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Registered number: 09584944










CHERRYFIELD HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2023

 
CHERRYFIELD HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
M J Rudham 




Company secretary
C L Rudham



Registered number
09584944



Registered office
Cherry Orchard House
No. 1 Rutherford Way

Manor Royal

Gatwick

West Sussex

RH10 9PF




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
CHERRYFIELD HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated profit and loss account
 
1
Consolidated statement of comprehensive income
 
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14 - 15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 32


 
CHERRYFIELD HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2023

Introduction
 
The director presents his group strategic report, which is followed by the director's report, together with the audited financial statements for the period ended 30 March 2023. 

Business review
 
The company's principal activity is that of a holding company.
The principal activity of the company's subsidiary undertaking is that of processing and wholesaling of meat. 
The results of the subsidiary company for the period to 30 March 2023 show turnover increased from £23.8m to £28.5m in the period but overall operating results were constrained in the year as a result of wider market pricing pressures. The overall results for the period show a decrease in gross and net profitability with commodity price increases playing a significant factor. Management are confident in maintaining and improving profitability going forward as pricing pressure decreases.
The nature of the subsidiary's business dictates that there is no long term order book; however, the company has in recent years built up a number of trading relationships with major customers. The board's commitment to maintaining hygiene and safety levels has been reflected in the company's high standing in the industry and has facilitated the development of these relationships. The primary risks facing the company stems from upward pressure on raw materials. Strategies are continually reviewed by management to minimise the impact of price increases, maximise efficiencies and to enhance the company's reputation for quality. The company continues to be able to recruit sufficient staff to enable it to carry out its operations.

Financial key performance indicators
 
The key performance indicators of the group are turnover, gross profit, net profit and shareholders' funds. A brief analysis of these is provided below:



2023
2022
£
£
Turnover

28,473,699

23,848,049
 
Gross profit

5,443,601

6,146,565
 
Net profit after tax

499,414

1,123,328
 
Shareholders funds

13,169,554

12,963,472
 

Against increasingly difficult market conditions, the Group has maintained a healthy gross profit margin during the period due to the continued commitment by management to manage price fluctuations and increasing efficiencies where possible. 
The group maintains a strong net asset position.

Page 1

 
CHERRYFIELD HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023

Principal risks and uncertainties
 
The director continually reviews and monitors the operational risks of the business.
The key risk in the current period continues to be fluctuations in World commodity prices.
Financial risk management
As well as short-term trade receivables and trade payables that arise directly from operations, the group's financial instruments comprise cash and bank overdrafts. The objective of holding financial instruments is to raise finance for the group's operations and manage related risks. The group's activities expose the group to a number of risks including liquidity, interest rate, foreign currency and credit risk. The group manages these risks by regularly monitoring the business and key performance indicators.
Liquidity risk:
The group closely monitors its bank balance, and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due.
Interest rate risk:
The group's interest rate exposure arises mainly from its interest-bearing borrowings. Contractual agreements entered into at floating rates expose the entity to cash flow risk, while fixed-rate borrowings expose the entity to fair value risk. The group regularly reviews its funding arrangements to ensure they are competitive with the market place.
Foreign currency risk:
The group monitors its exposure to currency risk, which it currently considers to be low. The group will enter into forward contracts to purchase foreign currencies in order to minimise its exposure to foreign currency fluctuations.
Credit risk:
The group monitors credit risk closely and considers that its current policies of credit checks and credit limits meet its objectives of managing exposure to credit risk.




This report was approved by the board on 7 February 2024 and signed on its behalf.



M J Rudham
Director

Page 2

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 MARCH 2023

The director presents his report and the financial statements for the year ended 30 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group 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 £499,414 (2022 - £1,123,328).

Dividends paid during the period comprise an interim dividend of £293,332 (2022 - £360,000).
The director has highlighted in the strategic report on pages 1 and 2, a review of the current period results, future outlook expectations, risks and key performance indicators for the company and group.

Director

The director who served during the year was:

M J Rudham 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 the Group's auditors are aware of that information.

Page 3

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023

Post balance sheet events

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

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited, who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 February 2024 and signed on its behalf.
 





M J Rudham
Director

Page 4

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHERRYFIELD HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Cherryfield Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 March 2023, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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 Group's and of the parent Company's affairs as at 30 March 2023 and of the Group's 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 Group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 5

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHERRYFIELD HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHERRYFIELD HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent 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 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 Group 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the
financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to health and safety and food safety;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
manipulation of specific performance measures to meet remuneration targets;
recoverability of debtors; and
Page 7

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHERRYFIELD HOLDINGS LIMITED (CONTINUED)


the requirement to impair tangible assets and the amount of any such impairment.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where  and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud  and non-compliance with laws and regulations) comprised: 
 
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; 
inspection of relevant legal correspondence;
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls and testing their operation during the period;
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
review documentation relating to compliance with the regulations relating to health and safety and food safety including certificates seen;
challenging assumptions made by management in their specific accounting policies and estimates;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
accessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
challenging key assumptions made by management in their assessment of any impairment to the carrying value of the tangible assets;
reviewing the financial statements for compliance with the relevant disclosure requirements;
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing correspondence with HMRC;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the year.

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


A further description of our responsibilities 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 8

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHERRYFIELD HOLDINGS 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.





Daryush Farshchi-Heidari (FCA) (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

7 February 2024
Page 9

 
CHERRYFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 09584944

CONSOLIDATED BALANCE SHEET
AS AT 30 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
10,149,145
9,252,352

Investments
 11 
3,216,893
3,203,345

  
13,366,038
12,455,697

Current assets
  

Stocks
 12 
772,348
99,486

Debtors: amounts falling due within one year
 13 
3,944,892
4,268,612

Cash at bank and in hand
 14 
509,001
995,897

  
5,226,241
5,363,995

Creditors: amounts falling due within one year
 15 
(3,391,725)
(2,955,220)

Net current assets
  
 
 
1,834,516
 
 
2,408,775

Total assets less current liabilities
  
15,200,554
14,864,472

Provisions for liabilities
  

Deferred taxation
 16 
(2,031,000)
(1,901,000)

  
 
 
(2,031,000)
 
 
(1,901,000)

Net assets
  
13,169,554
12,963,472


Capital and reserves
  

Called up share capital 
 17 
36,850
36,850

Share premium account
  
2,365,211
2,365,211

Profit and loss account
  
10,767,493
10,561,411

  
13,169,554
12,963,472


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2024.

M J Rudham
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
CHERRYFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 09584944

COMPANY BALANCE SHEET
AS AT 30 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
7,096,070
6,337,004

Investments
 11 
4,926,471
4,926,471

  
12,022,541
11,263,475

Current assets
  

Debtors: amounts falling due within one year
 13 
100
94,681

Creditors: amounts falling due within one year
 15 
(8,421,706)
(7,664,233)

Net current liabilities
  
 
 
(8,421,606)
 
 
(7,569,552)

Total assets less current liabilities
  
3,600,935
3,693,923

  

Provisions for liabilities
  

Deferred taxation
 16 
(1,115,000)
(1,115,000)

  
 
 
(1,115,000)
 
 
(1,115,000)

Net assets
  
2,485,935
2,578,923


Capital and reserves
  

Called up share capital 
 17 
36,850
36,850

Share premium account
  
2,365,211
2,365,211

Profit and loss account carried forward
  
83,874
176,862

  
2,485,935
2,578,923


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2024.


M J Rudham
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 

 
CHERRYFIELD HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£



At 1 April 2021
36,850
2,365,211
9,798,083
12,200,144
12,200,144



Comprehensive income for the year


Profit for the year
-
-
1,123,328
1,123,328
1,123,328


Dividends: Equity capital
-
-
(360,000)
(360,000)
(360,000)





At 31 March 2022
36,850
2,365,211
10,561,411
12,963,472
12,963,472



Comprehensive income for the year


Profit for the year
-
-
499,414
499,414
499,414


Dividends: Equity capital
-
-
(293,332)
(293,332)
(293,332)



At 30 March 2023
36,850
2,365,211
10,767,493
13,169,554
13,169,554



The notes on pages 17 to 32 form part of these financial statements.

Page 12

 

 
CHERRYFIELD HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 April 2021
36,850
2,365,211
(850,000)
1,552,061



Comprehensive income for the year


Profit for the year
-
-
1,386,862
1,386,862


Dividends: Equity capital
-
-
(360,000)
(360,000)





At 31 March 2022
36,850
2,365,211
176,862
2,578,923



Comprehensive income for the year


Profit for the year
-
-
200,344
200,344


Dividends: Equity capital
-
-
(293,332)
(293,332)



At 30 March 2023
36,850
2,365,211
83,874
2,485,935



The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
CHERRYFIELD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
499,414
1,123,328

Adjustments for:

Depreciation of tangible assets
509,928
396,029

Profit on disposal of fixed asset investments
(122,744)
(43,956)

Loss on disposal of tangible assets
(5,500)
(250)

Interest paid
-
6,546

Interest received
(194,292)
(72,759)

Taxation charge
193,000
750,000

(Increase)/decrease in stocks
(672,862)
22,424

Decrease/(increase) in debtors
323,720
(154,670)

Increase/(decrease) in creditors
455,493
(488,092)

Net fair value losses recognised in P&L
290,742
-

Corporation tax paid
(81,988)
(221,330)

Net cash generated from operating activities

1,194,911
1,317,270


Cash flows from investing activities

Purchase of tangible fixed assets
(1,406,721)
(2,376,155)

Sale of tangible fixed assets
5,500
250

Purchase of listed investments
(1,073,247)
(2,425,113)

Sale of listed investments
891,701
597,587

Interest received
1,284
64

Dividends received
193,008
72,695

Net cash used in investing activities

(1,388,475)
(4,130,672)

Cash flows from financing activities

Repayment of loans
-
(605,000)

Dividends paid
(293,332)
(360,000)

Interest paid
-
(6,546)

Net cash used in financing activities
(293,332)
(971,546)

Net (decrease) in cash and cash equivalents
(486,896)
(3,784,948)
Page 14

 
CHERRYFIELD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
995,897
4,780,845

Cash and cash equivalents at the end of year

509,001
995,897


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
509,001
995,897


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
CHERRYFIELD HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 MARCH 2023




At 31 March 2022
Cash flows
At 30 March 2023
£

£

£

Cash at bank and in hand

995,897

(486,896)

509,001


-

-

-


995,897
(486,896)
509,001

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The  address of its registered office and principal trading address is Cherry Orchard House, No. 1 Rutherford Way, Manor Royal, Gatwick, RH10 9PF.

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 current year figures represent the 52 week period from 1 April 2022 to 30 March 2023, being the Thursday closest to the end of March.
The prior year figures represent the 52 week period from 2 April 2021 to 31 March 2022, being the Thursday closest to the end of March. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company profit for the year was £200,344 (2022 - £1,386,862).
Parent company disclosure exemptions: 
 
In preparing the separate financial statements of the parent company, advantage have been taken of the following disclosure exemptions available in FRS102:
 
Only one reconciliation of the number of shares outstanding at the beginning of the period of the year has been presented as the reconciliation for the company and the parent company would be identical;
No statements of cash flows has been presented for the parent company; and
No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the Group as a whole.

 
Page 17

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. 

 
2.3

Revenue - sale of goods

Revenue is recognised when goods are delivered to the extent that it is probable that the economic benefits will flow to the Group 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. 

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period.

 
2.5

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.
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
2%, 5%, 10% or 20%
Motor vehicles
-
15% or 20%
Fixtures and fittings
-
15% or 25%

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.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being most recent sales price less an appropriate percentage of gross profit margin. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.7

Cash and cash equivalents

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

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

 
2.8

Finance costs

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

Page 19

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

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

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted
Page 20

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

where the effect of discounting is immaterial.

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

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

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.10

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 Consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 21

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Pensions

Defined contribution pension plan

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

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

 
2.13

Current and deferred taxation

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

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

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

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

Page 22

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated by the director and are based on historical experience and other factors, including expectations of future events that are believed to  be reasonable under the circumstances.
The group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The director considers there to be no significant areas of judgments or key sources of estimation uncertainty.


4.


Turnover

The total turnover of the group for the year has been derived from the sale of goods as per its principal activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Coronavirus job retention scheme grant receivable
-
37,998


Page 23

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
509,928
396,029

Exchange differences
(92,195)
92,981

Profit on sale of fixed assets
5,500
250

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
34,925
27,600


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,215,814
2,022,516
-
-

Social security costs
230,441
205,157
-
-

Cost of defined contribution scheme
42,409
37,551
-
-

2,488,664
2,265,224
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production Staff
59
51
-
-



Management Staff
12
13
2
2

71
64
2
2

Page 24

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

8.


Director's remuneration


2023
2022
£
£
Director's emoluments

120,000

120,000
 
Director's pension contributions

7,946

1,321
 
127,946

121,321
 

During the period retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes. 
There are no other key management personnel other than the director. 


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
63,000
81,000


Total current tax
63,000
81,000

Deferred tax


Origination and reversal of timing differences
130,000
669,000


Taxation on profit on ordinary activities
193,000
750,000
Page 25

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
692,414
1,873,328


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
131,559
355,932

Effects of:


Expenses not deductible for tax purposes
2,255
9,228

Capital allowances for year in excess of depreciation
-
(52,975)

Adjustments to tax charge in respect of prior periods
-
-

Non-taxable income
17,524
(13,812)

Change in deferred tax rates
41,662
451,627

Total tax charge for the year
193,000
750,000


Factors that may affect future tax charges

In April 2022, the government confirmed that the previously enacted increase in the rate of corporation tax to 25% will take effect from 1 April 2023 on all profits when they exceed £250,000. Deferred tax has been calculated at this rate.

Page 26

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

10.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 31 March 2022
6,455,142
2,879,404
153,194
188,330
9,676,070


Additions
908,722
264,528
124,480
108,991
1,406,721


Disposals
-
-
(49,702)
-
(49,702)



At 30 March 2023

7,363,864
3,143,932
227,972
297,321
11,033,089



Depreciation


At 31 March 2022
118,138
224,853
58,979
21,748
423,718


Charge for the year on owned assets
149,656
277,865
40,418
41,989
509,928


Disposals
-
-
(49,702)
-
(49,702)



At 30 March 2023

267,794
502,718
49,695
63,737
883,944



Net book value



At 30 March 2023
7,096,070
2,641,214
178,277
233,584
10,149,145



At 30 March 2022
6,337,004
2,654,551
94,215
166,582
9,252,352

Page 27

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

           10.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 31 March 2022
6,455,142


Additions
908,722



At 30 March 2023

7,363,864



Depreciation


At 31 March 2022
118,138


Charge for the year on owned assets
149,656



At 30 March 2023

267,794



Net book value



At 30 March 2023
7,096,070



At 30 March 2022
6,337,004






Page 28

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

11.


Fixed asset investments

Group





Listed investments

£



Valuation


At 31 March 2022
3,203,345


Additions
1,073,247


Disposals
(768,957)


Revaluations
(290,742)



At 30 March 2023
3,216,893




Company





Investments in subsidiary companies

£



Cost


At 31 March 2022
4,926,471



At 30 March 2023
4,926,471





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cherryfield (Croydon) Limited
Processing and wholesaling of meat
Ordinary
100%




Page 29

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

12.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
772,348
99,486



13.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,715,000
2,486,829
-
-

Other debtors
1,121,057
1,740,300
100
94,681

Prepayments and accrued income
108,835
41,483
-
-

3,944,892
4,268,612
100
94,681



14.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
509,001
995,897



15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
3,052,768
2,522,254
-
-

Amounts owed to group undertakings
-
-
8,333,056
7,569,126

Corporation tax
62,991
81,979
-
-

Other creditors
160,431
167,546
88,650
95,107

Accruals and deferred income
115,535
183,441
-
-

3,391,725
2,955,220
8,421,706
7,664,233



16.


Deferred taxation

Page 30

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
 
16.Deferred taxation (continued)


Group



2023


£






At beginning of year
1,901,000


Charged to profit or loss
130,000



At end of year
2,031,000

Company


2023


£






At beginning of year
1,115,000



At end of year
1,115,000

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
715,000
585,000
80,000
80,000

Rollover relief on sale of property
1,316,000
1,316,000
1,035,000
1,035,000

2,031,000
1,901,000
1,115,000
1,115,000


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



36,850 (2022 - 36,850) Ordinary shares of £1.00 each
36,850
36,850



18.


Pension commitments

The group operates a defined pension contributions pension scheme on behalf of its directors and employees. Contributions in respect of the scheme are charged to the income statement in the period in which they are payable. The amount charged in the accounts was £42,409 (2022 - £37,511).

Page 31

 
CHERRYFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

19.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
28,997
28,997

Later than 1 year and not later than 5 years
20,055
49,052

49,052
78,049
The company had no future minimum payments due under non-cancellable operating leases.


20.Other financial commitments

The group enters into forward exchange contracts to mitigate the exchange rate risk for certain trade creditors that are payable in Euros. As at 30 March 2023 the contracts all mature within 1 month of the reporting date. The group's commitment is to buy €318,001 (2022 - €186,236) and receive fixed Sterling amounts.


21.


Related party transactions

Group
Included in other debtors is a balance due from a company under common control of £962,643 (2022 - £916,109). This amount is interest free and repayable on demand.
Included in other debtors is a balance of £481,214 (2022 - £490,475) due from a company in which the company's director is a shareholder. At the year end a provision of £431,214 (2022 - £nil) has been made against this balance. During the year, the Group made purchases from this company's subsidiaries totaling £113,505 (2022 - £279,034) and owed £3,312 (2022 - £16,560) at the balance sheet date. 
Company and Group
Included within other creditors is an outstanding amount of £15,107 (2022 - £95,107) due to the father of the director. This amount is interest free.
Included within other creditors is a balance due to the director of £73,543 (2022 - £94,581 due from the director).


22.


Controlling party

The group considers M J Rudham to be the ultimate controlling party by virtue of his shareholding in the company in the current and prior period.

 
Page 32