Registered number: 06547767
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024 |
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UNICORN INGREDIENTS LTD
COMPANY INFORMATION
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UNICORN INGREDIENTS LTD
CONTENTS
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UNICORN INGREDIENTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their strategic report for the year ended 31 March 2024. The principal activity of the Company continued to be wholesaling of seeds and associated natural products to food processors, bakers and retailers throughout the world.
The financial year was still influenced by the impact of Russia invading Ukraine but trading began to return to some normality during the year. Confidence began to build in the industry again on prices and supply of materials.
Despite the continued efforts by the world banks trying to control and reduce the impact of higher inflation costs, a less volatile foreign currency market and a reduction in some material costs from the hikes that occurred in mid-2022 through into 2023 helped the business operate in a more controlled manner. The ongoing tensions in the Middle East following the Gaza / Israel conflict that began in October 2023 did have an impact on the companies supply chain as freight via the Suez Canal became a risk to shipping lines as they passed their way through the Gulf of Aden towards the Suez. Routes were and continue to be redirected via the Cape of South Africa which has led to increased freight costs as well as additional shipping time. To compensate for this, the company has had to increase its stock holding to ensure continued smooth supply of material to customers. The Company noticed an increase in volume of goods traded as the year progressed which showed renewed customer confidence in their own trading performances although volumes in the year were still lower than pre the Russian/Ukraine conflict. With the slow reduction in food inflation, the Company expect volumes to increase slightly in the next trading year. Closing stock was £5,669k at the end of the financial year, up from £4,477k the previous financial year. The resulting impact of the above is a reported profit in the period of £1,443k (2023: £436k loss). The Company continues to review the internal business operations, especially in relation to freight movements and the volatility in cost and political hurdles that make global business movements challenging. We are entering 2024-2025 with a good contract book priced on a more settled trading market with a stock holding at a level to support our contract book going forward. We anticipate volumes to increase on last year and expect turnover to match or surpass 2023-24 levels. We have noticed customers turning to us in confidence that contracts will be honoured and fulfilled as agreed.
The Company operates internationally in purchasing, stocking and selling natural products. Whilst all the time the Ukraine conflict continues, there will always be the potential instability in commodity prices/supply regarding grain prices and volumes.
The Company has maintained its strong supplier base and enjoys on-going support from its long-term customer base. The Company management and their team continue to manage the risks and problems associated with international trade in natural products which can be difficult during time times of conflict. The Directors and management team continue to monitor the measures put in place to protect the interests of the business and are maintaining a tight and controlled measure of all costs.
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UNICORN INGREDIENTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The performance of the Company is assessed against the following key performance indicators (KPI's): turnover, gross profit and stock holding. The directors, using these metrics, consider the Company to have performed in line with expectations during the year.
This report was approved by the board and signed on its behalf.
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UNICORN INGREDIENTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their report and the financial statements for the year ended 31 March 2024.
The Directors are responsible for preparing the strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 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.
The profit for the year, after taxation, amounted to £1,442,794 (2023 - loss £435,690).
During the period dividends totaling £380,898 (2023 - £361,139) were declared and paid.
The Directors who served during the year were:
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UNICORN INGREDIENTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Price risk, credit risk, liquidity risk and cash flow risk
The Company's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans. The main purpose of these instruments is to finance the business' operations. In respect of bank balances, 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. All of the Company's cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. 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. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise loans from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are variable. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. The Company's activities expose it to the financial risks of changes in foreign currency exchange rates. The Company uses forward foreign currency contracts to manage the foreign currency exposure from its purchase of goods and receipts from the sale of goods in foreign currency.
This report was approved by the board and signed on its behalf.
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UNICORN INGREDIENTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNICORN INGREDIENTS LTD
We have audited the financial statements of Unicorn Ingredients Ltd (the 'Company') for the year ended 31 March 2024, which comprise the statement of income and retained earnings, the balance sheet and the related notes, 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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.
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UNICORN INGREDIENTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNICORN INGREDIENTS LTD (CONTINUED)
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.
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.
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UNICORN INGREDIENTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNICORN INGREDIENTS LTD (CONTINUED)
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.
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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, the valuation of stock, provisions and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, data protection, the Food Standards Act and the BRCGS Agents and Brokers accreditation are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;
∙Enquiry of entity staff and those charged with governance to identify any instances of non compliance with laws and regulations;
∙Obtaining third party supporting valuations for the Company's open forward contracts held at the year end date and reviewing the mathematical accuracy of fair value movements recognised in the period;
∙Performing audit work to assess the completeness and accuracy of revenue in accordance with the Company's operations, and reasonableness of revenue recognised based on contractual terms of business and the Company's accounting policy and the requirements of financial reporting and accounting standards;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing and challenging assumptions and judgements made by the Directors in their significant accounting estimates, in particular in relation to provisions, the valuation of stock and any related impairments;
∙Reviewing the tax provisions of the Company with the assistance of our tax specialists; and
∙Reviewing financial statement disclosures and testing of supporting documentation to assess compliance 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.
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UNICORN INGREDIENTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNICORN INGREDIENTS LTD (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
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UNICORN INGREDIENTS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
REGISTERED NUMBER: 06547767
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 27 form part of these financial statements.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Unicorn Ingredients Ltd is a private company limited by shares incorporated in England and Wales, registration number
The principal place of business is 4-6 South Street, Epsom, Surrey, KT18 7PF.
2.Accounting policies
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of the Company's parent, Uni Holdings 1 Ltd as at 31 March 2024. These financial statements may be obtained from Companies House.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business, including the ongoing global economic uncertainty and volatility, inflationary pressures and high interest rate environment. In doing so the Directors have considered the Company’s business model and availability of cash resources. The Directors cite the Company’s ability to generate sufficient operational cashflows to meet its liabilities, the access the Company has to an asset financing facility with Barclays and the cash reserves of £1.2m (2023: £1.5m) at the year end date. Having undertaken this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these Financial Statements and the Directors consider it appropriate to prepare the Financial Statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Each period end management estimate the net realisable value of the goods it holds for resale, based on the condition and age of the goods held. Management also consider current and future market conditions that may impact the value of the products. An impairment provision is made where the net realisable value of stock is calculated to be lower than the cost. Other provisions are recognised when the company has an obligation but the amount and timing are uncertain. These are measured at management's best estimate of the amount required to settle the obligation at the reporting date.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company uses derivatives in the form of forward currency contracts to manage the foreign currency exposure from its purchase of goods and receipts from the sale of goods in foreign curerncy. The fair value of the contract at the year end is computed by the comparison of the contract rate with the rate of an equivalent instrument at the balance sheet date.
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension expense represents contributions payable by the Company to the fund and amounted to £107,061 (2023 - £46,067). Contributions totaling £5,462 (2023 - £5,340) were payable to the scheme at the end of the year and are included in creditors.
During the year dividends were paid to the Company's parent Uni Holdings 1 Ltd amounting to £380,898 (2023 - £361,139).
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UNICORN INGREDIENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company's immediate and ultimate parent undertaking and controlling party is
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by Uni Holdings 1 Ltd. The consolidated financial statements are available from Companies House.
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