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Registered number: 01741468










Edward Vinson Limited










Annual report and consolidated financial statements

For the period ended 31 December 2023

 
Edward Vinson Limited
 

Company Information


Directors
P E Vinson (resigned 1 June 2023)
R J Cook 
G J J Clarkson 
A G S Dunn 
P N West (appointed 1 May 2023)
D A R Adams 




Company secretary
A G S Dunn



Registered number
01741468



Registered office
4 Ewell Barn
Graveney Road

Faversham

Kent

ME13 8UP




Independent auditor
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU





 
Edward Vinson Limited
 

Contents



Page
Group strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated balance sheet
13
Company balance sheet
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18 - 42


 
Edward Vinson Limited
 

Group strategic report
For the period ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The period ended 31 December 2023 was profitable and the strength of the business’ operations continues to be the diversified operations it undertakes.   
Activities undertaken within the group are plant breeding, propagation and fruit production and supply to the soft fruit industry.  Whilst all these enterprises comprise many of the same costs, the ability to generate revenue differs between them.  It is this diversification that helps to balance the performance of the group. 
The 2023 harvest season was an improvement on the previous year, with the impact of some of the external factors that had presented challenges in the previous year reducing.  
Growing conditions varied throughout the season, but a strong finish helped the business to make further strides in the fruit production enterprise.  Investment in growing systems helped to improve yields.  Plans for improvements in post-harvest systems were made and are being implemented and this should result in the overall continuation of improvement in the fruit production enterprise.  
A lot of the challenges faced are outside of the business’ control, this is the nature of the industry.  However, it is crucial that where the business can influence its success, this is done in a positive and proactive way.  The business continues to focus on its customers and relationships and this is a key part of strategy going forward. 

Principal risks and uncertainties
 
The business environment in which the group operates continues to be challenging.  Management take necessary steps to ensure that business risks are addressed on a timely basis and the directors continue to monitor the situation and manage this risk through continuing review of the operations and strategy. 
Availability of labour, the key resource to all the business’ operations, remains a major risk.  In addition to availability, quality and cost of labour are of equal concern. Significant time, effort and cost is spent in recruiting, training and trying to ensure that employees have a positive experience. 
Brexit continues to have an impact on specific operations, notably where there is cross-border trading activity. 
To mitigate the changing weather patterns that are being seen, crop systems and processes are constantly being reviewed and refined. 

Financial key performance indicators
 
The key financial performance indicators are as follows:-

             December 2023     March 2023
    £'000   £'000

Gross Profit   4,350              2,295

Profit before tax  2,748   2,562

Financial risk management
 
The group's financial risks have been considered and discussed further in the directors' report.

Page 1

 
Edward Vinson Limited
 

Group strategic report (continued)
For the period ended 31 December 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The directors have a duty to promote the success of the group for the benefit of its members as a whole.  In doing so there must be regard to:
The likely consequences of any decision in the long term
Decision making is guided by the core values of the business and executed within the parameters of a clear governance framework.  The method of the decision making is dependent on the magnitude of the decision.  The group’s Board comprises executive and non-executive directors, which allows decisions to be appraised from different viewpoints.  Ultimately the long-term success and prosperity of the business drives any major decision.  In most situations, the tools to make decisions are available to the Board and it is the responsibility of the Board members to produce sufficient, appropriate information upon which a decision can be made.  More often than not this information is financial.  Regular Board meetings ensure that all major decisions are made only when the Board has been fully consulted and the necessary due diligence has taken place.  Around these Board meetings, it is usual for the Board to convene to discuss specific matters that arise and require attention. 
The interests of the group’s employees
The employees of the group are its major asset and are viewed as such.  The majority of the group’s operations are labour intensive and the search for systems and methods that make the nature of the work safer, more efficient and more enjoyable for the team is a continual process.  All employees are given a platform to communicate with senior management and similarly senior management are encouraged to know their staff.  Developing a positive culture and offering opportunity to all employees of the group is deemed vital for long-term success. 
The need to foster the group’s business relationships with suppliers, customers and others
A key objective of the group is to value, respect and provide exceptional service to our customers.  Due to the operations undertaken within the group, many of our customers could also be deemed to be our competitors.  However, it is felt that more can be achieved with a collaborative approach and going the extra mile for customers is something that makes a huge difference.  Similarly appreciating our suppliers for what they do is important and being honest and communicating clearly helps to develop and maintain the long-term relationships that underpin a successful business. 
The impact of the company’s operations on the community and the environment
Minimising waste and the impact the group’s operations have on the environment are increasingly relevant, particularly as we learn more and developments are made in these areas.  Using better materials and producing cleaner energy are the two main areas in which improvements are being sought, although being more efficient by utilising modern technology and new systems are also ways in which the group is looking to improve its energy and resource consumption. 
The reputation for a high standard of business conduct
The Board recognises the duty it has to all stakeholders to run the business well and maintain standards that it can stand by.  Hard work and diligence is evident throughout the group but this is only consolidated by conducting business the right way, which is something all employees are encouraged to do.  The Board aims to lead by example and it is hoped that this commitment to high standards sets the business culture of the group. 
The need to act fairly as between shareholders of the group
The group’s Board comprises independent executive and non-executive directors, which is able to make decisions objectively and in the best interests of the group’s shareholders.  The governance structure in place allows shareholders a direct line of communication to the group’s Chairman and shareholders are consulted as appropriate.  The long-term strategy set by the directors is with the ongoing success of the business and the enduring benefit of the shareholders at its heart. 

Page 2

 
Edward Vinson Limited
 

Group strategic report (continued)
For the period ended 31 December 2023


This report was approved by the board on 18 November 2024 and signed on its behalf.



A G S Dunn
Director

Page 3

 
Edward Vinson Limited
 

 
Directors' report
For the period ended 31 December 2023

The directors present their report and the financial statements for the Period ended 31 December 2023.

Directors' responsibilities statement

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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the Period, after taxation, amounted to £2,383,033 (2023 - £2,581,960).

Dividends of £125,000 were paid in the year.

Directors

The directors who served during the Period were:

P E Vinson (resigned 1 June 2023)
R J Cook 
G J J Clarkson 
A G S Dunn 
P N West (appointed 1 May 2023)
D A R Adams 


Page 4

 
Edward Vinson Limited
 

 
Directors' report (continued)
For the period ended 31 December 2023

Principal risks and uncertainties

Future developments
The directors and management will continue to seek means to achieve greater productivity from improved production and operational techniques.    
Financial instruments
The group has exposure to several areas of risk described below. The group has established a risk   management framework the primary objective of which is to mitigate the group’s exposure to risk in order to protect the group from events that may hinder its performance.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group’s objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements; the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. In the event that these cash flows would not be sufficient to enable the group to meet all of its obligations; the group has available credit facilities provided by its bankers, as disclosed in note 20. The interest rate risk arising from these facilities is considered by the directors to be minimal, and the group has not entered into any derivative instruments designed to mitigate exposure to such risk. With these facilities in place the group is in a position to meets its commitments and obligations as they fall due.
Customer credit exposure
The group regularly offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the group’s trade debtors are shown in note 18.
Price risk
Price risk arises on financial instruments due to fluctuations in commodity prices or equity prices. The group’s investment in joint ventures and associates are held at net asset value and are therefore not exposed to price risk. Listed investments with a fair value of £99,006 at the year end are exposed to price risk, which is mitigated by the active management of the group’s investment portfolio with the assistance of external financial advisers..
Research and development activities
The group continues to conduct a strawberry breeding programme, which has the long-term aim of producing improved varieties for the UK berry industry, with significant scientific and technological advances in respect of the shelf life, acidity content and yield.

Engagement with employees

Employees are kept informed about the progress and position of the group. Feedback is sought from staff on a regular basis at all levels and departments through regular HR initiatives. Regular SMT meetings are used to disseminate information and responsibility is placed upon managers to communicate effectively and ensure information is passed through the business.  Committees, such as the health and safety committee, have been created with the intention of involving staff in decision making and important aspects of the group’s operations.  Social and team building events are arranged to give employees an opportunity to interact outside of the work environment and to encourage operational departments to mix and share ideas.

Page 5

 
Edward Vinson Limited
 

 
Directors' report (continued)
For the period ended 31 December 2023

Engagement with suppliers, customers and others

The directors and other key management regularly meet with customers and key suppliers to ensure that strong relationships are built and maintained.  The management team are encouraged to learn from other businesses in the industry and collaborate where possible. 

Disabled employees

It is the group’s policy to give full consideration to suitable applications for employment of disabled persons. Disabled employees are eligible to participate in all career development opportunities available to staff. Opportunities also exist for employees of the group who become disabled to continue in their employment or to be retrained for other positions in the group. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the Period as follows:

Red diesel (Gasoil)   306
Road diesel    132
Electricity    402
Lubricant oil       1
Petrol        4

Total     899

Fuel per hectare equates to 8.9933 tCO2e.
Data was compiled from invoices and half hourly meters, which provide accurate energy usage.
These figures were calculated using the Farm Carbon Calculator and based on the period ended 31 December 2023.
An element of the emissions are offset by recycling and also parcels of farmland that remains wild and is not farmed.

The business continues to invest in energy-reducing equipment and processes.  There is planned investment in solar energy and new facilities that have been designed with energy and other efficiencies in mind, for example efficient heating and cooling, reduction of vehicles and LED lighting.

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6

 
Edward Vinson Limited
 

 
Directors' report (continued)
For the period ended 31 December 2023

This report was approved by the board on 18 November 2024 and signed on its behalf.
 





A G S Dunn
Director

Page 7

 
Edward Vinson Limited
 

 
Independent auditor's report to the members of Edward Vinson Limited
 

Opinion


We have audited the financial statements of Edward Vinson Limited (the 'parent Company') and its subsidiaries (the 'Group') for the Period ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 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 Auditor's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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.


Page 8

 
Edward Vinson Limited
 

 
Independent auditor's report to the members of Edward Vinson Limited (continued)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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 Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 9

 
Edward Vinson Limited
 

 
Independent auditor's report to the members of Edward Vinson Limited (continued)


Auditor's responsibilities for the audit of the financial statements
 

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


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

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and complying with the supermarket regulatory bodies. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and unidentified related party transactions. Audit procedures performed by the group engagement team included:
 
Discussions with management and assessment of known or suspected instances of non compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management and external audits by regulatory bodies; and
Assessment of identified fraud risk factors; and
Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Reading minutes of meetings of those charged with governance; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 10

 
Edward Vinson Limited
 

 
Independent auditor's report to the members of Edward Vinson Limited (continued)




Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Robert Sellers FCCA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Chatham Maritime

18 November 2024

Page 11

 
Edward Vinson Limited
 

Consolidated statement of comprehensive income
For the period ended 31 December 2023

9 months ended
31 December
Year ended
31 March
2023
2023
Note
£
£

  

Turnover
 4 
18,123,006
21,684,889

Cost of sales
  
(13,773,066)
(19,390,137)

Gross profit
  
4,349,940
2,294,752

Administrative expenses
  
(3,694,903)
(4,370,075)

Other operating income
 5 
809,980
2,682,779

Fair value movements
  
7,512
5,117

Operating profit
 6 
1,472,529
612,573

Income from fixed assets investments
  
1,093,973
1,849,220

Interest receivable and similar income
 11 
181,644
100,121

Interest payable and similar expenses
 12 
-
(6)

Profit before taxation
  
2,748,146
2,561,908

Tax on profit
 13 
(365,113)
20,052

Profit for the financial Period
  
2,383,033
2,581,960

  

Currency translation differences
  
(17,312)
43,008

Other comprehensive income for the Period
  
(17,312)
43,008

Total comprehensive income for the Period
  
2,365,721
2,624,968

Profit for the Period attributable to:
  

Owners of the parent Company
  
2,383,033
2,581,960

  
2,383,033
2,581,960

Total comprehensive income for the Period attributable to:
  

Owners of the parent Company
  
2,365,721
2,624,968

  
2,365,721
2,624,968

The notes on pages 18 to 42 form part of these financial statements.

Page 12

 
Edward Vinson Limited
Registered number: 01741468

Consolidated balance sheet
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
1
1

Tangible assets
 16 
9,029,468
6,911,409

Investments
 17 
382,811
373,688

  
9,412,280
7,285,098

Current assets
  

Stocks
 18 
7,483,251
4,246,626

Debtors: amounts falling due within one year
 19 
2,545,867
6,134,216

Cash at bank and in hand
 20 
8,597,980
5,820,328

  
18,627,098
16,201,170

Creditors: amounts falling due within one year
 21 
(4,099,554)
(2,137,548)

Net current assets
  
 
 
14,527,544
 
 
14,063,622

Total assets less current liabilities
  
23,939,824
21,348,720

Provisions for liabilities
  

Deferred taxation
 23 
(783,845)
(433,462)

  
 
 
(783,845)
 
 
(433,462)

Net assets
  
23,155,979
20,915,258


Capital and reserves
  

Called up share capital 
 24 
1,000
1,000

Share premium account
 25 
1,100,988
1,100,988

Foreign exchange reserve
 25 
26,222
43,534

Profit and loss account
 25 
22,027,769
19,769,736

Equity attributable to owners of the parent Company
  
23,155,979
20,915,258

  
23,155,979
20,915,258


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




R J Cook
Director

The notes on pages 18 to 42 form part of these financial statements.

Page 13

 
Edward Vinson Limited
Registered number: 01741468

Company balance sheet
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
7,463,424
5,443,333

Investments
 17 
137,451
128,328

  
7,600,875
5,571,661

Current assets
  

Stocks
 18 
865,079
3,149,895

Debtors: amounts falling due within one year
 19 
6,132,716
6,437,011

Cash at bank and in hand
 20 
7,838,164
4,837,844

  
14,835,959
14,424,750

Creditors: amounts falling due within one year
 21 
(1,282,608)
(1,076,043)

Net current assets
  
 
 
13,553,351
 
 
13,348,707

Total assets less current liabilities
  
21,154,226
18,920,368

  

Provisions for liabilities
  

Deferred taxation
 23 
(783,845)
(433,462)

  
 
 
(783,845)
 
 
(433,462)

Net assets
  
20,370,381
18,486,906


Capital and reserves
  

Called up share capital 
 24 
1,000
1,000

Share premium account
 25 
1,100,988
1,100,988

Profit and loss account brought forward
  
17,384,918
15,181,195

Profit for the Period
  
2,008,475
2,328,723

Other changes in the profit and loss account

  

(125,000)
(125,000)

Profit and loss account carried forward
  
19,268,393
17,384,918

  
20,370,381
18,486,906


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.


R J Cook
Director

The notes on pages 18 to 42 form part of these financial statements.

Page 14
 

 
Edward Vinson Limited


 

Consolidated statement of changes in equity
For the period ended 31 December 2023



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2022
1,000
1,100,988
526
17,312,776
18,415,290



Comprehensive income for the year


Profit for the year
-
-
-
2,581,960
2,581,960


Currency translation differences
-
-
43,008
-
43,008



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(125,000)
(125,000)





At 1 April 2023
1,000
1,100,988
43,534
19,769,736
20,915,258



Comprehensive income for the Period


Profit for the Period
-
-
-
2,383,033
2,383,033


Currency translation differences
-
-
(17,312)
-
(17,312)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(125,000)
(125,000)



At 31 December 2023
1,000
1,100,988
26,222
22,027,769
23,155,979



The notes on pages 18 to 42 form part of these financial statements.

Page 15

 

 
Edward Vinson Limited


 

Company statement of changes in equity
For the period ended 31 December 2023



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 April 2022
1,000
1,100,988
15,181,195
16,283,183



Comprehensive income for the year


Profit for the year
-
-
2,328,723
2,328,723



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(125,000)
(125,000)





At 1 April 2023
1,000
1,100,988
17,384,918
18,486,906



Comprehensive income for the year


Profit for the Period
-
-
2,008,475
2,008,475



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(125,000)
(125,000)



At 31 December 2023
1,000
1,100,988
19,268,393
20,370,381



The notes on pages 18 to 42 form part of these financial statements.

Page 16
 
Edward Vinson Limited
 

Consolidated statement of cash flows
For the period ended 31 December 2023

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Cash flows from operating activities

Profit for the financial Period
2,383,033
2,581,960

Adjustments for:

Depreciation of tangible assets
459,671
598,124

Loss on disposal of tangible assets
6,551
13,072

Interest paid
-
6

Dividends and interest received
(1,275,617)
(1,849,220)

Taxation charge
365,113
(20,052)

(Increase) in stocks
(3,236,625)
(76,751)

Decrease/(increase) in debtors
3,443,687
(208,955)

Increase in creditors
1,974,275
577,822

Net fair value (gains) recognised in P&L
(7,512)
(5,117)

Corporation tax received
128,321
44,615

Foreign exchange
(17,312)
43,008

Other movement on investments
-
(2,131)

Net cash generated from operating activities

4,223,585
1,696,381


Cash flows from investing activities

Purchase of tangible fixed assets
(2,584,792)
(2,454,061)

Sale of tangible fixed assets
511
102,196

Interest received
181,644
-

Dividends received
1,093,973
1,849,220

Net cash from investing activities

(1,308,664)
(502,645)

Cash flows from financing activities

Repayment of/new finance leases
(12,269)
(16,359)

Dividends paid
(125,000)
(125,000)

Interest paid
-
(6)

Net cash used in financing activities
(137,269)
(141,365)

Net increase in cash and cash equivalents
2,777,652
1,052,371

Cash and cash equivalents at beginning of Period
5,820,328
4,767,957

Cash and cash equivalents at the end of Period
8,597,980
5,820,328


Cash and cash equivalents at the end of Period comprise:

Cash at bank and in hand
8,597,980
5,820,328

8,597,980
5,820,328


Page 17

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

1.


General information

Edward Vinson Limited is a limited liability company incorporated in England and Wales with registration number 01741468.
The address of the registered office and the principal place of business is 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP. 
The principal activity of the group during the year was soft fruit farming in East Kent, Hampshire, Surrey and Bulgaria.
The financial statements are presented for the 9 month period ended 31 December 2023. The accounting reference date has been changed to align with that of the indirect subsidiary undertaking. The comparative period presented is for the 12 months ended 31 March 2023 and therefore the amounts presented (including the related notes) are not entirely comparable. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") 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 which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Turnover

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:

Sale of goods

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

 
2.5

Operating leases: the Group as lessee

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

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

Page 19

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Research and development

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

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

Finance costs

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

 
2.10

Pensions

Defined contribution pension plan

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

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

Page 20

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Taxation

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

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

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

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

 
2.12

Intangible assets

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 Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

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

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

Page 21

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold land and farms
-
Nil
Freehold buildings purchased with farms
-
Nil
Freehold buildings: Erected subsequently
-
4% of cost
Improvements to rented farms
-
10% of cost
Implements
-
20 - 25% reducing balance
Computer equipment
-
33% reducing balance
Cold store
-
25 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Associates

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

Stocks

Growing crops and plants have been valued at the lower of cost and net realisable value, these are classified as stocks given that they are held for resale soon after the year end.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.17

Debtors

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

 
2.18

Cash and cash equivalents

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

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

 
2.19

Creditors

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

Page 23

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

Provisions for liabilities

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

 
2.22

Financial instruments

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

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

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 24

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)


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

Financial liabilities

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

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.23

Dividends

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

Page 25

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The group has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the group has acquired the risks and rewards associated with the ownership of the underlying assets.
The following are the group’s key sources of estimation uncertainty:
Tangible fixed assets
The group has recognised tangible fixed assets with a carrying value of £9,029,468 (March 2023: £6,911,409) at the reporting date (see note 16).  These assets are stated at their cost less provision for depreciation and impairment. The group’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions.  At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where  there  are  indicators that  the  carrying value of tangible assets may be  impaired the  group undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the group’s forecasts for the foreseeable future which do not include any restructuring activities that the group is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £433,462 (March 2023: £433,462) at the reporting date (see note 22).  This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.

Page 26

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

4.


Turnover

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


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Soft fruit
15,543,751
13,236,811

Plant sales
1,136,304
5,821,530

Non UK plant sales
967,311
1,426,880

Packhouse income
475,640
1,199,668

18,123,006
21,684,889


Analysis of turnover by country of destination:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

United Kingdom
17,155,695
20,258,009

Rest of Europe
734,675
1,007,282

Rest of the world
232,636
419,598

18,123,006
21,684,889



5.


Other operating income

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Rent, wayleaves and keep
148,369
190,647

Royalties
206,956
1,370,823

Sundry income
8,562
605,673

Grants
446,093
515,636

809,980
2,682,779


Page 27

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

6.


Operating profit

The operating profit is stated after charging:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Depreciation of tangible fixed assets
468,213
582,440

Exchange differences
(25,544)
29,648

Loss / (profit) on disposal of fixed assets
6,551
13,072

Operating lease expenses
333,737
347,662

Defined contribution pension cost
142,419
188,142

Fees payable to the group's auditor and its associates for the audit of the group's annual accounts
28,000
25,000


7.


Auditor's remuneration

During the Period, the Group obtained the following services from the Company's auditor and its associates:


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
17,000
15,000

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
3,000
2,730

All non-audit services not included above
8,500
10,949

Page 28

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

8.


Employees

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


Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£


Wages and salaries
10,193,101
10,983,983
7,062,864
7,744,331

Social security costs
799,055
884,176
605,051
665,340

Cost of defined contribution scheme
142,419
188,142
108,219
145,657

11,134,575
12,056,301
7,776,134
8,555,328


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


   9 months ended
     31 December
       Year ended
        31 March
        2023
        2023
            No.
            No.







Office and management
34
39



Farm workers (including regular part-timers)
469
465

503
504


9.


Directors' remuneration

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Directors' emoluments
378,417
464,447

Group contributions to defined contribution pension schemes
53,016
60,049

431,433
524,496


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

The highest paid director received remuneration of £100,430 (2023 - £123,626).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,579 (2023 - £14,868).

Page 29

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

10.


Income from investments

9 months ended
31 December
Year ended
31 March
2023
2023
£
£



Income from current asset investments
33,973
33,220


Dividends received from unlisted investments
1,060,000
1,816,000



11.


Interest receivable

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Interest receivable from group companies
-
50,417

Other interest receivable
181,644
49,704


12.


Interest payable and similar expenses

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Bank interest payable
-
6

Page 30

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

13.


Taxation


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Corporation tax


Current tax on profits for the year
14,730
7,828

Adjustments in respect of previous periods
-
(202,732)


Total current tax
14,730
(194,904)

Deferred tax


Origination and reversal of timing differences
350,383
174,852

Total deferred tax
350,383
174,852


Tax on profit
365,113
(20,052)
Page 31

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023
 
13.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the Period/year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Profit on ordinary activities before tax
2,748,146
2,561,908


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
687,037
486,763

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,139
7,884

Depreciation on assets not claiming capital allowances
28,847
29,320

Adjustments to tax charge in respect of prior periods
-
(202,732)

Other timing differences leading to an increase (decrease) in taxation
-
45,358

Non-taxable income
(1,878)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(79,861)
-

Dividends from UK companies
(271,064)
(351,352)

Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
7,813
15,627

Deferred tax movement on quoted investments
-
1,378

Fair value movements
-
(972)

Super-deduction capital allowances
(7,920)
(51,326)

Total tax charge for the Period/year
365,113
(20,052)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 32

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

14.


Dividends

31 December
31 March
2023
2023
£
£


Dividends paid on equity capital
125,000
125,000


15.


Intangible assets

Group and Company







Goodwill

£



Cost


At 1 April 2023
1



At 31 December 2023

1






Net book value



At 31 December 2023
1



At 31 March 2023
1



Page 33

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

16.


Tangible fixed assets

Group








Freehold property
Long-term leasehold property
Plant and machinery
Vehicles and equipment
Assets under cons-truction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
5,706,449
579,035
846,353
5,802,494
361,001
13,295,332


Additions
-
-
191,616
40,470
2,384,010
2,616,096


Disposals
-
-
-
(1,153,592)
-
(1,153,592)


Transfers between classes
798,717
-
31,758
616,145
(1,446,620)
-


Exchange adjustments
(18,146)
-
(13,122)
-
(36)
(31,304)



At 31 December 2023

6,487,020
579,035
1,056,605
5,305,517
1,298,355
14,726,532



Depreciation


At 1 April 2023
1,151,816
537,375
390,859
4,303,873
-
6,383,923


Charge for the Period on owned assets
114,706
8,160
110,473
234,874
-
468,213


Disposals
-
-
-
(1,146,530)
-
(1,146,530)


Exchange adjustments
(2,482)
-
(6,060)
-
-
(8,542)



At 31 December 2023

1,264,040
545,535
495,272
3,392,217
-
5,697,064



Net book value



At 31 December 2023
5,222,980
33,500
561,333
1,913,300
1,298,355
9,029,468



At 31 March 2023
4,554,633
41,660
455,494
1,498,621
361,001
6,911,409

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 December
31 March
2023
2023
£
£



Vehicles and equipment
37,850
44,528

Page 34

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

           16.Tangible fixed assets (continued)


Company









Freehold property
Long-term leasehold property
Vehicles and equipment
Assets under cons-truction
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
4,684,430
430,720
5,802,494
358,710
11,276,354


Additions
-
-
40,470
2,336,944
2,377,414


Disposals
-
-
(1,153,592)
-
(1,153,592)


Transfers between classes
798,717
-
616,145
(1,414,862)
-



At 31 December 2023

5,483,147
430,720
5,305,517
1,280,792
12,500,176



Depreciation


At 1 April 2023
1,140,089
389,059
4,303,873
-
5,833,021


Charge for the Period on owned assets
107,227
8,160
234,874
-
350,261


Disposals
-
-
(1,146,530)
-
(1,146,530)



At 31 December 2023

1,247,316
397,219
3,392,217
-
5,036,752



Net book value



At 31 December 2023
4,235,831
33,501
1,913,300
1,280,792
7,463,424



At 31 March 2023
3,544,341
41,661
1,498,621
358,710
5,443,333






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 December
31 March
2023
2023
£
£



Vehicles and equipment
-
44,528

Page 35

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

17.


Fixed asset investments

Group








Investments in associate
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 April 2023
246,400
127,287
1
373,688


Revaluations
-
9,123
-
9,123



At 31 December 2023
246,400
136,410
1
382,811




Company








Investments in subsidiary company
Investments in associate
Listed investments
Unlisted investments
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,000
40
127,287
1
128,328


Revaluations
-
-
9,123
-
9,123



At 31 December 2023
1,000
40
136,410
1
137,451





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Edward Vinson Plants Limited
4 Ewell Barn
Graveney Road
Faversham
Kent
ME13 8UP
Propagation of soft fruit plants
Ordinary
100%

Page 36

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Rosie Plants EOOD
Partsel 015052-oranzherii str./blvd
Mestnost Azmaka Distr Lozen
4489 Bulgaria
Propagation of soft fruit plants
Ordinary
100%


Associate


The following was an associate of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Berryworld Plus Limited
The Henley Building
Newton Road
Henley on Thames
Oxfordshire
RG9 1HG
The selection and breeding of commercial varieties of raspberries
Ordinary
40%


18.


Stocks

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Materials in ground
6,832,706
3,562,586
324,478
2,566,070

Other valuations and stocks in hand
650,545
684,040
540,601
583,825

7,483,251
4,246,626
865,079
3,149,895


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 37

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

19.


Debtors

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£


Trade debtors
2,086,853
4,684,103
1,538,185
730,376

Amounts owed by group undertakings
-
-
3,730,530
3,574,349

Other debtors
206,383
231,594
68,916
143,789

Prepayments and accrued income
252,631
1,218,519
795,085
1,988,497

2,545,867
6,134,216
6,132,716
6,437,011



20.


Cash and cash equivalents

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Cash at bank and in hand
8,597,980
5,820,328
7,838,164
4,837,844



21.


Creditors: Amounts falling due within one year

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Trade creditors
1,033,193
1,279,943
850,768
759,474

Other taxation and social security
175,634
133,995
112,956
80,960

Obligations under finance lease and hire purchase contracts
2,597
14,866
2,597
14,866

Other creditors
393,734
180,511
36,881
54,404

Accruals and deferred income
2,494,396
528,233
279,406
166,339

4,099,554
2,137,548
1,282,608
1,076,043


Page 38

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Within one year
2,597
14,865
2,597
14,865

2,597
14,865
2,597
14,865


23.


Deferred taxation


Group



2023


£






At beginning of year
(433,462)


Charged to profit or loss
(350,383)



At end of year
(783,845)

Company


2023


£






At beginning of year
(433,462)


Charged to profit or loss
(350,383)



At end of year
(783,845)

The provision for deferred taxation is made up as follows:

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Accelerated capital allowances
(766,142)
(494,504)
(766,142)
(494,504)

Tax losses carried forward
-
80,009
-
80,009

Fair value movement of investments
(17,703)
(18,967)
(17,703)
(18,967)

(783,845)
(433,462)
(783,845)
(433,462)

Page 39

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

24.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each
1,000
1,000



25.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the group.  Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Foreign exchange reserve

This reserve comprises the exchange movement on the revaluation of Rosie Plants EOOD transactions.

Profit and loss account

This reserve comprises all current and prior period profits and losses after deducting any distributions made to the group's shareholders.

26.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

5,820,328

2,777,652

8,597,980

Finance leases

(14,866)

12,269

(2,597)


5,805,462
2,789,921
8,595,383


27.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Contracted for but not provided in these financial statements
(2,528,000)
-
(2,528,000)
-

(2,528,000)
-
(2,528,000)
-

Page 40

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.
No premiums were accrued at the period end (March 2023 - £Nil)


29.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Land and buildings

Not later than 1 year
169,900
177,600
36,400
44,100

Later than 1 year and not later than 5 years
295,200
342,700
9,975
19,950

Later than 5 years
115,375
142,000
-
-

580,475
662,300
46,375
64,050

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Other

Not later than 1 year
50,249
43,828
36,593
30,172

Later than 1 year and not later than 5 years
87,664
60,504
77,080
49,920

137,913
104,332
113,673
80,092

Page 41

 
Edward Vinson Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

30.


Related party transactions

Associated company
Edward Vinson Limited owns 40% of the shares of Berryworld Plus Limited. During the period Edward
Vinson Limited received £1,122,743 (March 2023: £1,305,502) for recovery of costs incurred.
During the period Berryworld Plus Limited paid dividends of £1,060,000 (March 2023: £1,816,000) to Edward Vinson Limited.
.
All transactions are on normal commercial trading terms.
As at 31 December 2023 Edward Vinson Limited was owed £304,653 (March 2023: £26,973) from Berryworld Plus Limited.
Key management personnel
All group directors who have authority and responsibility for planning, directing and controlling the activities of the group  are  considered to be key management personnel.  The total remuneration, including employers national insurance contributions, in respect of those individuals remunerated by the group is £476,284 (March 2023: £581,566)


31.


Controlling party

There is no ultimate controlling party of the company.


Page 42