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Registered number: 13214828














FOOD TEAM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 
FOOD TEAM GROUP LIMITED
 

COMPANY INFORMATION


Director
M F Roscoe 




Registered number
13214828



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
FOOD TEAM GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Director's report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13 - 14
Company statement of changes in equity
 
15 - 16
Consolidated statement of cash flows
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 37


 
FOOD TEAM GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2023.

Business review
 
The principal activity of the Group in the year under review was the importation, exportation, and distribution of a wide range of frozen and ambient food products supplied into the food manufacturing, wholesale & retail sectors in the United Kingdom & the Republic of Ireland.
 
The Group's client portfolio comprises of some of the most recognisable and major names in the UK Food sector. 
We have developed our business into a multi-channel distribution and sourcing model supplying all sectors of the food industry. This model has proven to mitigate many of the detrimental macro events over the last 12 months affecting the food industry and, in many cases, we have used our knowledge of market conditions to provide solutions to our customer base.
Our business has strategically reduced exposure to any one ingredient or range allowing the Group to contract a range of ingredients with customers.
       
The result for the Group shows a pre tax profit of £771,339 (2022 - £693,684 as restated) for the year and sales of £25,977,689 (2022 - £17,728,016). The underlying pre tax profit of £771,339 reflects an improvement in our previous year’s results.
Our achieved results were despite ongoing problems associated with the complications associated with BREXIT and consumer behavioural changes resulting from the COVID pandemic. The Group's agile and lean supply chain helped us navigate major macroeconomic events such as the Ukrainian Conflict, energy crisis, labour shortages, food inflation and the deteriorating UK economic environment.
Adverse weather conditions over the last 12 months have affected crop yields and have created uncertainty and intern upward pressure on raw material prices. Without exception, this year all the food products that are sourced have increased in price. The combination of increasing inflation of raw material, packaging, energy, transport, and labour costs, has resulted in increased sales prices, and an example of this manifested in our pasta pricing increasing by over 18%.
The Group’s ethos has always been about alternative sourcing, presenting buyers with ‘choices’, matching products currently bought by our customers from different geographical growing regions. The Group strives to source semi-finished products that help reduce process steps in our customer’s factory and restaurant chains. This is part of our DNA and what we are known for in the market.
The results reflect the pipeline which our team have developed over the last 2 years and a resurgence in demand following the pandemic and also the continuing growth of our customer base.
Our Quality Department has for the fifth year running achieved a grade of AA in our annual British Retail Consortium audit.
Our new operations software launched in May 2021 which has boosted our efficiency and the subsequent efficiencies gained, with the size of our operations team remaining the same as last year.

Page 1

 
FOOD TEAM GROUP LIMITED
 

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

Principal risks and uncertainties
 
The management of the business and the execution of the Group strategy are subject to a number of risks. The key business risks affecting the Group are set out below.
Brexit
The implications of the UK’s exit from the European Union is significant and includes increased workload, delays in custom clearance, increase costs due to duty rates and the added complication when clearing goods from Ports.
We have however been able to work with customers to provide a streamlined solution which has led to us acting as an intermediary for transactions, rather than them dealing directly with suppliers themselves.
Inflation and Recession
The cost-of-living crisis has been addressed with a significant increase in remuneration for employees, profit margins have been maintained due to increased turnover/volume which has allowed us to take advantage of the economies of scale increasing our average number of pallets being delivered.  Container freight has also decrease with the trend back the pre-2019 averages.  Road transport prices have remained stubbornly high effecting our agility and putting additional pressure on our operations team. 
Ukranian / Russian Conflict 
The start of the financial year resulted in a number of opportunities supplying various charities aiding the Ukrainian cause.
Raw material was also affected due to various farmers changing their crops to fill the void felt by the war.  This has resulted in more complicated sourcing strategies and approving addition countries of origin and supplies.
COVID-19
One year on from Covid, customer habits have changed with more staff working from home which has resulted in a decrease in demand for Food-to-go by as much as 30% when comparing with 2019 with fewer workers travelling into their workplace and instead working from home.
Competition
The Group operates in a highly competitive market particularly around price and service. 
Our supply partners have supported our growth and ensured that we remain competitive.  In addition, we have actively sourced from different geographical regions in order to ensure we spread risk in case of crop shortages, shipment delays, or conflict.
Employee skills and retention
We have successfully retained our staff by offering further training and education for those staff members who have the ability to grow in their leadership roles.
Remuneration of employees are above levels in our local area and all increases were above inflation.
Two staff members were recruited via the apprenticeship scheme and these resources have boosted our operations team.
In conclusion, Revenue has increased significantly. Our bank has supported both our growth and business model and looking forward this will give us a firm footing for next year.
Our business model has proven that in time of conflict, in times of steep inflation and costs our model permits Food Team to prosper.

Page 2

 
FOOD TEAM GROUP LIMITED
 

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

Financial key performance indicators
 
Given the straight forward nature of the business the Group's directors are of the opinion that turnover and profit before tax are the key performance indicators (KPIs) for the business and more detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 16 April 2024 and signed on its behalf.



................................................
M F Roscoe
Director

Page 3

 
FOOD TEAM GROUP LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The director presents his report and the financial statements for the year ended 30 April 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 and minority interests, amounted to £574,654 (2022 - £582,712).

Dividends totalling £374,000 (2022 - £230,000) were paid during the year by the Company. No further dividend is proposed in relation to the financial year.

Director

The director who served during the year was:

M F Roscoe 

Future developments

The director expects the Group to continue to be profitable.

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 4

 
FOOD TEAM GROUP LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Post balance sheet events

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

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 April 2024 and signed on its behalf.
 





................................................
M F Roscoe
Director

Page 5

 
FOOD TEAM GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM GROUP LIMITED
 

Opinion


We have audited the financial statements of Food Team Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise 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 April 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 6

 
FOOD TEAM GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM GROUP 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.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 4, 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.


Page 7

 
FOOD TEAM GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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

Based on our understanding of the Group, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
•     Discussions with management regarding known or suspected instances of non-compliance with laws and
       regulations;
•     Evaluation of controls designed to prevent and detect irregularities; and
•     Assessing journal entries as part of our planned audit approach.


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


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


Other matters 
 

The previous period's financial statements, the financial statement for the period ended 30 April 2022, were not subjected to an audit as the Group took advantage of the small company exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members did not require the company to obtain an audit of its accounts for the period ended 30 April 2022 in accordance with section 476.


Page 8

 
FOOD TEAM GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM GROUP 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.





Andrew John Childs FCA (Senior statutory auditor)
  
for and on behalf of
Magee Gammon Corporate Limited
 
Chartered Accountants
Statutory Auditors
  
Henwood House
Henwood
Ashford
Kent
TN24 8DH

17 April 2024
Page 9

 
FOOD TEAM GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note

  

Turnover
 4 
25,977,689
17,728,016

Cost of sales
  
(23,833,971)
(16,529,179)

Gross profit
  
2,143,718
1,198,837

Administrative expenses
  
(1,376,736)
(504,008)

Operating profit
 5 
766,982
694,829

Share of profit of associates
  
4,246
(2,026)

Total operating profit
  
771,228
692,803

Interest receivable and similar income
 9 
111
887

Interest payable and similar expenses
 10 
-
(6)

Profit before taxation
  
771,339
693,684

Tax on profit
 11 
(195,524)
(110,972)

Profit for the financial year/period
  
£575,815
£582,712

 
Profit for the year/period attributable to:
  

Non-controlling interests
  
(42,390)
-

Owners of the parent Company
  
618,205
582,712

  
£575,815
£582,712

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 37 form part of these financial statements.

Page 10

 
FOOD TEAM GROUP LIMITED
REGISTERED NUMBER: 13214828

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 14 
64,518
49,397

Investments
 15 
154,573
327

  
219,091
49,724

Current assets
  

Stocks
 16 
3,397,887
1,769,569

Debtors: amounts falling due within one year
 17 
4,270,635
3,429,868

Cash at bank and in hand
 18 
164,366
480,731

  
7,832,888
5,680,168

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(6,216,583)
(4,564,783)

Net current assets
  
 
 
1,616,305
 
 
1,115,385

Total assets less current liabilities
  
1,835,396
1,165,109

 
Provisions for liabilities
  

Deferred taxation
 21 
(14,931)
(12,349)

Net assets
  
£1,820,465
£1,152,760


Capital and reserves
  

Called up share capital 
 22 
10,057
10,000

Merger reserve
 23 
1,157,236
821,239

Profit and loss account
 23 
695,522
321,521

Equity attributable to owners of the parent Company
  
1,862,815
1,152,760

Non-controlling interests
  
(42,350)
-

  
£1,820,465
£1,152,760


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2024.



................................................
M F Roscoe
Director

The notes on pages 19 to 37 form part of these financial statements.

Page 11

 
FOOD TEAM GROUP LIMITED
REGISTERED NUMBER: 13214828

COMPANY BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note

Fixed assets
  

Investments
 15 
981,115
825,956

 
Current assets
  

Debtors: amounts falling due within one year
 17 
263,002
1,423

Cash at bank and in hand
 18 
3,045
362

  
266,047
1,785

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(296,418)
(217,801)

Net current liabilities
  
 
 
(30,371)
 
 
(216,016)

Net assets
  
£950,744
£609,940


Capital and reserves
  

Called up share capital 
 22 
10,057
10,000

Profit and loss account
 23 
940,687
599,940

  
£950,744
£609,940


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2024.



................................................
M F Roscoe
Director

The notes on pages 19 to 37 form part of these financial statements.

Page 12

 

 
FOOD TEAM GROUP LIMITED


 

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



Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


At 1 May 2022
10,000
821,239
321,521
1,152,760
-
1,152,760



Comprehensive income for the year


Profit for the year
-
-
618,205
618,205
(42,390)
575,815

Total comprehensive income for the year
-
-
618,205
618,205
(42,390)
575,815



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(374,000)
(374,000)
-
(374,000)


Shares issued during the year
57
-
-
57
-
57


Transfer to/from profit and loss account
-
(129,796)
129,796
-
-
-


Merger relief
-
465,793
-
465,793
-
465,793


Shares issued to minority interests
-
-
-
-
40
40



Total transactions with owners
57
335,997
(244,204)
91,850
40
91,890



At 30 April 2023
£10,057
£1,157,236
£695,522
£1,862,815
£(42,350)
£1,820,465



The notes on pages 19 to 37 form part of these financial statements.

Page 13

 

 
FOOD TEAM GROUP LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022



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



Comprehensive income for the period


Profit for the period
-
-
582,712
582,712
582,712

Total comprehensive income for the period
-
-
582,712
582,712
582,712



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(230,000)
(230,000)
(230,000)


Shares issued during the period
10,000
-
-
10,000
10,000


Transfer to/from profit and loss account
-
31,191
(31,191)
-
-


Merger relief
-
790,048
-
790,048
790,048



Total transactions with owners
10,000
821,239
(261,191)
570,048
570,048



At 30 April 2022
£10,000
£821,239
£321,521
£1,152,760
£1,152,760



The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
FOOD TEAM GROUP LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

At 1 May 2022
10,000
599,940
609,940


Comprehensive income for the period

Profit for the year
-
714,747
714,747


Contributions by and distributions to owners

Dividends: Equity capital
-
(374,000)
(374,000)

Shares issued during the year
57
-
57


Total transactions with owners
57
(374,000)
(373,943)


At 30 April 2023
£10,057
£940,687
£950,744


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
FOOD TEAM GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Profit and loss account
Total equity


Comprehensive income for the period

Profit for the period
-
829,940
829,940


Contributions by and distributions to owners

Dividends: Equity capital
-
(230,000)
(230,000)

Shares issued during the period
10,000
-
10,000


Total transactions with owners
10,000
(230,000)
(220,000)


At 30 April 2022
£10,000
£599,940
£609,940


The notes on pages 19 to 37 form part of these financial statements.

Page 16

 
FOOD TEAM GROUP LIMITED
 

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

2023
2022

Cash flows from operating activities

Profit for the financial year/period
575,815
582,712

Adjustments for:

Amortisation of intangible assets
129,796
(31,191)

Depreciation of tangible assets
13,430
15,663

Interest paid
-
6

Interest received
(111)
(887)

Taxation charge
195,524
110,972

(Increase) in stocks
(1,628,318)
(621,482)

(Increase) in debtors
(160,931)
(1,549,566)

(Increase)/decrease in amounts owed by associates
(1,475)
308

Increase in creditors
207,713
2,149,572

Corporation tax (paid)
(60,981)
(116,862)

Share of operating profit/(loss) in associates
(4,246)
2,026

Net cash generated from operating activities

(733,784)
541,271

Cash flows from investing activities

Purchase of tangible fixed assets
(28,551)
(5,791)

Purchase of subsidiary undertakings net of cash acquired
(305,587)
(241,417)

Purchase of share in associates
(150,000)
(2,353)

Interest received
111
887

Net cash from investing activities

(484,027)
(248,674)

Cash flows from financing activities

Issue of ordinary shares
57
10,000

Issue of shares to minority interests
40
-

Movements on invoice discounting
1,275,349
408,140

Dividends paid
(374,000)
(230,000)

Interest paid
-
(6)

Net cash used in financing activities
901,446
188,134

Net (decrease)/increase in cash and cash equivalents
(316,365)
480,731

Cash and cash equivalents at beginning of year/period
480,731
-

Cash and cash equivalents at the end of year/period
£164,366
£480,731

Cash and cash equivalents at the end of year/period comprise:

Cash at bank and in hand
£164,366
£480,731


Page 17

 
FOOD TEAM GROUP LIMITED
 

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





At 1 May 2022
Cash flows
Acquisition and disposal of subsidiaries
At 30 April 2023




Cash at bank and in hand

480,731

(362,590)

46,225

164,366

Debt due within 1 year

(11,146)

10,147

-

(999)


£469,585
£(352,443)
£46,225
£163,367

The notes on pages 19 to 37 form part of these financial statements.

Page 18

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Food Team Group Limited is a private company, limited by shares, incorporated in England and Wales. The company number is 13214828. The registered office address is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business address is 12-16 Grosvenor Road, Tunbridge Wells, Kent, TN1 2AB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The amounts presented in the financial statements are rounded to the nearest whole GBP (£).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form 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. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2021.

Page 19

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the 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. The following criteria must also be met before revenue is recognised:

Sale of goods

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

 
2.5

Operating leases: the Group as lessee

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

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

Page 20

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
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.

 
2.9

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.

Page 21

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Page 22

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the most appropriate basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 23

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.15

Stocks

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

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 profit or loss.

 
2.16

Debtors

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

 
2.17

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.

 
2.18

Creditors

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

 
2.19

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 24

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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.

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 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are
Page 25

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

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.

 
2.21

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial stateemts are as follows:
(i) Purchase recognition -  directors recognise the purchases when significant risks and rewards of ownership are passed to them as a buyer. They consider this has taken place on delivery.
(ii) Useful economic life of fixed and intangible assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are reassessed annually and amended where necessary.
(iii) Bad debts - Directors have included bad debt provisions for items due from customers in administration and any other debts which are in dispute and have been reviewed. A proportion has been provided based on expected outcome.
(iv) Stock valuation - Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell.

Page 26

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Food sales
25,962,774
17,728,016

Non-food sales
14,915
-

£25,977,689
£17,728,016


Analysis of turnover by country of destination:

2023
2022

United Kingdom
23,538,573
16,816,078

Rest of Europe
2,434,528
911,938

Rest of the world
4,588
-

£25,977,689
£17,728,016



5.


Operating profit

The operating profit is stated after charging:

2023
2022

Research & development charged as an expense
14,976
116,555

Exchange differences
(13,417)
(406,706)

Other operating lease rentals
7,188
8,244

£5,629
£298,395


6.


Auditors' remuneration

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


2023
2022

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
27,750
-

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
26,910
10,067

Page 27

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022


Wages and salaries
515,089
391,783
-
-

Social security costs
42,579
28,451
-
-

Cost of defined contribution scheme
9,060
8,349
-
-

£566,728
£428,583
£-
£-


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.









Director of parent company
1
1
1
1



Directors of subsidiary companies
3
2
-
-



Staff
10
7
-
-

14
10
1
1


8.


Director's remuneration

2023
2022

Director's emoluments
29,531
12,416

Group contributions to defined contribution pension schemes
-
231

£29,531
£12,647


During the year retirement benefits were accruing to no directors (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022


Other interest receivable
£111
£887


10.


Interest payable and similar expenses

2023
2022


Other interest payable
£-
£6

Page 28

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year/period
192,942
98,623


Total current tax
£192,942
£98,623

Deferred tax


Origination and reversal of timing differences
2,582
12,349

Total deferred tax
£2,582
£12,349


Tax on profit
£195,524
£110,972

Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19.493% (2022 - 19%). The differences are explained below:

2023
2022


Profit on ordinary activities before tax
£771,339
£693,684


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.493% (2022 - 19%)
150,357
131,800

Effects of:


Non-tax deductible amortisation of goodwill and impairment
25,301
(5,926)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,631
3,510

Capital allowances for year/period in excess of depreciation
2,733
13,894

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(32,691)

Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
(828)
385

Unrelieved tax losses carried forward
21,780
-

Non taxable profit on foreign subsidiaries
(5,470)
-

Other differences leading to an increase (decrease) in the tax charge
20
-

Total tax charge for the year/period
£195,524
£110,972

The average tax rate changed from 19% to 19.493% due to the corporation tax rate increasing from 19% to 25% from 1 April 2023.


Factors that may affect future tax charges

Page 29

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
11.Taxation (continued)

There are tax losses within a subsidiary company that have not been utilised and for which a deferred tax asset has not been provided due to uncertainties on the recoverability.  These losses amount to £111,717 (2022 - £Nil) and the unprovided deferred tax asset amounts to £27,929 (2022 - £Nil).


12.


Dividends

2023
2022


Dividends paid on equity capital
£374,000
£230,000


13.


Intangible assets

Group and Company





Goodwill
Negative goodwill
Total



Cost


At 1 May 2022
-
(31,191)
(31,191)


Additions
129,796
-
129,796



At 30 April 2023

129,796
(31,191)
98,605



Amortisation


At 1 May 2022
-
(31,191)
(31,191)


Charge for the year on owned assets
129,796
-
129,796



At 30 April 2023

129,796
(31,191)
98,605



Net book value



At 30 April 2023
£-
£-
£-



At 30 April 2022
£-
£-
£-

Goodwill was recognised on the acquisition of Ferrara Ltd where the consideration exceeded the fair value of net assets acquired. This has been written off in full to the profit and loss account during the year.



Page 30

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total



Cost or valuation


At 1 May 2022
-
831
46,875
17,354
65,060


Additions
18,241
-
598
9,712
28,551



At 30 April 2023

18,241
831
47,473
27,066
93,611



Depreciation


At 1 May 2022
-
86
11,541
4,036
15,663


Charge for the year on owned assets
-
187
8,973
4,270
13,430



At 30 April 2023

-
273
20,514
8,306
29,093



Net book value



At 30 April 2023
£18,241
£558
£26,959
£18,760
£64,518



At 30 April 2022
£-
£745
£35,334
£13,318
£49,397




The net book value of land and buildings may be further analysed as follows:


2023
2022

Long leasehold
£18,241
£-


Page 31

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Fixed asset investments

Group





Investments in associates



Cost or valuation


At 1 May 2022
327


Additions
150,000


Share of profit/(loss)
4,246



At 30 April 2023
£154,573




Investments in the consolidated Group accounts are recorded at fair value.

Company





Investments in subsidiary companies
Investments in associates
Total



Cost or valuation


At 1 May 2022
825,956
-
825,956


Additions
351,872
150,000
501,872



At 30 April 2023
1,177,828
150,000
1,327,828



Impairment


Charge for the period
346,713
-
346,713



At 30 April 2023

£346,713
£-
£346,713

Investments in the company accounts are recorded at cost.

Page 32

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Food Team International Limited
Henwood House, Henwood Ashford Kent TN24 8DH
Ordinary
100%
Ferrara Ltd
Henwood House, Henwood, Ashford Kent TN24 8DH
Ordinary
100%
FTI B.V.
Henwood House, Henwood, Ashford Kent TN24 8DH
Ordinary
100%
FTI Online Limited
Henwood House, Henwood, Ashford Kent TN24 8DH
Ordinary
60%

All the above are included in the consolidated accounts. 
All companies prepare their individual accounts to 30 April apart from FTI B.V. which has a year end of 31 December. Management accounts to 30 April have been used for the purposes of consolidation.

The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Food Team International Limited
1,771,179
782,555

Ferrara Ltd
5,099
(2,441)

FTI B.V.
28,212
28,061

FTI Online Limited
(105,874)
(105,974)


16.


Stocks

Group

Group
2023
2022

Finished goods and goods for resale
£3,397,887
£1,769,569


Page 33

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022


Trade debtors
3,921,366
3,227,306
-
-

Amounts owed by group undertakings
-
-
263,002
1,423

Amounts owed by joint ventures and associated undertakings
2,723
1,248
-
-

Other debtors
186,796
188,673
-
-

Prepayments and accrued income
35,059
2,022
-
-

Tax recoverable
124,691
10,619
-
-

£4,270,635
£3,429,868
£263,002
£1,423



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
£164,366
£480,731
£3,045
£362



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022

Trade creditors
2,974,295
2,431,462
-
-

Amounts owed to group undertakings
-
-
280,941
109,008

Corporation tax
258,260
98,623
-
-

Other taxation and social security
6,560
-
-
-

Proceeds of factored debts
2,880,671
1,605,322
-
-

Other creditors
19,863
241,776
15,477
108,793

Accruals and deferred income
76,934
187,600
-
-

£6,216,583
£4,564,783
£296,418
£217,801



The following liabilities were secured:
Group
Group
2023
2022

Proceeds of factored debts
£2,880,671
£1,605,322

Details of security provided:

HSBC UK Bank plc hold a fixed and floating charge over the assets of the company.

Page 34

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022

Financial assets

Financial assets measured at fair value through profit or loss
164,366
480,731
3,045
362

Financial assets measured at amortised cost
4,108,162
3,415,979
-
-

£4,272,528
£3,896,710
£3,045
£362


Financial liabilities

Financial liabilities measured at fair value through profit or loss
(2,880,671)
(1,605,322)
-
-

Financial liabilities measured at amortised cost
3,000,718
2,673,238
(15,477)
108,793

£120,047
£1,067,916
£(15,477)
£108,793


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets measured at amortised cost comprise of trade debtors and other debtors.


Financial instruments measured at fair value through profit or loss comprise of proceeds of factored debt.
Financial liabilities measured at amortised cost comprise of trade creditors, other taxation and social security and other creditors.


21.


Deferred taxation


Group



2023
2022





At beginning of year/period
12,349
-


Charged to profit or loss
2,582
12,349



At end of year
£14,931
£12,349

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022

Accelerated capital allowances
£14,931
£12,349

Page 35

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Share capital

2023
2022
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000
571 (2022 - 0) Ordinary shares of £0.10 each
57
-

£10,057

£10,000


The company has alloted and issued 571 Ordinary £0.10 shares at par during the year. This was a share for share exchange with Ferrara Ltd.  
All shares alloted are fully paid and carry full voting rights and are entitled to receive dividends.


23.


Reserves

Merger Reserve

The merger reserve represents the difference between the fair value of the assets and liabilities of subsidiaries acquired and the cost of the investment as permitted by Section 612 of the Companies Act.  Transfers to the reserve represent impairments in respect of goodwill.  This reserve is not distributable.

Profit and loss account

The profit and loss account reserve represents the accumulated profits passing through the statement of comprehensive income. This is a distributable reserve.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £9,060 (2022 - £8,349). Contributions totalling £1,745 (2022 - £1,630) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 April 2023 the Group and the Company 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
2,876
7,520

Later than 1 year and not later than 5 years
-
2,876

£2,876
£10,396
Page 36

 
FOOD TEAM GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

26.


Transactions with directors

Included in creditors due within one year are amounts due to the director, amounting to £999 (2022 - £11,146).  The loan is interest free and repayable on demand.
The director received dividends from the Company in the year totalling £374,000 (2022 - £230,000).


27.


Related party transactions

A subsidiary company invoiced a company which is an associate of the parent undertaking, recharged expenses of £464 (2022 - £Nil) and made purchases of £249,153 (2022 - £12,759), on normal commerical terms. At the balance sheet date, £85,749 (2022 - Nil) was due to this company. The amount is interest free and repayable on demand. 
A subisdiary company invoiced a company which is a partly owned subsidiary of the parent undertaking, sales of £64,819 (2022 - £Nil), salary recharges of £8,999 (2022 - £Nil) and made purchases of £482 (2022 - £Nil), on normal commerical terms. At the balance sheet date, £124,168 (2022 - £Nil) was due from this company. This amount is interest free and repayable on demand.
At the balance sheet date, £2,683 (2022 - £1,248) was owed by an associate of the group to a subsidiary company. The amount is interest free and repayable on demand.
At the balance sheet date, £70,000 (2022 - £Nil) was due from a company in which a close family member of the director has an interest. This amount is interest free and repayable on demand.


28.
Controlling party

M Roscoe is the controlling party of the company.



Page 37