Company registration number SC185769 (Scotland)
Angus Soft Fruits Limited
Annual report and consolidated financial statements
for the year ended 30 April 2024
Angus Soft Fruits Limited
Company information
Directors
L M Porter
W H Porter
J A G Gray
J A C Gray
N L Redford
Secretary
N L Redford
Company number
SC185769
Registered office
East Seaton Farm
Arbroath
DD11 5SD
Auditor
Henderson Loggie LLP
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Solicitors
Dentons
1 George Square
Glasgow
G2 1AL
Angus Soft Fruits Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 39
Angus Soft Fruits Limited
Strategic report
for the year ended 30 April 2024
- 1 -

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

Review of the business

The principal activity of the group during the year was the sale of soft fruit to UK, Europe and Asia retail, food service and wholesale sectors.

 

 

2024
£000

2023
£000

Group turnover

150,052

161,584

Operating profit

1,650

125

Profit before tax

2,428

291

Shareholders’ funds

8,086

5,596

 

During the year to 30 April 2023 the group took the decision to cease the activities of its trading subsidiary in the Netherlands as that investment had consistently failed to meet expectations. Consequently, group turnover for 2024 is slightly lower than that of the previous year. Conversely, investments the group has made in its farming entities over a number of years began to generate commercial volumes of fruit during the year. The results of those joint ventures, together with continuous focus on supply chain efficiency have enabled the group to begin to return to the profitability norms expected for the sector in which we operate.

Shareholders’ funds as at 30 April 2024 stood at £8.1m which represents a solid equity base that provides the group with the financial strength to meet the challenges of the market and to continue to respond to the requirements of our customers.

Strategy and objectives

Using all of the group’s extensive expertise and resources our aim is to consistently deliver great tasting berries that will delight our customers. We continuously look to enhance our reputation for quality, professionalism and innovation and to foster the depth and quality of our long-term relationships with our customers. We endeavour to be recognised as the supplier of choice for soft fruit by the consumer.

 

We recognise the vital importance of our people in the achievement of these objectives. We are committed to sustaining a good working environment for employees and to ensure that their health and well-being are prominent on the list of our corporate values. We also require our suppliers to comply with our Ethical Trade and Human Rights Policy and to monitor the working conditions for the people who pick, pack and deliver our berries.

 

Current development and performance

The group has developed strong and long lasting relationships with our farming partners both in the UK and elsewhere to provide the quality of soft fruit demanded by our consumers. The group is also committed to buying locally sourced produce during the UK summer season. In addition, we continue to invest in the development of new fruit varieties through our teams located in the UK and Spain.

 

Although the majority of group sales are UK based, export opportunities continue to be pursued in Asia and the Middle East.

 

 

Angus Soft Fruits Limited
Strategic report (continued)
for the year ended 30 April 2024
- 2 -

Sustainability

We are the first berry supplier in the UK to import strawberries using innovative new punnets without plastic base pads. We also intend to eliminate 42 million bubble pads from our domestic strawberry punnets. These actions will assist us on our journey as we work towards 100% recyclable packaging.

 

We are currently working closely with our farming partners to ensure working practices are compatible with our biodiversity objectives using the Leaf scheme principles. We aim to have 100% of our berries sourced through this scheme in the UK.

 

We have invested in new optical sorting machinery in our packhouse in order to reduce food waste. We are also part of the WRAP Food Waste Reduction Roadmap.

 

Our Scottish growers have reduced their carbon emissions per kilogramme of fruit by 28% since 2013, equivalent to 1,247 tonnes of carbon per year. Our own energy and carbon report is presented in the Directors’ report below.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are as follows:

Interest rate risk

The group monitors interest rates closely in order to minimise its potential exposure to any interest rate movements.

 

Credit risk

The group monitors credit risk regularly using credit insurance where necessary to protect it from non-payment and considers that its current policy of credit insurance and checks meets its objectives of managing exposure in this area. Together with its bankers the group also monitors any significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event that other parties fail to perform their obligations under financial instruments.

 

Liquidity risk

The group's aim is to maintain a balance between continuity of funding and flexibility through maintaining a sustainable level of external borrowings.

 

Currency risk

The group has some exposure to foreign currency risk as it has transactions in Euros, US Dollars, Moroccan Dirhams and Chilean Pesos. Forward currency contracts are entered into as and when required to minimise the impact of fluctuations in exchange rates.

 

Fair values of financial assets and liabilities

Financial instruments included in the accounts have been reviewed and the carrying values per the accounts are considered to be the same as the fair value of these financial instruments.

 

Angus Soft Fruits Limited
Strategic report (continued)
for the year ended 30 April 2024
- 3 -
Promoting the success of the company

The directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole in the decisions taken during the current year.

When making these decisions the directors have given regard to:

 

As Angus Soft Fruits Limited is a family business this is considered to be important in creating a sustainable business platform which enables management to plan over the longer term for the benefit of its customers, employees and the wider community. The majority of stakeholder engagement is carried out by the directors personally.

The directors consider information from across the organisation to help them understand the impact of the group's operations and the interests and views of our key stakeholders. They also review strategy and financial and operational performance as well as information covering areas such as key risks and legal and regulatory compliance.

As a result of these activities, the directors have an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.

 

On behalf of the board

J A C Gray
Director
3 December 2024
Angus Soft Fruits Limited
Directors' report
for the year ended 30 April 2024
- 4 -

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

Principal activities

The principal activity of the group during the year was the sale of soft fruit to the retail, food service and wholesale sectors.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend the payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L M Porter
W H Porter
J A G Gray
J A C Gray
N L Redford
Disabled persons

The company is committed to an active equal opportunities policy from recruitment and selection, through training, development, appraisal and promotion to retirement for all employees including those with a disability. It is our policy to promote an environment free from discrimination, harassment and victimisation.

 

The organisation will make such adjustments as are reasonable to enable a disabled employee to carry out their duties and to remain in employment. The organisation is committed to recruiting and retaining the best employees on the basis of their abilities and individual merit.

Equal Opportunities Policy

The company is committed to providing equal opportunities in employment and to avoiding unlawful discrimination in employment or any other facet of its business.

 

The organisation will strive to ensure that the work environment is free of harassment and bullying and that everyone is treated with dignity and respect.

 

The company operates policies that confirm staff should not discriminate directly or indirectly in recruitment or employment because of age, disability, sex, gender, pregnancy, maternity, race (which includes colour, nationality and ethnic or national origins), sexual orientation, religion or belief, or because someone is married or in a civil partnership.

 

Employee Involvement

The company believes that an organisation that communicates well with its workforce performs best. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group’s performance.

Angus Soft Fruits Limited
Directors' report (continued)
for the year ended 30 April 2024
- 5 -
Future developments

The group will continue to develop new berry varieties for the benefit of our customers. Since the year end we have launched two new raspberry varieties, AVA Monet and AVA Dali which are targeted at the premium quality sector of the market.

 

The directors will also continue to invest in people and facilities to ensure that the group remains a sustainable and world class supplier of soft fruits.

Auditor

Henderson Loggie LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

 

Greenhouse gas emissions, energy consumption and energy efficiency action

We fully recognise our responsibility to protect the environment and therefore we have environmental policies, objectives and guidelines in place which we review and update regularly. The group complies with all regulations covering the processing and disposal of toxic and non-toxic waste and uses qualified licensed contractors for the collection and disposal of waste where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely monitoring our emissions and waste.

 

The following disclosures refer to Angus Soft Fruits Limited as a standalone company as it is the only entity within the group that falls within the reporting thresholds. The data covers the financial year from 1 May to 30 April in each year and is converted to metric tons of carbon dioxide equivalents for comparison purposes.

 

 

 

2023-2024

2022-2023

 

 

tCO2e

 

tCO2e

Electricity

1,167,198 kwh

242

1,213,306 kwh

234

Petrol/Diesel

34,888 litres

82

30,827 litres

79

Total

 

324

 

313

 

Energy efficiency action

Although we have managed to reduce the actual kwh of electricity during 2023/24 the conversion factors applied have been increased in line with guidance from the relevant government agency which is outwith our control. In addition, although petrol/diesel emissions have increased slightly so have activity levels. The intensity measure below is intended to overcome variations in production volumes and provide a better like for like comparison. This measure indicates that overall emissions per £m of turnover have actually decreased over the year. The business managed to reduce the overall emissions per £m of turnover by a reduction in the use of heating oil.

 

The company is a producer of high quality natural produce and therefore the journey towards net zero emissions is a natural extension of its core values. As stated above, the company has undertaken numerous initiatives over a number of years to reduce any negative environmental impact and indeed to improve biodiversity.

Angus Soft Fruits Limited
Directors' report (continued)
for the year ended 30 April 2024
- 6 -

Intensity ratio and methodologies

An intensity ratio can be used to measure the relationship between CO2e emissions and productivity over time. The company uses the ratio of tonnes of CO2e per £m of turnover.

 

For the year ended 30 April 2024 there were 324t CO2e giving a ratio of 2.20t CO2e per £m of turnover. For the year ended 30 April 2023 there were 313t CO2e giving a ratio of 2.27t CO2e per £m of turnover. This is a decrease of 0.06t CO2e per £m of turnover on the previous year.

 

Half hourly energy consumption data is gathered throughout the year for the main electricity supply so no estimated data is used in these calculations. Fuel records for company vehicles were as recorded in company expense records.

 

The information in this energy use statement is based on our Streamlined Energy and Carbon Reporting (SECR) document.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

The financial statements have been prepared by the directors under the going concern basis.

The group continues to closely monitor and manage its funding position to ensure that it has access to sufficient funds to meet forecast cash requirements. The group’s solid equity base and headroom within its banking facilities, including the invoice financing facility, provides it with the financial strength to deal with the impact of any foreseeable business transactions.

As a result, the directors have a reasonable expectation that the group will continue in operation for the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing these financial statements.

Strategic report

Included within the strategic report is an indication of the principal risks and uncertainties including the risk associated with the market conditions, competition, foreign currency risk, and legislative and compliance risks.

On behalf of the board
J A C Gray
Director
3 December 2024
Angus Soft Fruits Limited
Directors' responsibilities statement
for the year ended 30 April 2024
- 7 -

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

 

Angus Soft Fruits Limited
Independent auditor's report
to the members of Angus Soft Fruits Limited
- 8 -
Opinion

We have audited the financial statements of Angus Soft Fruits Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

 

Angus Soft Fruits Limited
Independent auditor's report (continued)
to the members of Angus Soft Fruits Limited
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic 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:

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement, 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 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 drectors either intend to liquidate the parent 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

 

As part of our planning process:

Angus Soft Fruits Limited
Independent auditor's report (continued)
to the members of Angus Soft Fruits Limited
- 10 -

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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.

Diana Penny (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
3 December 2024
Chartered Accountants
Statutory Auditor
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Angus Soft Fruits Limited
Group statement of comprehensive income
for the year ended 30 April 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
150,052,088
161,584,476
Cost of sales
(135,416,804)
(149,847,317)
Gross profit
14,635,284
11,737,159
Administrative expenses
(12,988,273)
(11,677,520)
Other operating income
2,627
65,754
Operating profit
4
1,649,638
125,393
Share of profits of associates
1,710,962
51,743
Interest receivable and similar income
8
13,703
20,710
Interest payable and similar expenses
9
(946,152)
93,186
Profit before taxation
2,428,151
291,032
Tax on profit
10
(93,200)
(281,201)
Profit for the financial year
25
2,334,951
9,831
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
155,505
(309,144)
Total comprehensive income for the year
2,490,456
(299,313)
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Angus Soft Fruits Limited
Group balance sheet
as at 30 April 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
107,264
64,682
Tangible assets
12
815,098
1,144,007
Investments
13
5,213,762
3,700,627
6,136,124
4,909,316
Current assets
Stocks
16
965,838
969,224
Debtors
17
22,992,839
24,374,514
Cash at bank and in hand
1,580,744
1,722,211
25,539,421
27,065,949
Creditors: amounts falling due within one year
18
(20,465,237)
(22,961,684)
Net current assets
5,074,184
4,104,265
Total assets less current liabilities
11,210,308
9,013,581
Creditors: amounts falling due after more than one year
19
(3,124,300)
(3,418,029)
Net assets
8,086,008
5,595,552
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
8,085,908
5,595,452
Total equity
8,086,008
5,595,552
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
03 December 2024
J A C Gray
Director
Company registration number SC185769 (Scotland)
Angus Soft Fruits Limited
Company balance sheet
as at 30 April 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
82,572
64,682
Tangible assets
12
733,717
911,866
Investments
13
2,245,005
2,350,853
3,061,294
3,327,401
Current assets
Stocks
16
473,298
354,038
Debtors falling due after more than one year
17
221,880
3,993,363
Debtors falling due within one year
17
24,037,423
21,436,007
Cash at bank and in hand
1,055,297
1,447,055
25,787,898
27,230,463
Creditors: amounts falling due within one year
18
(20,764,488)
(21,908,684)
Net current assets
5,023,410
5,321,779
Total assets less current liabilities
8,084,704
8,649,180
Creditors: amounts falling due after more than one year
19
(3,124,300)
(3,418,029)
Net assets
4,960,404
5,231,151
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
4,960,304
5,231,051
Total equity
4,960,404
5,231,151

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £270,747 (2023 - £6,361,542 loss).

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
03 December 2024
J A C Gray
Director
Company registration number SC185769 (Scotland)
Angus Soft Fruits Limited
Group statement of changes in equity
for the year ended 30 April 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
5,894,765
5,894,865
Year ended 30 April 2023:
Profit for the year
-
9,831
9,831
Other comprehensive income:
Currency translation differences
-
(309,144)
(309,144)
Total comprehensive income
-
(299,313)
(299,313)
Balance at 30 April 2023
100
5,595,452
5,595,552
Year ended 30 April 2024:
Profit for the year
-
2,334,951
2,334,951
Other comprehensive income:
Currency translation differences
-
155,505
155,505
Total comprehensive income
-
2,490,456
2,490,456
Balance at 30 April 2024
100
8,085,908
8,086,008
Angus Soft Fruits Limited
Company statement of changes in equity
for the year ended 30 April 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
11,592,593
11,592,693
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
(6,361,542)
(6,361,542)
Balance at 30 April 2023
100
5,231,051
5,231,151
Year ended 30 April 2024:
Loss and total comprehensive income
-
(270,747)
(270,747)
Balance at 30 April 2024
100
4,960,304
4,960,404
Angus Soft Fruits Limited
Group statement of cash flows
for the year ended 30 April 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,962,492
3,822,281
Interest (paid)/received
(946,152)
93,186
Income taxes paid
(1,015,322)
(282,636)
Net cash inflow from operating activities
1,018
3,632,831
Investing activities
Purchase of intangible assets
-
(67,557)
Purchase of tangible fixed assets
(153,810)
(252,513)
Proceeds from disposal of tangible fixed assets
89,371
59,422
Receipts/(payments) from associates
197,877
51,743
Purchase of joint ventures
-
(183,511)
Loans made to joint ventures
-
(1,959,492)
Purchase of investments
(50)
-
Interest received
13,703
20,710
Net cash generated from/(used in) investing activities
147,091
(2,331,198)
Financing activities
Payment of finance leases obligations
(79,318)
(79,104)
Net cash used in financing activities
(79,318)
(79,104)
Net increase in cash and cash equivalents
68,791
1,222,529
Cash and cash equivalents at beginning of year
(6,319,704)
(7,233,089)
Effect of foreign exchange rates
155,505
(309,144)
Cash and cash equivalents at end of year
(6,095,408)
(6,319,704)
Relating to:
Cash at bank and in hand
1,580,744
1,722,211
Bank overdrafts included in creditors payable within one year
(7,676,152)
(8,041,915)
Angus Soft Fruits Limited
Notes to the group financial statements
for the year ended 30 April 2024
- 17 -
1
Accounting policies
Company information

Angus Soft Fruits Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is East Seaton Farm, Arbroath, DD11 5SD.

 

The group consists of Angus Soft Fruits Limited and all of its subsidiaries and joint ventures.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Angus Soft Fruits Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All material financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The financial statements have been prepared by the directors under the going concern basis.

The group continues to closely monitor and manage its funding position to ensure that it has access to sufficient funds to meet forecast cash requirements. The group’s solid equity base and headroom within its banking facilities, including the invoice financing facility, provides it with the financial strength to deal with the impact of any foreseeable business transactions.

As a result, the directors have a reasonable expectation that the group will continue in operation for the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing these financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of soft fruits is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the fruit). The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from the sales of plants is recognised when the buyer takes title of the plants under a "bill and hold" arrangement. The sale of plants are recognised when delivery is probable, plants are identifiable, buyer acknowledges the delivery instructions and usual payment terms apply.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 19 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licences
20% straight line
1.7
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
2 - 20% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

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

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 20 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

Financial 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 and 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.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 21 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 23 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Machine rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
- 24 -
1.20

Prior period restatement

The directors have reviewed the allocation of items though the statement of comprehensive income and balance sheet. As a result, they have determined that items amounting to £1,689,655 should be reallocated from Administrative expenses in the comparative period, with £1,404,805 being allocated to Cost of sales relating to fruit costs and £284,850 being allocated to Interest payable and similar expenses relating to invoice factoring costs. In addition they have determined that items amounting to £1,368,390 should be reallocated from Trade debtors to Prepayments and £2,495,420 reallocated from Trade creditors to Accruals in the comparative period to more accurately reflect the nature of the balances. There was no impact on either the comparative comprehensive income within the group or company statement of comprehensive income or the balance sheet total in the group or company balance sheet of the prior year.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Impairment of investments

Management assesses whether impairment of investments are required. These estimates require the use of forecast results for future years, which are dependent on the assessment of annual revenue growth, discount rate and achievable margins. The actual results achieved may differ from the forecasts, and this may result in changes in the assessment of the valuation of investment balances.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Trade debtor recovery

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

Accruals

Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods and services provided by and to other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
150,052,088
161,584,476
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
146,706,888
146,699,767
Overseas
3,345,200
14,884,709
150,052,088
161,584,476
2024
2023
£
£
Other revenue
Interest income
13,703
20,710
Grants received
-
14,488
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
8,739
59,264
Government grants
-
(14,488)
Depreciation of owned tangible fixed assets
361,621
604,380
Depreciation of tangible fixed assets held under finance leases
16,875
53,345
Loss on disposal of tangible fixed assets
754
3,091
Amortisation of intangible assets
(17,890)
59,928
Operating lease charges
404,520
(519,426)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
60,000
65,000
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
114
124
110
101
Administrative staff
89
70
69
69
Total
203
194
179
170

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,533,993
8,253,928
7,631,897
6,683,686
Social security costs
862,792
777,964
733,997
607,962
Pension costs
230,876
217,762
197,458
181,783
9,627,661
9,249,654
8,563,352
7,473,431
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
410,315
360,186
Company pension contributions to defined contribution schemes
33,701
32,592
444,016
392,778
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
260,076
212,541
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,703
20,710
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 27 -
9
Interest payable and similar expenses
2024
2023
as restated
£
£
Interest on bank overdrafts and loans
248,139
(378,057)
Interest on invoice finance arrangements
668,688
284,850
Interest on finance leases and hire purchase contracts
6,422
-
Other interest
22,903
21
Total finance costs
946,152
(93,186)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
246,127
490,332
Adjustments in respect of prior periods
(148,859)
(185,874)
Total current tax
97,268
304,458
Deferred tax
Origination and reversal of timing differences
(3,978)
(23,257)
Adjustment in respect of prior periods
(90)
-
0
Total deferred tax
(4,068)
(23,257)
Total tax charge
93,200
281,201

At the Spring Budget 2021, the government announced that the corporation tax main rate for profits would increase to 25%. Following Royal Assent this was enacted from 1 April 2023 and as a result the corporation tax rate effective in the period has been set at 25% (2023 - 19%).

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
10
Taxation (continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,428,151
291,032
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 19%)
607,038
56,722
Income not taxable for tax purposes
-
0
(19,911)
Adjustments in respect of prior years
(148,859)
(185,874)
Effect of change in corporation tax rate
-
(5,123)
Other differences
-
0
(8,269)
Effect of expenses not deductible for tax purposes
(364,889)
453,862
Deferred tax adjustments in respect of prior years
(90)
-
0
Fixed asset differences
-
0
(10,206)
Taxation charge
93,200
281,201
11
Intangible fixed assets
Group
Licences
£
Cost
At 1 May 2023
210,190
Transfers
47,159
At 30 April 2024
257,349
Amortisation and impairment
At 1 May 2023
145,508
Amortisation charged for the year
(17,890)
Transfers
22,467
At 30 April 2024
150,085
Carrying amount
At 30 April 2024
107,264
At 30 April 2023
64,682
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
11
Intangible fixed assets (continued)
- 29 -
Company
Licences
£
Cost
At 1 May 2023 and 30 April 2024
210,190
Amortisation and impairment
At 1 May 2023
145,508
Amortisation charged for the year
(17,890)
At 30 April 2024
127,618
Carrying amount
At 30 April 2024
82,572
At 30 April 2023
64,682

During the year, a change in accounting estimate of the useful life of the intangible assets has resulted in the negative amortisation for the year.

 

Transfers have been made from tangible fixed assets to intangible fixed assets to more accurately reflect the nature of the assets.

 

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 30 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
5,089,425
599,378
448,428
264,721
6,401,952
Additions
5,034
-
0
73,895
74,881
153,810
Disposals
(83,152)
-
0
-
0
(36,276)
(119,428)
Transfers
(180,362)
4,814
63,499
64,890
(47,159)
Exchange adjustments
117,655
-
0
-
0
-
0
117,655
At 30 April 2024
4,948,600
604,192
585,822
368,216
6,506,830
Depreciation and impairment
At 1 May 2023
4,270,210
503,300
318,277
166,158
5,257,945
Depreciation charged in the year
140,552
77,627
70,058
90,259
378,496
Eliminated in respect of disposals
(6,961)
-
0
-
0
(22,342)
(29,303)
Transfers
(109,014)
3,129
55,461
27,957
(22,467)
Exchange adjustments
107,061
-
0
-
0
-
0
107,061
At 30 April 2024
4,401,848
584,056
443,796
262,032
5,691,732
Carrying amount
At 30 April 2024
546,752
20,136
142,026
106,184
815,098
At 30 April 2023
819,215
96,078
130,151
98,563
1,144,007
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
4,787,271
599,378
448,428
264,721
6,099,798
Additions
-
0
-
0
73,895
39,995
113,890
Disposals
-
0
-
0
-
0
(36,276)
(36,276)
At 30 April 2024
4,787,271
599,378
522,323
268,440
6,177,412
Depreciation and impairment
At 1 May 2023
4,200,197
503,300
318,277
166,158
5,187,932
Depreciation charged in the year
71,645
76,652
64,147
65,661
278,105
Eliminated in respect of disposals
-
0
-
0
-
0
(22,342)
(22,342)
At 30 April 2024
4,271,842
579,952
382,424
209,477
5,443,695
Carrying amount
At 30 April 2024
515,429
19,426
139,899
58,963
733,717
At 30 April 2023
587,074
96,078
130,151
98,563
911,866
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
12
Tangible fixed assets (continued)
- 31 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
165,558
182,434
165,558
182,434

Transfers have been made from tangible fixed assets to intangible fixed assets to more accurately reflect the nature of the assets.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
283,329
389,227
Investments in joint ventures
15
3,254,220
1,741,135
2,134
2,134
Loans to joint ventures
15
1,959,492
1,959,492
1,959,492
1,959,492
Unlisted investments
50
-
0
50
-
0
5,213,762
3,700,627
2,245,005
2,350,853
Movements in fixed asset investments
Group
Shares in joint ventures
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 May 2023
1,741,135
1,959,492
-
3,700,627
Additions
-
-
50
50
Share of profits
1,710,962
-
-
1,710,962
Repayments
(197,877)
-
-
(197,877)
At 30 April 2024
3,254,220
1,959,492
50
5,213,762
Carrying amount
At 30 April 2024
3,254,220
1,959,492
50
5,213,762
At 30 April 2023
1,741,135
1,959,492
-
3,700,627
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
13
Fixed asset investments (continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 May 2023
391,361
1,959,492
-
2,350,853
Additions
-
-
50
50
At 30 April 2024
391,361
1,959,492
50
2,350,903
Impairment
At 1 May 2023
-
-
-
-
Impairment losses
105,898
-
-
105,898
At 30 April 2024
105,898
-
-
105,898
Carrying amount
At 30 April 2024
285,463
1,959,492
50
2,245,005
At 30 April 2023
391,361
1,959,492
-
2,350,853
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Angus Soft Fruits BV
East Seaton Farm, Arbroath, DD11 5SD.
Fruit procurement and sales
Ordinary
100.00
Angus Soft Fruits Spain SL
Insur Huelva, Av de la Ria, 8, 21001 Huelva, Spain
Fruit procurement and sales
Ordinary
100.00
Angus Soft Fruits Chile Spa
la Concepcion 191, 7500010 Providencia, Region Metropolitana, Chile
Fruit procurement and sales
Ordinary
100.00
The Fruit Link
Antonio Bellet 292, Oficina 706. Providencia, Santiago de Chile
Fruit procurement and sales
Ordinary
100.00
Angus Soft Fruits Maroc SARL
No 1, 1 ER ETG Lotissement El Fath 614, a Ait Melloul Inezgane, RC Inezgane No 19239, Morocco
Fruit procurement and sales
Ordinary
100.00
Coto Galindo SL
Insur Huelva, Av de la Ria, 8, 21001 Huelva, Spain
Dormant
Ordinary
100.00
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 33 -
15
Joint ventures

Details of joint ventures at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Agadir Oasis Berries SARL
Bloc C N° 49 Argana Ait Melloul 1er étage, Inezgane, Morocco
Farming
Ordinary
50
Nevado Escoces
Antonio Bellet 292, Oficina 706. Providencia, Santiago de Chile
Farming
Ordinary
50
Touty Berry SARL
Les Galeries Al Inbiat Immeuble N°4 Avenue Hassan II in Agadir, Morocco
Farming
Ordinary
50
Isle Fruits Ltd
16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH
Farming
Ordinary
50
Isle Fruits (Somerset) Ltd
16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH
Farming
Ordinary
50
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
965,838
969,224
473,298
354,038
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 34 -
17
Debtors
Group
As restated
Company
As restated
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,811,545
19,330,147
17,456,866
16,902,915
Corporation tax recoverable
382,971
-
0
53,064
-
0
Amounts owed by group undertakings
-
-
2,365,004
1,633,270
Amounts owed by undertakings in which the company has a participating interest
1,104,743
540,167
1,061,520
540,167
Other debtors
1,170,815
1,570,313
853,444
408,394
Prepayments and accrued income
2,226,382
2,002,924
2,173,022
1,880,826
22,696,456
23,443,551
23,962,920
21,365,572
Deferred tax asset (note 22)
74,503
70,435
74,503
70,435
22,770,959
23,513,986
24,037,423
21,436,007
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
-
3,435,881
Other debtors
221,880
860,528
221,880
557,482
221,880
860,528
221,880
3,993,363
Total debtors
22,992,839
24,374,514
24,259,303
25,429,370

Trade debtors include £14,052,000 (2023 - £12,455,000) which are secured under invoice discounting.

18
Creditors: amounts falling due within one year
Group
As restated
Company
As restated
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
7,676,152
8,041,915
7,676,152
8,041,915
Obligations under finance leases
21
59,621
80,910
59,621
80,910
Trade creditors
6,435,127
5,838,283
3,821,573
3,521,494
Amounts owed to group undertakings
-
0
-
0
3,148,190
2,472,032
Amounts owed to undertakings in which the group has a participating interest
157,620
962,178
157,620
962,178
Corporation tax payable
-
0
535,083
-
0
652,081
Other taxation and social security
191,489
307,578
182,518
178,813
Other creditors
102,700
229,332
40,739
-
0
Accruals and deferred income
5,842,528
6,966,405
5,678,075
5,999,261
20,465,237
22,961,684
20,764,488
21,908,684
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 35 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
-
0
58,029
-
0
58,029
Other creditors
3,124,300
3,360,000
3,124,300
3,360,000
3,124,300
3,418,029
3,124,300
3,418,029
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Invoice financing
7,676,152
8,041,915
7,676,152
8,041,915
Payable within one year
7,676,152
8,041,915
7,676,152
8,041,915

Any bank borrowings are secured by a floating charge over the whole assets of Angus Soft Fruits Limited only.

 

There is a general pledge, in relation to the invoice financing facility, in which the company pledges to the bank the documents and the goods in security for the discharge and payment of the customer's liabilities.

 

The company's bankers have provided guarantees to certain suppliers totalling €500,00 (circa £428,217). The total facilities available to suppliers is €1,050,000 (circa £899,256).

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
59,621
80,910
59,621
80,910
In two to five years
-
0
58,029
-
0
58,029
59,621
138,939
59,621
138,939

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 36 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
65,016
67,584
Retirement benefit obligations
9,487
2,851
74,503
70,435
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
65,016
67,584
Retirement benefit obligations
9,487
2,851
74,503
70,435
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(70,435)
(70,435)
Credit to profit or loss
(4,068)
(4,068)
Asset at 30 April 2024
(74,503)
(74,503)

The deferred tax asset set out above is expected to reverse within 12 months.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
230,876
217,762

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 37 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.

25
Reserves
Profit and loss reserves

Profit and loss reserves include all current and prior period retained profits and losses.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
397,285
411,173
328,777
311,873
Between two and five years
683,694
977,101
683,694
908,593
1,080,979
1,388,274
1,012,471
1,220,466
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 38 -
27
Related party transactions
Transactions with related parties

During the current and previous financial year, the company was under the control of its majority shareholder, L M Porter.

 

Three directors, L M Porter, W H Porter and J A G Gray, have businesses which have entered into transactions with Angus Soft Fruits Limited.

 

The purchases of goods and services made by Angus Soft Fruits Limited from these businesses amounted to £25,024,335 (2023 - £24,557,026).

 

The sales of goods and services made by Angus Soft Fruits Limited to these businesses amounted to £5,518,740 (2023 - £4,391,527).

 

At the year end, the company was due from L M Porter's business £535,939 (2023 - £1,707,977), from W H Porter's business £183,935 (2023 - £135,098) and from J A G Gray's business £226,606 (2023 - £153,505).

 

Three shareholders, L M Porter, W H Porter and J A G Gray, have loans to Angus Soft Fruits Limited outstanding at the year end. At the year end, the company was due to L M £2,062,534 (2023 - 2,376,000), to W H Porter £530,883 (2023 - £492,000) and to J A G Gray £530,883 (2023 - £492,000).

28
Cash generated from group operations
2024
2023
as restated
£
£
Profit for the year after tax
2,334,951
9,831
Adjustments for:
Share of results of associates and joint ventures
(1,710,962)
(51,743)
Taxation charged
93,200
281,201
Finance costs
946,152
(93,186)
Investment income
(13,703)
(20,710)
Loss on disposal of tangible fixed assets
754
3,091
Amortisation and impairment of intangible assets
(17,890)
59,928
Depreciation and impairment of tangible fixed assets
378,496
657,725
Foreign exchange gains on cash equivalents
(10,595)
-
Movements in working capital:
Decrease in stocks
3,386
738,587
Decrease in debtors
1,768,715
4,404,322
Decrease in creditors
(1,810,012)
(2,166,765)
Cash generated from operations
1,962,492
3,822,281
Angus Soft Fruits Limited
Notes to the group financial statements (continued)
for the year ended 30 April 2024
- 39 -
29
Analysis of changes in net debt - group
1 May 2023
Cash flows
Exchange rate movements
30 April 2024
£
£
£
£
Cash at bank and in hand
1,722,211
(296,972)
155,505
1,580,744
Bank overdrafts
(8,041,915)
365,763
-
(7,676,152)
(6,319,704)
68,791
155,505
(6,095,408)
Obligations under finance leases
(138,939)
79,318
-
(59,621)
(6,458,643)
148,109
155,505
(6,155,029)
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