REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNITED FRESH CONSORTIUM LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNITED FRESH CONSORTIUM LIMITED |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
UNITED FRESH CONSORTIUM LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
3 & 4 Pegasus House |
Pegasus Court |
Olympus Avenue |
Warwick |
Warwickshire |
CV34 6LW |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
STRATEGIC REPORT |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
The United Fresh Consortium Limited is an ESG-focused national supplier of fresh produce, dairy and morning goods, Deli, and Specialist food to caterers within Great Britain and Ireland. The model brings together some of the country's best regional suppliers, growers, and producers to supply national contracts from a regional supply base. |
This model feeds the ever-growing need for "local" supply but, at the same time, works towards the most sustainable route possible as a step change for the industry. The UFC model is the UK's leader in ESG lead supply in this category, enabling our clients to work towards their own goals more easily and not only talk about but also prove it. The UFC model also takes pride in its support of communities through our regional procurement and distribution model, employing staff locally to the area of operations. We supply most of our customers within a radius of less than 50 miles and an average of 31 miles. |
We have an extensive growing customer base with some impressive brands from hospitality to education and contract catering. As the industry wakes up to the need to operate correctly, a sustainable supply chain is not a goal that can be ticked off but an ever-evolving and constant work ethic. |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
STRATEGIC REPORT |
for the year ended 31 December 2023 |
REVIEW OF BUSINESS, FUTURE DEVELOPMENTS AND KEY PERFORMANCE INDICATORS |
In addition to our principal activity, our core business enables our supply partners to benefit from consolidated procurement where appropriate, efficiencies through administration, and finance best practices. |
This year we placed customer services at the forefront of the company and made improvements to further support both customers and supply partners. This consisted of process improvement, new people, and training. Our company holds strong relationships, and we will support these with regular business reviews and a potential supplier-led conferences. |
We have invested heavily in new people to create a structure that can support the increased revenues we plan to see in 2024. |
In March 2023 we completed a management buyout of two shareholders. IDKTP Limited was created to facilitate this transaction. Post this transaction we are now required to file group accounts, the associated costs have been capitalised on the balance sheet of IDKTP Limited. |
Our future strategic plan for 2024 consists of several areas, with strategic projects in place: |
Ensuring that our systems are correct and robust enough to take the UFC forward. Our systems continue to provide us with a solid platform for growth; we will continue our ongoing projects to ensure this is always being improved. We plan to integrate more and focus on streamlining operational processes. |
Ensuring that our client offer remains class-leading through continual review and investment in our supply links. |
Making alterations to our ESG policies, output, and capacity for learning/growth |
Steps taken to ensure full traceable compliance, which can be backed up with a system based easy to access data. |
Seeking to employ an ESG Champion whose sole responsibility will drive the company's understanding, compliance, social impact, and improve awareness. |
Team growth and we plan to continue by securing greater talent with category market and professional experience in different business sectors. We have already highlighted the areas, and discussions are underway and close to completion. |
We have also worked hard this year to improve our staff benefits and increased staff salaries by more than the cost-of-living increase. It is the director's will to keep our important and key colleagues rewarded at the right level and that shows our appreciation of their efforts, but also aids us in attracting the right talent going forward |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
STRATEGIC REPORT |
for the year ended 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors believe that the business is in a strong position to develop opportunities in the months and years to come. The business regularly demonstrates a hunger to take advantage of any potential opportunity. Our team is more focused than ever, and we will continue to work on putting the right resource in to allow for growth. |
We continue to review credit risk and ensure our accounting procedures are followed to avoid potential bad debt. We are pleased by the actual low impact here but remain vigilant; our better-resourced team has made great improvements leading to a significant reduction in debtor days. |
Supply and Supply Partner Relationships |
Margin and a greater understanding of cost - understanding our supply partners' costs is a priority; like most businesses, we are all under incredible pressure and strive to mitigate or prevent passing through into our pricing. Fuel and Energy are prime examples of this, along with many inflationary impacts, which we as a business have had to work together with our supply group to ensure that we are working at mitigating wherever possible but ultimately finding the best way to pass these onto the client base in such a way that is understood and accepted. |
ON BEHALF OF THE BOARD: |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
REPORT OF THE DIRECTORS |
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. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of bringing together business to facilitate the supply of fresh produce for national contracts. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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. |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
AUDITORS |
The auditors, Pentlands Accountants and advisors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNITED FRESH CONSORTIUM LIMITED |
Opinion |
We have audited the financial statements of United Fresh Consortium Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNITED FRESH CONSORTIUM LIMITED |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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 five, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNITED FRESH CONSORTIUM LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our procedures were designed to identify the key areas where irregularities, including fraud, could occur. We have designed the procedures in accordance with our knowledge of the entity and its current environment. |
Before the audit commenced, we determined the areas that are more likely to be at risk of material misstatement. This included looking at areas where non-compliance with laws and regulations could occur. Our initial assessment determined that the risk to material misstatement and fraud was low due to the good segregation of duties . The business always takes good advice surrounding its activities in order to confirm they are complying with laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
3 & 4 Pegasus House |
Pegasus Court |
Olympus Avenue |
Warwick |
Warwickshire |
CV34 6LW |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
INCOME STATEMENT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
313,814 | 541,370 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 196 | (6,386 | ) | 3,604 | (2,586 | ) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2023 | 196 | 470,243 | 3,604 | 474,043 |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year |
Amount introduced by directors | - | 68,134 |
Amount withdrawn by directors | (88,228 | ) | (109,527 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
885,892 |
Cash and cash equivalents at end of year |
2 |
111,624 |
1,250,931 |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 157,521 | 2,140 |
Finance income | (2,181 | ) | (1,097 | ) |
419,477 | 563,620 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 111,624 | 1,250,931 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,250,931 | 885,892 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,250,931 | (1,139,307 | ) | 111,624 |
1,250,931 | ( |
) | 111,624 |
Debt |
Finance leases | (131,945 | ) | (265,798 | ) | (397,743 | ) |
Debts falling due within 1 year | - | (377,238 | ) | (377,238 | ) |
(131,945 | ) | (643,036 | ) | (774,981 | ) |
Total | 1,118,986 | (1,782,343 | ) | (663,357 | ) |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
United Fresh Consortium Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
The Development costs have not been amortised as the software has not been brought into to use. |
Tangible fixed assets |
Motor vehicles | - |
Office equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 2 | 1 |
Staff | 11 | 10 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Invoice Discounting fees |
Hire purchase |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
6. | 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 |
Corp. Tax over/under provision | - | 795 |
Total current tax |
Deferred tax |
Tax on profit |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Developmen |
costs |
£ |
COST |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Bad debts | (52,553 | ) | (42,137 | ) |
Directors' current accounts | 129,621 | 41,393 |
S455 Tax Refundable | 43,406 | 13,630 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Pension payable | 2,572 | 1,975 |
Accruals and deferred income |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Praetura invoice financing |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Between one and five years |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Praetura invoice financing | 377,238 | - |
The invoice finance facility is secured by a fixed and a floating charge (floating charge covers all the property or undertaking of the company). |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 60,845 | 36,366 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 196 | 196 |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 381,239 |
Profit for the year |
At 31 December 2023 | 473,847 |
UNITED FRESH CONSORTIUM LIMITED (REGISTERED NUMBER: 06303993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is IDKTP Ltd, registered number is 14648350. The ultimate controlling party is Mr C M Paynton. |