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Registration number: 02942848

All World Foods Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

All World Foods Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 24

 

All World Foods Limited

Company Information

Directors

L D Alfonso

G C Sanquirgo

Registered office

3rd Floor (left)
Elizabeth House
54-58 High Street
Edgware
Middlesex
HA8 7EJ

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

All World Foods Limited

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the company is that of trading in the international food market, acting as both principal and agent in products such as fertiliser (ammonia), dairy products, rice, wheat, seed potatoes, soy and others. However, the company has also been looking into trading within other sectors and products, such as pneumatics, coffee, iron gluconate and zinc gluconate.

The directors consider these new products to be particularly attractive to the company following market assessment and profit analysis.

Fair review of the business

Profit before tax decreased by 31% on 2022 with the gross profit margin also decreasing from 16% to 9%.

Turnover was up by 143% from £14.6M in 2022 to £35.6M in 2023 due to significant trades in ammonia.

Net assets at 31 December 2023 amounted to £19,474,580 including cash at bank of £4,768,354.

The gross profit has risen from £2,316,203 in 2022 to £3,359,113, although the gross profit % has fallen from 15.8% to 9.4% as these increased ammonia sales have a lesser margin than food stuff.

The high prices in the international market have affected companies and economies worldwide and there has been an increase in credit risk due to extending credit periods and payment delays with some trade receivables.

However, all our trade debtors continue to recognise and express willingness to settle debt obligations.

The company is in the process of negotiating and planning new operations with existing customers and have also identified vias that permit the company to collect these debts.

Future developments

The company’s activities are expected to change over the next year with the inclusion of new products. The market conditions for our usual products remain competitive and challenging. The demand for the established traditional supplies has declined significantly and, consequently, the company is developing these new opportunities, products, and markets.

The company is confident that it has the necessary expertise and commercial awareness to continue progress in the international market and drive it to new businesses, markets, and products.

The company is also aware that new markets are likely to require additional financial resources, expertise, and specialized support.

The business is focused on operating professionally, productively, and efficiently, maintaining good relationships with customers and suppliers.

Financial KPIs

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£

35,584,877

14,652,658

Profit before tax

£

2,039,907

2,935,160

Gross Profit

%

9

16

 

All World Foods Limited

Strategic Report for the Year Ended 31 December 2023

Non-financial KPIs

There are numerous non-financial performance indicators used by the director but none are considered to be key.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are - foreign exchange risk, price risk, credit risk, liquidity, and cash flow risk.

The company manages risks and exercises control through the production of monthly management accounts, detailed contract analysis & control reports, cash flow forecasting, credit control procedures, and maintaining good relationships with customers. Furthermore, concerning new market business, the company looks to receive payment in advance.

In the process of fixing contracts, prices, and managing funds the managing director regularly reviews the foreign currency markets to eliminate or mitigate the effects of any significant unforeseen negative exchange movements.

• Foreign exchange currency risk

The company is exposed to currency exchange rate risk due to trading with overseas companies in foreign currency and the risk of adverse exchange rate movements both in respect of foreign currency cash balances and credit purchases and sales between the date of the transactions and the actual payment dates.

The company manages the foreign currency exposure through matching foreign currency contracts and the use of foreign currency bank accounts to match receipts with payments and when possible, taking advantage of favourable exchange rate opportunities. The net exposure of each currency is monitored by reviewing forward exchange rates and taking account of anticipated movements when negotiating key transactions and contracts.
• Price risk
The company buys and sells some food commodities. There is a risk exposure in respect of changes in the market prices of these commodities. The company manages the risk by negotiating back-to-back contracts and purchasing to match sales orders.

• Credit risk

The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services, but the company is at risk in a transaction, if a customer is unable to pay the debt on the specified due date, but the company manages this risk by assessing the creditworthiness of customers by performing regular reviews debtors or new customers.
When considered necessary the company requests a percent payment beforehand to the delivery, evaluates the cash flow of some customers before the negotiation, and selects what business could guarantee the payment.

The company has had no significant historical experience of bad debts.


 

 

All World Foods Limited

Strategic Report for the Year Ended 31 December 2023

• Liquidity and cash flow risks

The company's exposure to liquidity and cash flow risks arises primarily from mismatches of the maturities of financial assets and liabilities, and unexpected future market and business changes.

The risks are managed through the use of bank current and deposit accounts, loans, matching payments and receipts, managing resources to shorten the working capital cycle, monitoring the company’s cash position regularly, and preparing management reports.

The nature of the company’s business is such that cash flows are predictable and the risk is managed by preparing cash flow forecasts to ensure resources are available to meet its financial obligations as they fall due, to identify periods of cash surplus or shortfalls to invest cash assets safely or arrange financing when necessary.

The director continuously monitors for and responds to changes in the company's risk environment, so ensuring that the company remains well-placed to address operational, financial, and business risks in a timely and appropriate manner.

 

Current economic climate

The current economic climate has led to a decrease in demand for our customers' products. This has prompted the company to engage in new business and to acquire external financing when required.

The director is confident and positive about trading and that the company will continue meeting its obligations as they fall due.

The company continues to operate effectively and there has been no material impact on its activities.
 

Approved by the Board on 26 November 2024 and signed by:

.........................................
G C Sanquirgo
Director

 

All World Foods Limited

Directors' Report for the Year Ended 31 December 2023

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

Directors of the company

The directors who held office during the year were as follows:

A C Chaveco (ceased 13 November 2023)

L D Alfonso (appointed 3 April 2023)

G C Sanquirgo (appointed 22 November 2023)

Dividends

Interim dividends paid during the year amounted to £259,965 (2022: £Nil).

Branches outside the United Kingdom

The company has a branch that operates outside of the UK.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 26 November 2024 and signed by:



 

.........................................
G C Sanquirgo
Director

 

All World Foods Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

 

All World Foods Limited

Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2023

Opinion

We have audited the financial statements of All World Foods Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

All World Foods Limited

Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2023

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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 financial statements.

 

All World Foods Limited

Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2023

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

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws and regulations specific to soft commodities trading. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

All World Foods Limited

Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2023

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 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

29 November 2024

 

All World Foods Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

35,584,878

14,652,659

Cost of sales

 

(32,225,765)

(12,336,456)

Gross profit

 

3,359,113

2,316,203

Administrative expenses

 

(1,090,688)

559,951

Operating profit

4

2,268,425

2,876,154

Other interest receivable and similar income

5

110,880

71,139

Interest payable and similar charges

6

(339,398)

(12,133)

 

(228,518)

59,006

Profit before tax

 

2,039,907

2,935,160

Taxation

10

(487,300)

(560,687)

Profit for the financial year

 

1,552,607

2,374,473

Retained earnings brought forward

 

18,131,939

15,757,466

Dividends paid

 

(259,966)

-

Retained earnings carried forward

 

19,424,580

18,131,939

 

All World Foods Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

2,963

3,951

Current assets

 

Stocks

13

3,611,608

321,110

Debtors

14

15,088,849

21,362,397

Other financial assets

12

129,404

129,833

Cash at bank and in hand

 

4,768,354

4,192,196

 

23,598,215

26,005,536

Creditors: Amounts falling due within one year

16

(4,126,598)

(7,827,548)

Net current assets

 

19,471,617

18,177,988

Net assets

 

19,474,580

18,181,939

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

19

19,424,580

18,131,939

Shareholders' funds

 

19,474,580

18,181,939

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:

 

......................................................................

G C Sanquirgo

Director

Company registration number: 02942848

 

All World Foods Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,552,607

2,374,473

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

988

1,319

Profit on investment funds

(1,223)

(29,320)

Finance costs

6

339,398

12,133

Income tax expense

10

487,300

560,687

 

2,379,070

2,919,292

Working capital adjustments

 

Increase in stocks

13

(3,290,498)

(321,110)

Decrease/(increase) in trade and other debtors

 

6,273,548

(9,713,585)

Increase/(decrease) in trade and other creditors

 

3,089,172

(3,630,989)

Cash generated from operations

 

8,451,292

(10,746,392)

Income taxes paid

 

(467,934)

(501,825)

Net cash flow from operating activities

 

7,983,358

(11,248,217)

Cash flows from investing activities

 

Acquisition of investments in fixed income securities

-

(134,421)

Proceeds from the disposal of fixed income securities

 

1,875

872,119

Net cash flows from investing activities

 

1,875

737,698

Cash flows from financing activities

 

Interest paid

 

(339,398)

(12,133)

Proceeds from bank borrowing draw downs

 

(6,809,712)

6,809,712

Dividends paid

22

(259,965)

-

Net cash flows from financing activities

 

(7,409,075)

6,797,579

Net increase/(decrease) in cash and cash equivalents

 

576,158

(3,712,940)

Cash and cash equivalents at 1 January

 

4,192,196

7,905,136

Cash and cash equivalents at 31 December

 

4,768,354

4,192,196

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor (left)
Elizabeth House
54-58 High Street
Edgware
Middlesex
HA8 7EJ

The principal activity of the company is the international trade of ammonia and food products, acting as both principal and agent.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets of £19,474,580 at that date, including cash at bank of £4,768,354.

After careful assessment of the company's operating income and expenditure forecasts, reviewing projections of future contracted revenues, order enquiries, financing arrangements, and the war between Ukraine and Russia, the directors are satisfied that the company will continue to generate cash from operations and have adequate financial resources at least in the 12 month period from the date when the financial statements are authorised for issue, to meet its obligations as and when they fall due.

Accordingly, the directors have a reasonable expectation that the company has adequate resources to remain in operational existence and considers that it is appropriate to prepare the financial statements on a going concern basis.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

The company recognises revenue from the sale of goods and commission where acting as agent, once they have been discharged from the vessel and have been delivered to or collected by the customer or principal, once the risks and rewards of ownership have been transferred to the customer or principal.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Investments

Investments in fixed income securities which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Interest income on debt securities is recognised in income using the effective interest method.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stock comprises direct purchase cost plus attributable vessel hire costs and bunkers together with those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the director considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The director has assessed the recoverable value of trade debtors at 31 December 2023. At the date of approval of the financial statements an amount of £12,704,540 in respect of certain trade debtors remains unpaid although these debts have been acknowledged as due by the debtors and the company is taking action to recover the amounts due. The director believes the company will ultimately make a full collection of the amounts due and no provision for impairment is required.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

35,057,596

12,865,989

Commissions as agent

521,415

1,780,996

Other fees

5,867

5,674

35,584,878

14,652,659

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The geographical analysis of revenue is as follows:

2023
£

2022
£

Markets outside the United Kingdom

35,584,878

14,651,562

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

988

1,318

Foreign exchange losses/(gains)

744,987

(862,429)

5

Other interest receivable and similar income

2023
 £

2022
 £

Bank and other interest receivable

110,880

71,139

6

Interest payable and similar expenses

2023
 £

2022
 £

Other interest payable and similar charges

339,398

12,133

7

Staff costs

The aggregate costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

192,685

206,246

Overseas agency staff

6,475

4,377

Social security costs

19,408

21,836

Pension costs, defined contribution scheme

-

725

Other employee expenses

5,743

(9,713)

224,311

223,471

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

2

2

Sales

1

2

3

4

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

90,418

98,475

9

Auditor's remuneration

2023
 £

2022
 £

Audit of the financial statements

9,750

7,000


 

10

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

487,300

560,687

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 23.7% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,039,907

2,935,160

Corporation tax at standard rate

483,458

557,680

Tax (decrease)/increase from effect of capital allowances and depreciation

(234)

74

Effect of expense not deductible in determining taxable profit (tax loss)

4,456

2,933

Tax decrease from other tax effects

(380)

-

Total tax charge

487,300

560,687

Due to the increase in corporation tax from 19% to 25% the company's effective rate for the year is 23.7%.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

10,350

24,076

34,426

At 31 December 2023

10,350

24,076

34,426

Depreciation

At 1 January 2023

9,613

20,862

30,475

Charge for the year

184

804

988

At 31 December 2023

9,797

21,666

31,463

Carrying amount

At 31 December 2023

553

2,410

2,963

At 31 December 2022

737

3,214

3,951

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Other financial assets

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2023

129,833

129,833

Fair value adjustments

1,446

1,446

Disposals

(1,875)

(1,875)

At 31 December 2023

129,404

129,404

Carrying amount

At 31 December 2023

129,404

129,404

At 31 December 2022

129,833

129,833

13

Stocks

2023
£

2022
£

Stock for resale

3,359,396

-

Stock consumables

252,212

321,110

3,611,608

321,110

14

Debtors

2023
£

2022
£

Trade debtors

14,068,787

20,161,125

Other debtors

546,038

981,184

Prepayments

474,024

64,256

Accrued income

-

155,832

15,088,849

21,362,397

No provisions for impairment have been made against the carrying value of trade debtors. Interest is receivable on certain trade debtors at market rates and at 31 December 2023 an amount of £31,071 (2022: £218,269) is included in other debtors in respect of trade interest receivable.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Cash and cash equivalents

2023
£

2022
£

Cash on hand

4,768,354

4,192,196

16

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

20

-

6,809,712

Trade creditors

 

2,451,240

93,616

Amounts due to related parties

24

1,050,488

-

Social security and other taxes

 

8,522

14,796

Other creditors

 

26,241

19,171

Accruals and deferred income

 

242,845

562,357

Corporation tax liability

 

347,262

327,896

 

4,126,598

7,827,548

17

Pension schemes

The company made contributions in the year to a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost represents contributions payable for the year by the company to the scheme and amounted to £Nil (2022 - £725).

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

There are no restrictions on the distribution of dividends or the repayment of capital.

19

Reserves

The profit and loss account records retained earnings and accumulated losses.

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

6,809,712

21

Commitments, Guarantees and Contingencies

The total of future minimum lease payments under operating leases is as follows:

2023
£

2022
£

Not later than one year

22,974

52,142

Later than one year and not later than five years

3,520

25,117

26,494

77,259

22

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £5.20 (2022: £Nil) per Ordinary shares of £1 each

 

259,965

 

-

         

23

Analysis of changes in net debt

At 1 January 2023
£

Operating cash flows
£

At 31 December 2023
£

Cash and cash equivalents

Cash

4,192,196

576,158

4,768,354

 

4,192,196

576,158

4,768,354

 

All World Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

24

Related party transactions

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.

Key management compensation

Key management comprises solely the director of the company.

2023
£

2022
£

Salaries and other short term employee benefits

90,419

98,475

25

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Rivière Blanche Anstalt SA, incorporated in Liechtenstein.

The registered office of Riviѐre Blanche Anstalt SA is: c/o Invest and Services SA, Aulestrasse 60, PO Box 1226 FL - 9490 Vaduz, Lichtenstein.