REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Global Berry Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Global Berry Ltd |
Global Berry Ltd (Registered number: 08828704) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Global Berry Ltd |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Global Berry Ltd (Registered number: 08828704) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Global Berry Ltd (Registered number: 08828704) |
Balance Sheet - continued |
30 June 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Global Berry Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
On 24 May 2023, Global Berry Limited entered into a Company Voluntary Arrangement or "CVA". |
The CVA was concluded in May 2024, and therefore the adjustments to the accounts resulting from the CVA are not reflected within the accounts at the balance sheet date, 30 June 2023. The conclusion of the CVA is considered to be a non-adjusting post balance sheet event. |
The Director considers it appropriate to prepare the accounts on a going concern basis, as a plan was in place, through the CVA, to enable the company to continue to trade. The accounts therefore do not include any of the adjustments which would be required if the going concern basis of accounting was not adopted. |
The prior year comparative figures have been restated to be presented on a going concern basis. |
Turnover |
Turnover represents rental income and sales of strawberries. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
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. |
Computer software is being amortised evenly over its estimated useful life of four years. |
Tangible fixed assets |
Freehold property | - |
Leasehold improvements | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost, with the exception of freehold properties which are stated at fair value, with movements in fair value being recognised in the income statement in the year of revaluation. |
Taxation |
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 |
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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | TANGIBLE FIXED ASSETS |
Assets |
Freehold | Leasehold | under |
property | improvements | construction |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by related parties(note 19) | 658,337 | - |
Other debtors |
Directors' current accounts | - | 42,748 |
Prepayments and accrued income |
The company had an amount receivable at the balance sheet date from GB Fruit Co Plc of £657,985 and £355 from GB Soft Fruit Company Ltd, both companies under common control. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to related parties(note 19) | 61,562 | - |
Tax |
Social security and other taxes |
Loans and borrowings | 1,811,420 | 959,352 |
Other creditors | 65,818 | 86,854 |
Deferred consideration | 1,200,000 | - |
Directors' current accounts | 250,000 | - |
Accrued expenses |
The company had an amount payable to GB Lights Plc of £61,562 and £2,872,244 to Bradon Soft Fruit Farm Ltd, both companies under common control at the balance sheet date. |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
Loans and borrowings |
Amounts owed to related parties | 4,062,313 | - |
Deferred consideration | 1,800,000 | 3,000,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Loans and borrowings | 2,802,895 | 3,055,884 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Loans and borrowings | 2,802,895 | 3,055,884 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 286,146 | 414,751 |
Bank loans and other loans | 5,376,445 | 5,702,016 |
Deferred consideration | 3,000,000 | 3,000,000 |
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. |
Other loans are secured against the assets to which they relate. |
Deferred consideration is secured against the land and buildings at Bradon Farm. |
Obligations under finance leases and hire purchase contracts are secured on the underlying assets. |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax |
Other timing differences |
Accelerated capital allowances | - | 390,369 |
- | 624,369 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
A Shares | £1 | 100 | 100 |
B Shares | £1 | 3,053,472 | 3,053,472 |
3,053,572 | 3,053,572 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
As both of the directors resigned in the year the balances have been reallocated to other debtors. |
15. | RELATED PARTY DISCLOSURES |
During the year companies which are under the control of a shareholder in the company provided loans to the company totalling £1,315,200 (2022: £457,000). At the balance sheet date £1,315,200 (2022: £457,000) was outstanding. |
The company also received loans from it's director of £250,000 which remained outstanding at the balance sheet date. |
16. | POST BALANCE SHEET EVENTS |
The Company entered into a Company Voluntary Arrangement, or CVA in May 2023. |
The CVA concluded in May 2024. The arrangements of the CVA were not finalised at the balance sheet date (30 June 2023) and therefore are considered to be a non-adjusting post balance sheet event. |
The effects of the conclusion of the CVA and final distribution are therefore not reflected within these accounts. |
In addition, the company's main trading subsidiary, Bradon Soft Fruit Farm Limited, entered into liquidation in March 2023. The liquidation was not concluded until after the balance sheet date, 30 June 2023, and therefore the amounts due by the company to Bradon Soft Fruit Farm remain recognised in full within these accounts at the balance sheet date. The conclusion of the liquidation is considered to be a non-adjusting post balance sheet event. |