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REGISTERED NUMBER: 02483212 (England and Wales)












CARIBBEAN TRADING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


CARIBBEAN TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr J R Hickling
Mr O J Hickling
Mrs G C Russell-Lowe





SECRETARY: Mr J R Hickling





REGISTERED OFFICE: Highland House
Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR





BUSINESS ADDRESS: Wey House
58 Hamm Moor Lane
Addlestone
Surrey
KT15 2SF





REGISTERED NUMBER: 02483212 (England and Wales)

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

FAIR REVIEW OF THE BUSINESS AND KEY PERFORMANCE INDICATORS
Turnover decreased to £21,461,988 (2023: £22,265,201) following 2023 being the year that the company achieved its highest ever turnover. The main reason for the decrease in turnover this year is due to the lack of supply of chicken wings. Gross profit fell in monetary and percentage terms. A key factor in the 1% decrease in gross profit margin is the impact of foreign exchange between the years as the bulk of transactions are undertaken in US dollars. The overall foreign exchange position for the year shows a loss of £51,858 (2023: gain of £67,291).

Administrative costs have remained under tight control and the company's exposure to bad debts was nil in both the current and previous year. The company remains in a strong profitable position with profit after tax being £1,102,364 (2023: £1,513,904).

From early 2020 the emergence of Covid-19 began to impact the World economy. This impacted the company up until the prior year. As more time has passed, the effects of Covid-19 have eased off further and are impacting the company less. The directors are confident with the strength and resilience of the balance sheet, that the company is well placed to weather the fading uncertainties of COVID-19 and be in a strong position to take advantage of future opportunities.

Caribbean Trading Group Limited was incorporated in February 2024 and acquired the company's entire share capital on 15 March 2024. Caribbean Trading Group Limited is therefore now the parent company.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk.

The company manages these risks by financing its operations through retained profits, supplemented by bank overdrafts where necessary to fund expansion and working capital requirements.

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of overdrafts with the future cash flows expected to arise from the company's trading activities.

The company manages its exposure to fluctuations in currency exchange rates by the use of forward exchange contracts to eliminate any uncertainty which would otherwise arise under these arrangements. The company does not utilise any other type of hedging instruments.

FUTURE DEVELOPMENTS
The directors intend to continue developing the customer and market base to spread the risk of reliance on any particular market or customer.

ON BEHALF OF THE BOARD:





Mr O J Hickling - Director


29 October 2024

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of the import and export of food.

DIVIDENDS
Dividends totalling £268,070 were paid during the year ended 30 April 2024 (2023: £375,582).

FUTURE DEVELOPMENTS
Information in respect of the company's future developments has been included within the strategic report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mr J R Hickling
Mr O J Hickling
Mrs G C Russell-Lowe

Other changes in directors holding office are as follows:

Mrs D M Hickling - resigned 15 March 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of matters considered to be of strategic importance.

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.

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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.

ON BEHALF OF THE BOARD:





Mr O J Hickling - Director


29 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARIBBEAN TRADING LIMITED


Opinion
We have audited the financial statements of Caribbean Trading Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of 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 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 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARIBBEAN TRADING LIMITED


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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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.

Extent to which the audit was capable of detecting irregularities, including fraud
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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARIBBEAN TRADING LIMITED


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.




Michaela Johns (FCCA) (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

29 October 2024

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £ £

TURNOVER 3 21,461,988 22,265,201

Cost of sales (19,309,554 ) (19,728,088 )
GROSS PROFIT 2,152,434 2,537,113

Administrative expenses (936,482 ) (592,148 )
OPERATING PROFIT 5 1,215,952 1,944,965

Interest receivable and similar income 6 174,692 34,761
1,390,644 1,979,726

Interest payable and similar expenses 7 104,206 (88,724 )
PROFIT BEFORE TAXATION 1,494,850 1,891,002

Tax on profit 8 (392,486 ) (377,098 )
PROFIT FOR THE FINANCIAL YEAR 1,102,364 1,513,904

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 10 693,235 650,420

CURRENT ASSETS
Stocks 11 1,326,019 1,539,668
Debtors 12 3,143,576 1,833,044
Investments 13 1,572,102 504,792
Cash at bank 2,389,504 3,969,253
8,431,201 7,846,757
CREDITORS
Amounts falling due within one year 14 (2,053,069 ) (2,323,256 )
NET CURRENT ASSETS 6,378,132 5,523,501
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,071,367

6,173,921

CREDITORS
Amounts falling due after more than one
year

15

(42,490

)

-

PROVISIONS FOR LIABILITIES 18 (23,344 ) (2,682 )
NET ASSETS 7,005,533 6,171,239

CAPITAL AND RESERVES
Called up share capital 19 31,000 31,000
Capital redemption reserve 20 20,500 20,500
Retained earnings 20 6,954,033 6,119,739
SHAREHOLDERS' FUNDS 7,005,533 6,171,239

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





Mr O J Hickling - Director


CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 May 2022 31,000 4,981,417 20,500 5,032,917

Changes in equity
Dividends - (375,582 ) - (375,582 )
Total comprehensive income - 1,513,904 - 1,513,904
Balance at 30 April 2023 31,000 6,119,739 20,500 6,171,239

Changes in equity
Dividends - (268,070 ) - (268,070 )
Total comprehensive income - 1,102,364 - 1,102,364
Balance at 30 April 2024 31,000 6,954,033 20,500 7,005,533

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 128,699 1,506,426
Interest paid - (110 )
Foreign exchange gains/(losses) 104,206 (88,614 )
Tax paid (566,062 ) (247,918 )
Net cash from operating activities (333,157 ) 1,169,784

Cash flows from investing activities
Purchase of tangible fixed assets (1,621 ) (5,851 )
Amounts deposited in investment account (1,067,310 ) (504,792 )
Sale of tangible fixed assets 10,000 -
Interest received 174,692 34,761
Net cash from investing activities (884,239 ) (475,882 )

Cash flows from financing activities
Capital repayments in year (12,640 ) -
Amount introduced by directors 247,200 280,192
Amount withdrawn by directors (328,843 ) (217,670 )
Equity dividends paid (268,070 ) (375,582 )
Net cash from financing activities (362,353 ) (313,060 )

(Decrease)/increase in cash and cash equivalents (1,579,749 ) 380,842
Cash and cash equivalents at beginning of
year

2

3,969,253

3,588,411

Cash and cash equivalents at end of year 2 2,389,504 3,969,253

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit before taxation 1,494,850 1,891,002
Depreciation charges 32,146 23,865
(Profit)/loss on disposal of fixed assets (10,000 ) 10
Finance costs (104,206 ) 88,724
Finance income (174,692 ) (34,761 )
1,238,098 1,968,840
Decrease/(increase) in stocks 213,649 (238,502 )
Increase in trade and other debtors (1,308,272 ) (105,165 )
Decrease in trade and other creditors (14,776 ) (118,747 )
Cash generated from operations 128,699 1,506,426

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 30 April 2024
30.4.24 1.5.23
£ £
Cash and cash equivalents 2,389,504 3,969,253
Year ended 30 April 2023
30.4.23 1.5.22
£ £
Cash and cash equivalents 3,969,253 3,588,411


CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£ £ £ £
Net cash
Cash at bank 3,969,253 (1,579,749 ) 2,389,504
3,969,253 (1,579,749 ) 2,389,504

Liquid resources
Current asset
investments 504,792 1,067,310 - 1,572,102
504,792 1,067,310 - 1,572,102
Debt
Finance leases - 12,640 - (60,700 )
- 12,640 - (60,700 )
Total 4,474,045 (499,799 ) - 3,900,906

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


1. STATUTORY INFORMATION

Caribbean Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents amounts receivable for the sale of both food and dry goods, net of VAT and trade discounts.

Income is recognised at the point goods are delivered to the customer.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% Straight line
Fixtures and fittings - 20% Straight line
Motor vehicles - 15% Straight line

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

Stocks
Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Hire purchase
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


2. ACCOUNTING POLICIES - continued

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

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£ £
Rest of the world 21,461,988 22,265,201
21,461,988 22,265,201

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 359,956 286,847
Social security costs 41,230 28,978
Other pension costs 83,133 129,334
484,319 445,159

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Sales 4 5
Directors 4 4
Administration 2 2
10 11

The total remuneration paid to directors in the year totalled £285,046 (2023: £277,592).

The company's contributions to the director's defined contribution pension scheme in the year totalled £73,930 (2023: £121,005).

The highest paid director received remuneration of £218,193 (2023: £213,126).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,630 (2023: £50,630).

During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contribution pension schemes.

5. OPERATING PROFIT

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

2024 2023
£ £
Depreciation - owned assets 24,452 23,865
Depreciation - assets on hire purchase contracts 7,694 -
(Profit)/loss on disposal of fixed assets (10,000 ) 10
Auditors' remuneration 20,580 16,500
Auditors' remuneration for non audit work 2,570 3,095
Foreign exchange differences 117,537 (121,864 )
Foreign exchange differences (cost of sales) 38,527 (34,041 )
Operating lease charges 6,562 6,562

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Deposit account interest 174,278 34,761
Other interest received 414 -
174,692 34,761

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest - 110
Fair value (gains) / losses
on foreign exchange
contracts (104,206 ) 88,614
(104,206 ) 88,724

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 371,824 377,098

Deferred tax 20,662 -
Tax on profit 392,486 377,098

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 1,494,850 1,891,002
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

373,713

472,751

Effects of:
Expenses not deductible for tax purposes 15,077 10,612
Impact of super deduction - (271 )
Impact of corporation tax rate increase - (106,531 )
Deferred tax movement not provided - 537
Under provision in prior year 3,696 -
Total tax charge 392,486 377,098

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


9. DIVIDENDS

The following dividends were paid in the year:

Share class20242023
£   £   
Ordinary189,642257,050
Ordinary A39,47063,090
Ordinary B27,50033,150
Ordinary C11,45822,292
Total
268,070375,582

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 May 2023 651,410 24,661 81,962 758,033
Additions - 1,621 73,340 74,961
Disposals - - (40,260 ) (40,260 )
At 30 April 2024 651,410 26,282 115,042 792,734
DEPRECIATION
At 1 May 2023 39,074 8,858 59,681 107,613
Charge for year 13,029 5,167 13,950 32,146
Eliminated on disposal - - (40,260 ) (40,260 )
At 30 April 2024 52,103 14,025 33,371 99,499
NET BOOK VALUE
At 30 April 2024 599,307 12,257 81,671 693,235
At 30 April 2023 612,336 15,803 22,281 650,420

The net book value of assets held on hire purchase agreements included within the above is £65,646 (2023: £Nil). The depreciation charge for the year relating to these assets amounted to £7,694 (2023: £Nil).

11. STOCKS
2024 2023
£ £
Stocks 1,326,019 1,539,668

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 2,872,517 1,669,282
Amounts owed by group undertakings 55,230 -
Directors' current accounts 2,260 -
VAT 185,228 135,367
Prepayments 28,341 28,395
3,143,576 1,833,044

13. CURRENT ASSET INVESTMENTS
2024 2023
£ £
Unlisted investments 1,572,102 504,792

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 16) 18,210 -
Trade creditors 1,428,475 1,181,912
Tax 182,860 377,098
Social security and other taxes 89,025 84,366
Other creditors 36,223 134,225
Directors' current accounts 207 79,590
Accrued expenses 298,069 466,065
2,053,069 2,323,256

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts (see note 16) 42,490 -

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 18,210 -
Between one and five years 42,490 -
60,700 -

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


16. LEASING AGREEMENTS - continued

Non-cancellable
operating leases
2024 2023
£ £
Within one year - 1,115

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 60,700 -

The hire purchase liabilities are secured against the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 23,344 2,682

Deferred tax
£
Balance at 1 May 2023 2,682
Provided during year 20,662
Balance at 30 April 2024 23,344

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
27,000 Ordinary £1 27,000 27,000
3,000 'A' Ordinary £1 3,000 3,000
500 'B' Non-Voting £1 500 500
500 'C' Non-Voting £1 500 500
31,000 31,000

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


19. CALLED UP SHARE CAPITAL - continued

The ordinary shares and the ordinary A shares shall each carry full voting rights and rank pari passu in all respects except in relation to income.

The ordinary B shares, and the ordinary C shares shall not entitle the holders to receive notice of or to attend or vote at any general meeting of the company unless the business of the meeting includes the consideration of resolution for winding up the company, reducing its share capital or varying any of the special rights attached to the non voting shares. In these cases, they shall be entitled to vote on any such resolution, but on no other resolution proposed at the meeting.

All shares shall rank separately with regard to entitlement to dividend such that the directors may at any time resolve to declare or recommend a dividend on one or more class of share and not on the other class or classes.

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 May 2023 6,119,739 20,500 6,140,239
Profit for the year 1,102,364 - 1,102,364
Dividends (268,070 ) - (268,070 )
At 30 April 2024 6,954,033 20,500 6,974,533

21. PENSION COMMITMENTS

Retirement benefit schemes
20242023
Defined contribution schemes£   £   

Charge to profit or loss in respect of defined contribution schemes83,133129,334

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Employer's contributions totalling £1,013 (2023: £Nil) were payable to the fund at the year end and are included in other creditors.

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£ £
Mr O J Hickling
Balance outstanding at start of year (5,387 ) -
Amounts advanced 117,647 2,113
Amounts repaid (110,000 ) (7,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,260 (5,387 )

23. RELATED PARTY DISCLOSURES

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

Transactions with related parties

Amounts owed by related
parties
2024 2023
£    £   
Entities which share the same shareholder as the
company


-

500,836

- 500,836

In the prior year the directors had provided for the debtor balance in full by way of bad debt provision. During the current year the debtor balance was removed from the ledger completely.

Key management personnel include all directors across the company who together have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £358,976 (2023: £398,597).

24. NON-ADJUSTING POST BALANCE SHEET EVENTS

Following the creation of the new holding company as mentioned in the Strategic Report, the funds payable have, since the year end date, started to be paid over to the shareholders. This amounted to £1.135m as at the date of signing. The effect of this is that the bank balance has reduced and the intercompany balance has increased by this amount.

CARIBBEAN TRADING LIMITED (REGISTERED NUMBER: 02483212)

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


25. ULTIMATE CONTROLLING PARTY

Until 15 March 2024 the ultimate controlling party was Mr J R Hickling by virtue of his majority interest in the company's issued share capital.

Caribbean Trading Group Limited, a company registered in England and Wales, was incorporated in February 2024 and acquired the company's entire share capital on 15 March 2024. Caribbean Trading Group Limited is therefore now the parent company. Its registered office address is Highland House, Mayflower Close, Chandlers Ford, Eastleigh, SO53 4AR.

There is no ultimate controlling party for Caribbean Trading Group Limited.