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REGISTERED NUMBER: 02570946 (England and Wales)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2023

for

Comarket Fruit (Uk) Ltd.

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Comarket Fruit (Uk) Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J I Thompson
S Difrancesco





SECRETARY: B M Thompson





REGISTERED OFFICE: 147a High Street
Waltham Cross
Hertfordshire
EN8 7AP





REGISTERED NUMBER: 02570946 (England and Wales)





AUDITORS: Thickbroom Coventry
Chartered Accountants
and Statutory Auditors
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
During the year under review the company's principal activity was that of the wholesale of fresh produce. There has not been any significant changes in the company's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely changes to the company's activities in the next year.

REVIEW OF THE BUSINESS AND KEY PERFORMANCE INDICATORS
The company continues to set itself the goal to provide a high quality service and product to its customers.

The key performance indicators of the company are those that communicate the financial performance and strength of the company as a whole and these include turnover, gross profit margins and profits before tax.

The business improved both revenue and profitability in 2023 when compared to 2022, £50.5m from £41.8m and £1m from £0.6m.

The business also improved gross profit margins in 2023 compared to 2022, 4.16% from 3.52%.

In a highly competitive industry, the directors foresee continued growth and are confident that the business can continue to adapt to market trends.

The directors are satisfied with the results and performance of the company during the year ended 31 December 2023.

FINANCIAL RISK MANAGEMENT
The company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest if required.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This includes the monitoring of foreign currencies in order to minimise the company's exposure to exchange fluctuations.

ON BEHALF OF THE BOARD:





S Difrancesco - Director


24 July 2024

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Directors' Report
for the Year Ended 31 December 2023

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

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £5,500 per share.

The total distribution of dividends for the year ended 31 December 2023 will be £ 550,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J I Thompson
S Difrancesco

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Directors' Report
for the Year Ended 31 December 2023


AUDITORS
The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Difrancesco - Director


24 July 2024

Independent Auditors' Report to the Members of
Comarket Fruit (Uk) Ltd.

Opinion
We have audited the financial statements of Comarket Fruit (Uk) Ltd. (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Independent Auditors' Report to the Members of
Comarket Fruit (Uk) Ltd.


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 Strategic Report and the Directors' Report for the financial year 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 where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 three, 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 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.

Independent Auditors' Report to the Members of
Comarket Fruit (Uk) Ltd.


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the operate. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and
- assessing the extent of compliance with the relevant laws and regulations.

We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Comarket Fruit (Uk) Ltd.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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.




Iain McMurray ACA (Senior Statutory Auditor)
for and on behalf of Thickbroom Coventry
Chartered Accountants
and Statutory Auditors
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

24 July 2024

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Statement of Income and
Retained Earnings
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 50,550,584 41,885,616

Cost of sales 48,447,392 40,411,744
GROSS PROFIT 2,103,192 1,473,872

Administrative expenses 1,093,677 772,190
1,009,515 701,682

Other operating income 55,872 34,096
OPERATING PROFIT 4 1,065,387 735,778

Interest receivable and similar income 12,160 659
PROFIT BEFORE TAXATION 1,077,547 736,437

Tax on profit 5 255,303 138,590
PROFIT FOR THE FINANCIAL YEAR 822,244 597,847

Retained earnings at beginning of year 1,505,230 1,307,383

Dividends 6 (550,000 ) (400,000 )

RETAINED EARNINGS AT END OF
YEAR

1,777,474

1,505,230

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 6,878 6,346

CURRENT ASSETS
Stocks 8 7,392 859
Debtors 9 6,814,763 5,398,059
Cash at bank 2,689,110 1,093,169
9,511,265 6,492,087
CREDITORS
Amounts falling due within one year 10 7,740,569 4,993,103
NET CURRENT ASSETS 1,770,696 1,498,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,777,574

1,505,330

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 1,777,474 1,505,230
SHAREHOLDERS' FUNDS 1,777,574 1,505,330

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





S Difrancesco - Director


Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Statement of Cash Flows
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,027,849 864,389
Tax paid (138,590 ) (125,062 )
Net cash from operating activities 1,889,259 739,327

Cash flows from investing activities
Purchase of tangible fixed assets (1,663 ) (1,916 )
Interest received 12,160 659
Net cash from investing activities 10,497 (1,257 )

Cash flows from financing activities
Amounts advanced to group companies - (820,001 )
Equity dividends paid (303,815 ) (400,000 )
Net cash from financing activities (303,815 ) (1,220,001 )

Increase/(decrease) in cash and cash equivalents 1,595,941 (481,931 )
Cash and cash equivalents at
beginning of year

2

1,093,169

1,575,100

Cash and cash equivalents at end of
year

2

2,689,110

1,093,169

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,077,547 736,437
Depreciation charges 1,131 965
Finance income (12,160 ) (659 )
1,066,518 736,743
(Increase)/decrease in stocks (6,533 ) 25,925
Increase in trade and other debtors (1,662,889 ) (2,263,872 )
Increase in trade and other creditors 2,630,753 2,365,593
Cash generated from operations 2,027,849 864,389

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 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,689,110 1,093,169
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,093,169 1,575,100


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 1,093,169 1,595,941 2,689,110
1,093,169 1,595,941 2,689,110
Total 1,093,169 1,595,941 2,689,110

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Comarket Fruit (Uk) Ltd. 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 Company Information page.

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. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

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.

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

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

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 508,523 303,457
Social security costs 39,170 22,750
Other pension costs 6,690 5,358
554,383 331,565

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

Administrative staff 9 9

2023 2022
£    £   
Directors' remuneration 65,000 -

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 1,131 964
Auditors' remuneration 10,000 -
Foreign exchange differences 3,535 (9,175 )

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 255,303 138,590
Tax on profit 255,303 138,590

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 550,000 400,000

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

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

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 19,977 8,917 28,894
Additions - 1,663 1,663
At 31 December 2023 19,977 10,580 30,557
DEPRECIATION
At 1 January 2023 17,659 4,889 22,548
Charge for year 348 783 1,131
At 31 December 2023 18,007 5,672 23,679
NET BOOK VALUE
At 31 December 2023 1,970 4,908 6,878
At 31 December 2022 2,318 4,028 6,346

8. STOCKS
2023 2022
£    £   
Stocks 7,392 859

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,666,866 4,286,544
Amounts owed by group undertakings 573,722 819,907
VAT 19,379 17,665
Prepayments and accrued income 554,796 273,943
6,814,763 5,398,059

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,914,618 4,561,771
Tax 255,303 138,590
Other creditors 40,755 1,214
Directors' current accounts 723 723
Accrued expenses 529,170 290,805
7,740,569 4,993,103

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

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

11. CALLED UP SHARE CAPITAL

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

12. RESERVES
Retained
earnings
£   

At 1 January 2023 1,505,230
Profit for the year 822,244
Dividends (550,000 )
At 31 December 2023 1,777,474

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Red Brook Holdings Limited, company number 11040394.

Group accounts can be obtained by request at the registered office:
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

Comarket Fruit (Uk) Ltd. (Registered number: 02570946)

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

14. RELATED PARTY DISCLOSURES

All of the following companies are related by the fact that they either have common directors with Comarket Fruit (UK) Ltd. or are ultimately controlled by one or more of the directors or family members of Comarket Fruit (UK) Ltd.

Financial information on transactions and balances between related parties are as follows:

Stubbins Marketing Limited
Comarket Fruit (UK) Ltd. is connected with Stubbins Marketing Limited due to common shareholders.

Comarket Fruit (UK) Ltd. purchased £4,458,222 (2022: £3,434,160) of goods and services from Stubbins Marketing Limited during the year. Amounts due to Stubbins Marketing Limited at the end of the period amounted to £nil (2022: £12,887).

Stubbins Marketing Limited purchased £13,512 (2022: £47,718) of goods and services from Comarket Fruit (UK) Ltd. during the year. Amounts due to Comarket Fruit (UK) Ltd. at the end of the period amounted to £383 (2022: £2,023).

Med Fresh UK Ltd
Comarket Fruit (UK) Ltd. is connected with Med Fresh UK Ltd due to common directors.

Med Fresh UK Ltd purchased £4,451 (2022: £nil) of goods and services from Comarket Fruit (UK) Ltd. during the year. Amounts due to Comarket Fruit (UK) Ltd. at the end of the period amounted to £nil (2022: £nil).

Red Brook Developments Limited
Comarket Fruit (UK) Ltd. is connected with Red Brook Developments Limited due to common control.

Comarket Fruit (UK) Ltd. purchased £21,000 (2022: £nil) of goods and services from Red Brook Developments Limited during the year. Amounts due to Red Brook Developments Limited at the end of the period amounted to £1,750 (2022: £nil).

Red Brook Developments Limited purchased £700 (2022: £nil) of goods and services from Comarket Fruit (UK) Ltd. during the year. Amounts due to Comarket Fruit (UK) Ltd. at the end of the period amounted to £nil (2022: £nil).

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Salvatore Difrancesco and Mrs Joanna Difrancesco.