Company registration number SC185769 (Scotland)
ANGUS SOFT FRUITS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
ANGUS SOFT FRUITS LIMITED
COMPANY INFORMATION
Directors
L M Porter
W H Porter
J A G Gray
J A C Gray
N L Redford
Secretary
N L Redford
Company number
SC185769
Registered office
East Seaton Farm
Arbroath
Angus
United Kingdom
DD11 5SD
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
Solicitors
Dentons
1 George Square
Glasgow
United Kingdom
G2 1AL
ANGUS SOFT FRUITS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 36
ANGUS SOFT FRUITS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Fair review of the business

The principal activity of the group during the year was the sale of soft fruit to UK, Europe and Asia retail, food service and wholesale sectors.

 

During the year to 30 April 2023, the group made pre tax profits of £291,032 (2022 £114,869 loss). The directors have not recommended a dividend.

Principal risks and uncertainties

To assist in the monitoring and control of the principal risks and uncertainties faced by the group it holds or issues financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

 

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

 

(c) for trading purposes.

 

In addition, various financial instruments (e.g trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

 

Interest rate risk

The group monitors interest rates closely in order to minimise the potential exposure risk it has to any interest rate movements.

 

Credit risk

The group monitors credit risk closely and considers that its current policy of credit checks meets its objectives of managing exposure to credit risk. The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties fail to perform their obligations under financial instruments.

 

Liquidity risk

The group's aim is to maintain a balance between continuity of funding and flexibility through maintaining a sustainable level of external borrowings.

 

Currency risk

The group has certain exposure to foreign currency risk as some of its transactions are dealt with in Euros, Dollars, Moroccan Dirhams and Chilean Peso. Forward currency contracts are put in place as and when required to minimise the impact of fluctuations in exchange rates on the group.

 

Fair values of financial assets and liabilities

Financial instruments included in the accounts have been reviewed and the carrying values per the accounts is the same as the fair value of these financial instruments.

ANGUS SOFT FRUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Development and performance

The management are committed to sustaining a good working environment for employees and to ensure that their health and well being is a priority.

 

Angus Soft Fruits Limited is committed to buying locally sourced produce during the summer season, and where possible, reducing the impact of their activities on the environment.

 

The management continue to develop and maintain good relationships with suppliers and customers. Angus Soft Fruits Limited continues to invest heavily in new product development to create new varieties of soft fruit to secure competitive advantage in the market place.

 

During the year to 30 April 2023, the group has taken the decision to close its operations in the Netherlands (Angus Soft Fruits BV). This has resulted in a full provision against the amounts due by Angus Soft Fruits BV to Angus Soft Fruits Limited of £4.2m. In addition to this, a provision has been made against the amounts due by The Fruit Link Spa to Angus Soft Fruits Limited of £2.6m due to uncertainty regarding the recoverability. These provisions have had no impact on the group results for the year.

Key performance indicators

The group uses a range of financial indicators to monitor the group's performance over time. The management of the group regards the following to be key performance indicators that are used in order to monitor the group's performance: Turnover growth, gross profit margin and EBITDA.

 

The key performance indicators are set out below:

 

Total revenue - represents growth of the business.

 

Gross profit - represents residual profit after selling a product or service before deducting any associated overhead costs.

 

Gross profit % - shows production efficiency of the business.

 

EBITDA - serves as an indicator of a group's overall financial performance.

 

EBITDA margin - shows group's return on investment.

 

 

2023

2022

 

£000

£000

Revenue

161,584

173,063

Gross profit

13,142

13,484

Gross profit %

8.13%

7.79%

EBITDA

610

979

EBITDA margin

0.38%

0.57%

 

ANGUS SOFT FRUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Promoting the success of the company

The directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole in the decisions taken during the current year.

 

When making these decisions the directors have given regard to:

• The likely consequences of any decisions in the long-term;

• The interest of the group's employees;

• The need to foster the group's business relationships with suppliers, customers and others;

• The impact of the group's operations on the community and environment;

• The desirability of the group maintaining a reputation for high standards of business conduct; and

• The need to act fairly between shareholders of the group

 

The vast majority of stakeholder engagement is carried out by the directors.

 

The directors consider information from across the organisation to help it understand the impact of the group's operations, and the interests and views of our key stakeholders. They also review strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.

 

As a result of these activities, the directors have an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.

On behalf of the board

J A C Gray
Director
13 March 2024
ANGUS SOFT FRUITS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the group during the year was the sale of soft fruit to UK, Europe and Asia retail, food service and wholesale sectors.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L M Porter
W H Porter
J A G Gray
J A C Gray
N L Redford
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, staff councils and also at meetings, any matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Azets be reappointed as auditor of the group will be put at a General Meeting.

ANGUS SOFT FRUITS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
Energy and carbon report

Greenhouse gas emissions, energy consumption and energy efficiency action

We fully recognise our responsibility to protect the environment and we have a strong environmental policy, objectives and guidelines in place which we review and update regularly. The group complies with all regulations covering the processing and disposal of toxic and non-toxic waste, and uses qualified licensed contractors for the collection and disposal of waste where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely managing our emissions and waste.

The following disclosures only cover Angus Soft Fruits Limited as a standalone company as it is the only entity within the group above the reporting thresholds. The data published covers the financial year from 1st May 2022 to the 30th April 2023.

UK energy use

During the reporting period, the company used a total of 1,519,837 kWh of energy and emitted a total of 313 tonnes of CO2e which is categorised as follows:

 

2022-2023

2021-2022

 

kWh

t CO2e

kWh

t CO2e

Electricity

1,213,306

234

1,499,118

318

Diesel

306,531

79

326,540

92

Total

1,519,837

313

1,825,658

410


Energy efficiency action

The company has a tradition of focusing priorities on high quality natural produce, so the journey towards Net Zero emissions is a natural extension of this philosophy. Electricity emissions have reduced for two reasons; the business has operated with much tighter stock levels, plus a growth in the direct sales (i.e. stock is shipped from source to customer direct without going through the packhouse).

The company is committed to Environmental and Corporate Social Responsibility. During 2022-23, the business has undertaken numerous initiatives to improve and develop our commitment to environmental sustainability.

Intensity ratio and methodologies

An intensity ratio can be used to measure the relationship between CO2e emissions and productivity over time. The company uses the following intensity ratio:

For the year ended 30 April 2023 there were 313t CO2e giving a ratio of 2.13t CO2e per £m of turnover. For the year ended 30 April 2022 there were 410t CO2e giving a ratio of 2.75t CO2e per £m of turnover. This is a decrease of 0.62t CO2e per £m turnover on the prior year.

Half Hourly electricity consumption data is gathered throughout the year for the main electricity supply, so no estimated data is used in these calculations. The data is stored on European Utility Consultants’ eSight energy management software. Fuel records for company vehicles were as recorded in our records of company expenses.

The information in this energy use statement is based on our Streamlined Energy and Carbon Reporting (SECR).

 

ANGUS SOFT FRUITS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J A C Gray
Director
13 March 2024
ANGUS SOFT FRUITS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

ANGUS SOFT FRUITS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGUS SOFT FRUITS LIMITED
- 8 -
Opinion

We have audited the financial statements of Angus Soft Fruits Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

ANGUS SOFT FRUITS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGUS SOFT FRUITS LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities' statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

ANGUS SOFT FRUITS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGUS SOFT FRUITS LIMITED
- 10 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Angus Cowie (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
14 March 2024
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
ANGUS SOFT FRUITS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
161,584,476
173,063,469
Cost of sales
(148,442,512)
(159,579,297)
Gross profit
13,141,964
13,484,172
Administrative expenses
(13,367,175)
(13,425,962)
Other operating income
65,754
132,918
Operating (loss)/profit
6
(159,457)
191,128
Share of results of associates
51,743
(65,375)
Interest receivable and similar income
8
20,710
-
0
Interest payable and similar expenses
9
378,036
(240,622)
Profit/(loss) before taxation
291,032
(114,869)
Tax on profit/(loss)
10
(281,201)
(417,388)
Profit/(loss) for the financial year
9,831
(532,257)
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(309,144)
83,307
Total comprehensive income for the year
(299,313)
(448,950)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
9,831
(193,920)
- Non-controlling interests
-
(338,337)
9,831
(532,257)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(299,313)
(110,613)
- Non-controlling interests
-
(338,337)
(299,313)
(448,950)
ANGUS SOFT FRUITS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
64,682
57,053
Tangible assets
12
1,144,007
1,611,732
Investments
15
3,700,627
1,557,624
4,909,316
3,226,409
Current assets
Stocks
16
969,224
1,707,811
Debtors
17
24,374,514
28,755,579
Cash at bank and in hand
1,722,211
1,361,939
27,065,949
31,825,329
Creditors: amounts falling due within one year
18
(22,961,684)
(25,056,307)
Net current assets
4,104,265
6,769,022
Total assets less current liabilities
9,013,581
9,995,431
Creditors: amounts falling due after more than one year
19
(3,418,029)
(4,100,566)
Net assets
5,595,552
5,894,865
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
5,595,452
6,271,342
Equity attributable to owners of the parent company
5,595,552
6,271,442
Non-controlling interests
-
(376,577)
5,595,552
5,894,865
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
13 March 2024
J A C Gray
Director
Company registration number SC185769 (Scotland)
ANGUS SOFT FRUITS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
64,682
57,053
Tangible assets
12
911,866
1,359,984
Investments
15
2,350,853
390,440
3,327,401
1,807,477
Current assets
Stocks
16
354,038
417,510
Debtors falling due after more than one year
17
3,993,363
-
0
Debtors falling due within one year
17
21,436,007
33,850,491
Cash at bank and in hand
1,447,055
1,439,596
27,230,463
35,707,597
Creditors: amounts falling due within one year
18
(21,908,684)
(21,821,815)
Net current assets
5,321,779
13,885,782
Total assets less current liabilities
8,649,180
15,693,259
Creditors: amounts falling due after more than one year
19
(3,418,029)
(4,100,566)
Net assets
5,231,151
11,592,693
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
5,231,051
11,592,593
Total equity
5,231,151
11,592,693

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £6,361,542 (2022 - £1,007,979 profit)

The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
13 March 2024
J A C Gray
Director
Company registration number SC185769 (Scotland)
ANGUS SOFT FRUITS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 May 2021
100
6,381,955
6,382,055
(38,240)
6,343,815
Year ended 30 April 2022:
Loss for the year
-
(193,920)
(193,920)
(338,337)
(532,257)
Other comprehensive income:
Currency translation differences
-
83,307
83,307
-
83,307
Total comprehensive income
-
(110,613)
(110,613)
(338,337)
(448,950)
Balance at 30 April 2022
100
6,271,342
6,271,442
(376,577)
5,894,865
Year ended 30 April 2023:
Profit for the year
-
9,831
9,831
-
9,831
Other comprehensive income:
Currency translation differences
-
(309,144)
(309,144)
-
(309,144)
Total comprehensive income
-
(299,313)
(299,313)
-
(299,313)
Transfers
-
(376,577)
(376,577)
-
(376,577)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
376,577
376,577
Balance at 30 April 2023
100
5,595,452
5,595,552
-
0
5,595,552
ANGUS SOFT FRUITS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
100
10,584,614
10,584,714
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
1,007,979
1,007,979
Balance at 30 April 2022
100
11,592,593
11,592,693
Year ended 30 April 2023:
Profit and total comprehensive income
-
(6,361,542)
(6,361,542)
Balance at 30 April 2023
100
5,231,051
5,231,151
ANGUS SOFT FRUITS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
3,537,431
(637,461)
Interest charge reversed/(paid)
378,036
(240,622)
Income taxes paid
(282,636)
(839,851)
Net cash inflow/(outflow) from operating activities
3,632,831
(1,717,934)
Investing activities
Purchase of intangible assets
(67,557)
(47,929)
Purchase of tangible fixed assets
(252,513)
(422,579)
Proceeds on disposal of tangible fixed assets
59,422
300
Purchase of subsidiaries
-
(231,307)
Receipts/(payments) from associates
51,743
(65,375)
Purchase of joint ventures
(183,511)
(8)
Loans made to joint ventures
(1,959,492)
-
Interest received
20,710
-
0
Net cash used in investing activities
(2,331,198)
(766,898)
Financing activities
Proceeds from borrowings
-
380,000
(Payment of)/receipt from finance leases obligations
(79,104)
62,162
Net cash (used in)/generated from financing activities
(79,104)
442,162
Net increase/(decrease) in cash and cash equivalents
1,222,529
(2,042,670)
Cash and cash equivalents at beginning of year
(7,233,089)
(5,273,726)
Effect of foreign exchange rates
(309,144)
83,307
Cash and cash equivalents at end of year
(6,319,704)
(7,233,089)
Relating to:
Cash at bank and in hand
1,722,211
1,361,939
Bank overdrafts included in creditors payable within one year
(8,041,915)
(8,595,028)
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 17 -
1
Accounting policies
Company information

Angus Soft Fruits Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is East Seaton Farm, Arbroath, Angus, United Kingdom, DD11 5SD.

 

The group consists of Angus Soft Fruits Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Angus Soft Fruits Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Non-controlling interests

 

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination.

 

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of soft fruits is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the fruit). The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from the sale of plants is recognised when the buyer takes title of the plants under a "bill and hold" arrangement. The sale of plants are recognised when delivery is probable, plants are identifiable, buyer acknowledges the delivery instructions and usual payment terms apply.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licences
20% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
2 - 20% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 20 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

 

 

 

 

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 21 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 23 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Machine rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including current credit rating of the debtor, the ageing profile of debtors and historical experience.

Impairment of investments

Management assesses whether impairment of investments are required. These estimates require the use of forecast results for future years, which are dependent on the assessment of annual revenue growth, discount rate and achievable margins. The actual results achieved may differ from the forecasts, and this may result in changes in the assessment of the valuation of investment balances.

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
161,584,476
173,063,469
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
146,699,767
149,119,548
Overseas
14,884,709
23,943,921
161,584,476
173,063,469
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Turnover and other revenue
(Continued)
- 25 -
2023
2022
£
£
Other revenue
Interest income
20,710
-
Grants received
14,488
2,942
Rental income
-
129,976
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
65,000
67,925
For other services
All other non-audit services
11,128
8,525
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production staff
124
141
101
103
Administrative staff
70
74
69
74
Total
194
215
170
177

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,253,928
8,109,426
6,683,686
6,967,568
Social security costs
777,964
912,404
607,962
661,196
Pension costs
217,762
219,575
181,783
163,343
9,249,654
9,241,405
7,473,431
7,792,107
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
6
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
287,469
(277,724)
Government grants
(14,488)
(2,942)
Depreciation of owned tangible fixed assets
657,725
804,309
Loss on disposal of tangible fixed assets
3,091
842
Amortisation of intangible assets
59,928
49,216
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
360,186
346,984
Company pension contributions to defined contribution schemes
32,592
30,198
392,778
377,182
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
212,541
201,777
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
12,342
-
0
Interest receivable from group companies
8,368
-
0
Total income
20,710
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest charge (reversed)/paid on loans
(378,057)
240,622
Other interest
21
-
Total finance costs
(378,036)
240,622
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
490,332
457,704
Adjustments in respect of prior periods
(185,874)
(36,488)
Total current tax
304,458
421,216
Deferred tax
Origination and reversal of timing differences
(23,257)
(72,267)
Adjustment in respect of prior periods
-
0
68,439
Total deferred tax
(23,257)
(3,828)
Total tax charge
281,201
417,388

An increase in the UK corporation tax rate to 25% on profits over £250,000 (effective from 1 April 2023) was substantively enacted on 3 March 2021. This was expected to increase the company's future tax accordingly and therefore the deferred tax liability has been recognised utilising the new rate.

 

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
291,032
(114,869)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
56,722
(21,825)
Income not taxable for tax purposes
(19,911)
-
0
Adjustments in respect of prior years
(157,694)
31,951
Effect of change in corporation tax rate
(5,123)
-
Other differences
(8,269)
(3,323)
Effect of expenses not deductible for tax purposes
425,682
113,444
R&D claims/tax losses forward/overseas tax credits
-
0
297,141
Fixed asset differences
(10,206)
-
0
Taxation charge
281,201
417,388
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
11
Intangible fixed assets
Group
Licences
£
Cost
At 1 May 2022
142,633
Additions
67,557
At 30 April 2023
210,190
Amortisation and impairment
At 1 May 2022
85,580
Amortisation charged for the year
59,928
At 30 April 2023
145,508
Carrying amount
At 30 April 2023
64,682
At 30 April 2022
57,053
Company
Licences
£
Cost
At 1 May 2022
142,633
Additions
67,557
At 30 April 2023
210,190
Amortisation and impairment
At 1 May 2022
85,580
Amortisation charged for the year
59,928
At 30 April 2023
145,508
Carrying amount
At 30 April 2023
64,682
At 30 April 2022
57,053
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 29 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
5,245,911
599,378
330,094
281,451
6,456,834
Additions
124,729
-
0
118,334
9,450
252,513
Disposals
(281,215)
-
0
-
0
(26,180)
(307,395)
At 30 April 2023
5,089,425
599,378
448,428
264,721
6,401,952
Depreciation and impairment
At 1 May 2022
4,010,164
414,072
265,978
154,888
4,845,102
Depreciation charged in the year
484,339
89,228
52,299
31,859
657,725
Eliminated in respect of disposals
(224,293)
-
0
-
0
(20,589)
(244,882)
At 30 April 2023
4,270,210
503,300
318,277
166,158
5,257,945
Carrying amount
At 30 April 2023
819,215
96,078
130,151
98,563
1,144,007
At 30 April 2022
1,235,747
185,306
64,116
126,563
1,611,732
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
4,994,163
599,378
330,094
281,451
6,205,086
Additions
74,323
-
0
118,334
9,450
202,107
Disposals
(281,215)
-
0
-
0
(26,180)
(307,395)
At 30 April 2023
4,787,271
599,378
448,428
264,721
6,099,798
Depreciation and impairment
At 1 May 2022
4,010,164
414,072
265,978
154,888
4,845,102
Depreciation charged in the year
414,326
89,228
52,299
31,859
587,712
Eliminated in respect of disposals
(224,293)
-
0
-
0
(20,589)
(244,882)
At 30 April 2023
4,200,197
503,300
318,277
166,158
5,187,932
Carrying amount
At 30 April 2023
587,074
96,078
130,151
98,563
911,866
At 30 April 2022
983,999
185,306
64,116
126,563
1,359,984
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
12
Tangible fixed assets
(Continued)
- 30 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
182,434
235,777
182,434
235,777
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Angus Soft Fruits BV
Peterselieweg 112, 2988DH, Ridderkerk, Netherlands
Ordinary
100.00
Angus Soft Fruits Spain SL
Insur Huelva, Av de la Ría, 8, 21001 Huelva, Spain
Ordinary
100.00
Angus Soft Fruits Chile Spa
La Concepción 191, 7500010 Providencia, Región Metropolitana, Chile
Ordinary
100.00
The Fruit Link Spa
La Concepción 191, 7500010 Providencia, Región Metropolitana, Chile
Ordinary
100.00
Angus Soft Fruits Maroc SARL
N° 1, 1ER ETG Lotissement El Fath 614, a' Ait Melloul Inezgane, RC Inezgane N° 19239, Morocco
Ordinary
100.00
Coto Galindo SL
Insur Huelva, Av de la Ría, 8, 21001 Huelva, Spain
Ordinary
100.00
14
Joint ventures and associates

Details of joint ventures at 30 April 2023 are as follows:

Name of undertaking
Country of registration
Interest
% Held
held
Direct
Agadir Oasis Berries SARL
Morocco
Ordinary
50.00
Nevado Escoces
Chile
Ordinary
50.00
Touty Berry SARL
Morocco
Ordinary
50.00
Isle Fruits Ltd
United Kingdom
Ordinary
50.00
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
389,227
388,306
Investments in joint ventures
14
1,741,135
1,557,624
2,134
2,134
Loans to joint ventures
14
1,959,492
-
0
1,959,492
-
0
3,700,627
1,557,624
2,350,853
390,440
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
15
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Group
Shares in joint ventures
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 May 2022
1,557,624
-
1,557,624
Additions
183,561
1,959,492
2,143,053
Disposals
(50)
-
(50)
At 30 April 2023
1,741,135
1,959,492
3,700,627
Carrying amount
At 30 April 2023
1,741,135
1,959,492
3,700,627
At 30 April 2022
1,557,624
-
1,557,624
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 May 2022
390,440
-
390,440
Additions
971
1,959,492
1,960,463
Disposals
(50)
-
(50)
At 30 April 2023
391,361
1,959,492
2,350,853
Carrying amount
At 30 April 2023
391,361
1,959,492
2,350,853
At 30 April 2022
390,440
-
390,440
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
969,224
1,707,811
354,038
417,510
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 32 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
20,698,537
24,233,748
18,271,305
19,355,209
Amounts owed by group undertakings
-
-
1,633,270
11,945,512
Amounts owed by undertakings in which the company has a participating interest
540,167
1,884,176
540,167
1,836,179
Other debtors
1,570,313
1,808,364
408,394
213,926
Prepayments and accrued income
634,534
782,113
512,436
452,487
23,443,551
28,708,401
21,365,572
33,803,313
Deferred tax asset (note 22)
70,435
47,178
70,435
47,178
23,513,986
28,755,579
21,436,007
33,850,491
Amounts due from group and associated undertakings are unsecured, interest free and repayable on demand.
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
3,435,881
-
Other debtors
860,528
-
0
557,482
-
0
860,528
-
3,993,363
-
Total debtors
24,374,514
28,755,579
25,429,370
33,850,491
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
8,041,915
8,595,028
8,041,915
8,595,028
Obligations under finance leases
21
80,910
77,477
80,910
77,477
Trade creditors
8,333,703
7,959,964
6,016,914
5,775,629
Amounts owed to group undertakings
-
0
-
0
2,472,032
1,107,319
Amounts owed to undertakings in which the group has a participating interest
962,178
452,916
962,178
452,555
Corporation tax payable
535,083
513,261
652,081
403,469
Other taxation and social security
307,578
281,040
178,813
165,727
Other creditors
229,332
340,771
-
0
31,228
Accruals and deferred income
4,470,985
6,835,850
3,503,841
5,213,383
22,961,684
25,056,307
21,908,684
21,821,815
Amounts due to group undertakings are unsecured, interest free and repayable on demand.
ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 33 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
58,029
140,566
58,029
140,566
Other creditors
3,360,000
3,960,000
3,360,000
3,960,000
3,418,029
4,100,566
3,418,029
4,100,566
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
8,041,915
8,595,028
8,041,915
8,595,028
Payable within one year
8,041,915
8,595,028
8,041,915
8,595,028

The company’s bankers have provided guarantees to certain suppliers totalling €1,050,000 (circa £920,600).

 

Any bank borrowings are secured by a floating charge over the whole assets of Angus Soft Fruits Limited only.

 

There is a general pledge, in relation to the invoice discounting accounts, in which the company pledges to the bank the documents and the goods in security for the discharge and payment of the customer's liabilities.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
80,910
77,477
80,910
77,477
In two to five years
58,029
140,566
58,029
140,566
138,939
218,043
138,939
218,043

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 34 -
22
Deferred taxation

The following are the major deferred tax assets recognised by the group and company, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
67,584
18,974
Retirement benefit obligations
2,851
28,204
70,435
47,178
Assets
Assets
2023
2022
Company
£
£
Accelerated capital allowances
67,584
18,974
Retirement benefit obligations
2,851
28,204
70,435
47,178
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 May 2022
(47,178)
(47,178)
Credit to profit or loss
(23,257)
(23,257)
Asset at 30 April 2023
(70,435)
(70,435)

The deferred tax asset set out above is expected to reverse within 12 months.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
217,762
219,575

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

 

 

 

 

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 35 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
411,173
290,178
311,873
290,178
Between two and five years
977,101
231,634
908,593
231,634
1,388,274
521,812
1,220,466
521,812
26
Related party transactions

During the current and previous financial year, the company was under the control of its majority shareholder, L M Porter.

 

Three directors, L M Porter, W H Porter and J A G Gray, have businesses which have entered into transactions with Angus Soft Fruits Limited.

 

The purchases of goods and services made by Angus Soft Fruits Limited from these businesses amounted to £24,557,026 (2022 - £25,270,805).

 

The sales of goods and services made by Angus Soft Fruits Limited to these businesses amounted to £4,391,527 (2022 - £6,300,767).

 

At the year end, the company was due to L M Porter's business £1,707,977 (2022 - £1,470,775), to W H Porter's businesses £135,098 (2022 - £255,175 ) and to J A G Gray's business £153,505. At 30 April 2022, amounts owed from J A G Gray's business was £519,092.

ANGUS SOFT FRUITS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 36 -
27
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit/(loss) for the year after tax
9,831
(532,257)
Adjustments for:
Share of results of associates and joint ventures
(51,743)
65,375
Taxation charged
281,201
417,388
Finance costs
(378,036)
240,622
Investment income
(20,710)
-
0
Loss on disposal of tangible fixed assets
3,091
842
Amortisation and impairment of intangible assets
59,928
49,216
Depreciation and impairment of tangible fixed assets
657,725
804,309
Other gains and losses
-
231,582
Movements in working capital:
Decrease/(increase) in stocks
738,587
(479,230)
Decrease/(increase) in debtors
4,404,322
(3,083,621)
(Decrease)/increase in creditors
(2,166,765)
1,648,313
Cash generated from/(absorbed by) operations
3,537,431
(637,461)
28
Analysis of changes in net debt - group
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
1,361,939
360,272
1,722,211
Bank overdrafts
(8,595,028)
553,113
(8,041,915)
(7,233,089)
913,385
(6,319,704)
Obligations under finance leases
(218,043)
79,104
(138,939)
(7,451,132)
992,489
(6,458,643)
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