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REGISTERED NUMBER: 06482514 (England and Wales)















FRESHLINC GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

29 JANUARY 2023 TO 3 FEBRUARY 2024






FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024




Page

Company Information 1

Group Strategic Report 2 to 5

Report of the Directors 6 to 7

Report of the Independent Auditors 8 to 11

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Statement of Financial Position 14

Company Statement of Financial Position 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Statement of Cash Flows 18

Notes to the Consolidated Statement of Cash Flows 19 to 20

Notes to the Consolidated Financial Statements 21 to 34


FRESHLINC GROUP LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024







DIRECTORS: A E Day
R Hancox
M J Tate
L S Juniper
S J King





SECRETARY: A E Day





REGISTERED OFFICE: Wool Hall Farm
Cross Gate
Wykeham
Spalding
Lincolnshire
PE12 6HW





REGISTERED NUMBER: 06482514 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

The directors present their strategic report of the company and the group for the period 29 January 2023 to 3 February 2024.

Business Review

Turnover reduced by 4% during the year.

This reduction was driven by falling fuel prices and hence reduced fuel surcharge revenues, coupled with the loss of a significant retail contract which has largely been offset by entry into new arenas and continued development of our specialist haulage operations.

The group continued to diversify through the year into new sectors and continued to increase its portfolio of high-quality assets within its ambient and chilled arenas.

Key factors driving business performance during the year were: -

- Margin reduction due to the continued inflationary pressure throughout the industry, specifically in relation to continued cost increases in replacement fleet and driver pay rates.

- Loss of a significant retail contract to their own recently acquired in house distribution business.

- Following a period of fit out, the opening of our flagship ambient stockholding & value-added distribution business "PS140", located in Peterborough, Cambridgeshire, a brand new 140,000 sq.ft , 24,000 pallet capacity facility, servicing major retailers with stock held on behalf of both UK and international import businesses. The first few months of operation adversely affected overall business performance for the year, whilst the stock building was in progress; however, the facility is now operating close to capacity with a cost-effective quality service provision to retail and their suppliers.

- The implementation of a second specialist distribution operation for a major UK utility pipe provider, based in Huthwaite, Nottinghamshire, which commenced in July 2023.

- Purchase of a further chilled distribution facility in Spalding, Lincolnshire, in September 2023, increasing chilled stockholding and distribution capacity, together with additional facilities for the packing and ripening of customer products, enabling us to offer full-service provision from port of entry to final retail destination.

- The further development of the FloraLinc business, through continued development of the Pinchbeck site, providing glasshouse and outdoor growing facilities for two major UK garden centre and retail growers.

FUTURE OUTLOOK
Whilst financial performance for the year was significantly behind the previous year two main factors affected this reduction. Firstly, the unusually buoyant trading environment post covid lockdowns has now returned to normal levels, and the investments and startup costs associated with various new sites and sectors we have entered during the year have impacted on returns made within the year. We do however remain confident the group will continue to grow and delight its customers in the year ahead.

Despite the challenges faced throughout our industry in terms of the economic outlook and well publicised business failures, we are confident we will continue to deliver a first-class, bespoke service to our customer base, and produce satisfactory returns for the business and shareholders in the long term.

Our track record of consistent substantial growth over the past few years, and our sustained investment in the scale of operation, geographic coverage and network, together with the service levels our customers demand, will continue to give us the opportunity to further diversify our customer base, scale and capabilities.

Our dedicated and committed employees remain our key asset as the business diversifies and flourishes.


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal financial risk facing the group would be the loss of its customer base. However, the group has performed very well by winning new business through its focus on cost control and high service levels and given the growth and diversification of the recent past, our reliance on any one key contract has been reduced significantly.

The group is also subject to environmental and health and safety risks and mitigates these by a focus on training, equipment maintenance, fleet replacement programme and stringent internal audit controls.

Market Risk

Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk.

The group’s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the section entitled "interest rate risk" below.

Liquidity Risk

The parent company and the group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Short-term flexibility is achieved by an asset backed bank lending facility.

Interest Rate Risk

The group finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company’s exposure to interest rate fluctuations on its borrowings is mitigated by the use of fixed interest hire purchase agreements.

Credit Risk
The group’s principal financial assets are cash and trade debtors.

In order to manage credit risk, the directors set limits for customers based on a combination of payment history, and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

SECTION 172(1) STATEMENT
FreshLinc Limited: Stakeholder Engagement

As the Board at FreshLinc Group, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility.

Promoting the group's success for its members

FreshLinc Ltd was started as part of Lincolnshire Field Products Limited in 2000 by Robin Hancox and two other stakeholders of that business in 2000 and was incorporated as a separate trading entity in 2008. The company continues to be owned and controlled by the original 3 stakeholders, with Robin Hancox continuing to be the majority shareholder. We're proud of the way in which, over the last decade or so, the company has continued to achieve consistent long term growth and has provided employment, training and financial reward for an increasing number of colleagues, together with its owners.

We aim to be the best in class haulier within all the marketplaces in which we trade and have demonstrated a strong history of customer service in the chilled logistics arena. In a competitive market, dominated by several large 4PL businesses, we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base.

We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base, and form strategic partnerships with other companies and groups in the sectors within which we operate. We continue to explore possibilities along these lines. In doing so, our twin aims are to maximise the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders.

We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our warehousing and IT infrastructures, to enable us to offer visibility of our operation to our customer base to meet their varied and time critical needs. Investment will continue over the coming years to ensure we continue to offer state of the art facilities and IT systems as the company continues to grow in both scale and diversity of goods handled.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees

Our distribution operations rely heavily on a skilled team including warehouse operatives, HGV drivers operations staff and management on a twenty four hour, 7 day a week basis, as well as a focused central team of business development, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to last-minute changes and challenges faced in operating over 300 vehicles and 800 trailers, delivering to multiple locations on a daily basis, to tight delivery schedules and ever-increasing demands for the order process to be just in time. We cannot achieve this without our team.

Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:

- setting remuneration at market-leading rates,

- providing training and career development support,

Our customers and suppliers

We invest heavily in our fleet replacement programme ensuring we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training and compliance system, to ensure we can continue to offer customers the best quality distribution service for their products to marketplace. We meet with key customers at least every quarter to review new opportunities.

Our business model prioritises quality and delivery. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high service levels that differentiate us from our peers. Our customers value the high degree of interaction and expertise, from the tender process through to renewal of contracts.

We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

GROUP STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024



Our community

We are a private company with the original three shareholders, all of whom continue to work within the group businesses, with our roots in farming the fertile soils around Spalding, and we continue to be a significant employer in the local community. We provide distribution services to several local charities at Christmas time and at various other religious festivals on an annual basis.

Our planet

Our industry contributes to environmental pollution and we are working hard to minimise the impact of our operations. We operate exclusively Euro VI vehicles within our fleet and our focus on driver behaviour enables us to ensure our impact on the environment is minimised.

FINANCIAL KEY PERFORMANCE INDICATORS
The parent company and the group measures its financial performance using the following measures:

1) Growth in turnover is a key measure of the group’s success in winning new business and retaining existing customers. Turnover in the period of £139,696,742 shows a 3.6% decrease on the previous year’s turnover of £144,888,241, reflecting the loss of a significant retail contract as discussed previously.

2) Gross profit of £16,253,163 was 11.6% of turnover and compared to £18,449,914 (12.7% of turnover) in the previous year, this represents a 1.1% decrease year on year, reflecting the impact of start-up costs associated with the new facilities and operations introduced during the year.

3) Operating Profit of £2,347,908 in the period is stated after other operating charges of £17,732,557 and other operating income of £707,338 and represents 1.7% of turnover, compared to the £6,007,541 operating profit and 4.1% margin achieved during the previous period.

OTHER KEY PERFORMANCE INDICATORS
The parent company and the group measures its non-financial performance in several areas as follows:

1) The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the period is therefore closely monitored by the directors.

2) The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores.

3) A number of operating KPI’s relating to vehicle operation are monitored within the business to ensure operational efficiency is maximized, especially through all seasonal peaks.

ON BEHALF OF THE BOARD:





Director


30 October 2024

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

The directors present their report with the financial statements of the company and the group for the period 29 January 2023 to 3 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the Group is haulage and freight transport of temperature controlled and ambient FMCG, together with general distribution services within the UK and Europe.

DIVIDENDS
The total distribution for the period ended 3 February 2024 is £500,000 (2023 - £100,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 29 January 2023 to the date of this report.

A E Day
R Hancox
M J Tate
L S Juniper
S J King

POLITICAL DONATIONS AND EXPENDITURE
The donation costs totalled £16,123 (2023: £15,346), they are not political donations.

EMPLOYEE INVOLVEMENT
Company personnel policies ensure that all employees are made aware on a regular basis of the parent company and the group's policies and progress.

DISABLED EMPLOYEES
The parent company and the group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the parent company and the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R Hancox - Director


30 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRESHLINC GROUP LIMITED

Opinion
We have audited the financial statements of FreshLinc Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 3 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 3 February 2024 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
FRESHLINC GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRESHLINC GROUP LIMITED


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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, Haulage and Operator regulations and Employment laws.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted during the year for any evidence of non-compliance, in addition to an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRESHLINC GROUP LIMITED


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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

30 October 2024

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
Notes £    £   

TURNOVER 3 139,696,742 144,888,241

Cost of sales 123,443,579 126,438,327
GROSS PROFIT 16,253,163 18,449,914

Administrative expenses 14,612,593 13,202,409
1,640,570 5,247,505

Other operating income 707,338 760,036
OPERATING PROFIT 6 2,347,908 6,007,541

Interest receivable and similar income 6,804 2,508
2,354,712 6,010,049

Interest payable and similar expenses 7 1,283,857 547,015
PROFIT BEFORE TAXATION 1,070,855 5,463,034

Tax on profit 8 569,287 1,086,578
PROFIT FOR THE FINANCIAL PERIOD 501,568 4,376,456
Profit attributable to:
Owners of the parent 501,568 4,376,456

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
Notes £    £   

PROFIT FOR THE PERIOD 501,568 4,376,456


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

501,568

4,376,456

Total comprehensive income attributable to:
Owners of the parent 501,568 4,376,456

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
3 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 406,190 507,955
Tangible assets 12 21,886,354 16,488,259
Investments 13 - -
Investment property 14 426,243 240,000
22,718,787 17,236,214

CURRENT ASSETS
Stocks 15 259,085 304,743
Debtors 16 35,407,785 30,503,263
Cash at bank 11,446 78,556
35,678,316 30,886,562
CREDITORS
Amounts falling due within one year 17 36,147,334 27,743,163
NET CURRENT (LIABILITIES)/ASSETS (469,018 ) 3,143,399
TOTAL ASSETS LESS CURRENT LIABILITIES 22,249,769 20,379,613

CREDITORS
Amounts falling due after more than one year 18 (7,454,901 ) (6,011,385 )

PROVISIONS FOR LIABILITIES 23 (1,849,705 ) (1,424,633 )
NET ASSETS 12,945,163 12,943,595

CAPITAL AND RESERVES
Called up share capital 24 1,000 1,000
Retained earnings 25 12,944,163 12,942,595
SHAREHOLDERS' FUNDS 12,945,163 12,943,595

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





R Hancox - Director


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

COMPANY STATEMENT OF FINANCIAL POSITION
3 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 11,073,744 7,579,497
Investments 13 652,287 652,287
Investment property 14 - -
11,726,031 8,231,784

CURRENT ASSETS
Debtors 16 24,122 32,473
Cash at bank 5,419 58,995
29,541 91,468
CREDITORS
Amounts falling due within one year 17 5,401,640 2,618,322
NET CURRENT LIABILITIES (5,372,099 ) (2,526,854 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,353,932 5,704,930

CREDITORS
Amounts falling due after more than one year 18 (6,125,428 ) (5,262,180 )

PROVISIONS FOR LIABILITIES 23 (68,672 ) (114,237 )
NET ASSETS 159,832 328,513

CAPITAL AND RESERVES
Called up share capital 24 1,000 1,000
Retained earnings 25 158,832 327,513
SHAREHOLDERS' FUNDS 159,832 328,513

Company's profit/(loss) for the financial year 331,319 (191,209 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





R Hancox - Director


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 30 January 2022 1,000 8,666,139 8,667,139

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 4,376,456 4,376,456
Balance at 28 January 2023 1,000 12,942,595 12,943,595

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 501,568 501,568
Balance at 3 February 2024 1,000 12,944,163 12,945,163

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 30 January 2022 1,000 618,722 619,722

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - (191,209 ) (191,209 )
Balance at 28 January 2023 1,000 327,513 328,513

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 331,319 331,319
Balance at 3 February 2024 1,000 158,832 159,832

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,533,980 6,858,449
Interest paid (1,186,813 ) (521,315 )
Interest element of hire purchase payments paid (97,044 ) (25,700 )
Tax paid (15,744 ) (774,687 )
Net cash from operating activities 234,379 5,536,747

Cash flows from investing activities
Purchase of intangible fixed assets (27,698 ) (19,625 )
Purchase of tangible fixed assets (5,737,558 ) (5,684,234 )
Purchase of investment property (186,243 ) -
Sale of tangible fixed assets - 42,000
Interest received 6,804 2,508
Net cash from investing activities (5,944,695 ) (5,659,351 )

Cash flows from financing activities
New loans in year 963,248 779,487
New Hire Purchases in the year 739,034 649,526
Equity dividends paid (500,000 ) (100,000 )
Net cash from financing activities 1,202,282 1,329,013

(Decrease)/increase in cash and cash equivalents (4,508,034 ) 1,206,409
Cash and cash equivalents at beginning of
period

2

(8,206,566

)

(9,412,975

)

Cash and cash equivalents at end of period 2 (12,714,600 ) (8,206,566 )

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

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

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Profit before taxation 1,070,855 5,463,034
Depreciation charges 1,468,927 1,073,793
Profit on disposal of fixed assets - (13,180 )
Finance costs 1,283,857 547,015
Finance income (6,804 ) (2,508 )
3,816,835 7,068,154
Decrease/(increase) in stocks 45,658 (68,396 )
(Increase)/decrease in trade and other debtors (4,888,778 ) 1,894,010
Increase/(decrease) in trade and other creditors 2,560,265 (2,035,319 )
Cash generated from operations 1,533,980 6,858,449

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 3 February 2024
3.2.24 29.1.23
£    £   
Cash and cash equivalents 11,446 78,556
Bank overdrafts (12,726,046 ) (8,285,122 )
(12,714,600 ) (8,206,566 )
Period ended 28 January 2023
28.1.23 30.1.22
£    £   
Cash and cash equivalents 78,556 202,383
Bank overdrafts (8,285,122 ) (9,615,358 )
(8,206,566 ) (9,412,975 )


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 29.1.23 Cash flow At 3.2.24
£    £    £   
Net cash
Cash at bank 78,556 (67,110 ) 11,446
Bank overdrafts (8,285,122 ) (4,440,924 ) (12,726,046 )
(8,206,566 ) (4,508,034 ) (12,714,600 )
Debt
Finance leases (1,138,563 ) (739,034 ) (1,877,597 )
Debts falling due within 1 year (458,974 ) (100,000 ) (558,974 )
Debts falling due after 1 year (5,262,180 ) (863,248 ) (6,125,428 )
(6,859,717 ) (1,702,282 ) (8,561,999 )
Total (15,066,283 ) (6,210,316 ) (21,276,599 )

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

1. STATUTORY INFORMATION

FreshLinc Group 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements present the results of the group and its own subsidiaries as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive income from the date on the which control is obtained. They are deconsolidated from the date control ceases.

Going concern
The Directors have carried out a detailed and comprehensive review of the business, its future prospects and its ability to meet its obligations as they fall due. In the opinion of the Directors, the Company is expected to be able to continue trading within the current arrangements and consequently the financial statements have been prepared on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
Some of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on the director's prior experiences and using their best knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the financial statements. Information about such judgements and estimations is included in the accounting policies and/or notes to the accounts. The key areas are summarised below;

Judgements in applying accounting policies
- The directors must judge whether all of the conditions required for the turnover to be recognised in profit and loss for the financial year, as set out in revenue note, have been met.

Sources of estimation uncertainty
- Insurance provisions are based on amounts expected to be paid out in respect of insurance claims
- Bad debt provision is reviewed on a client by client basis and estimated based on the likelihood of debt being recovered.
- Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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:

Revenue from haulage and freight transport services is recognised in the period in which the services are provided.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive income over 10 years.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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.

Amortisation is provided on the following bases:

Software - 20-33% straight line

Tangible fixed assets
Tangible fixed assets under the cost model, other than investment properties, 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.

Land is not depreciated. Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful economic lives, using the straight-line method.

Depreciation is provided on the following basis;

Freehold property - 2% - 10%
Plant and machinery - 5% - 33%

The assets' residual values, useful economic 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive income.

Investment property
Investment property is carried at fair value determined annually by management by reference to historical external valuations and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive income.

Stocks
Stocks are stated at the lower of cost and net realisable values, 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 cost to complete and sell. The impairment loss is recognised immediately in profit or loss.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not attacked rate, the financial asset or liability is measured, at market, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss os measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of the derivatives are recognised in profit or loss in finance costs or income as appropriate. The group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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 transactions 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 the Statement of Comprehensive income.

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive income 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 period until the date the rent is expected to be adjusted to the prevailing market rate.

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 payments obligations.

The contributions are recognised as an expense in the Statement of Comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pension plan

The group participates in the Lincolnshire Field Products Limited Pension and Life Assurance Scheme. This is a defined benefit scheme but the group is unable to identify its share of the underlying assets and liabilities and as such will account for the scheme as a defined contribution scheme. The Scheme was closed to future accrual on 31 August 2010.

Debtors and creditors
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.

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 at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Comprehensive income 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. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
United Kingdom 128,020,165 132,832,128
Europe 11,676,577 12,056,113
139,696,742 144,888,241

4. EMPLOYEES AND DIRECTORS
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Wages and salaries 29,931,411 24,904,362
Social security costs 3,007,966 2,644,018
Other pension costs 532,726 411,748
33,472,103 27,960,128

The average number of employees during the period was as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23

Operations staff 725 589
Administration staff 37 34
762 623

5. DIRECTORS' REMUNERATION
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Directors' remuneration 927,818 821,614
Directors' pension contributions to money purchase schemes 36,792 54,813

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

5. DIRECTORS' REMUNERATION - continued

Information regarding the highest paid director is as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Emoluments etc 407,163 351,530
Pension contributions to money purchase schemes 9,533 39,478

The Group was charged £250,000 (2023 - £415,000) by Lincolnshire Field Products Limited, a related undertaking, for the services of the directors across the Group and other administration staff provided to the Group during the year.

6. OPERATING PROFIT

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

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Hire of plant and machinery 14,734,652 12,296,737
Other operating leases 1,503,439 668,056
Depreciation - owned assets 1,339,463 953,269
Profit on disposal of fixed assets (10,000 ) (13,180 )
Goodwill amortisation 95,202 93,407
Computer software amortisation 34,261 27,117
Auditors' remuneration 33,990 27,567
Foreign exchange differences 1,550 20,148

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Bank interest 697,878 276,557
Bank loan interest 484,264 244,758
Interest payable 4,671 -
Hire purchase interest 97,044 25,700
1,283,857 547,015

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Current tax:
Prior year tax adjustment - (10,893 )
Payment for group loss relief - 800,000
Total current tax - 789,107

Deferred tax 569,287 297,471
Tax on profit 569,287 1,086,578

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

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Profit before tax 1,070,855 5,463,034
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

267,714

1,037,976

Effects of:
Expenses not deductible for tax purposes 200,303 (4,767 )
Depreciation in excess of capital allowances 259,282 57,848
Utilisation of tax losses 841 -
respect of deferred tax
Group relief - (804,479 )
Payment for group loss relief - 800,000
Deductions (283,853 ) -

Consolidation adjustments 125,000 -
Total tax charge 569,287 1,086,578

The UK Government have confirmed that the main rate of corporation tax will increase to 25% from April 2023. At the balance sheet date deferred tax has been calculated at the enhanced rate of 25%.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

10. DIVIDENDS
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Ordinary shares of 1 each
Final 500,000 100,000

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 29 January 2023 936,633 626,191 1,562,824
Additions - 27,698 27,698
At 3 February 2024 936,633 653,889 1,590,522
AMORTISATION
At 29 January 2023 499,367 555,502 1,054,869
Amortisation for period 95,202 34,261 129,463
At 3 February 2024 594,569 589,763 1,184,332
NET BOOK VALUE
At 3 February 2024 342,064 64,126 406,190
At 28 January 2023 437,266 70,689 507,955

12. TANGIBLE FIXED ASSETS

Group
Freehold Fixtures
property Plant and and
& land machinery fittings Totals
£    £    £    £   
COST
At 29 January 2023 13,112,678 8,906,544 - 22,019,222
Additions 3,363,583 3,345,024 28,951 6,737,558
Disposals - (25,040 ) - (25,040 )
At 3 February 2024 16,476,261 12,226,528 28,951 28,731,740
DEPRECIATION
At 29 January 2023 1,810,202 3,720,761 - 5,530,963
Charge for period 262,006 1,075,524 1,933 1,339,463
Eliminated on disposal - (25,040 ) - (25,040 )
At 3 February 2024 2,072,208 4,771,245 1,933 6,845,386
NET BOOK VALUE
At 3 February 2024 14,404,053 7,455,283 27,018 21,886,354
At 28 January 2023 11,302,476 5,185,783 - 16,488,259

Included in cost of land and buildings is freehold land of £4,294,143 (2023 - £3,494,143) which is not depreciated.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

12. TANGIBLE FIXED ASSETS - continued

Group

The net book value of tangible fixed assets includes £2,496,335 (2023 - £1,330,080) in respect of assets held under hire purchase contracts.

Company
Freehold Fixtures
property Plant and and
& land machinery fittings Totals
£    £    £    £   
COST
At 29 January 2023 7,321,026 536,810 - 7,857,836
Additions 3,244,638 431,683 28,951 3,705,272
At 3 February 2024 10,565,664 968,493 28,951 11,563,108
DEPRECIATION
At 29 January 2023 237,047 41,292 - 278,339
Charge for period 133,126 75,966 1,933 211,025
At 3 February 2024 370,173 117,258 1,933 489,364
NET BOOK VALUE
At 3 February 2024 10,195,491 851,235 27,018 11,073,744
At 28 January 2023 7,083,979 495,518 - 7,579,497

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 29 January 2023
and 3 February 2024 652,287
NET BOOK VALUE
At 3 February 2024 652,287
At 28 January 2023 652,287

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Freshlinc Limited
Registered office: United Kingdom
Nature of business: Haulage services
%
Class of shares: holding
Ordinary 100.00

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

13. FIXED ASSET INVESTMENTS - continued

Top Up Resources Limited
Registered office: United Kingdom
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

Directlinc Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Portlinc Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Floralinc Limited
Registered office: United Kingdom
Nature of business: Haulage
%
Class of shares: holding
Ordinary 100.00


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 29 January 2023 240,000
Additions 186,243
At 3 February 2024 426,243
NET BOOK VALUE
At 3 February 2024 426,243
At 28 January 2023 240,000

15. STOCKS

Group
2024 2023
£    £   
Stocks 259,085 304,743

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 22,054,917 21,785,173 - -
Amounts owed by participating interests 10,856,863 7,429,310 - -
Other debtors 671,167 36,225 24,122 32,473
Taxation 15,744 - - -
Prepayments and accrued income 1,809,094 1,252,555 - -
35,407,785 30,503,263 24,122 32,473

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 13,285,020 8,744,096 558,974 458,974
Hire purchase contracts (see note 20) 548,124 389,358 - -
Trade creditors 15,046,596 12,018,833 - -
Amounts owed to group undertakings - - 3,828,406 2,136,360
Amounts owed to participating interests 64,920 - - -
Other taxes and social security 1,739,876 1,848,465 - -
Other creditors 2,180,776 1,505,806 1,000,000 -
Accruals and deferred income 3,282,023 - 14,260 -
Accrued expenses (1 ) 3,236,605 - 22,988
36,147,334 27,743,163 5,401,640 2,618,322

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 6,125,428 5,262,180 6,125,428 5,262,180
Hire purchase contracts (see note 20) 1,329,473 749,205 - -
7,454,901 6,011,385 6,125,428 5,262,180

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 12,726,046 8,285,122 - -
Bank loans 558,974 458,974 558,974 458,974
13,285,020 8,744,096 558,974 458,974
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,125,428 5,262,180 6,125,428 5,262,180

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 548,124 389,358
Between one and five years 1,103,282 749,205
In more than five years 226,191 -
1,877,597 1,138,563

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 15,475,765 10,290,627
Between one and five years 30,026,593 14,800,097
In more than five years 2,876,609 76,294
48,378,967 25,167,018

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 12,726,046 8,285,122
Bank loans 6,684,402 5,721,154
Hire purchase contracts 1,877,597 1,138,563
21,288,045 15,144,839

Obligations under hire purchase are secured against the assets to which they relate.

There is an unlimited multilateral guarantee given by Freshlinc Group Limited, Freshlinc Limited, Keepstem Limited, Directlinc Limited and Lincolnshire Field Products Limited to HSBC Bank.

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

22. FINANCIAL INSTRUMENTS

Group Group Company Company
28 January 29 January 28 January 29 January
2024 2023 2024 2023
£    £    £    £   
Financial assets
Financial assets 35,403,487 28,679,078 29,541 91,468

Financial liabilities
Financial liabilities (41,862,359 ) (31,906,080 ) (11,527,068 ) (7,880,502 )
Financial assets measured at amortised cost comprise trade debtors, amounts owed by the group, amounts owed by related party, other debtors and cash and cash equivalents.

Financial liabilities measured at amortised costs comprise bank loans and overdrafts, trade creditors, amounts owed to group, amounts owed to related party, obligations under finance lease and hire purchase, other creditors and accruals.

23. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,422,115 852,828 68,672 114,237
Other provisions
Insurance provision 427,590 571,805 - -

Aggregate amounts 1,849,705 1,424,633 68,672 114,237

Group
Deferred
tax Insurance
£    £   
Balance at 29 January 2023 852,828 571,805
Provided during period 614,852 -
Credit to Income Statement during period (45,565 ) (144,215 )
Balance at 3 February 2024 1,422,115 427,590

Company
Deferred
tax
£   
Balance at 29 January 2023 114,237
Credit to Statement of Comprehensive Income during period (45,565 )
Balance at 3 February 2024 68,672

Other provisions are an insurance provision included in relation to potential third party insurance claims.

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000

FRESHLINC GROUP LIMITED (REGISTERED NUMBER: 06482514)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

25. RESERVES

Group
Retained
earnings
£   

At 29 January 2023 12,942,595
Profit for the period 501,568
Dividends (500,000 )
At 3 February 2024 12,944,163

Company
Retained
earnings
£   

At 29 January 2023 327,513
Profit for the period 331,319
Dividends (500,000 )
At 3 February 2024 158,832


26. PENSION COMMITMENTS

Contributions to the defined contribution pension scheme in the period totalled £532,727 (2023 - £411,748).

27. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Fidelis Holdings Limited, whose registered office is: Wool Hall Farm Cross Gate, Wykeham, Spalding, Lincolnshire, England, PE12 6HW.

28. RELATED PARTY DISCLOSURES

Group

The balance owed by other related parties to the group is £10,791,943 (2023 - £7,429,310).

Company

As the parent company of Freshlinc Limited, Top Up Resources Limited, Floralinc Limited, Portlinc Limited and Directlinc Limited, the company is exempt from the requirements of FRS 102 to disclose transactions with these companies on the grounds that consolidated accounts are publicly available from Companies House.

29. ULTIMATE CONTROLLING PARTY

The Board of Directors of Fidelis Holdings Limited are considered to be the company's ultimate controlling party by virtue of their directorships and shareholdings in Fidelis Holdings Limited, the ultimate parent company.