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xbrli:pure iso4217:GBP xbrli:shares

Registration number: 06015572

Mapp Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2023

 

Mapp Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 8

Directors' Report

9 to 10

Statement of Directors' Responsibilities

11

Independent Auditor's Report

12 to 16

Consolidated Profit and Loss Account

17

Consolidated Statement of Comprehensive Income

18

Consolidated Balance Sheet

19

Balance Sheet

20

Consolidated Statement of Changes in Equity

21

Statement of Changes in Equity

22

Consolidated Statement of Cash Flows

23

Statement of Cash Flows

24

Notes to the Financial Statements

25 to 51

 

Mapp Holdings Limited

Company Information

Directors

Pas Bille

P Bille

Company secretary

Mrs A L Hudson

Registered office

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

Auditors

EKWilliams Accountants Limited
Registered Auditors
No.1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

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

Principal activity

The company is a holding company providing management services and rental property management. The principle activities of it's subsidiary undertakings are the growing, importing and packaging of fruit and vegetables; green energy production; a golf course operation and property rental.

Fair review of the business

In 2023 the Group saw continued increase in overall turnover due to a number of factors including continuing increases in wholesale energy prices, further increasing demand for fresh produce and inflationary pressures on produce prices. Due to inflation to input costs, there has been a slight fall in gross profit to 17.1% compared to 19.21% in 2022, remaining comparable in monetary terms with a slight decrease of £0.5m.

The increase in Turnover is a result of sales growth in the Groups’ entities Vale Green Energy Ltd and Springhill Farms (Pershore) Ltd. Vale Green Energy has benefited from increases in the wholesale gas price with its exports to grid, as well as inflation to associated Revenues such as green gas certificates and renewable heat incentives. Meanwhile Springhill Farms has expanded the breadth of its Tomato offering to supermarket customers, resulting in £6m additional sales external to the Group. Profitability was broadly similar in 2023 compared to 2022 on a percentage basis, the fall of 2% is largely attributable to challenges in the farming and growing sector with inflation to fuel and chemical prices, as well as labour cost – affecting both tomato sourcing cost and arable feedstock for green gas production. These challenges were in line with the directors’ expectations in the current economic climate.

At the end of the year the directors believe the Group's and Company's financial position is strong and they are confident that they can continue to invest in activities and see further growth in the coming year.

The directors are continually looking at ways to increase the efficiency of its investments in plant, equipment, and property to meet the overall goals of the Group, which they see as an effective mitigation to recent cost inflation. All plans for future development are based in the context of a greener outcome and a drive towards Net Zero across the Group.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

137,054,315

125,081,620

Gross profit

%

17

19

Operating profit

%

11

13

Given the mixed nature of the Group activities, no one KPI demonstrates the overall performance of the Group. Metrics that the Groups entities review are as follows:

Non-Financial KPIs

Unit

2023

2022

Biomethane produced

m3

10,528,141

10,174,413

Solar PV produced

KwH

17,227,632

17,864,821

Packhouse Cases produced

n/a

5,212,199

4,863,523

The Group demonstrates through it’s KPI’s it’s commitment to growth and efficiency. Output across the Groups entities has increased, and operating efficiency improved.

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

Principal risks and uncertainties

The management of the business and the execution of the Company's strategy are subject to a number of risks.

The key business risks and uncertainties affecting the group are considered to relate to obtaining a sufficient supply of raw material, climate conditions, employee retention and any potential changes to income tariffs going forward.

The business demonstrated resilience in difficult market conditions through the Covid-19 pandemic and was able to balance the challenges to supply chain disruption and availability of personnel. The produce sector in-fact saw growth through the period, with continued demand for fresh produce and changing consumer habits in pursuit of healthy living. Whilst energy sectors were less adversely affected than other industries.

Whilst the Company has adjusted to the impact of Brexit on customs, trade, and tariffs, events in the international landscape continue to impact the business with the issues in Ukraine. Whilst the full effect lies beyond 31st March 22, the business has seen increase in input costs with increased cost within the fresh produce, farming and energy sectors, as well as the macroeconomic consequences of disruption within the economy.

The business is directly impacted by inflationary pressures to its cost base. As well as impacts to demand as a result of the ‘cost of living crisis’. The Company is however well placed to mitigate such risks with its product offering and variation of supply, and with diversified businesses within the group.

Section 172(1) statement

The directors are committed to complying with their obligations under section 172 of the UK Companies Act 2006 as detailed below:

“A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to—

a) the likely consequences of any decision in the long term,

b) the interests of the company's employees,

c) the need to foster the company's business relationships with suppliers, customers and others,

d) the impact of the company's operations on the community and the environment,

e) the desirability of the company maintaining a reputation for high standards of business conduct, and

f) the need to act fairly as between members of the company.”

The board has a business plan to achieve its long term goals. The primary goals are to be recognised as a highly successful and efficient fresh produce and green energy business in the UK.

The board understands the need to engage with all its stakeholders and regularly considers matters relating to employees; suppliers; the local community and environment; regulators and shareholders to inform its decision making process.

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

Engagement with employees

The interests of the employees within the company and the wider group are fundamental to the continued success of the company. Training and development needs of the team are continually reviewed.

The company encourages inclusion and diversity of employees.

Engagement with suppliers, customers and other relationships

The company’s key business relationships are with its supplier base and fellow group companies and it is committed to dealing with these in a fair manner.

The company also considers its local community, environmental obligations and need to avoid reputational risk when making key decisions.

Non-financial and sustainability information

Energy and carbon report

This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.

Governance

The Group's activities cover a variety of sectors with the primary activities undertaken in the agricultural and green energy production areas.

There are four individual trading companies operating over thirteen sites.

Energy Efficiency

MAPP Holdings is a net energy consumer that is reduced in part by using key renewables technologies such as Solar PV and Anaerobic Digestion.

MAPP Holdings also operates an Anaerobic Digestion (AD) plant in which agricultural waste products are converted into biogas, which is cleaned and blended with propane before injection into the national grid. Some of the biogas is used onsite.

MAPP Holdings have several assets that generate and export significant amounts of renewable electricity, backed by Renewable Electricity Guarantees of Origin (REGOs).

Methodology

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

The GHG Protocol has been used.

Primary Evidence, Estimations and Assumptions
Conversion factors from volume or mass of bulk fuels into kWh, and from kWh into tCO2e, were taken from Greenhouse Gas Reporting: Conversion Factors 2022, published by BEIS. The 2022 data is most relevant as the majority of the financial year is within the 2022 calendar year.
Wherever possible, energy consumption is recorded for the reporting Financial Year with no overspill. Since the last reporting year, the following methodology adjustments have been made:
• La Serra CHP natural gas import has been added to the reporting boundary.
• Electricity Meter readings have been pro-rated to financial year start and end, using the nearest available readings either side of each. Where only estimates were available, these have been used in the absence of anything more reliable.
• The responsibility of some properties has been moved from MAPP Holdings to Springhill Farms.
• Only one natural gas supply required pro-rating as an end of year meter read was not taken.
• Bulk fuel deliveries to site do not equate to consumption, as stock levels at financial year start and end may vary. This effect is difficult to eliminate but will only cause minor inaccuracy given the scale of consumption of the relevant fuels.
• UK Golf fuel deliveries had previously not been reported to us, so this has now been added to the data collection process for future years.
• The Springhill Heating Oil deliveries had previously not been reported to us, so this has now been added to the data collection process for future years.

In all the above cases, there is room for improvement to collect data. Automatic Meter Readings (AMR) would further improve electricity data collection and maintain accurate natural gas import reads.

Biogas input to the business is not metered. Instead it has been calculated from the metered output of the CHP engine in which it is burnt, using the published figure of 36.5% for engine electrical efficiency. If actual efficiency is lower than this, biogas usage will be higher.

Vehicle fuel data has been provided in the form of deliveries by month. MAPP Holdings have also provided this in litres, however flow metering and opening and closing stock recordings would make the transport data even more accurate.

Summary of greenhouse gas emissions and energy consumption for the year ended 31 March 2023:

Energy Type

Unit of
measurement
kWh

2023
tCO2e

2022
tCO2e

Electricity Import

12,281,078

2,375.00

1,923.00

Natural Gas

78,371,890

14,306.00

164.00

Biogas

33,701,622

7.00

6.00

Biomass

284,892

3.00

4.00

Diesel

1,060,365

256.00

273.00

LPG

105,655

23.00

27.00

Petrol

171,384

39.00

0.00

Gas Oil

4,657,565

1,196.00

1,099.00

Heating Oil

194,108

48.00

0.00

Solar PV & Biogas CHP Export

-3,957.00

-4,129.00

   

14,296.00

-633.00

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

This report covers the operations of MAPP Holdings Ltd, a holding company whose subsidiaries include Springhill Farms (Pershore) Ltd, La Serra Ltd, Vale Green Energy Ltd and UK Golf Ltd.

It covers energy consumed in all declared forms at all properties operated by MAPP Holdings, and the associated Greenhouse Gas emissions.

Renewable electricity exported to the grid has been calculated at the standard grid carbon rate for its respective year - resulting in sizeable carbon deductions. In previous years this has exceeded the company’s gross emissions total, resulting in a negative value.

However, this year has seen a significant increase in net emissions due to CHP assets operating at La Serra that are burning significant volumes of natural gas. The electricity exported by these engines cannot be deducted from the gross emissions figures as they use a non-renewable fuel.

In absolute terms, the gross energy consumption of the group has more than tripled, with carbon emissions at an all-time high. Targeting ways to reduce natural gas consumption will be the most impactful way that MAPP Holdings can reduce its carbon emissions.

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

Intensity ratio

Net Intensity Ratio

The Intensity Ratio compares emissions data with an appropriate business metric or financial indicator, such as sales revenue or floor space. This allows comparison of energy efficiency performance overtime, and often with other similar types of organisations.

The production metric chosen is turnover, with a total value of £136.4m (2022 £119.5m)
.

Intensity measurement

2023
105.00

2022
-6.00

2021
-16.40

2020
-12.50

2019
0.00

Gross Intensity Ratio

The Intensity Ratio compares emissions data with an appropriate business metric or financial indicator, such as sales revenue or floor space. This allows comparison of energy efficiency performance overtime, and often with other similar types of organisations.

The production metric chosen is turnover, with a total value of £136.4m (2022 £119.5m)
. The Gross Intensity Ratio figures taken from previous SECR reports, both FY 2020/2021 and FY 2021/2022 were making a significant improvement compared to FY 2019/2020, however the acquisition of La Serra for FY 2022/2023 has increased the emissions substantially.

Intensity measurement

2023
133.80

2022
29.30

2021
29.10

2020
50.10

2019
0.00

MAPP Holdings take their energy performance seriously, shown by their investment into renewable energy technologies. However, the acquisition of La Serra presents new challenges that must be addressed to bring the company closer to net zero.

With La Serra now included within the company boundary, natural gas consumption accounts for 60% of the business’s total energy consumption. As this is a non-renewable energy source it has significantly added to the company’s GHG emissions. The
business may wish to explore alternative fuels and/or technologies at La Serra to help mitigate this increase.

The following actions have started to take place during FY 2022-2023 to improve energy efficiency on MAPP Holdings sites:
1. Springhill Farms have increased the amount of rooftop solar PV across packhouse roofs, which allows them to reduce the volume of grid import at these sites.
2. Vale Green Energy have expanded their AD capabilities, increasing the volume of biomethane they inject into the national gas grid. This will reduce energy wastage from bio-available material being fed into the digesters, though this does not affect VGE’s carbon position at this time. Further guidance yet to be released from the EA is required to report on this. The results of this expansion are hoped to be seen in the next reporting year.
3. La Serra is actively investigating battery storage to increase the proportion of self-generated green electricity it uses. The results of these efforts are hoped to be seen in the next reporting year.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

 

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2023

.........................................
P Bille
Director

 

Mapp Holdings Limited

Directors' Report for the Year Ended 31 March 2023

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

Directors of the group

The directors who held office during the year were as follows:

Pas Bille

P Bille

Information included in the Strategic Report

The directors do not recommend the payment of a final dividend in respect of the financial year ended 31 March 2023.

Financial instruments

Objectives and policies

The group’s activities expose it to a number of financial risks including price risk, credit risk,cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The group does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The group is exposed to commodity price risk. The group does not manage its exposure to commodity price risk due to cost benefit considerations.

Credit risk
The group’s principal financial assets are bank balances and cash, trade and other debtors, and investments.

The group’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.

The group has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.

Cash flow risk
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

 

Mapp Holdings Limited

Directors' Report for the Year Ended 31 March 2023

Going concern

The directors have assessed the appropriateness of the going concern concept in relation to the above matters and in general to the Company's financial statements and as the Group as a whole and consider that the accounts should be prepared on a going concern basis. This conclusion has been reached based upon the Company and the Group having access to sufficient funds to be able to meet liabilities and obligations as they fall due for at least twelve months from approving these financial statements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Employee involvement

Information on matters of concern to employees are dealt with via arranged meetings with supervisory staff who then pass on the relevant information or details to employees within their work team considered to be relevant.

Employment of disabled persons

The company is an equal opportunity employer and maintains a culture of equality and diversity where employees are treated equally, whether or not they have a disability.

The Company takes all reasonable steps to employ, train and promote employees on the basis of ability, qualification and experience irrespective of any disability. The Company follows its duty to make reasonable adjustments to premises and working practices, wherever possible, to accommodate employees who become disabled during their employment, and so to enable them to perform work to their full potential ability.

Future developments

The Group continues to invest in the various sites to ensure these operate as efficiently as is possible and provide a solid platform for the overall Group performance. The Directors expect to make further progress in future periods.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of EKWilliams Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
P Bille
Director

 

Mapp Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

Opinion

We have audited the financial statements of Mapp Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 11], 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.

Auditor Responsibilities for the audit of the financial statements

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

 

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

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

 

Extent to which the audit was considered capable of detecting irregularities, including fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

Enquiring of management whether they are aware of any non-compliance with laws and regulations.

Enquiring of management whether they are aware of any actual, suspected or alleged fraud.

Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: posting of unusual journals and fraudulent revenue recognition.

Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included the financial framework the company operates under (FRS102), the UK Companies Act, tax legislation and health and safety legislation.

 

Audit response to risk identified.

Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships.
- Audited the risk of management override of controls, including through testing journal entries for appropriateness.
- Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
- Investigated the rationale behind any significant or unusual transactions included in the financial statements.

Fraudulent revenue recognition

To address the risk of fraudulent revenue recognition we:
- Performed analytical procedures on turnover to identify any unusual or unexpected relationships.
- Performed testing on a sample of turnover transactions that occurred during the financial year.
- Performed cut-off testing on turnover around the year end.

 

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation.
- Enquiring of management as to actual and potential litigation claims they are aware of.
- Reviewing legal cost nominals for evidence of potential litigation or claims.
- Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISA's (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws and regulations rest with the directors

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 auditor's report.

Use of our report

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

 

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

......................................
Peter Brassington ACA FCCA (Senior Statutory Auditor)
For and on behalf of EKWilliams Accountants Limited, Statutory Auditor

No.1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

9 February 2024

 

Mapp Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

137,054,314

125,081,620

Cost of sales

 

(113,487,333)

(101,050,344)

Gross profit

 

23,566,981

24,031,276

Administrative expenses

 

(10,073,043)

(8,903,260)

Other operating income

4

947,609

891,630

Operating profit

6

14,441,547

16,019,646

Other interest receivable and similar income

7

440,287

542,297

Interest payable and similar expenses

8

(70,404)

(642,642)

   

369,883

(100,345)

Profit before tax

 

14,811,430

15,919,301

Tax on profit

12

(3,559,530)

(3,039,011)

Profit for the financial year

 

11,251,900

12,880,290

Profit/(loss) attributable to:

 

Owners of the company

 

11,255,539

12,891,631

Minority interests

 

(3,639)

(11,341)

 

11,251,900

12,880,290

The group has no recognised gains or losses for the year other than the results above.

 

Mapp Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

11,251,900

12,880,290

Total comprehensive income for the year

11,251,900

12,880,290

Total comprehensive income attributable to:

Owners of the company

11,255,539

12,891,631

Minority interests

(3,639)

(11,341)

11,251,900

12,880,290

 

Mapp Holdings Limited

(Registration number: 06015572)
Consolidated Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

3,561,938

4,452,422

Tangible assets

14

58,944,786

59,441,085

Other financial assets

3,000,000

-

 

65,506,724

63,893,507

Current assets

 

Stocks

16

6,930,938

6,308,135

Debtors

17

31,997,517

28,826,540

Cash at bank and in hand

 

28,121,343

20,858,148

 

67,049,798

55,992,823

Creditors: Amounts falling due within one year

19

(20,900,326)

(17,953,017)

Net current assets

 

46,149,472

38,039,806

Total assets less current liabilities

 

111,656,196

101,933,313

Creditors: Amounts falling due after more than one year

19

(13,860,816)

(15,816,465)

Provisions for liabilities

20

(705,412)

(172,270)

Net assets

 

97,089,968

85,944,578

Capital and reserves

 

Called up share capital

22

2,490

2,490

Capital redemption reserve

23

636

636

Retained earnings

23

97,026,368

85,772,328

Equity attributable to owners of the company

 

97,029,494

85,775,454

Minority interests

 

60,474

169,124

Shareholders' funds

 

97,089,968

85,944,578

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
P Bille
Director

 

Mapp Holdings Limited

(Registration number: 06015572)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

14

6,958,738

6,409,474

Investments

15

3,296,437

3,189,927

Other financial assets

3,000,000

-

 

13,255,175

9,599,401

Current assets

 

Debtors

17

39,199,145

46,261,560

Cash at bank and in hand

 

14,078,727

7,953,023

 

53,277,872

54,214,583

Creditors: Amounts falling due within one year

19

(3,332,831)

(1,333,405)

Net current assets

 

49,945,041

52,881,178

Total assets less current liabilities

 

63,200,216

62,480,579

Creditors: Amounts falling due after more than one year

19

-

(1,930,000)

Provisions for liabilities

20

(316,850)

-

Net assets

 

62,883,366

60,550,579

Capital and reserves

 

Called up share capital

22

2,490

2,490

Capital redemption reserve

636

636

Retained earnings

62,880,240

60,547,453

Shareholders' funds

 

62,883,366

60,550,579

The company made a profit after tax for the financial year of £2,332,788 (2022 - profit of £5,092,081).

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................

P Bille

Director

 

Mapp Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 April 2022

2,490

636

85,772,327

85,775,453

169,124

85,944,577

Profit/(loss) for the year

-

-

11,255,539

11,255,539

(3,639)

11,251,900

Increase in ownership interests in subsidiaries

-

-

-

-

(105,011)

(105,011)

Acquisition of non-controlling interest, decrease in equity

-

-

(1,498)

(1,498)

-

(1,498)

At 31 March 2023

2,490

636

97,026,368

97,029,494

60,474

97,089,968

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 April 2021

2,490

636

72,880,697

72,883,823

115,485

72,999,308

Profit/(loss) for the year

-

-

12,891,631

12,891,631

(11,341)

12,880,290

Increase in ownership interests in subsidiaries

-

-

-

-

64,980

64,980

At 31 March 2022

2,490

636

85,772,328

85,775,454

169,124

85,944,578

 

Mapp Holdings Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

2,490

636

60,547,452

60,550,578

Profit for the year

-

-

2,332,788

2,332,788

At 31 March 2023

2,490

636

62,880,240

62,883,366

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2021

2,490

636

55,455,372

55,458,498

Profit for the year

-

-

5,092,081

5,092,081

At 31 March 2022

2,490

636

60,547,453

60,550,579

 

Mapp Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

11,251,900

12,880,290

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

8,488,086

4,705,005

Profit on disposal of tangible assets

5

(211,908)

(133,828)

Finance income

7

(440,287)

(542,297)

Finance costs

8

70,404

2,394

Income tax expense

12

3,559,530

3,039,011

 

22,717,725

19,950,575

Working capital adjustments

 

Increase in stocks

16

(622,803)

(2,360,148)

(Increase)/decrease in trade debtors

17

(2,590,034)

8,860,017

Increase/(decrease) in trade creditors

19

5,564,546

(3,330,436)

Cash generated from operations

 

25,069,434

23,120,008

Income taxes paid

12

(4,653,548)

(2,279,874)

Net cash flow from operating activities

 

20,415,886

20,840,134

Cash flows from investing activities

 

Interest received

440,287

542,297

Acquisitions of tangible assets

(7,332,035)

(27,474,282)

Proceeds from sale of tangible assets

 

479,725

328,361

Acquisition of intangible assets

13

-

(4,452,422)

Acquisition of other investments

 

(3,000,000)

-

Acquisition of minority interest

 

(106,510)

-

Net cash flows from investing activities

 

(9,518,533)

(31,056,046)

Cash flows from financing activities

 

Interest paid

8

(70,404)

(2,394)

Proceeds from other borrowing draw downs

 

-

13,759,346

Repayment of other borrowing

 

(81,050)

-

Payments to finance lease creditors

 

(136,178)

(121,927)

Net cash flows from financing activities

 

(287,632)

13,635,025

Net increase in cash and cash equivalents

 

10,609,721

3,419,113

Cash and cash equivalents at 1 April

 

17,511,622

14,092,509

Cash and cash equivalents at 31 March

 

28,121,343

17,511,622

 

Mapp Holdings Limited

Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

2,332,788

5,092,081

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

220,665

226,375

Finance income

(2,551,302)

(4,996,054)

Income tax expense

12

764,126

418,936

 

766,277

741,338

Working capital adjustments

 

Decrease in trade debtors

17

6,854,157

5,123,223

Increase/(decrease) in trade creditors

19

49,344

(2,956,702)

Rounding

 

-

1

Cash generated from operations

 

7,669,778

2,907,860

Income taxes paid

12

(218,936)

(801,806)

Net cash flow from operating activities

 

7,450,842

2,106,054

Cash flows from investing activities

 

Interest received

2,551,302

4,996,054

Acquisition of subsidiaries

15

(106,510)

(581,206)

Acquisitions of tangible assets

(769,930)

(1,881,584)

Acquisition of other investments

 

(3,000,000)

-

Net cash flows from investing activities

 

(1,325,138)

2,533,264

Net increase in cash and cash equivalents

 

6,125,704

4,639,318

Cash and cash equivalents at 1 April

 

7,953,023

3,313,705

Cash and cash equivalents at 31 March

 

14,078,727

7,953,023

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD
United Kingdom

These financial statements were authorised for issue by the Board on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The group financial statements are presented in pound sterling and rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,332,788 (2022 - profit of £5,092,081).

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Judgements

Preparation of the financial statements do not require management to make significant judgements and estimates.

Key sources of estimation uncertainty

There are no estimates that will affect carrying values of assets over the next 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services, rental income and management recharges.

The sale of fruit and vegetables in the period together with the growing and harvesting of cereal crops.

The supply of gas and electricity as well as Renewable Obligation Certificates generated from renewable resources in the ordinary course of the group’s activities.

Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 group operates and generates taxable income.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

5% straight line

Freehold land

Nil

Plant and machinery

12.5% straight line

Motor vehicles

20% and 25% straight line

Office equipment and glasshouses

33.33% straight line

Glasshouses

5% and 12.5% straight line

Anaerobic digester

8.33% straight line

Solar farms

8.33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand names

20% straight line

Goodwill

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Stocks

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

Growing crops are stated at the lower of cost and estimated selling price less costs to complete and sell. If crops are impaired, the carrying amount is reduced to its selling price less costs to complete or sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell.

Impairment losses are shown in note 17 to the financial statements.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables. Where these assets and liabilities are expected to be settled within one year, they are measured at the undiscounted amount of cash or other consideration that is expected to be paid or received. Financial assets or liabilities that are expected to be settled beyond one year are initially and subsequently measured at amortised cost using the effective interest rate method.

Financial assets and liabilities are only set off in the statement of financial position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the asset and liability will be settled simultaneously.


 Recognition and measurement
Debtors
Debtors are measured at transaction price, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice if not more than 24 hours.

Creditors
Short term creditors are measured at 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.


 Impairment
Financial assets that are measured at cost, or the amount of cash or other consideration that is expected to be paid or received, are assessed at the end of each reporting period for evidence or impairment. If such evidence exists then an impairment loss is recognised in the statement of comprehensive income.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

137,054,314

125,081,620

The analysis of the group's turnover for the year by class of business is as follows:

2023
£

2022
£

Produce sales

102,784,119

96,687,638

Energy sales

31,182,361

25,706,536

Golf and other sales

3,087,834

2,687,446

137,054,314

125,081,620

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

136,537,222

123,589,174

Europe

517,092

1,492,446

137,054,314

125,081,620

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

26,271

-

Miscellaneous other operating income

921,338

891,630

947,609

891,630

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of Tangible assets

211,908

133,828

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

7,597,601

4,705,005

Amortisation expense

890,485

-

Impairment loss

-

70,957

Foreign exchange (gains)/losses

(38,858)

2,470

Profit on disposal of property, plant and equipment

(211,908)

(133,828)

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

430,672

2,725

Other finance income

9,615

539,572

440,287

542,297

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

61,633

-

Interest on late payment of taxation

8,771

2,394

Foreign exchange gains

-

640,248

70,404

642,642

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

16,454,303

12,139,132

Social security costs

1,627,057

1,178,925

Other short-term employee benefits

45,064

44,471

Pension costs, defined contribution scheme

270,062

236,766

Other employee expense

106,149

104,560

18,502,635

13,703,854

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2023
No.

2022
No.

Production

572

477

Administration and support

22

23

594

500

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

1,029,863

978,712

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2023
£

2022
£

Remuneration

413,284

398,690

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

29,750

23,500


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

3,617,963

3,182,638

Deferred taxation

Arising from origination and reversal of timing differences

(58,433)

(143,627)

Tax expense in the income statement

3,559,530

3,039,011

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

14,811,430

15,919,301

Corporation tax at standard rate

2,814,172

3,024,667

Effect of expense not deductible in determining taxable profit (tax loss)

211,946

26,687

Deferred tax credit relating to changes in tax rates or laws

(250,882)

(144,104)

Tax increase from effect of capital allowances and depreciation

105,642

213,931

Tax increase/(decrease) from other short-term timing differences

192,448

(82,170)

Tax increase from effect of unrelieved tax losses carried forward

486,204

-

Total tax charge

3,559,530

3,039,011

The main UK corporation tax rate is rising from 19% to 25% from 1 April 2023. As a result deferred tax has been calculated at the 25% rate.

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

1,799,276

788,967

Tax losses carry-forwards

551,907

(83,555)

2,351,183

705,412

2022

Asset
£

Liability
£

Accelerated capital allowances

1,656,077

172,270

Tax losses carry-forwards

103,531

-

1,759,608

172,270

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(940,000) (2022 - £317,000).

The UK corporation tax rate is increasing to 25% with effect from 1 April 2023.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

13

Intangible assets

Group

Goodwill
 £

Brand names
 £

Total
£

Cost or valuation

At 1 April 2022

4,734,002

23,000

4,757,002

At 31 March 2023

4,734,002

23,000

4,757,002

Amortisation

At 1 April 2022

281,580

23,000

304,580

Amortisation charge

890,484

-

890,484

At 31 March 2023

1,172,064

23,000

1,195,064

Carrying amount

At 31 March 2023

3,561,938

-

3,561,938

At 31 March 2022

4,452,422

-

4,452,422

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

14

Tangible assets

Group

Land and buildings
£

Glasshouses, Anaerobic digesters and Solar parks
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

22,023,237

73,359,970

1,149,266

8,133,866

62,386

3,704,947

108,433,672

Additions

2,587,509

1,478,427

291,733

1,676,692

5,334

1,329,422

7,369,117

Disposals

-

-

-

(156,894)

-

(670,515)

(827,409)

At 31 March 2023

24,610,746

74,838,397

1,440,999

9,653,664

67,720

4,363,854

114,975,380

Depreciation

At 1 April 2022

5,069,510

36,049,225

897,327

5,293,420

56,210

1,626,892

48,992,584

Charge for the year

524,975

5,585,069

164,214

809,072

3,711

510,561

7,597,602

Eliminated on disposal

-

-

-

(137,989)

-

(421,603)

(559,592)

At 31 March 2023

5,594,485

41,634,294

1,061,541

5,964,503

59,921

1,715,850

56,030,594

Carrying amount

At 31 March 2023

19,016,261

33,204,103

379,458

3,689,161

7,799

2,648,004

58,944,786

At 31 March 2022

16,953,726

37,310,746

251,939

2,840,444

6,176

2,078,054

59,441,085

Included within the net book value of land and buildings above is £19,016,261 (2022 - £16,953,726) in respect of freehold land and buildings.
 

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

116,215

74,807

Motor vehicles and tractors

1,321,537

1,169,226

 

1,437,752

1,244,033

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Company

Land and buildings
£

Glasshouses
 £

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

8,461,415

189,688

960,132

166,710

9,777,945

Additions

670,269

-

-

99,661

769,930

Disposals

-

-

-

(82,725)

(82,725)

At 31 March 2023

9,131,684

189,688

960,132

183,646

10,465,150

Depreciation

At 1 April 2022

2,191,389

189,688

854,278

133,116

3,368,471

Charge for the year

165,270

-

18,667

36,729

220,666

Eliminated on disposal

-

-

-

(82,725)

(82,725)

At 31 March 2023

2,356,659

189,688

872,945

87,120

3,506,412

Carrying amount

At 31 March 2023

6,775,025

-

87,187

96,526

6,958,738

At 31 March 2022

6,270,026

-

105,854

33,594

6,409,474

Included within the net book value of land and buildings above is £6,775,025 (2022 - £6,270,025) in respect of freehold land and buildings.
 

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of
incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Springhill Farms (Pershore) Ltd*

England and Wales

Ordinary shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

UK Golf Ltd*

England and Wales

Ordinary shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

EVG (Europe) Ltd*

England and Wales

Ordinary Shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

Vale Green Energy Limited*

England and Wales

Ordinary shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

Evesham Vale Growers Limited*

England and Wales

Ordinary shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

Verona Homes Limited*

England and Wales

Ordinary Shares

100%

80%

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

Bengeworth Property Development Limited*

England, UK

Ordinary shares

100%

100%

 

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

     

La Serra Limited*

England, UK

Ordinary shares

100%

100%

 

Rotherdale Farm
Long Lane
Throckmorton
Worcestershire
WR10 2JH

     

Sudeley Homes (West) Limited

England, UK

73.68%

73.68%

 

111/113 High Street
Evesham
Worcestershire
WR11 4XP

     

* indicates direct investment of the company

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Subsidiary undertakings

Springhill Farms (Pershore) Ltd

The principal activity of Springhill Farms (Pershore) Ltd is growing and marketing and packing of fruit and vegetables.

UK Golf Ltd

The principal activity of UK Golf Ltd is operation of golf courses and related facilities.

EVG (Europe) Ltd

The principal activity of EVG (Europe) Ltd is dormant.

Vale Green Energy Limited

The principal activity of Vale Green Energy Limited is production of gas and electricity.

Evesham Vale Growers Limited

The principal activity of Evesham Vale Growers Limited is dormant.

Verona Homes Limited

The principal activity of Verona Homes Limited is property development.

Bengeworth Property Development Limited

The principal activity of Bengeworth Property Development Limited is the provision of finance for it's subsidiary's property developments.

La Serra Limited

The principal activity of La Serra Limited is the operation of a glasshouse.

Sudeley Homes (West) Limited

The principal activity of Sudeley Homes (West) Limited is property development.

For the year ending 31 March 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

Bengeworth Property Development Limited

Sudeley Homes (West) Limited

UK Golf Limited

Verona Homes Limited

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Company

2023
£

2022
£

Investments in subsidiaries

3,296,437

3,189,927

Subsidiaries

£

Cost or valuation

At 1 April 2022

3,192,417

Additions

106,510

At 31 March 2023

3,298,927

Provision

At 1 April 2022

2,490

Carrying amount

At 31 March 2023

3,296,437

At 31 March 2022

3,189,927

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

1,134,608

924,883

-

-

Work in progress

1,911,929

1,559,744

-

-

Finished goods and goods for resale

3,114,360

3,531,698

-

-

Other inventories

770,041

291,810

-

-

6,930,938

6,308,135

-

-

Group

Impairment of stocks

The amount of impairment loss included in profit or loss is £34,007 (2022 - £264,934).

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

17

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

23,687,687

21,725,238

58

120

Amounts owed by related parties

28

-

50,000

35,012,294

43,209,748

Other debtors

 

772,108

577,852

387,918

-

Prepayments

 

2,870,612

2,387,286

1,707,515

752,074

Deferred tax assets

12

2,351,183

1,759,608

-

-

Income tax asset

12

2,315,927

2,326,556

2,091,360

2,299,618

   

31,997,517

28,826,540

39,199,145

46,261,560

Less non-current portion

 

(2,091,360)

(2,118,297)

(17,233,194)

(17,133,194)

 

29,906,157

26,708,243

21,965,951

29,128,366

Details of non-current trade and other debtors

Group

£2,091,360 (2022 - £2,118,297) of income tax asset is classified as non current.

Company

£15,141,834 (2022 - £15,041,834) of loan to related parties (La Serra Limited) is classified as non current. Interest is charged on this loan at base rate plus 3.5%.
Loans from group undertakings are secured by way of a debenture between La Serra Limited and Mapp Holdings Limited securing the liabilities of La Serra Limited by way of a fixed and floating charge over La Serra Limited's assets.

£2,091,360 (2022 - £2,091,360) of income tax asset is classified as non current.

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

3,843

3,414

-

-

Cash at bank

28,117,500

20,854,734

14,078,727

7,953,023

28,121,343

20,858,148

14,078,727

7,953,023

Bank overdrafts

-

(3,346,526)

-

-

Cash and cash equivalents in statement of cash flows

28,121,343

17,511,622

14,078,727

7,953,023

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

24

228,814

3,729,837

-

-

Trade creditors

 

7,590,741

9,386,731

68,556

16,113

Amounts due to related parties

28

13,376

13,376

145,891

145,891

Social security and other taxes

 

167,586

137,519

165,558

162,197

Outstanding defined contribution pension costs

 

20,364

26,961

-

-

Other payables

 

2,206,471

78,103

1,936,107

6,107

Accruals

 

9,752,913

2,614,215

996,637

1,003,097

Income tax liability

12

920,061

1,966,275

20,082

-

 

20,900,326

17,953,017

3,332,831

1,333,405

Due after one year

 

Loans and borrowings

24

13,860,816

13,886,465

-

-

Other non-current financial liabilities

 

-

1,930,000

-

1,930,000

 

13,860,816

15,816,465

-

1,930,000

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2022

172,270

172,270

Additional provisions

316,850

316,850

Increase (decrease) in existing provisions

216,292

216,292

At 31 March 2023

705,412

705,412

Company

Deferred tax
£

Total
£

Additional provisions

316,850

316,850

At 31 March 2023

316,850

316,850

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £270,062 (2022 - £236,766).

Contributions totalling £20,364 (2022 - £26,961) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2,490

2,490

2,490

2,490

         

Rights, preferences and restrictions

Ordinary £1 shares have the following rights, preferences and restrictions:
Each Ordinary share held has rights of one vote per share.

23

Reserves

Group

Share premium

Premium paid for new shares above their nominal value.

Capital redemption reserve

Non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Profit & loss account

Includes all current and prior period retained profits and losses.

Non-controlling interests

Value of reserves attributable to non-controlling shareholders.

Company

Share premium

Premium paid for new shares above their nominal value.

Profit & loss account

Includes all current and prior period retained profits and losses.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

24

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

101,470

127,119

-

-

Other borrowings

13,759,346

13,759,346

-

-

13,860,816

13,886,465

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

3,346,526

-

-

Hire purchase contracts

228,814

302,261

-

-

Other borrowings

-

81,050

-

-

228,814

3,729,837

-

-

Group

Bank borrowings

Bank overdrafts are denominated in Sterling with a nominal interest rate of base rate plus 1% above the base rate. The carrying amount at year end is £Nil (2022 - £3,346,526).

Security is an unlimited guarantee given by MAPP Holdings Limited, Springhill Farms (Pershore) Limited and Vale Green Energy Limited.
Bank overdrafts have no fixed repayment schedule and are repayable on demand.

Finance lease liabilities

Hire Purchase is denominated in Sterling with a nominal interest rate of 0%. The carrying amount at year end is £330,284 (2022 - £429,380).

Security is against the relevant asset under hire purchase.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

25

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

228,814

302,261

Later than one year and not later than five years

101,470

127,199

330,284

429,460

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

26

Analysis of changes in net debt

Group

At 1 April 2022
£

Financing cash flows
£

New finance leases
£

At 31 March 2023
£

Cash and cash equivalents

Cash

20,858,148

7,263,195

-

28,121,343

Overdrafts

(3,346,526)

3,346,526

-

-

17,511,622

10,609,721

-

28,121,343

Borrowings

Long term borrowings

(13,759,346)

-

-

(13,759,346)

Short term borrowings

(81,050)

81,050

-

-

Lease liabilities

(429,380)

136,178

(37,082)

(330,284)

(14,269,776)

217,228

(37,082)

(14,089,630)

 

3,241,846

10,826,949

(37,082)

14,031,713

Company

At 1 April 2022
£

Financing cash flows
£

At 31 March 2023
£

Cash and cash equivalents

Cash

7,953,023

6,125,704

14,078,727

 

7,953,023

6,125,704

14,078,727

27

Financial guarantee contracts

Company

The company is party to an unlimited guarantee in favour of Barclays Bank Plc in respect of bank borrowings by it's subsidiary undertakings; Springhill Farms (Pershore) Ltd and Vale Green Energy Limited.

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

28

Related party transactions

Company

Transactions with directors

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

P Bille

Loan with interest charged at the ruling HMRC rate

3,203,348

(3,203,348)

-

       
     

Pas Bille

Loan with Interest charged at the ruling HMRC rate

3,228,076

(3,228,076)

-

       
     

 

Summary of transactions with other related parties

Related party loan

 Marco Bille

M Bille is owed £6,000 by the company (2022 £6,000).

The loan is interest free and is repayable on demand.

 

 

29

Financial instruments

Group

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets that are debt instruments measured at amortised cost

52,083,409

43,211,238

Financial liabilities measured at amortised cost

21,680,371

27,003,033

Items of income, expense, gains or losses

The total interest income for financial assets not measured at fair value through profit or loss is £440,287 (2022 - £542,297). The total interest expense for financial liabilities not measured at fair value through profit or loss is £63,227 (2022 - £Nil).

 

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Company

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets that are debt instruments measured at amortised cost

49,091,079

51,162,891

Financial liabilities measured at amortised cost

214,447

162,004

Items of income, expense, gains or losses

The total interest income for financial assets not measured at fair value through profit or loss is £2,544,448 (2022 - £1,456,482).

30

Controlling Party

P & P Bille each control 50% of the share capital and voting rights of the company, therefore there is no overall controlling party.