Company registration number 08435249 (England and Wales)
SPRINGFIELD SOFT FRUIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPRINGFIELD SOFT FRUIT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SPRINGFIELD SOFT FRUIT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
978,219
1,106,795
Current assets
Stocks
47,680
127,459
Debtors
6
203,245
67,465
250,925
194,924
Creditors: amounts falling due within one year
7
(1,509,689)
(1,479,031)
Net current liabilities
(1,258,764)
(1,284,107)
Total assets less current liabilities
(280,545)
(177,312)
Provisions for liabilities
(110,590)
(163,893)
Net liabilities
(391,135)
(341,205)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9
(391,235)
(341,305)
Total equity
(391,135)
(341,205)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr J  Kerr
Director
Company registration number 08435249 (England and Wales)
SPRINGFIELD SOFT FRUIT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(164,067)
(163,967)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(177,238)
(177,238)
Balance at 31 December 2022
100
(341,305)
(341,205)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(49,930)
(49,930)
Balance at 31 December 2023
100
(391,235)
(391,135)
SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Springfield Soft Fruit Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brook Farm, Marden, Hereford, Herefordshire, HR1 3ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

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

 

 

The financial statements of the company are consolidated in the financial statements of S & A Group Holdings Limited. These consolidated financial statements are available from its registered office, Brook Farm. Marden, Herefordshire, HR1 3ET.

SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern

The directors consider that the company is well positioned with a number of important strengths which make it resilient in a period of economic downturn. The company, along with its fellow subsidiaries, maintains strong trading relationships with its key customers and has continued to invest in efficient growing and packing facilities. As a consequence the company is capable of withstanding the margin pressures prevailing in the current market conditions.true

 

The company's core financing, and that of its fellow subsidiaries, is proven by medium to long-term bank loans supplemented by short-term loan and overdraft facilities for the group as a whole. The forecasts and projections for the group of companies show that the group should be able to operate within the bank facilities which it currently has available.

 

The company made an operating loss of £73,781 (2022: £126,031) and has net liabilities of £391,135 (2022: £341,205) at the year end. It should be noted that of the £1,509,689 (2022: £1,479,031) creditor balance at the year end, £1,454,793 (2022: £1,180,023) is due to group companies. The company is therefore reliant on the continuing support of other group companies and, accordingly, an undertaking of financial support has been obtained from the company's parent company, S & A Group Holdings Limited. At the year-end S & A Group had cash balances of £10,297,340 (2022: £8,461,788).

 

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the directors' report and accounts.

1.3
Turnover

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

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

1.4
Tangible fixed assets

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

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

Land and buildings
10% straight-line
Plant and equipment
10% straight-line

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

SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Growing crops and consumables are valued at the lower of cost and net realiseable value.

 

Total costs of growing crops are calculated as the amount payable to suppliers for plants, fertilisers and sprays together with an element of materials and overheads. These costs are consumed by the company over the estimated cropping life of the plants acquired.

 

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion or disposal. Provision is made for obsolete, slow moving or damaged stock where appropriate.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

R&D tax credits

R&D tax credits are recognised on a receipt basis, on the basis of prudence as claims are complex and subject to HMRC approval which can take considerable time to be agreed.

1.8
Retirement benefits

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

SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

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

1.10
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

 

At the balance sheet date, the directors do not consider that there were any critical judgements or sources of estimation uncertainty which had a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

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

Valuation of growing crops

The cost of growing crops including seeds, fertiliser, labour absorption, coir and poly-tunnels are spread on a systematic basis over the specific harvest cycle; this is based on the board's estimation based on experience gained over many harvests.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
20
20
4
Directors' remuneration

The directors are remunerated by S & A Produce (UK) Limited, another group company, for their services to the group as a whole. Details are set out in the accounts for that company. It is not practicable to split the remuneration of the directors for their services to this company.

SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
49,784
1,641,754
1,691,538
Additions
-
0
6,654
6,654
At 31 December 2023
49,784
1,648,408
1,698,192
Depreciation and impairment
At 1 January 2023
14,935
569,808
584,743
Depreciation charged in the year
4,978
130,252
135,230
At 31 December 2023
19,913
700,060
719,973
Carrying amount
At 31 December 2023
29,871
948,348
978,219
At 31 December 2022
34,849
1,071,946
1,106,795
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,074
-
0
Corporation tax recoverable
160,171
67,465
203,245
67,465
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
5
Trade creditors
8,383
267,537
Amounts owed to group undertakings
1,454,793
1,180,023
Other creditors
46,513
31,466
1,509,689
1,479,031

Intercompany balances are repayable on demand.

SPRINGFIELD SOFT FRUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
9
Reserves

The profit and loss reserve represents cumulative profit or losses net of dividends paid and other adjustments.

10
Financial commitments, guarantees and contingent liabilities

The company is part of an omnibus agreement with certain other parties under common control. The net indebtedness of these other parties at 31 December 2023 was £4,544,435 (2022: £9,503,850). The net indebtedness of the group at 31 December 2023 was £4,544,435 ("022: 9,503,845). The company has provided as security against this indebtedness an unlimited all monies guarantee by way of a fixed and floating charge over all of its assets.

11
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

12
Parent company

As at the 31 December 2023 the company was controlled by F M Green by virtue of his shareholding in the parent undertaking S & A Group Holdings Limited. Copies of the group financial statement for the parent undertaking, which is both the smallest and largest group into which the results of the company are consolidated, can be obtained from the registered office Brook Farm, Marden, Herefordshire, HR1 3ET.

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