Registration number:
First Choice Fruit and Produce Ltd
for the Year Ended 31 October 2023
First Choice Fruit and Produce Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
First Choice Fruit and Produce Ltd
Company Information
Director |
Mr Daniel McCullough |
Company secretary |
Siobhan McCullough |
Registered office |
|
Auditors |
|
First Choice Fruit and Produce Ltd
Strategic Report for the Year Ended 31 October 2023
The director presents his strategic report for the year ended 31 October 2023.
Principal activity
The principal activity of the company is wholesale of fruit and vegetables
Fair review of the business
The results for the year and financial position of the company are shown in the annexed financial statements. Since the year end, the Company has continued to trade profitably.
Principal risks and uncertainties
The principal risk of uncertainties are:
Management risks
The management of the company is tightly controlled by the director. Strategic matters and future development decisions are carried out by the director.
Credit risks
The Company has a broad supplier base to ensure orderly continuity of supply of products.
Exchange risks
The company is exposed to credit given to its customers. This is managed by regular reviews and controls of outstanding amounts.
Liquidity risks
The company is exposed to credit given to its customers. This is managed by regular reviews and controls of outstanding amounts.
Supply risks
The company is exposed to credit given to its customers. This is managed by regular reviews and controls of outstanding amounts.
Regulatory risks
The marketplace is competitive, hence there is a risk of business loss. To mitigate against this risk we have established a wide portfolio of customers, and continually focus on value, service & quality to ensure we retain those customers.
Commercial risks
The Company's activities are subject to certain regulations around health and safety. The Company has detailed policies and training plans in place for employees to ensure compliance with regulations.
Financial risks
See Financial Instruments under director's report.
First Choice Fruit and Produce Ltd
Strategic Report for the Year Ended 31 October 2023
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Gross Profit to turnover |
% |
34.81 |
34.04 |
Net profit/(loss) before tax to turnover |
% |
6.30 |
5.50 |
Trade debtors to sales |
days |
60.00 |
57.00 |
Trade creditors to cos |
days |
61.00 |
103.00 |
Current assets: current liabilities |
times |
1.77 |
1.41 |
Net cash balance |
£ |
1,075,832.00 |
976,193.00 |
Approved and authorised by the
......................................... |
First Choice Fruit and Produce Ltd
Director's Report for the Year Ended 31 October 2023
The director presents his report and the financial statements for the year ended 31 October 2023.
Director of the company
The director who held office during the year was as follows:
Results and dividends
Turnover of the business for the year ended 31 October 2023 was £19,242,359 (2022: £16,898,236). Profit for the financial year after taxation amounted to £1,223,760 (2022 £633,900).
The total distribution of dividends for the year ended 31 October 2023 will be £254,000.
Financial instruments
Objectives and policies
Management regularly monitor foreign currency exchange rates.
Management also keep an eye on the interest rates.
The company’s objectives is to minimise exchange losses and reduce the debtors days in order to reduce interest costs.
Price risk, credit risk and liquidity risk
Price risk
Price variability in the supply chain caused by variable weather conditions in any year affecting levels of available supply and hence price.
Interest rate risk
The company finances its operations a mixture of retained profits, hire purchases, bank loans and inter company loans.
Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks meet its objective of managing exposure to credit risk.
Future developments
The company expects to maintain its relationship with its suppliers and the loyalty of its customers and hopes to continue exploring new markets.
Related Party Transaction
The Director had no material interest at any time during the year in any contracts of significance in relation to the business of the Company other then that stated in note 23 to the financial statements.
Taxation Status
The company is a close company within the provision of the Income and Corporation Taxes Act 2010.
Post balance sheet events
No events of note has taken place since balance sheet date.
Fixed assets
Changes in fixed assets are shown in notes 12 & 13 to the financial statement.
First Choice Fruit and Produce Ltd
Director's Report for the Year Ended 31 October 2023
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mehta & Tengra as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and authorised by the
......................................... |
First Choice Fruit and Produce Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
First Choice Fruit and Produce Ltd
Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd
Opinion
We have audited the financial statements of First Choice Fruit and Produce Ltd (the 'company') for the year ended 31 October 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
However, with respects to the opening balances and comparative information shown on the financial statements, we have not sought to obtain further audit evidence as the financial statements for the previous year were not audited. In forming our opinion, we have used other audit evidence to evaluate the overall adequacy of the information shown on the financial statements. We believe that the audit evidence that we have obtained, is sufficient and appropriate to provide a basis of our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
First Choice Fruit and Produce Ltd
Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 6], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
First Choice Fruit and Produce Ltd
Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and
non-compliance and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
include the UK Companies Act, pension legislation and tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
First Choice Fruit and Produce Ltd
Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd
........................................................................
For and on behalf of
Chartered Accountants
Statutory Auditors
9 Berners Place
W1T 3AD
First Choice Fruit and Produce Ltd
Profit and Loss Account for the Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
1,204,702 |
900,282 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
|
|
18,615 |
29,267 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
First Choice Fruit and Produce Ltd
Statement of Comprehensive Income for the Year Ended 31 October 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
First Choice Fruit and Produce Ltd
(Registration number: 04565179)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
2,801,854 |
1,832,888 |
|
Shareholders' funds |
2,801,855 |
1,832,889 |
Approved and authorised by the
......................................... |
First Choice Fruit and Produce Ltd
Statement of Changes in Equity for the Year Ended 31 October 2023
Share capital |
Retained earnings |
Total |
|
At 1 November 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 November 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2022 |
1 |
1,832,888 |
1,832,889 |
First Choice Fruit and Produce Ltd
Statement of Cash Flows for the Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Payments to finance lease creditors |
|
|
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 November |
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
Cash and cash equivalents at 31 October |
1,375,832 |
1,373,351 |
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and returns.
The company recognises revenue when:
The amount of revenue can be reliably measured and
Goods are loaded for delivery;
Foreign currency transactions and balances
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on reducing balance |
Fixture and fittings |
25% on reducing balance |
Motor vehicle |
25% on reducing balance |
Computer equipment |
25% reducing balance |
Improvement to property |
25% reducing balance |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
Interest on hire purchases is written off on a straight line basis over the period of the term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties loans to
related parties and investments in non-puttable ordinary shares.
Recognition and measurement
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is in intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Grants received |
- |
|
Other revenue |
- |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Loss on disposal of property, plant and equipment |
|
- |
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
- |
Other finance income |
|
- |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Foreign exchange gain |
( |
( |
|
( |
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other post-employment benefit costs |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
Other departments |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
58,000 |
99,246 |
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
- |
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
204,269 |
41,063 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
|||
At 1 November 2022 |
|
|
|
At 31 October 2023 |
|
|
|
Amortisation |
|||
Carrying amount |
|||
At 31 October 2023 |
|
|
|
At 31 October 2022 |
|
|
|
Tangible assets |
Improvements to property |
Fixtures and fittings |
Plant and machinery |
Office equipment |
|||
Cost or valuation |
||||||
At 1 November 2022 |
|
|
|
|
||
Additions |
|
|
|
- |
||
Disposals |
- |
( |
( |
( |
||
At 31 October 2023 |
|
|
|
|
||
Depreciation |
||||||
At 1 November 2022 |
|
|
|
|
||
Charge for the year |
|
|
|
|
||
Eliminated on disposal |
- |
( |
( |
( |
||
At 31 October 2023 |
|
|
|
|
||
Carrying amount |
||||||
At 31 October 2023 |
|
|
|
|
||
At 31 October 2022 |
|
|
|
|
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Motor vehicles |
Total |
|||||
Cost or valuation |
||||||
At 1 November 2022 |
|
|
||||
Additions |
|
|
||||
Disposals |
( |
( |
||||
At 31 October 2023 |
|
|
||||
Depreciation |
||||||
At 1 November 2022 |
|
|
||||
Charge for the year |
|
|
||||
Eliminated on disposal |
( |
( |
||||
At 31 October 2023 |
|
|
||||
Carrying amount |
||||||
At 31 October 2023 |
|
|
||||
At 31 October 2022 |
|
|
Stocks |
2023 |
2022 |
|
Raw materials, consumables and finished goods |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Corporation tax recoverable |
|
|
|
Prepayments |
|
|
|
Accrued income |
- |
|
|
Other debtors |
41,515 |
41,515 |
|
Staff loans |
3,495 |
3,950 |
|
Other taxation |
128,707 |
191,319 |
|
Director current account |
- |
33,627 |
|
|
|
Part of the rent deposit is secured to the landlord by a rent deposit deed for all monies due from the company.
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
|
Bank overdrafts |
- |
( |
Cash and cash equivalents in statement of cash flows |
1,375,832 |
1,373,351 |
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Accruals |
|
|
|
Income tax liability |
203,013 |
41,063 |
|
Amounts owed to related parties |
227,130 |
- |
|
Directors current account |
1,103 |
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 November 2022 |
|
|
Depreciation in excess of capital allowances |
( |
( |
At 31 October 2023 |
|
|
|
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2023 |
2022 |
|
Bank overdrafts |
- |
|
Hire purchase contracts |
|
|
|
|
The bank facilitates are secured by a fixed charge, floating charge covering all the property or undertaking of the company together with a charge over the cash deposit with the bank.
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
Dividends |
Final dividends paid
2023 |
2022 |
|||
Final dividend of £ |
|
|
||
Related party transactions |
Transactions with the director |
2023 |
At 1 November 2022 |
Advances to director |
Repayments by director |
At 31 October 2023 |
Mr Daniel McCullough |
||||
|
|
|
( |
( |
2022 |
At 1 November 2021 |
Advances to director |
At 31 October 2022 |
Mr Daniel McCullough |
|||
|
|
|
|
Interest of £3,324 has been charged.
Dividends paid to the director
2023 |
2022 |
|||
Mr Daniel McCullough |
||||
Dividend |
254,000 |
244,500 |
||
Summary of transactions with other related parties
Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
First Choice Fruit and Produce Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
2022 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
Terms of loans to related parties
Loans from related parties
2023 |
Other related parties |
Total |
Advanced |
|
|
At end of period |
|
|
|
Terms of loans from related parties
Ultimate parent undertaking |
The ultimate controlling party is