172 d:FRS102 2022-01-01 2022-12-31 05694172 d:Audited 2022-01-01 2022-12-31 05694172 d:FullAccounts 2022-01-01 2022-12-31 05694172 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05694172 e:WithinOneYear 2022-12-31 05694172 e:WithinOneYear 2021-12-31 05694172 e:BetweenOneFiveYears 2022-12-31 05694172 e:BetweenOneFiveYears 2021-12-31 05694172 e:MoreThanFiveYears 2022-12-31 05694172 e:MoreThanFiveYears 2021-12-31 05694172 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 05694172 e:HirePurchaseContracts e:WithinOneYear 2021-12-31 05694172 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 05694172 e:HirePurchaseContracts e:BetweenOneFiveYears 2021-12-31 05694172 2 2022-01-01 2022-12-31 05694172 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05694172 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 05694172 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 05694172 e:TaxLossesCarry-forwardsDeferredTax 2021-12-31 05694172 e:OtherDeferredTax 2022-12-31 05694172 e:OtherDeferredTax 2021-12-31 05694172 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 05694172 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2021-12-31 05694172 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 05694172 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2021-12-31 05694172 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-12-31 05694172 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2021-12-31 05694172 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2022-12-31 05694172 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2021-12-31 05694172 e:LeasedAssetsHeldAsLessee 2022-12-31 05694172 e:LeasedAssetsHeldAsLessee 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 05694172







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


THE NEW FOREST FRUIT COMPANY LIMITED






































img188c.png                        

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
COMPANY INFORMATION


Directors
S Booth 
L Hawker 
G J Putyra 
V Wheller 
I Wypasek (appointed 1 August 2022)
K Booth (appointed 1 March 2023)




Registered number
05694172



Registered office
Newhouse Farm
Church Lane

East Boldre

Brockenhurst

SO42 7WS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


THE NEW FOREST FRUIT COMPANY LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10 - 11
Notes to the Financial Statements
12 - 28


 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present their strategic report of the Company for the year ended 31 December 2022.
The principal activity of the Company in the year under review was that of a specialist soft fruit grower.

Review of the business
 
The Company performed well in 2022 increasing turnover to £21.3 million, giving a year-on-year increase of 8.8%. The increased turnover is part of the Company’s long-term strategy to maximise output and profit from all production areas. Asparagus production continues to expand, with production increasing by 18% in 2022.
Operating profit fell to £2.0M in 2022 (£2.8M in 2021). Despite the increase in turnover it was impossible to absorb the 14% increase in labour rate. Margins and profits both decreased as a result of the labour cost increase. The impact of the unprecedented rate increase was partially offset by our continuing efforts to utilise resources as efficiently and effectively as possible.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are acutely aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
Net Assets increased in the year to £9.0M. 

Principal risks and uncertainties
 
Weather
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. The storms encountered in the early part of 2022 caused some structural damage, thankfully covered by insurance and fortunately, early enough in the season that the Company did not suffer plant/fruit loss. 
Over the years the Company has invested in strengthening polytunnels and have been successful in obtaining insurance. Whilst this cannot totally eliminate the risk a major storm presents; it does afford the Company some protection from the catastrophic effects of extreme weather systems.
Labour Costs
The biggest challenge of 2022 was the increase in labour rate. The minimum wage increased to £9.50 and the Home Office imposed a minimum of £10.10 for all SAWS (Seasonal Agricultural Workers), added to this was the additional 1.25% in employers NI. Efficiencies and productivity gains could not offset this huge increase.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. The Company continues to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. The Company constantly scrutinise activities & processes to find savings. The Company measures all tasks, monitor, and analyse data at the lowest level of detail.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. The Company continues to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work. 
 
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but there was a slight improvement in the average rate in 2022. The Company monitors the euro exchange rate daily and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.

Page 1

 


THE NEW FOREST FRUIT COMPANY LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial and other key performance indicators
 
During 2022, the Company has continued its study into the utilisation of robots. The results are promising and improving constantly. Our aim is to have a team of robots able to complete a variety of tasks, thereby reducing our dependency on a labour force that is increasing in cost and decreasing in availability. 
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years, a variety of systems have been developed, providing up to the minute management information that is used to monitor performance against budget and previous years, and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to all management staff every week. The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, the Company focuses strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed monthly, alongside profit projections. Individual managers receive expenditure reports for their relevant areas, giving actual vs budget comparisons and a line-by-line breakdown of the current month. Each manager is expected to understand their budget and be accountable, and able to explain any variances to the directors.

The financial key performance indicators are as follows:

2022
2021
Variance
Turnover ('000s)

£21,314

£19,576

£1,738
 
 
Gross profit margin

34.7%

37.9%

-3.2%
 
 
EBITDA ('000s)

£2,814

£3,608

-£794
 
 



 
 



 
 



 
 



 
 



 
 


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



................................................
S Booth
Chairman

Date: 30 November 2023

Page 2

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £1,805,189 (2021 - £2,255,104).

The total distribution of dividends for the year ended 31 December 2022 was £668,131 (2021 - £64,200).

Directors

The directors who served during the year were:

S Booth 
L Hawker 
G J Putyra 
V Wheller 
I Wypasek (appointed 1 August 2022)

Engagement with employees

The commitment and enthusiasm of senior and middle management is excellent, as witnessed by longevity of service. We continue to expand and strengthen our management team and recruit from within, wherever possible.
 
Regarding our general staff relations, we take all our statutory responsibilities very seriously, and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have two dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.

Page 3

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disabled employees

Applications for employment from disabled persons will always be fully considered, bearing in mind the aptitudes of the applicant concerned. It is the policy of the Company that disabled employees are eligible to participate in any career development opportunities, training and promotion that is available to our staff. Should an employee become disabled whilst in the Company’s employ, every effort will be made to ensure they may continue in their employment or be retrained for an alternative position.

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information Required by Schedule 7
of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the Company) when performing their duties and do so appropriately.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
•     so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
•     the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
S Booth
Chairman

Date: 30 November 2023

Page 4

 


THE NEW FOREST FRUIT COMPANY LIMITED
 

img5a01.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED

Opinion


We have audited the financial statements of The New Forest Fruit Company Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


Page 5

 


THE NEW FOREST FRUIT COMPANY LIMITED


img47fa.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 


THE NEW FOREST FRUIT COMPANY LIMITED


img49b2.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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


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

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of Board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override ofcontrols or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:o Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and
°Manipulation of amounts subject to significant judgement or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 


THE NEW FOREST FRUIT COMPANY LIMITED


img798b.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)

Use of our report
 

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





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

30 November 2023
Page 8

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
21,313,658
19,576,397

Cost of sales
  
(13,917,105)
(12,151,222)

Gross profit
  
7,396,553
7,425,175

Administrative expenses
  
(5,876,249)
(4,831,144)

Other operating income
 5 
468,939
237,980

Operating profit
 6 
1,989,243
2,832,011

Interest receivable and similar income
 10 
-
2,339

Interest payable and similar expenses
 11 
(60,184)
(47,003)

Profit before tax
  
1,929,059
2,787,347

Tax on profit
 12 
(123,870)
(532,243)

Profit after tax
  
1,805,189
2,255,104

  

  

Retained earnings at the beginning of the year
  
7,761,458
5,570,554

  
7,761,458
5,570,554

Profit for the year
  
1,805,189
2,255,104

Dividends declared and paid
  
(668,131)
(64,200)

Retained earnings at the end of the year
  
8,898,516
7,761,458
The notes on pages 12 to 28 form part of these financial statements.

Page 9

 


THE NEW FOREST FRUIT COMPANY LIMITED
REGISTERED NUMBER:05694172



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 14 
6,151,210
4,769,513

  
6,151,210
4,769,513

Current assets
  

Stocks
 15 
1,028,092
787,955

Debtors: amounts falling due within one year
 16 
2,712,722
2,326,137

Cash at bank and in hand
 17 
3,753,034
3,737,129

  
7,493,848
6,851,221

Creditors: amounts falling due within one year
 18 
(2,018,034)
(1,934,280)

Net current assets
  
 
 
5,475,814
 
 
4,916,941

Total assets less current liabilities
  
11,627,024
9,686,454

Creditors: amounts falling due after more than one year
 19 
(1,876,451)
(1,216,809)

Provisions for liabilities
  

Deferred tax
 22 
(831,957)
(708,087)

  
 
 
(831,957)
 
 
(708,087)

Net assets
  
8,918,616
7,761,558

Page 10

 


THE NEW FOREST FRUIT COMPANY LIMITED
REGISTERED NUMBER:05694172


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
79
71

Share premium account
 24 
19,992
-

Capital redemption reserve
 24 
29
29

Profit and loss account
 24 
8,898,516
7,761,458

  
8,918,616
7,761,558


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
S Booth
Director

Date: 30 November 2023

The notes on pages 12 to 28 form part of these financial statements.

Page 11

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


Statement of compliance

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The New Forest Fruit Company Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as the Company's trading address, is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Booth Holdings Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

Page 12

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.4

Revenue

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

Sale of goods

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

 
2.5

Operating leases: the Company as lessee

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

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

Page 13

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

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

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

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

Page 14

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
0% on land, 10 years, 20 years and 50 years straight line
Plant and machinery
-
20% on cost
Motor vehicles
-
20% on reducing balance
Tractors
-
20% on reducing balance
Improvements
-
20% on cost and 10% on cost

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

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

 
2.12

Stocks

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

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

The stocks were professionally valued at the year end by Symonds & Sampson LLP. 

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

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

Page 15

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Creditors

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

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.18

Dividends

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

  
2.19

Going concern

The directors have prepared and reviewed budgets & forecasts for the 12 month period from the date that these financial statements are authorised for issue. They have concluded that the Company remains a going concern and there is no material uncertainty surrounding this. Accordingly, the accounts have been drawn up on a going concern basis.

Page 16

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.  These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fixed asset residual values:
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.
Impairment of stocks:
The directors have assessed stocks held at the reporting date for impairment and have concluded the basis of valuation is appropriate.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£
£

Other operating income
281,981
43,381

Net rents receivable
26,454
24,839

Sundry income
160,504
169,760

468,939
237,980



6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Exchange differences
(45,073)
(100,046)

Other operating lease rentals
157,289
131,057

Page 17

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Auditors' remuneration

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


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,188
8,925


8.


Employees

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


2022
2021
£
£

Wages and salaries
9,178,346
7,738,423

Social security costs
877,094
656,709

Cost of defined contribution scheme
197,717
190,532

10,253,157
8,585,664


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


        2022
        2021
            No.
            No.







Employees
314
306


9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
351,642
241,677

Company contributions to defined contribution pension schemes
108,660
90,439

460,302
332,116


During the year retirement benefits were accruing to 5 directors (2021 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £100,000 (2021 - £88,349).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £27,522 (2021 - £26,642).

Page 18

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Interest receivable

2022
2021
£
£


Other interest receivable
-
2,339

-
2,339


11.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
32,240
25,383

Finance leases and hire purchase contracts
27,944
21,620

60,184
47,003


12.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
-
234,970

Adjustments in respect of previous periods
-
(42,364)


-
192,606


Total current tax
-
192,606

Deferred tax


Origination and reversal of timing differences
123,870
339,637

Total deferred tax
123,870
339,637


Taxation on profit on ordinary activities
123,870
532,243
Page 19

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
1,929,059
2,787,347


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
366,521
529,596

Effects of:


Expenses not deductible for tax purposes
5,109
669

Other permanent differences
(88,144)
(6,540)

Adjustments to tax charge in respect of prior periods
-
(42,364)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(189,345)
(119,059)

Impact of change in tax rates
29,729
169,941

Total tax charge for the year
123,870
532,243

Page 20

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2022
2021
£
£


Interim dividends paid on Ordinary shares of £1 each
668,131
64,200

668,131
64,200

Page 21


THE NEW FOREST FRUIT COMPANY LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022



14.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Tractors
Improve-  ments
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
2,870,489
3,333,938
531,187
848,588
1,711,978
9,296,180


Additions
-
1,020,803
177,589
162,739
992,588
2,353,719


Disposals
-
(11,350)
(49,109)
(86,750)
-
(147,209)



At 31 December 2022

2,870,489
4,343,391
659,667
924,577
2,704,566
11,502,690



Depreciation


At 1 January 2022
751,634
2,383,858
224,447
296,440
870,288
4,526,667


Charge for the year on owned assets
145,625
318,582
77,075
123,282
198,777
863,341


Disposals
-
2,812
(19,381)
(21,959)
-
(38,528)



At 31 December 2022

897,259
2,705,252
282,141
397,763
1,069,065
5,351,480



Net book value



At 31 December 2022
1,973,230
1,638,139
377,526
526,814
1,635,501
6,151,210



At 31 December 2021
2,118,855
950,080
306,740
552,148
841,690
4,769,513

Page 22

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
959,398
365,596

Motor vehicles
339,102
242,210

Office equipment
629,352
-

Tractors
481,778
514,848

2,409,630
1,122,654

The depreciation charge in respect of assets held under finance leases or hire purchase contracts amounted to £303,992 (2021 - £244,392).


15.


Stocks

2022
2021
£
£

Materials and consumables
1,028,092
787,955

1,028,092
787,955



16.


Debtors

2022
2021
£
£


Trade debtors
6,671
73,265

Other debtors
378,119
69,750

Called up share capital not paid
20,000
-

Prepayments and accrued income
2,307,932
2,183,122

2,712,722
2,326,137


Page 23

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
3,753,034
3,737,129

3,753,034
3,737,129



18.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
182,167
158,697

Trade creditors
1,068,860
962,786

Corporation tax
-
234,970

Other taxation and social security
107,854
133,825

Obligations under finance lease and hire purchase contracts
464,039
246,584

Other creditors
64,155
70,001

Accruals and deferred income
130,959
127,417

2,018,034
1,934,280



19.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
769,948
828,224

Net obligations under finance leases and hire purchase contracts
1,106,503
388,585

1,876,451
1,216,809


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2022
2021
£
£


Repayable by instalments
-
160,667

-
160,667

The interest rate aplied to the first bank loan is the base rate plus 1.9%, the new loan taken out within the year has
an interest rate applied of the base rate plus 2%.

Page 24

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
182,167
158,697


182,167
158,697

Amounts falling due 1-2 years

Bank loans
393,233
161,906


393,233
161,906

Amounts falling due 2-5 years

Bank loans
376,715
505,651


376,715
505,651

Amounts falling due after more than 5 years

Bank loans
-
160,667

-
160,667

952,115
986,921


The above bank loan facility was secured by a debenture creating a fixed and floating charge over the assets of the Company. The fixed charge was secured over Kings Lane Nursery.
The Company has also entered into an unlimited cross guarantee given to its parent company, Booth Holdings Limited.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
464,039
243,023

Between 1-5 years
1,106,503
388,562

1,570,542
631,585

Obligations under finance lease and hire purchase contracts are secured against the asset in which they relate to.

Page 25

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

22.


Deferred taxation




2022


£






At beginning of year
708,087


Charged to the profit or loss
123,870



At end of year
831,957

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
1,061,644
710,514

Losses and other deductions
(229,687)
-

Short term
-
(2,427)

831,957
708,087


23.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



 (2021 - 37) Ordinary A shares of £1.00 each
-
37
 (2021 - 34) Ordinary B shares of £1.00 each
-
34
71 (2021 - ) Ordinary shares of £1.00 each
71
-

71

71

Allotted, called up and partly paid



4 (2021 - ) Ordinary A shares of £1.00 each
4
-
4 (2021 - ) Ordinary B shares of £1.00 each
4
-

8

-

Each Ordinary share (prevoiusly Ordinary 'A' and 'B shares) has full rights in the Company in respect to voting, dividends and distributions.
Each Ordinary 'A' and 'B' share has full rights in the Company with respect to voting, no entitlement to dividends, and right to distribution over the hurdle amount.


Page 26

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

24.


Reserves

Share premium account

This is the amount paid per share, over and above its individual nominal value.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve records retained earnings.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £197,717 (2021 - £190,532). Contributions totalling £12,996 (2021 - £45,406) were payable to the fund at the reporting date are included in creditors.


26.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
120,535
140,451

Later than 1 year and not later than 5 years
298,132
353,203

Later than 5 years
910,000
980,000

1,328,667
1,473,654

Operating leases expensed during the year amount to £158,893 (2021 - £132,221).

Page 27

 


THE NEW FOREST FRUIT COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

27.


Related party transactions

At the year end, there are balances owing from/(to) related parties as follow:


2022
2021
£
£

The Asplins P.O. Ltd
(113,903)
(80,461)
(113,903)
(80,461)

During the year, the Company made sales of £19,521,544 (2021 - £17,971,044) to The Asplins P.O. Ltd, a not for profit organisation which has a common director. Commissions of £3,769 (2021 -  £2,990) and levies of £1,366,217 (2021 - £1,265,994) were paid to The Asplins P.O. Ltd during the year.
The Company continues to occupy areas of land that the director Sandy Booth has an interest in, without benefit of a formal lease. Sandy Booth has agreed, together with a former director that also has an interest in the land, to allow the Company to use this land for the foreseeable future.
The Company has taken advantage under FRS102 not to disclose transactions with its parent undertaking on the grounds that it is wholly owned.


28.


Ultimate parent undertaking and controlling party

The ultimate and immediate parent undertaking is Booth Holdings Limited. The Company is under the control of    Mr S Booth by virtue of his shareholding in the ultimate parent undertaking.
Booth Holdings Limited creates both largest and smallest group of undertakings in which the accounts are drawn up.
Consolidated accounts may be obtained from Companies House, Crown Way, Cardiff  CF14 3UZ.

 
Page 28