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REGISTERED NUMBER: 09360931 (England and Wales)














Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2023

for

Fountain Fresh Imports Ltd and it's
subsidiaries

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2023










Page

Company information 1

Group strategic report 2 to 3

Report of the directors 4 to 5

Report of the independent auditors 6 to 9

Consolidated income statement 10

Consolidated other comprehensive income 11

Consolidated statement of financial position 12

Company statement of financial position 13

Consolidated statement of changes in equity 14

Company statement of changes in equity 15

Consolidated statement of cash flows 16

Notes to the consolidated statement of cash flows 17 to 18

Notes to the consolidated financial statements 19 to 37


Fountain Fresh Imports Ltd and it's
subsidiaries

Company Information
for the Year Ended 31 July 2023







Directors: A Lawrence
J Hanson
J Lawrence
K Lawrence





Registered office: Fountain House
Walton Road
Walsoken
Wisbech
Cambs
PE14 7AG





Registered number: 09360931 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Group Strategic Report
for the Year Ended 31 July 2023


We aim to present a balanced and comprehensive report of the development and performance of our business during the year and its position at the year end. Our report is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business
The group's activities continue to involve the importation and sale of fresh fruit, vegetables and salad.

In early 2023 there was an unprecedented cold snap in Spain ,one of the main importation regions for the group. This caused a short term gap in the supply of product and overall a shortage of product for the remainder of the season, There was a loss of crops and yields lowered on the remaining crop for the rest of the season.

During the shortage many will remember the rationing of things like peppers and tomatoes in the major supermarkets. All of our products were similarly effected, this meant that the product that was available was slower and the growers did not stick to the supply contracts that were in place, and moved to spot market prices. At the same time we were held to our supply contracts by our customers meaning that the short term gross losses were being made on products, and longer term the prices were held high to the end of the season. Some customers did support where they could on some products for which we were grateful.

During the same period we continued to look to diversify into regions which products were sourced, to ensure we are not over reliant on one territory. We have seen historically where regions can become over farmed and so always look for the next emerging markets to continue to meet supply at the right quality and price. We invested in growing a crop of Tomatoes in Morocco as part of this drive, whilst the early season crop looked promising the crop was affected by a virus which affected the whole crop. This crop was lost and no return was seen on the investment in growing that crop, the whole amount had to be written off within the year. The operation in Morocco has since ceased.

Whilst the year had these two major events causing a large deficit in the trading figures, the underlying performance of the group remains strong and off the back of the support we gave our customers more volume and contracts have been won as we stood by the contracts we had in place.

Principal risks and uncertainties
As for many businesses of our size, the economic climate in which we operate will have an impact on the group's operations for the forthcoming period.

Raw material prices are dictated by the growing season which affects availability of product, where possible the group fixes the required tonnages at a fixed price back to back with a fixed sales price from our customers to protect margin throughout the year.

Where raw material for contracts are purchased in Euros, the group fix the exchange rate at the point of signing the contract to protect against any adverse movements in exchange rates.

Two key issues have affected the group in 2023:

Brexit posed many unmeasurable risks to the business, however we are confident that the strategies we have in place are allowing us to comfortably deal with every issue that has arisen.

The Coronavirus Pandemic hit the UK in March 2020 and led to the shutdown of the majority of the UK economy, with numerous countrywide lockdowns throughout the year and since the year end. Due to the line of our business being food, demand for our products has remained unchanged. We have put in place various new procedures to protect our staff and ensure the storage and distribution of our products remain at the high standards that we expect.


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Group Strategic Report
for the Year Ended 31 July 2023

Development and performance
We continue to look to diversify in the market by bringing variations of existing products to the market and also developing new product lines that sit alongside and complement our current range.

The directors are confident that the business is well placed to continue taking advantage of opportunities as they arise and planning for longer term product innovation.

Financial key performance indicators
The group uses a number of financial measures to monitor progress against its aims and objectives. These include turnover, gross profit and net profit.

On behalf of the board:





J Lawrence - Director


29 July 2024

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Report of the Directors
for the Year Ended 31 July 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 July 2023.

Principal activity
The principal activity of the group in the year under review was that of the importation and sale of fresh fruit and vegetables.

Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.

Directors
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

A Lawrence
J Hanson
J Lawrence
K Lawrence

Statement of directors' responsibilities
The directors are responsible for preparing the Group strategic report, the Report of the directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the 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 group's auditors are aware of that information.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Report of the Directors
for the Year Ended 31 July 2023


Auditors
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





J Lawrence - Director


29 July 2024

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


Opinion
We have audited the financial statements of Fountain Fresh Imports Ltd and it's subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Emphasis of matter
We draw your attention to note 3 in the financial statements in relation to going concern. During the year the client suffered unforeseen circumstances which resulted in a significant down turn in results. Further information on this matter can be found in the note 3 under going concern. Since the year end the company's results have improved. Our opinion is not modified in respect of this matter.

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


Other information
The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors 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.

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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the client Group's sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;
- tested journal entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the Group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


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 a Report of the auditors 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.




Mark Hildred (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

30 July 2024

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Income Statement
for the Year Ended 31 July 2023

2023 2022
Notes £    £   

Turnover 55,578,101 39,289,666

Cost of sales 52,582,045 37,329,531
Gross profit 2,996,056 1,960,135

Administrative expenses 4,294,383 1,906,858
(1,298,327 ) 53,277

Other operating income 7,338 27,306
Operating (loss)/profit 5 (1,290,989 ) 80,583

Interest receivable and similar income 1,557 1,442
(1,289,432 ) 82,025
Gain/loss on revaluation of assets 140,791 -
(1,148,641 ) 82,025

Interest payable and similar expenses 7 374,706 131,143
Loss before taxation (1,523,347 ) (49,118 )

Tax on loss 8 (593,713 ) (188,175 )
(Loss)/profit for the financial year (929,634 ) 139,057
(Loss)/profit attributable to:
Owners of the parent (976,945 ) 129,682
Non-controlling interests 47,311 9,375
(929,634 ) 139,057

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Other Comprehensive Income
for the Year Ended 31 July 2023

2023 2022
Notes £    £   

(Loss)/profit for the year (929,634 ) 139,057


Other comprehensive income
Foreign currency translation (307 ) (4,666 )
Income tax relating to other
comprehensive income

-

-
Other comprehensive income for the
year, net of income tax

(307

)

(4,666

)
Total comprehensive income for the
year

(929,941

)

134,391

Total comprehensive income attributable to:
Owners of the parent (977,253 ) 125,017
Non-controlling interests 47,312 9,374
(929,941 ) 134,391

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 11 141,220 220,440
Tangible assets 12 4,797,461 4,318,312
Investments 13 4,618 4,618
4,943,299 4,543,370

Current assets
Stocks 14 731,668 411,830
Debtors 15 6,335,947 5,078,222
Investments 16 861 861
Cash at bank and in hand 292,423 597,141
7,360,899 6,088,054
Creditors
Amounts falling due within one year 17 9,525,785 6,790,293
Net current liabilities (2,164,886 ) (702,239 )
Total assets less current liabilities 2,778,413 3,841,131

Creditors
Amounts falling due after more than one
year

18

(2,584,182

)

(2,476,406

)

Provisions for liabilities 23 - (190,554 )
Net assets 194,231 1,174,171

Capital and reserves
Called up share capital 24 100 100
Capital redemption reserve 25 13,408 13,408
Other reserves 25 1,998 1,998
Fair value reserve 25 259,493 153,900
Retained earnings 25 (135,838 ) 997,007
Shareholders' funds 139,161 1,166,413

Non-controlling interests 55,070 7,758
Total equity 194,231 1,174,171

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





J Lawrence - Director


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Company Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 11 146,515 245,578
Tangible assets 12 4,668,506 4,282,365
Investments 13 18,913 5,643
4,833,934 4,533,586

Current assets
Stocks 14 276,767 253,739
Debtors 15 6,190,910 5,041,705
Cash at bank and in hand 281,826 527,899
6,749,503 5,823,343
Creditors
Amounts falling due within one year 17 9,403,238 6,535,802
Net current liabilities (2,653,735 ) (712,459 )
Total assets less current liabilities 2,180,199 3,821,127

Creditors
Amounts falling due after more than one
year

18

(2,513,905

)

(2,452,775

)

Provisions for liabilities 23 - (190,554 )
Net (liabilities)/assets (333,706 ) 1,177,798

Capital and reserves
Called up share capital 24 100 100
Fair value reserve 25 259,493 153,900
Retained earnings 25 (593,299 ) 1,023,798
Shareholders' funds (333,706 ) 1,177,798

Company's (loss)/profit for the financial
year

(1,461,504

)

118,556

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





J Lawrence - Director


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up Capital
share Retained redemption Other
capital earnings reserve reserves
£    £    £    £   
Balance at 1 August 2021 100 1,205,242 - -

Changes in equity
Acquisition during the year - (33,251 ) 13,408 1,998
Dividends - (300,000 ) - -
Total comprehensive income - 125,016 - -
100 997,007 13,408 1,998
Acquisition of non-controlling
interest

-

-

-

-
Balance at 31 July 2022 100 997,007 13,408 1,998

Changes in equity
Dividends - (50,000 ) - -
Total comprehensive income - (977,252 ) - -
Revaluation of investment
property - (105,593 ) - -
Balance at 31 July 2023 100 (135,838 ) 13,408 1,998
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 August 2021 153,900 1,359,242 - 1,359,242

Changes in equity
Acquisition during the year - (17,845 ) - (17,845 )
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 125,016 9,374 134,390
153,900 1,166,413 9,374 1,175,787
Acquisition of non-controlling
interest

-

-

(1,616

)

(1,616

)
Balance at 31 July 2022 153,900 1,166,413 7,758 1,174,171

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - (977,252 ) 47,312 (929,940 )
Revaluation of investment
property 105,593 - - -
Balance at 31 July 2023 259,493 139,161 55,070 194,231

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Company Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2021 100 1,205,242 153,900 1,359,242

Changes in equity
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 118,556 - 118,556
Balance at 31 July 2022 100 1,023,798 153,900 1,177,798

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - (1,461,504 ) - (1,461,504 )
Revaluation of investment
property - (105,593 ) 105,593 -
Balance at 31 July 2023 100 (593,299 ) 259,493 (333,706 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

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

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (629,136 ) 456,736
Interest paid (280,793 ) (45,020 )
Interest element of hire purchase
payments paid

(93,913

)

(86,123

)
Tax paid (34,732 ) (17,682 )
Net cash from operating activities (1,038,574 ) 307,911

Cash flows from investing activities
Purchase of intangible fixed assets (37,400 ) (329,419 )
Purchase of tangible fixed assets (1,148,452 ) (2,194,952 )
Purchase of fixed asset investments - (4,618 )
Sale of tangible fixed assets 257,929 91,566
Sale of fixed asset investments - (57 )
Interest received 1,557 1,442
Net cash from investing activities (926,366 ) (2,436,038 )

Cash flows from financing activities
New loans in year 1,528,692 1,787,946
Capital repayments in year 98,370 558,769
Amount introduced by directors 76,550 -
Amount withdrawn by directors - (25,819 )
Grant income 6,610 8,905
Equity dividends paid (50,000 ) (300,000 )
Net cash from financing activities 1,660,222 2,029,801

Decrease in cash and cash equivalents (304,718 ) (98,326 )
Cash and cash equivalents at
beginning of year

2

597,141

695,467

Cash and cash equivalents at end of
year

2

292,423

597,141

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2023


1. Reconciliation of loss before taxation to cash generated from operations
2023 2022
£    £   
Loss before taxation (1,523,347 ) (49,118 )
Depreciation charges 738,241 717,038
Profit on disposal of fixed assets (69,456 ) (8,615 )
Gain on revaluation of fixed assets (140,791 ) -
(Gain)/loss on foreign exchange (306 ) (4,666 )
Government grants (6,610 ) (8,905 )
Finance costs 374,706 131,143
Finance income (1,557 ) (1,442 )
(629,120 ) 775,435
Increase in stocks (319,838 ) (253,013 )
Increase in trade and other debtors (877,331 ) (2,934,747 )
Increase in trade and other creditors 1,197,153 2,869,061
Cash generated from operations (629,136 ) 456,736

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 292,423 597,141
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 597,141 695,467


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2023


3. Analysis of changes in net debt

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 597,141 (304,718 ) 292,423
597,141 (304,718 ) 292,423

Liquid resources
Current asset investments 861 - 861
861 - 861
Debt
Finance leases (1,410,844 ) (98,370 ) (1,509,214 )
Debts falling due within 1 year (1,461,888 ) (1,465,225 ) (2,927,113 )
Debts falling due after 1 year (1,444,044 ) (63,467 ) (1,507,511 )
(4,316,776 ) (1,627,062 ) (5,943,838 )
Total (3,718,774 ) (1,931,780 ) (5,650,554 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2023


1. Statutory information

Fountain Fresh Imports Ltd and it's subsidiaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Going concern
During the year the group suffered from an unforeseen deterioration in the Spanish weather resulting in very poor crops being produced. This resulted in the group suffering from large losses fulfilling the contracts which they were committed to. The group also suffered from investing overseas to production of a tomato crop which failed and also resulted in large losses. These events resulted in a poor year for the year ended 31 July 2023. Since this year end the groups performance has improved. The directors are committed to supporting the group and ensuring it succeeds in the future.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and it's subsidiary undertakings drawn up to 31st July each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary , adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions , balances, income and expenses are eliminated on consolidation.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


3. Accounting policies - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Invoice financing
Certain trade debtors are subject to a invoice financing agreement whereby an advance of funds is received and secured upon them.

Where the company has retained significant benefits and risks relating to these debts, separate presentation is adopted whereby the gross trade debts and a corresponding liability in respect of the advance received are shown in the balance sheet. The interest element of the factors charges are charged to the profit and loss over the term to which they relate.

Goodwill
Goodwill is recognised as the amount paid in connection with the acquisition of two companies in 2022. The assets are being amortised evenly over their estimated useful life of 3 years

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at valued amounts, are recorded at the fair value at the date of revaluation as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Market business- 20% straight line
Computer software- 25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Leasehold property improvements - 25% on reducing balance
Plant & equipment - 25% on reducing balance and 20% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Stocks
Stock are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


3. Accounting policies - continued

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rage ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in ‘sterling’, which is the company’s functional and the group’s presentation currency.

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date, including any goodwill in relation to that entity. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Transactions and balances
Foreign currency transactions are translated into the group entity’s functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using he effective interest method. Finance charges are allocate to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then it is classed as an equity instrument. Dividends and distributions relating equity instruments are debited directly to equity.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


3. Accounting policies - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment test, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whichever other assets or liabilities of the company are assigned to those units.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Profit and Loss Account by equal annual instalments over the expected useful lives of the relevant assets.

4. Employees and directors
2023 2022
£    £   
Wages and salaries 3,276,123 2,395,449
Social security costs 374,876 273,899
Other pension costs 56,017 39,702
3,707,016 2,709,050

The average number of employees during the year was as follows:
2023 2022

Production staff 81 70
Administrative staff 24 17
Number of directors 4 4
109 91

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


4. Employees and directors - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 30 (2022 - 34 ) .

2023 2022
£    £   
Directors' remuneration 149,661 62,760
Directors' pension contributions to money purchase schemes 1,690 996

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. Operating (loss)/profit

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 273,773 76,777
Depreciation - owned assets 621,621 601,810
Profit on disposal of fixed assets (69,456 ) (8,615 )
Goodwill amortisation 116,666 120,389
Market intangible assets amortisation 1,600 1,450
Computer software amortisation 9,426 39
Goodwill on subsidiary amortisation (6,649 ) (6,649 )
Auditors' remuneration 23,690 15,500
Foreign exchange differences (822,668 ) (773,792 )

6. Exceptional items
2023 2022
£    £   
Exceptional items (1,068,479 ) -

The exceptional item relates to an investment in growing tomatoes overseas. Significant investment
was made during the year however the crop produced was very poor and resulted in large losses being
incurred.

7. Interest payable and similar expenses
2023 2022
£    £   
Bank loan interest 280,793 45,020
Interest on hire purchase 93,913 86,123
374,706 131,143

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


8. Taxation

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 16,175 2,562
Over provision of corporation
tax (276,466 ) (176,702 )
Total current tax (260,291 ) (174,140 )

Deferred tax (333,422 ) (14,035 )
Tax on loss (593,713 ) (188,175 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (1,523,347 ) (49,118 )
Loss multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

(380,837

)

(9,332

)

Effects of:
Expenses not deductible for tax purposes (30,331 ) 18,143
Capital allowances in excess of depreciation (5,307 ) (158,291 )
Utilisation of tax losses 434,312 151,696
Adjustments to tax charge in respect of previous periods - (176,702 )
Chargeable gain - 2,166
Movement in deferred tax increase/(decrease) (333,422 ) (14,035 )
Spanish tax and group transactions (1,662 ) (1,820 )
Over provision in prior year (276,466 ) -
Total tax credit (593,713 ) (188,175 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign currency translation (307 ) - (307 )

2022
Gross Tax Net
£    £    £   
Foreign currency translation (4,666 ) - (4,666 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of comprehensive income of the parent company is not presented as part of these financial statements.


10. Dividends
2023 2022
£    £   
Ordinary shares shares of £1 each
Interim 50,000 300,000

11. Intangible fixed assets

Group
Market Goodwill
intangible Computer on
Goodwill assets software subsidiary Totals
£    £    £    £    £   
Cost
At 1 August 2022 347,897 33,284 1,469 (19,947 ) 362,703
Additions - - 37,400 - 37,400
At 31 July 2023 347,897 33,284 38,869 (19,947 ) 400,103
Amortisation
At 1 August 2022 120,389 28,484 39 (6,649 ) 142,263
Amortisation for year 116,666 1,600 9,426 (6,649 ) 121,043
Charge written back (4,423 ) - - - (4,423 )
At 31 July 2023 232,632 30,084 9,465 (13,298 ) 258,883
Net book value
At 31 July 2023 115,265 3,200 29,404 (6,649 ) 141,220
At 31 July 2022 227,508 4,800 1,430 (13,298 ) 220,440

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


11. Intangible fixed assets - continued

Company
Market
intangible Computer
Goodwill assets software Totals
£    £    £    £   
Cost
At 1 August 2022 361,167 33,284 - 394,451
Additions - - 37,400 37,400
Reclassification/transfer (13,270 ) - - (13,270 )
At 31 July 2023 347,897 33,284 37,400 418,581
Amortisation
At 1 August 2022 120,389 28,484 - 148,873
Amortisation for year 116,666 1,600 9,350 127,616
Charge written back (4,423 ) - - (4,423 )
At 31 July 2023 232,632 30,084 9,350 272,066
Net book value
At 31 July 2023 115,265 3,200 28,050 146,515
At 31 July 2022 240,778 4,800 - 245,578

12. Tangible fixed assets

Group
Leasehold
Freehold property Plant &
property improvements equipment
£    £    £   
Cost or valuation
At 1 August 2022 1,329,249 2,302,532 398,124
Additions 216,667 161,616 164,300
Disposals - - -
Revaluations 140,791 - -
Reclassification/transfer 1,149,959 (1,149,959 ) -
At 31 July 2023 2,836,666 1,314,189 562,424
Depreciation
At 1 August 2022 - 554,478 159,616
Charge for year - 189,928 76,718
Eliminated on disposal - - -
At 31 July 2023 - 744,406 236,334
Net book value
At 31 July 2023 2,836,666 569,783 326,090
At 31 July 2022 1,329,249 1,748,054 238,508

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


12. Tangible fixed assets - continued

Group

Office Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Cost or valuation
At 1 August 2022 41,813 1,752,081 52,946 5,876,745
Additions 1,395 577,764 26,710 1,148,452
Disposals (773 ) (490,900 ) - (491,673 )
Revaluations - - - 140,791
Reclassification/transfer - - - -
At 31 July 2023 42,435 1,838,945 79,656 6,674,315
Depreciation
At 1 August 2022 18,221 796,206 29,912 1,558,433
Charge for year 6,102 336,437 12,436 621,621
Eliminated on disposal (193 ) (303,007 ) - (303,200 )
At 31 July 2023 24,130 829,636 42,348 1,876,854
Net book value
At 31 July 2023 18,305 1,009,309 37,308 4,797,461
At 31 July 2022 23,592 955,875 23,034 4,318,312

Cost or valuation at 31 July 2023 is represented by:

Leasehold
Freehold property Plant &
property improvements equipment
£    £    £   
Valuation in 2023 140,791 - -
Cost 2,695,875 1,314,189 562,424
2,836,666 1,314,189 562,424

Office Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 140,791
Cost 42,435 1,838,945 79,656 6,533,524
42,435 1,838,945 79,656 6,674,315

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


12. Tangible fixed assets - continued

Company
Leasehold
Freehold property Plant &
property improvements equipment
£    £    £   
Cost or valuation
At 1 August 2022 1,329,249 2,302,532 360,347
Additions 216,667 161,616 58,262
Disposals - - -
Revaluations 140,791 - -
Reclassification/transfer 1,149,959 (1,149,959 ) -
At 31 July 2023 2,836,666 1,314,189 418,609
Depreciation
At 1 August 2022 - 554,478 157,786
Charge for year - 189,928 63,688
Eliminated on disposal - - -
At 31 July 2023 - 744,406 221,474
Net book value
At 31 July 2023 2,836,666 569,783 197,135
At 31 July 2022 1,329,249 1,748,054 202,561

Office Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Cost or valuation
At 1 August 2022 41,813 1,752,081 52,946 5,838,968
Additions 1,395 577,764 26,710 1,042,414
Disposals (773 ) (490,900 ) - (491,673 )
Revaluations - - - 140,791
Reclassification/transfer - - - -
At 31 July 2023 42,435 1,838,945 79,656 6,530,500
Depreciation
At 1 August 2022 18,221 796,206 29,912 1,556,603
Charge for year 6,102 336,437 12,436 608,591
Eliminated on disposal (193 ) (303,007 ) - (303,200 )
At 31 July 2023 24,130 829,636 42,348 1,861,994
Net book value
At 31 July 2023 18,305 1,009,309 37,308 4,668,506
At 31 July 2022 23,592 955,875 23,034 4,282,365

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


12. Tangible fixed assets - continued

Company

The freehold properties were purchased at a cost of £2,289,176 and re-valued on an open market basis on 05 May 2022 by Allied Surveyors & Valuers for one property. Two other properties were valued at 19 February 2024 by Eddisons however the valuation at 31 July 2023 has been confirmed to be in line with this valuation.These valuations are considered to be fair value for the year ended 31 July 2023 and the properties have been revalued to reflect this.


13. Fixed asset investments

Group
Investments
£   
Cost
At 1 August 2022
and 31 July 2023 4,618
Net book value
At 31 July 2023 4,618
At 31 July 2022 4,618
Company
Shares in
group
undertaking
£   
Cost
At 1 August 2022 5,643
Reclassification/transfer 13,270
At 31 July 2023 18,913
Net book value
At 31 July 2023 18,913
At 31 July 2022 5,643


The company's investments at the Statement of financial position date in the share capital of companies include the following:

Company Registered office Class of shares % holding

Fountain Fresh Spain SL
Plaza de los tres Reyes, 1-1, Cartagena,
30201, Murcia

Ordinary shares

90

Moon & Evison Limited
The Factory, New Road, Upwell, Wisbech,
England, PE14 9AB

Ordinary shares

100

During the year, Moon & Evison Limited was subject to audit exemption under section 479a of the Companies Act 2006 as a result of the parent company, Fountain Fresh Imports Limited, providing a guarantee over the subsidiary.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


14. Stocks

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 731,668 411,830 276,767 253,739

15. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 5,205,484 4,052,696 5,193,858 4,014,534
Amounts owed from related
parties - - - 43,860
Other debtors 168,325 402,477 128,560 373,492
Amounts owed from related
parties 40,367 24,492 40,367 24,492
Directors' current accounts 590 6,423 590 2,630
Corporation tax 421,482 178,123 408,146 178,123
VAT 88,706 45,475 16,995 39,460
Deferred tax asset 142,868 - 142,868 -
Prepayments and accrued income 268,125 368,536 259,526 365,114
6,335,947 5,078,222 6,190,910 5,041,705

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 142,868 - 142,868 -

16. Current asset investments

Group
2023 2022
£    £   
Current investments 861 861

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


17. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) 243,208 188,827 206,533 146,533
Other loans (see note 19) 2,683,905 1,273,061 2,683,905 1,273,061
Hire purchase contracts (see note 20) 432,543 379,426 402,564 377,247
Trade creditors 5,218,031 3,850,417 5,103,579 3,711,526
Amounts owed to group
companies - - 110,838 2,834
Corporation tax - 51,664 - -
Social security and other taxes 70,124 66,526 70,124 66,526
Other creditors 84,516 112,856 33,812 98,789
Amounts owed to related
parties 231,063 560,442 231,063 560,442
Directors' current accounts 72,000 1,283 72,000 1,283
Accruals and deferred income 488,506 302,014 486,931 293,784
Deferred government grants 1,889 3,777 1,889 3,777
9,525,785 6,790,293 9,403,238 6,535,802

18. Creditors: amounts falling due after more than one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 1,507,511 1,444,044 1,507,511 1,444,044
Hire purchase contracts (see note 20) 1,076,671 1,031,418 1,006,394 1,007,787
Deferred government grants - 944 - 944
2,584,182 2,476,406 2,513,905 2,452,775

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


19. Loans

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 243,208 188,827 206,533 146,533
Invoice financing 2,683,905 1,273,061 2,683,905 1,273,061
2,927,113 1,461,888 2,890,438 1,419,594
Amounts falling due between one and two years:
Bank loans - 1-2 years 206,533 146,533 206,533 146,533
Amounts falling due between two and five years:
Bank loans - 2-5 years 564,044 425,711 564,044 425,711
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 736,934 871,800 736,934 871,800

20. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 432,543 379,426
Between one and five years 1,076,671 1,031,418
1,509,214 1,410,844

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 402,564 377,247
Between one and five years 1,006,394 1,007,787
1,408,958 1,385,034

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


20. Leasing agreements - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 39,758 43,275
Between one and five years 35,203 74,961
74,961 118,236

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 39,758 43,275
Between one and five years 35,203 74,961
74,961 118,236

21. Secured debts

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,750,719 1,632,871 1,714,044 1,590,577
Invoice financing 2,683,905 1,273,061 2,683,905 1,273,061
Hire purchase 1,509,214 1,385,034 1,408,958 1,385,034
5,943,838 4,290,966 5,806,907 4,248,672

Obligations under finance lease and hire purchase contracts are secured against the relevant asset it is financing.

The invoice financing liability is secured by a fixed and floating charge over the company's assets.

The bank loan is secured by a fixed and floating charge over the freehold property owned by the company.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


22. Financial instruments

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

The company entered into foreign currency forward contracts to mitigate the exchange rate risk for certain foreign currency transactions.

As at 31 July 2023, the company had various contracts in place with an option to purchase as follows:

€4,589,750 at a rate of 1.1525
€4,100,000 at a rate of 1.1600
€3,500,000 at a rate of 1.1700
€2,900,000 at a rate of 1.1650
€250,000 at a rate of 1.1575
€240,000 at a rate of 1.1400
€200,000 at a rate of 1.1601

23. Provisions for liabilities

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 190,554 - 190,554

Group
Deferred
tax
£   
Balance at 1 August 2022 190,554
Provided during year (333,422 )
Balance at 31 July 2023 (142,868 )

Company
Deferred
tax
£   
Balance at 1 August 2022 190,554
Provided during year (333,422 )
Balance at 31 July 2023 (142,868 )

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate to from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

24. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


25. Reserves

Group
Capital Fair
Retained redemption Other value
earnings reserve reserves reserve Totals
£    £    £    £    £   

At 1 August 2022 997,007 13,408 1,998 153,900 1,166,313
Deficit for the year (976,945 ) (976,945 )
Dividends (50,000 ) (50,000 )
Foreign currency translation (307 ) - - - (307 )
Revaluation of investment
property (105,593 ) - - 105,593 -
At 31 July 2023 (135,838 ) 13,408 1,998 259,493 139,061

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 August 2022 1,023,798 153,900 1,177,698
Deficit for the year (1,461,504 ) (1,461,504 )
Dividends (50,000 ) (50,000 )
Revaluation of investment
property (105,593 ) 105,593 -
At 31 July 2023 (593,299 ) 259,493 (333,806 )


26. Directors' advances, credits and guarantees

The following advances and credits to the directors subsisted during the year ended 31 July 2023 and the period ended 31 July 2022.

2023 2022
£ £
Director
Balance outstanding at start of period 5,140 (23,125 )
Amounts advanced 65,495 172,265
Amounts repaid (142,095 ) (144,000 )
Balance outstanding at end of period (71,410 ) 5,140

No interest was charged to the directors loan accounts during the year. The amounts repaid and advanced disclosed were aggregated figures.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023


27. Related party disclosures

The following transactions occurred with companies in which the directors have participating interests:

£   

Sales 26,043
Amounts due from related parties 43,433
Purchases 133,126
Amounts owed to related parties 229,220

All of the above transactions are carried out at arms length.