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Registered number: 05324059














FOOD TEAM INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
FOOD TEAM INTERNATIONAL LIMITED
 

COMPANY INFORMATION


Directors
M F Roscoe 
N C Roscoe 




Registered number
05324059



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
FOOD TEAM INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Statement of income and retained earnings
 
 
10
Balance sheet
 
 
11
Statement of cash flows
 
 
12
Analysis of net debt
 
 
13
Notes to the financial statements
 
 
14 - 29


 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2024.

Business review
 
The principal activity of the Company in the year under review was the importation, exportation and distribution of a wide range of frozen & ambient food products supplied into the food manufacturing, wholesale & retail sectors in the United Kingdom & the Republic of Ireland.  This year the Company has also targeted the development of the drinks range which includes both alcoholic and non-alcoholic varieties.   
 
The business is a multi-channel distribution and sourcing model supplying all sectors of the food industry. This model has proven to mitigate many of the detrimental macro events over the last 12 months affecting the food industry and in many cases the directors used their knowledge of market conditions to provide solutions to the customer base.
The results for the Company shows a pre tax profit of £1,650,505 (2023 - £978,844) and revenues of £31,853,630 (2023 - £26,025,465).
 
Revenues have increased by over 22% and profits before tax by over 68% which reflects a significant improvement in the previous year’s results. Revenue growth has come from the company’s Food Manufacturing & Wholesale customers divisions with their Retail & Food Service customers division growth remaining static

Food Team International has a stable supply base and one of the main goals is to build long term relationships & developing partnerships whereby all parties benefit from an in depth knowledge of each other’s systems, processes, staff and culture. Maintaining the key supply base has allowed them to increase efficiencies as volumes increase and more knowledge is built up.
A consequence of the growth in revenue has manifested in higher stock levels in the UK and within our supply chain.  Increased supply chain stress due to world conflicts, trade wars, global shortages and adverse weather conditions have disrupted the usual flow of goods and has resulted in all stake holders maintaining higher minimum stock levels.  Food Team International strive to maintain high service levels and in order to achieve this, had to provide increased stocks levels for customers in accordance with contracts.  Freight routes were disrupted and transport lead times increasing by 7 to 28 days depending on the Country of Origin. Working capital requirements increased in line with stocks and associated costs. 
Despite the ‘cost-of-living’ crisis which has resulted in consumers tightening their belts the company are budgeting for higher growth in terms of both volumes delivered and revenue in our next financial year ending April 2025.
Quality Assurance
During the Company’s annual British Retail Consortium (BRC) audit they achieved an AA Grade for the 6th year running.  The Company’s QA Manager has finished her Masters degree whilst working full time and this has inspired others in the department to want to further studies in order to support their positions and their mutual personal and company goals. The increased workload and general escalation of food safety requirements has meant that this department was in high demand and future resource is being considered to maintain current standards.
The customers are also requesting more documentation and validation around Environmental, Social, and Governance (ESG). The Company are being requested to prioritise and subscribe to independent organisations which measure current and target future improvements . With increasing requirements they are actively recruiting to their team, and providing additional training, to meet service expectations within their quality assurance and ESG departments.

Page 1

 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
The management of the business and the execution of the Company strategy are subject to a number of risks. The key business risks affecting the company are set out below.
Inflation and Recession
The cost-of-living crisis has manifested itself to be more of a ‘soft landing’ than a deep recession.  Inflation levels have decreased and the pressure on increased prices have reversed to such a degree that buyers delayed their purchasing decision to take advantage of potential cost savings.  Buyers have taken the opportunity to introduce new suppliers and with Food Team International maintaining high service levels and through various marketing initiatives they have gained over 15 new customer in the year. 
Credit Risk & Liquidity
Credit rating agencies remain warry of the UK Food Sector.  With Food Team International’s improving balance sheet and liquidity they are anticipating that the next 12 months will allow them to take strategic positions on various product ranges.
All of their customers are credit insured to avoid risk associated with debtors going into administration and we mitigated stock and inventory risk through our various insurance cover. 
Ukrainian / Russian / Gaza Conflict 
Markets and Food Chains have found ways to cope with the current wars.  Unfortunately, their supplies from North Africa, India, Sri Lanka, Thailand and China were particularly affected with containers delayed due to being bumped and increased shipment times going around the Cape of Good Hope.  Freight costs has increased to between 2 to 5 times the usual shipping rates depending on origin.
Competition
Our overall product range remains unique and much of our senior managements’ time is spent orchestrating a basket of products that they have actively sourced from different geographical regions to spread supply risk and add value to their customers.
 
Employee skills and retention
The Company have enlarged their employee benefits in order to make Food Team International an attractive place to work. They have successfully retained all their key full time staff and are looking to grow the team over the next 12 months.  
In addition to increased stock holding, suppliers requesting support in the form of earlier payment terms, earlier shipments, customers pushed for longer payment terms and more competitive prices.  The directors feel that Food Team International has managed this volatility well and their operational and financial base is primed for further growth.
 

Page 2

 
FOOD TEAM INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
Given the straight forward nature of the business the company's directors are of the opinion that turnover and profit before tax are the key performance indicators (KPIs) for the business and more detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 8 October 2024 and signed on its behalf.



................................................
M F Roscoe
Director

Page 3

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,239,972 (2023 - £782,555).

Dividends totalling £380,500 (2023 - £382,027) were paid in the year. No further dividend is proposed in relation to the financial year.

Directors

The directors who served during the year were:

M F Roscoe 
N C Roscoe 

Future developments

The directors expect the company to continue to be profitable.

Disclosure of information to auditors

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

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

Page 4

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Post balance sheet events

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

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 October 2024 and signed on its behalf.
 





................................................
M F Roscoe
Director

Page 5

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Food Team International Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


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


We have nothing to report in this regard.


Page 6

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


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.


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

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
•     Discussions with management regarding known or suspected instances of non-compliance with laws and
      regulations;
•     Evaluation of controls designed to prevent and detect irregularities; and
•     Assessing journal entries as part of our planned audit approach.


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 Auditors' report.


Page 8

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOOD TEAM INTERNATIONAL LIMITED (CONTINUED)


Use of our report
 

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





Andrew John Childs FCA (Senior statutory auditor)
for and on behalf of
Magee Gammon Corporate Limited
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH

9 October 2024
Page 9

 
FOOD TEAM INTERNATIONAL LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note

  

Turnover
 4 
31,853,630
26,025,465

Cost of sales
  
(28,375,921)
(23,874,942)

Gross profit
  
3,477,709
2,150,523

Administrative expenses
  
(1,823,418)
(1,171,775)

Operating profit
 5 
1,654,291
978,748

Interest receivable and similar income
 9 
353
96

Interest payable and similar expenses
 10 
(4,139)
-

Profit before tax
  
1,650,505
978,844

Tax on profit
 11 
(410,533)
(196,289)

Profit after tax
  
£1,239,972
£782,555

Retained earnings
  

-  as previously stated
  
1,737,846
1,062,119

-  correction of a prior period error
  
-
275,199

At the beginning of the year as restated
  
1,737,846
1,337,318

  

Profit for the year
  
1,239,972
782,555

Dividends declared and paid
  
(380,500)
(382,027)

Retained earnings at the end of the year
  
£2,597,318
£1,737,846
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
FOOD TEAM INTERNATIONAL LIMITED
REGISTERED NUMBER: 05324059

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note

Fixed assets
  

Tangible assets
 14 
53,065
59,722

Investments
 15 
2,353
2,353

  
55,418
62,075

Current assets
  

Stocks
 16 
4,763,172
3,348,132

Debtors: amounts falling due within one year
 17 
6,264,964
4,561,642

Cash at bank and in hand
 18 
1,067,010
145,851

  
12,095,146
8,055,625

Creditors: amounts falling due within one year
 19 
(9,511,242)
(6,331,590)

Net current assets
  
 
 
2,583,904
 
 
1,724,035

Total assets less current liabilities
  
2,639,322
1,786,110

 
Provisions for liabilities
  

Deferred tax
 21 
(8,671)
(14,931)

Net assets
  
£2,630,651
£1,771,179


Capital and reserves
  

Called up share capital 
 22 
33,333
33,333

Profit and loss account
  
2,597,318
1,737,846

  
£2,630,651
£1,771,179


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 October 2024.




................................................
M F Roscoe
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
FOOD TEAM INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023

Cash flows from operating activities

Profit for the financial year
1,239,972
782,555

Adjustments for:

Depreciation of tangible assets
12,739
12,994

Interest paid
4,139
-

Interest received
(353)
(96)

Taxation charge
410,533
196,289

(Increase) in stocks
(1,415,040)
(1,578,563)

(Increase) in debtors
(1,344,100)
(786,143)

(Increase) in amounts owed by groups
(357,717)
(236,611)

(Increase) in amounts owed by associates
(1,506)
(1,435)

Increase in creditors
1,965,547
311,614

(Decrease)/increase in amounts owed to groups
(129,000)
129,000

Corporation tax (paid)
(258,260)
(34,070)

Net cash generated from operating activities

126,954
(1,204,466)


Cash flows from investing activities

Purchase of tangible fixed assets
(6,082)
(23,319)

Interest received
353
96

Net cash from investing activities

(5,729)
(23,223)

Cash flows from financing activities

Movements on invoice discounting
1,184,573
1,275,349

Dividends paid
(380,500)
(382,027)

Interest paid
(4,139)
-

Net cash used in financing activities
799,934
893,322

Net increase/(decrease) in cash and cash equivalents
921,159
(334,367)

Cash and cash equivalents at beginning of year
145,851
480,218

Cash and cash equivalents at the end of year
£1,067,010
£145,851


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
£1,067,010
£145,851


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
FOOD TEAM INTERNATIONAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024



Cash at bank and in hand

145,851

921,159

1,067,010

Debt due within 1 year

(233)

118

(115)


£145,618
£921,277
£1,066,895

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Food Team International Limited is a private company limited by shares and incorporated in England and Wales. The company number is  05324059. The registered office address is Henwood House, Henwood, Ashford, Kent TN24 8DH. The principal place of business is 12-16 Grosvenor Road, Tunbridge Wells, Kent, TN1 2AB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The amounts presented in the financial statements are rounded to the nearest whole GBP (£).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

Page 14

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

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

Page 16

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the most appropriate basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

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.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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

Page 17

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

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

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

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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

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

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

Basic financial assets

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

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

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 18

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

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

Financial liabilities

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

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.20

Dividends

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

Page 19

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
(i) Purchase recognition - directors recognise the purchases when significant risks and rewards of ownership are passed to them as a buyer. They consider this has taken place on delivery.
(ii) Useful economic life of fixed and intangible assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are reassessed annually and amended where necessary.
(iii) Bad debts - Directors have included bad debt provisions for items due from customers in administration and any other debts which are in dispute and have been reviewed. A proportion has been provided based on expected outcome.
(iv) Stock valuation - Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023

Frozen and ambient food
£31,853,630
£26,025,465


Analysis of turnover by country of destination:

2024
2023

United Kingdom
29,886,252
23,586,349

Rest of Europe
1,923,491
2,434,528

Rest of the world
43,887
4,588

£31,853,630
£26,025,465


Page 20

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023

Research & development charged as an expense
20,925
14,976

Exchange differences
(474,725)
(13,505)

Other operating lease rentals
4,377
7,188

£458,177
£5,717


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,500
20,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2024
2023

Wages and salaries
613,179
439,083

Social security costs
59,820
42,579

Cost of defined contribution scheme
172,705
9,060

£845,704
£490,722


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


        2024
        2023
            No.
            No.







Directors
2
2



Staff
14
10

16
12

Page 21

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023

Directors' emoluments
46,680
59,062

Company contributions to defined contribution pension schemes
160,000
-

£206,680
£59,062


During the year retirement benefits were accruing to 2 directors (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023


Other interest receivable
£353
£96


10.


Interest payable and similar expenses

2024
2023


Other interest payable
£4,139
£-

Page 22

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023

Corporation tax


Current tax on profits for the year
416,793
193,707


Total current tax
£416,793
£193,707

Deferred tax


Origination and reversal of timing differences
(6,260)
2,582

Total deferred tax
£(6,260)
£2,582


Taxation on profit on ordinary activities
£410,533
£196,289

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.493%). The differences are explained below:

2024
2023


Profit on ordinary activities before tax
£1,650,505
£978,844


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.493%)
412,626
190,806

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,967
1,631

Capital allowances for year in excess of depreciation
(4,060)
3,852

Total tax charge for the year
£410,533
£196,289


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023


Dividends
£380,500
£382,027

Page 23

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Goodwill



Cost


At 1 May 2023
40,000



At 30 April 2024

40,000



Amortisation


At 1 May 2023
40,000



At 30 April 2024

40,000



Net book value



At 30 April 2024
£-



At 30 April 2023
£-



Page 24

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total



Cost or valuation


At 1 May 2023
18,241
1,467
81,184
40,671
141,563


Additions
2,145
-
3,937
-
6,082



At 30 April 2024

20,386
1,467
85,121
40,671
147,645



Depreciation


At 1 May 2023
-
909
54,225
26,707
81,841


Charge for the year on owned assets
2,003
140
7,105
3,491
12,739



At 30 April 2024

2,003
1,049
61,330
30,198
94,580



Net book value



At 30 April 2024
£18,383
£418
£23,791
£10,473
£53,065



At 30 April 2023
£18,241
£558
£26,959
£13,964
£59,722


15.


Fixed asset investments





Investments in associates



Cost or valuation


At 1 May 2023
2,353



At 30 April 2024
£2,353





16.


Stocks

2024
2023

Finished goods and goods for resale
£4,763,172
£3,348,132


Page 25

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Debtors

2024
2023


Trade debtors
5,199,162
3,977,007

Amounts owed by group undertakings
703,335
345,619

Amounts owed by joint ventures and associated undertakings
4,190
2,683

Other debtors
232,040
184,750

Prepayments and accrued income
126,237
40,964

Tax recoverable
-
10,619

£6,264,964
£4,561,642



18.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
£1,067,010
£145,851



19.


Creditors: Amounts falling due within one year

2024
2023

Trade creditors
4,919,834
2,979,642

Amounts owed to group undertakings
-
129,000

Corporation tax
416,793
258,260

Other taxation and social security
-
6,560

Proceeds of factored debts
4,065,244
2,880,671

Other creditors
17,806
1,978

Accruals and deferred income
91,565
75,479

£9,511,242
£6,331,590


The following liabilities were secured:

2024
2023



Proceeds of factored debts
4,065,244
2,880,671

Details of security provided:

HSBC UK Bank plc hold a fixed and floating charge over the assets of the company.

Page 26

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Financial instruments

2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
1,067,010
145,851

Financial assets measured at amortised cost
5,436,261
4,161,757

£6,503,271
£4,307,608


Financial Liabilities


Financial liabilities measured at fair value through profit or loss
(4,065,244)
(2,880,671)

Financial liabilities measured at amortised cost
(4,932,368)
(2,988,180)

£(8,997,612)
£(5,868,851)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial assets measured at amortised cost include trade debtors and other debtors.


Financial instruments measured at fair value through profit or loss comprise of proceeds of factored debt.


Other financial liabilities measured at fair value through profit or loss comprise of trade creditors, other taxation and social security and other creditors.


21.


Deferred taxation




2024
2023





At beginning of year
14,931
12,349


Charged to profit or loss
(6,260)
2,582



At end of year
£8,671
£14,931

The provision for deferred taxation is made up as follows:

2024
2023


Accelerated capital allowances
£8,671
£14,931

Page 27

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Share capital

2024
2023
Allotted, called up and fully paid



33,333 (2023 - 33,333) Ordinary shares of £1.00 each
£33,333
£33,333

All shares allotted carry full voting rights and are entitled to recieve dividends.



23.


Reserves

Profit and loss account

The profit and loss account reserve represents the accumulation amounts passing through the statement of comprehensive income. This reserve represents distributable profits.


24.


Pension commitments

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 cost charge represents contributions payable by the Company to the fund and amounted to £12,705 (2023 - £9,060). Contributions totalling £2,311 (2023 - £1,745) were payable to the fund at the balance sheet date and are included in creditors. In addition to this, the company made pension contributions into the directors' personal pensions totalling £160,000.


25.


Commitments under operating leases

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

2024
2023


Not later than 1 year
-
2,876

£-
£2,876


26.


Transactions with directors

Included in creditors due within one year are amounts due to the directors, amounting to £115 (2023 - £233).
Page 28

 
FOOD TEAM INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Related party transactions

The company invoiced a company which is an associate of the parent undertaking, recharged expenses of £2,111 (2023 - £464) and made purchases of £989,943 (2023 - £249,153), on normal commercial terms. At the balance sheet date, £228,835 (2023 - £85,749) was due to this company. This amount is interest free and repayable on demand.
The company invoiced a company which is a partly owned subsidiary of the parent undertaking, sales of £nil (2023 - £64,819), salary recharges of £52,273 (2023 - £8,999) and made purchases of £nil (2023 - £482), on normal commerical terms. At the balance sheet date, £667,207 (2023 - £124,168) was due from this company. This amount is interest free and repayable on demand.
At the balance sheet date, £70,000 (2023 - £70,000) was due from a company in which a director has an interest. This amount is interest free and repayable on demand.


28.
Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate and ultimate parent undertaking is Food Team Group Limited, a company incorporated in England and Wales. 
M Roscoe is the controlling party of the company.
The parent undertaking of the group to consolidate their financial statements is Food Team Group Limited, a company incorporated in England and Wales. The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
Food Team Group Limited is also the most senior parent entity producing publicly available financial statements.
Food Team Group Limited has prepared consolidated financial statements which include this company and are publicly available.



Page 29