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Registered number: 07118575










Vidafresh Limited










Annual Report and Financial Statements

For the period ended 30 March 2024

 
Vidafresh Limited
 

Company Information


Directors
S G Davies 
C G Rawlins 
R J Watts 
T R Watts 




Registered number
07118575



Registered office
The Granary
Darenth Court Farm

Dartford

Kent

DA2 7QY




Independent auditor
Kreston Reeves LLP
Statutory Auditors & Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU





 
Vidafresh Limited
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27


 
Vidafresh Limited
 

Strategic Report
For the period ended 30 March 2024

Introduction
 
The directors present their strategic report for the period 2nd April 2023 to 30th March 2024.

Business review
 
The Board is very pleased to report that despite the on-going pressure on the UK economy and consumer spending due to interest rates and energy costs remaining high, the Company managed to have yet another successful year making our balance sheet even stronger.
One of the key strengths of the company is our wide and diverse customer base which includes the UK’s leading retailers, processing, food service, catering and wholesale companies and we continue to increase our market share having won an exclusive supply agreement with a major UK retailer and the UK’s largest on-line grocer. 
There are clear signs that shipping and logistical costs are falling to more realistic levels. This will greatly help retail prices and therefore increase demand for all imported consumer goods, including fresh fruit. However, the Company will continue to work hard on reducing all costs related to its business for the benefit of both our clients and suppliers and ultimately consumers.
Whilst the Company continues to explore new opportunities, we remain committed to reducing the impact that its business has on the environment, whether that’s here in the UK or in any country from which it sources produce.  
Consumption of fresh fruit continues to increase year-on-year so as a leading supplier to the fresh produce industry, together with long-term partnerships with our growers around the world, we remain focused on our sustainable growth strategy and continue to invest in product innovation, technology and people to meet the demands and expectations of ever-expanding client and supply base.
Vidafresh is fully engaged in supporting and upholding human rights and has established policies, procedures and practices to help safeguard against modern slavery, forced labour and human trafficking of any kind in its business and operations. These policies aim to ensure that people working for us and for our suppliers receive fair treatment and decent working conditions. 
We continue to strive to be a great place to work and the Board would like to thank the amazing team of people we have in Vidafresh for their contribution to yet another solid performance by the Company. They remain our most important asset and are key to the future of the business.

Financial key performance indicators
 
The directors consider that the key performance indicators  are  those  that  communicate  the  financial performance and strength of the company as a whole. These are summarised as follows:

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Page 1

 
Vidafresh Limited
 

Strategic Report (continued)
For the period ended 30 March 2024

Principal risks and uncertainties
 
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties faced by the company are as follows: 
Economic Risk
Due to the fact that the company trades in several foreign currencies, but mainly the US dollar, we reduce our exposure to the risk of FX losses by hedging our large overseas contracts to lock-in our margins to maintain  profitability and working capital. 
Thus far the food sector remains robust, and the directors have no reason to believe that this trend will not continue.
Financial Risk
The directors together with our highly experienced Commercial, Logistic, Technical and Finance teams have a tight grip on all aspects of the company’s costs and therefore we remain a highly competitive, value-added business. We are confident that the company will continue to be successful. 
Summary
In summary, whilst the Board recognizes the on-going challenges of not just our industry but the economy of the UK as a whole, we are very confident that the company has the right business model and commercial strategy going forward to remain leaders in our specialized categories.


This report was approved by the board and signed on its behalf.



................................................
T R Watts
Director
Date: 5 September 2024

Page 2

 
Vidafresh Limited
 

 
Directors' Report
For the period ended 30 March 2024

The directors present their report and the financial statements for the period ended 30 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the period, after taxation, amounted to £1,051,431 (2023 - £431,159).

Interim dividends paid during the year amounted to £356,000 (2023 - £281,000). The directors recommend the payment of a final dividend of £Nil (2023 - £Nil).

Directors

The directors who served during the period were:

S G Davies 
C G Rawlins 
R J Watts 
T R Watts 

Future developments

The directors intend to continue with the current principal activity, with diversification into new product lines.

Page 3

 
Vidafresh Limited
 

 
Directors' Report (continued)
For the period ended 30 March 2024

Disclosure of information to auditor


Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
S G Davies
Director
Date: 5 September 2024

Page 4

 
Vidafresh Limited
 

 
Independent Auditor's Report to the Members of Vidafresh Limited
 

Opinion


We have audited the financial statements of Vidafresh Limited (the 'company') for the period ended 30 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 30 March 2024 and of its profit for the period 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's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
Vidafresh Limited
 

 
Independent Auditor's Report to the Members of Vidafresh Limited (continued)


Opinion 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


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


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 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 directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 6

 
Vidafresh Limited
 

 
Independent Auditor's Report to the Members of Vidafresh Limited (continued)


Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override. Audit procedures performed by the engagement team:
 
Detailed discussions were held with management to identify any known or suspected instances of non-compliance with laws and regulations; and
 
Assessment of identified fraud risk factors; and
 
The engagement team were made aware of the identified laws and regulations to ensure they remained alert to any indications of non-compliance throughout their audit procedures; and
 
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and
 
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
 
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
Page 7

 
Vidafresh Limited
 

 
Independent Auditor's Report to the Members of Vidafresh Limited (continued)


Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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.





Tracey Becker (senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditors
Chartered Accountants
Chatham Maritime

5 September 2024
Page 8

 
Vidafresh Limited
 

Statement of Comprehensive Income
For the period ended 30 March 2024

2024
2023
Note
£
£

Turnover
 4 
58,804,609
59,861,472

Cost of sales
  
(55,286,628)
(56,757,712)

Gross profit
  
3,517,981
3,103,760

Administrative expenses
  
(1,891,962)
(1,605,265)

Operating profit
 5 
1,626,019
1,498,495

Exceptional items
 11 
-
(787,972)

Total operating profit
  
1,626,019
710,523

Interest payable and similar expenses
 8 
(228,468)
(164,028)

Profit before tax
  
1,397,551
546,495

Tax on profit
 9 
(346,120)
(115,336)

Profit for the financial period
  
1,051,431
431,159

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
Vidafresh Limited
Registered number: 07118575

Balance Sheet
As at 30 March 2024

30 March
1 April
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
194,346
166,761

Investments
 13 
10,097
10,097

  
204,443
176,858

Current assets
  

Stocks
 14 
3,991,345
3,170,056

Debtors: amounts falling due within one year
 15 
15,712,853
13,621,831

Cash at bank and in hand
 16 
103,548
8,828

  
19,807,746
16,800,715

Creditors: amounts falling due within one year
 17 
(15,207,466)
(12,905,429)

Net current assets
  
 
 
4,600,280
 
 
3,895,286

Total assets less current liabilities
  
4,804,723
4,072,144

Creditors: amounts falling due after more than one year
 18 
(493,526)
(456,378)

  

Net assets
  
4,311,197
3,615,766


Capital and reserves
  

Called up share capital 
 21 
40,000
40,000

Capital redemption reserve
 22 
10,000
10,000

Profit and loss account
 22 
4,261,197
3,565,766

  
4,311,197
3,615,766


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T R Watts
Director
Date: 5 September 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
Vidafresh Limited
 

Statement of Changes in Equity
For the period ended 30 March 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 2 April 2023
40,000
10,000
3,565,766
3,615,766



Profit for the period
-
-
1,051,431
1,051,431

Dividends: Equity capital
-
-
(356,000)
(356,000)


At 30 March 2024
40,000
10,000
4,261,197
4,311,197



Statement of Changes in Equity
For the period ended 1 April 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 3 April 2022
40,000
10,000
3,415,607
3,465,607



Profit for the period
-
-
431,159
431,159

Dividends: Equity capital
-
-
(281,000)
(281,000)


At 1 April 2023
40,000
10,000
3,565,766
3,615,766


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
Vidafresh Limited
 

Statement of Cash Flows
For the period ended 30 March 2024

30 March
1 April
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
1,051,431
431,159

Adjustments for:

Depreciation of tangible assets
55,839
57,647

Loss on disposal of tangible assets
1,800
-

Interest paid
228,468
164,028

Taxation charge
346,120
115,336

(Increase)/decrease in stocks
(821,289)
293,710

(Increase) in debtors
(2,091,022)
(1,007,840)

Increase in creditors
1,080,679
365,828

Corporation tax (paid)
(115,336)
(232,765)

Net cash generated from operating activities

(263,310)
187,103


Cash flows from investing activities

Purchase of tangible fixed assets
(127,775)
(2,895)

Sale of tangible fixed assets
42,551
-

HP interest paid
(7,766)
(7,766)

Net cash from investing activities

(92,990)
(10,661)

Cash flows from financing activities

Repayment of/new finance leases
33,076
(31,550)

Dividends paid
(356,000)
(281,000)

Interest paid
(220,702)
(156,262)

Net cash used in financing activities
(543,626)
(468,812)

Net (decrease) in cash and cash equivalents
(899,926)
(292,370)

Cash and cash equivalents at beginning of period
(5,273,224)
(4,980,854)

Cash and cash equivalents at the end of period
(6,173,150)
(5,273,224)


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
103,548
8,828

Bank overdrafts
(6,276,698)
(5,282,052)

(6,173,150)
(5,273,224)


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

1.


General information

Vidafresh Limited is a limited liability company incorporated in England and Wales, with a registration number of 07118575.
The address of the company's principal place of business is The Granary, Darenth Court Farm, Dartford, DA2 7QY. The principal activity of the company in the year under review was that of wholesalers of fresh produce.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The company has taken advantage of section 405 of the Companies Act 2016 not to prepare group accounts as both of the company's subsidiaries are dormant and the balances and transactions are immaterial to the group. The financial statements therefore present information about the company as an individual undertaking and not about its group.
The company's functional and presentational currency is Pound Sterling.
The company's financial statements are presented to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover represents both net invoiced sales of goods, excluding value added tax, plus the sales value of goods agreed to be sold prior to the balance sheet date, where the right to consideration had been obtained.

 
2.3

Going concern

After reviewing the company's current position and cashflow projections, the directors have a reasonable expectation that the company has a adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the annual report and financial statements.

  
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumlated depreciation and any accumulated impairment losses. Histrical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

2.Accounting policies (continued)

  
2.5

Stocks

Stock are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
Stocks represent "stock on the water", where the ownership of produce transfer to the company and the company becomes liable once the produce crosses the ships rail at the port of origin.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 14

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 15

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
 
Page 17

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

2.Accounting policies (continued)


2.15
Taxation (continued)


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.16

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The company has entered into a range of lease commitments in respect of property, plant and equipment.  The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
55,795,575
56,094,582

Rest of Europe
3,009,034
3,766,890

58,804,609
59,861,472


Page 18

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
55,839
57,647

Fees payable to the company's  auditor and its associates for the audit of the company's annual financial statements
15,678
18,605

Other fees payable to the company's  auditor for non-audit services
6,595
2,734

Exchange differences
(20,229)
(381,504)

Defined contribution pension cost
47,511
22,453


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,188,041
1,047,217

Social security costs
121,086
112,279

Cost of defined contribution scheme
47,511
22,453

1,356,638
1,181,949


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Sales and administration
23
26

26
29


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
114,472
65,842

Company contributions to defined contribution pension schemes
26,482
1,141

140,954
66,983


During the period retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

Page 19

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

8.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
32,003
32,318

Bank interest payable
188,699
123,944

Finance leases and hire purchase contracts
7,766
7,766

228,468
164,028


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
346,052
115,336

Adjustments in respect of previous periods
68
-


346,120
115,336


Total current tax
346,120
115,336

Deferred tax

Total deferred tax
-
-


Profit for the financial period
346,120
115,336
Page 20

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.02%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,397,551
546,495


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.02%)
349,388
103,943

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,560
1,146

Capital allowances for period in excess of depreciation
-
(165)

Adjustments to tax charge in respect of prior periods
68
-

Deferred tax not recognised
(6,896)
10,412

Total tax charge for the period
346,120
115,336


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 


10.


Dividends

30 March
1 April
2024
2023
£
£


Ordinary shares
356,000
281,000


11.


Exceptional items

2024
2023
£
£


Bad debt write off
-
787,972

-
787,972

Page 21

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

12.


Tangible fixed assets







Computer equipment
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 2 April 2023
198,697
162,946
42,778
3,848
408,269


Additions
8,559
116,759
466
1,991
127,775


Disposals
-
(86,400)
-
-
(86,400)



At 30 March 2024

207,256
193,305
43,244
5,839
449,644



Depreciation


At 2 April 2023
170,236
40,122
27,928
3,222
241,508


Charge for the period on owned assets
24,058
24,379
6,774
628
55,839


Disposals
-
(42,049)
-
-
(42,049)



At 30 March 2024

194,294
22,452
34,702
3,850
255,298



Net book value



At 30 March 2024
12,962
170,853
8,542
1,989
194,346



At 1 April 2023
28,461
122,824
14,850
626
166,761

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 March
1 April
2024
2023
£
£



Motor vehicles
170,853
122,824

170,853
122,824

Page 22

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

13.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 2 April 2023
10,097



At 30 March 2024
10,097





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

Interfresh Limited
Dormant
Ordinary
100%
Fresh and Organic Limited
Dormant
Ordinary
90%
Vida Produce Ireland Limited
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 30 March 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Interfresh Limited
9,999
-

Fresh and Organic Limited
10
-

Vida Produce Ireland Limited
89
-

Page 23

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

14.


Stocks

30 March
1 April
2024
2023
£
£

Raw materials and consumables
3,991,345
3,170,056

3,991,345
3,170,056



15.


Debtors

30 March
1 April
2024
2023
£
£


Trade debtors
15,023,013
13,323,802

Other debtors
352,383
206,141

Prepayments and accrued income
337,457
91,888

15,712,853
13,621,831


Included within trade debtors the company recognised a bad debt provision of £26,588 (2023 - £856,207).


16.


Cash and cash equivalents

30 March
1 April
2024
2023
£
£

Cash at bank and in hand
103,548
8,828

Less: bank overdrafts
(6,276,698)
(5,282,052)

(6,173,150)
(5,273,224)


Page 24

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

17.


Creditors: Amounts falling due within one year

30 March
1 April
2024
2023
£
£

Bank overdrafts
6,276,698
5,282,052

Trade creditors
3,933,701
3,757,578

Amounts owed to group undertakings
10,097
10,097

Corporation tax
346,120
115,336

Other taxation and social security
25,666
24,303

Obligations under finance lease and hire purchase contracts
69,827
73,899

Other creditors
99,471
173,640

Accruals and deferred income
4,445,886
3,468,524

15,207,466
12,905,429


The bank overdraft balance includes an invoice financing balance that is secured upon the company's book debts, and by a floating charge over the company's assets.


18.


Creditors: Amounts falling due after more than one year

30 March
1 April
2024
2023
£
£

Other loans
400,000
400,000

Net obligations under finance leases and hire purchase contracts
93,526
56,378

493,526
456,378



19.


Loans


Analysis of the maturity of loans is given below:


30 March
1 April
2024
2023
£
£



Amounts falling due 2-5 years

Other loans
400,000
400,000


400,000
400,000


400,000
400,000


Other loans comprise shareholder loans on which interest is charged at 8%. The shareholder loans are unsecured.

Page 25

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 March
1 April
2024
2023
£
£


Within one year
69,827
73,899

Between 1-2 years
30,468
56,378

Between 2-5 years
63,058
-

163,353
130,277


21.


Share capital

30 March
1 April
2024
2023
£
£
Authorised, allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary 'A' shares of £0.10 each
20,000
20,000
200,000 (2023 - 200,000) Ordinary 'B' shares of £0.10 each
20,000
20,000

40,000

40,000

Other than the differing dividend payments the shares of the said classes rank pari-passu with each other in all respects.



22.


Reserves

Share capital
This represents the nominal value of shares that have been issued by the company.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

The non-distributable reserve relates to gains generated by derivative financial instruments.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.

Page 26

 
Vidafresh Limited
 

 
Notes to the Financial Statements
For the period ended 30 March 2024
23.


Analysis of net debt




At 2 April 2023
Cash flows
At 30 March 2024
£

£

£

Cash at bank and in hand

8,828

94,720

103,548

Bank overdrafts

(5,282,052)

(994,646)

(6,276,698)

Debt due after 1 year

(400,000)

-

(400,000)

Finance leases

(130,277)

(33,076)

(163,353)


(5,803,501)
(933,002)
(6,736,503)


24.


Commitments under operating leases

At 30 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 March
1 April
2024
2023
£
£


Not later than 1 year
55,689
46,356

Later than 1 year and not later than 5 years
31,163
49,881

86,852
96,237


25.


Related party transactions


30 March
1 April
2024
2023
£
£

Loans from directors
400,000
400,000
Interest payable to directors
32,000
32,000
Dividends paid to directors
356,000
281,000
788,000
713,000

Key management personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. The total remuneration in respect of those individuals remunerated by the company is shown in note 7 to the financial statements.


26.


Controlling party

The directors consider that Mr T Watts is the ultimate controlling party, by virtue of his shareholding under the terms of the Company's Articles.

Page 27