Registered number: SC097725
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
COMPANY INFORMATION
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KETTLE PRODUCE LIMITED
CONTENTS
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KETTLE PRODUCE LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 27 MAY 2023
The Company is registered in Scotland under registration number SC097725. Kettle Produce Limited is the ultimate parent company of the Group.
The Group statement of comprehensive income for the year is set out on page 12.
The period covered was a year of mixed fortunes. During the first quarter, we made an atypical volume of sales to non-traditional markets at punitive margins in order to clear surplus old season crops. As we approached our key winter trading, the weather caused supply chain disruption from both the UK and Europe as we experienced substantial rainfall followed by significant frost. We returned to normal trading patterns in the latter stages of the financial year, but such was the impact of the first 6 months that we were unable to offset earlier losses. Given the trading pattern over the past 3 years, the Board is implementing various project streams in addition to a business restructure to reduce operating costs. As a result, the cost structure has reduced during the new financial year and the Board are confident of a return to profitable trading, albeit there are ongoing pressures with availability of labour and continued inflationary pressures.
The Group is reliant on a limited number of customers for supply agreements which are subject to periodic competitive tender. Renewal of these agreements is uncertain and is based on financial and performance criteria.
The quality and availability of fresh produce is weather dependant. Adverse conditions can have a material effect on the Group's costs. The Group imports a significant proportion of its raw materials from out with the UK. Movements in exchange rates can have a material impact on costs as well as the increased administration costs assocaited with the non-UK supply chain.
The Group is monitored using a number of financial KPI's including sales, gross margin, and overhead expenditure along with a number of other departmental performance indicators. Key non-financial performance measures are also used including health and safety and environmental performance measures.
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KETTLE PRODUCE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
The Directors of Kettle Produce Limited (KPL) must act in accordance with a set of general duties. These include a duty under Section 172 of the Companies Act to promote the success of the Group and in doing so they must have regard (amongst other things) to the factors summarised below: -
a. the likely consequences of any decision in the long term, b. the interests of the Group's employees, c. the need to foster the Group's business relationships with suppliers, customers, and others, d. the impact of the Group's operations on the community and the environment, e. the desirability of the Group maintaining a reputation of high standards of a business conduct, and, f. the need to act fairly between members of the Group. The Approach Values, Vision and Mission: KPL operates under an aligned set of principles which reflect on how the business operates on a day-to-day basis. These are outlined as follows:- Strategy: The directors oversee a structured approach to the development of the Group's strategy, looking at commercial considerations and the development of current and possible future markets. It also takes a long-term perspective on matters such as macro environment change, strategic workforce requirements and the impact of new technology. Long term business planning and key strategic decisions are undertaken in line with the strategy agreed by the Directors. High Standard of Business Conduct: With a focus of engagement in high ethical standards, openness and trust, these values underpin the Group's decision making and define its shared culture. Responsible business conduct is fundamental to the long-term success of the Group. The business does not compromise on this and having the discipline and consistency of this approach is fundamental to defining the Group's reputation.
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KETTLE PRODUCE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
People: KPL's ability to deliver on its commitments to customers and sustain business in the long term is highly dependent on the skills and know-how of its workforce. The business's long term operational needs are met through the continual training and development of its staff and also by targeting and attracting new employees. An element of KPL workplace activity is to actively encourage feedback from the employees around what they value most in terms of their working environment and their career development needs. Diversity and Inclusion: KPL is committed to being an inclusive organisation with a diverse workforce that reflects the community in which it works. A current priority is to ensure diversity and inclusion is embedded in the very core of its business, in its practices, policies, education and training to ensure all employees are valued and respected.
This report was approved by the board on 23 January 2024 and signed on its behalf.
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KETTLE PRODUCE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 MAY 2023
The directors present their report and the financial statements for the period ended 27 May 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £1,891k (2022 - loss £1,812k).
The directors do not propose to pay a dividend in respect of this financial year (2022: £Nil).
The directors who served during the period were:
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KETTLE PRODUCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
The Group has established a risk and financial management framework whose primary objective is to protect the Group from events that hinder the achievement of the Group's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
The directors aim to maintain management policies to deliver a stable financial performance in the Group. The trading landscape is dominated by changing consumer buying habits which are influenced by inflationary and cost of living pressures. The directors anticipate that the next financial year will continue to be challenging with significant cost pressures and competitive conditions in the fresh retail market but aim to mitigate by reviewing the business cost structure.
Regular management presentations are conducted on an ongoing basis primarily to communicate business updates and take employee questions and feedback. In addition, the facility has an employee run forum which meets monthly to consider a wide range of employee and community engagement activities.
Engagement with Customers:
The KPL commercial team lead the relationship with the customer base centring on regular communication flow (KPL activity/market updates) as well as hosting customers on an ongoing basis within KPL group facility. Engagement with Suppliers: KPL looks to work with suppliers that embrace standards of ethical behaviour that is consistent with KPL’s own. The KPL sourcing team lead the relationship with the supplier base centring on regular touchpoints allowing for positive engagement. Additionally, regular supplier days are organised on site to allow a further exchange of updates and ideas. Engagement with the Community: KPL proactively considers and reviews the impact it has on the local community and gets involved in local projects. These have included providing vegetable packs to chosen charities, building associations with local schools, continued sporting sponsorships, as well as other charitable support for local groups and organisations.
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KETTLE PRODUCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
In determining whether the going concern basis of preparation for the financial statements is appropriate the directors have considered the sources of revenue, the ongoing running costs of all aspects of the Group's business and the availability of funding. The directors have prepared a base case cash flow forecast and a severe but plausible downside forecast covering the going concern period and beyond.
The Group has successfully traded through the global pandemic during which time sales have increased. There hasn't been as severe an impact on the food supply industry compared to other industries and the Group's operations, being the supply of food, continues to be deemed essential. The directors recognise that it is plausible the cost of living crisis could have an effect on operations in the future and have factored this into their severe but plausible downside scenario. The Group currently has an invoice discounting facility with a credit limit which exceeds expected borrowing levels over the going concern period. Due to the seasonality of the Group's business, this facility is required for working capital purposes and the forecasts prepared by the directors indicate that this facility will continue to be required over the going concern period. The existing facility is in place until March 2024 and the directors are confident that this facility will be renewed for an additional 12 month period. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.
The Group's greenhouse gas emissions and energy consumption for the period are:
The electricity used by the business is the main source of our carbon emissions and we continually focus on energy reduction and efficiency projects. In the reporting year our solar panels generated 384,000 Kwh of energy (2022 - 345,000 Kwh), saving 79 tonnes of CO2 (2022 - 67 tonnes).
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KETTLE PRODUCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KETTLE PRODUCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KETTLE PRODUCE LIMITED
We have audited the financial statements of Kettle Produce Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 27 May 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, 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).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.
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KETTLE PRODUCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KETTLE PRODUCE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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KETTLE PRODUCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KETTLE PRODUCE LIMITED (CONTINUED)
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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. 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 or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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KETTLE PRODUCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KETTLE PRODUCE LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Beehive
Beehive Ring Road
London Gatwick Airport
RH6 0PA
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KETTLE PRODUCE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
REGISTERED NUMBER: SC097725
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 27 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2024.
The notes on pages 20 to 42 form part of these financial statements.
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KETTLE PRODUCE LIMITED
REGISTERED NUMBER: SC097725
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 27 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 42 form part of these financial statements.
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KETTLE PRODUCE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Kettle Produce Limited is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The address of its registered office is Balmalcolm Farm, Cupar, Fife, KY15 7TJ.
The Group consists of Kettle Produce Limited and all of its subsidiaries. The principal activity of the Group is the growing and packing of fresh produce.
2.Accounting policies
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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
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 Statement of Financial Position, 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.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
In determining whether the going concern basis of preparation for the financial statements is appropriate the directors have considered the sources of revenue, the ongoing running costs of all aspects of the group's business and the availability of funding. The directors have prepared a base case cash flow forecast and a severe but plausible downside forecast covering the going concern period and beyond.
The Group has successfully traded through the global pandemic during which time sales have increased. There hasn't been as severe an impact on the food supply industry compared to other industries and the Group's operations, being the supply of food, continues to be deemed essential. The directors recognise that it is plausible the cost of living crisis could have an effect on operations in the future and have factored this into their severe but plausible downside scenario. The Group currently has an invoice discounting facility with a credit limit which exceeds expected borrowing levels over the going concern period. Due to the seasonality of the Group's business, this facility is required for working capital purposes and the forecasts prepared by the directors indicate that this facility will continue to be required over the going concern period. The existing facility is in place until March 2024 and the directors are confident that this facility will be renewed for an additional 12 month period. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
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 cost and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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 Statement of Financial Position 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.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Those estimates considered to involve a significant risk of causing a material adjustment to the carrying amount of assets and liabilites are as follows - Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in their estimated useful economic lives and the residual values of the assets. Asset lives are reviewed on a periodic basis and are amended where necessary. These amendments reflect current estimates and are based upon technological advancement, future investments, economic utilisation and the physical condition of the assets. Useful economic life of intangible assets The Group’s intangible assets comprise the goodwill arising from the acquisition of subsidiary companies. The estimation of the economic life of this goodwill is subjective and is reviewed periodically based upon projected future trading performances of the subsidiary businesses. The estimated economic life of the goodwill arising from the acquisition of Barrowcliffe Limited is currently 5 years. Retirement pay provision The Company operates a scheme whereby employees are entitled to a lump sum payment on retirement from the Company which varies depending on the length of the employee’s service with the Company. Estimates are made as to the likelihood of employees remaining in the Company’s employment until retirement and consequently being entitled to a lump sum payment. Stock valuations Included within stock are growing crops. Estimates are made regarding the realisable value of these crops which will depend on the yield and quality of the crop when it is ultimately harvested. Taxation Management estimation is required to determine the amount of deferred tax liabilities that are recognised based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax policie. Provisions for settlement of legal disputes Management estimation is required to determine the likely settlement of on-going legal disputes.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Analysis of turnover by country of destination:
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
From 1 April 2023 the main rate of corporation tax increased to 25%.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
14.Tangible fixed assets (continued)
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Page 35
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Obligations under finance leases and hire purchase contracts are secured against the relevant tangible fixed assets.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Page 38
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
Profit and loss account
Page 39
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
The Group operates a number of defined contribution pension plans. Contributions of £1,256k (2022 - £1,336k) were paid into these schemes during the year. Contributions totalling £120k (2022 - £96k) were payable to the schemes at the balance sheet date.
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
The Company operates a share option scheme for certain key executives with grants having been awarded at dates between November 2013 and September 2021. The options are equity settled and only vest in the event of a change in ownership of the equity. At present the Directors have no expectation that the awards will vest and consequently the total expense recognised in 2023 is nil (2022 - nil).
Details of the scheme are as follows:
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KETTLE PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
The ultimate controlling party is
Page 42
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