Company registration number 04593826 (England and Wales)
FOODNET HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
FOODNET HOLDINGS LIMITED
CONTENTS
Page
Company Information
1
Strategic report
2 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 34
FOODNET HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. R. A. Owen
Mr. S. Castle
Secretary
Mr. S. Castle
Company number
04593826
Registered office
The Old Grammar School
3 - 7 Market Square
Amersham
Buckinghamshire
HP7 0DF
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
FOODNET HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

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

Key financial performance indicators

The Foodnet Holdings Limited Group has a developed strategic plan which is reviewed every year. This is being delivered in all areas of the business to:

 

 

The principal activity of the group continued to be that of wholesale import and export of frozen foods.

Review of business

Foodnet constantly monitors aspects of the business to keep check of its performance. Cash and stock levels are monitored daily, while turnover and profits are monitored constantly and compared to previous year to date and monthly figures. This ensures Foodnet is performing as expected given current markets and external conditions.

Turnover increased by 10.74% to £56.3M, whereas gross profit rose by £3.1M to £8.3M.

Inflation is reducing but the trend isn’t following into the frozen food industry yet. Shipping volatility and demand outstripping supply has also driven food inflation to be maintained. Shipping has come back down from China but concerns over the conflict in Israel gives us a fear of escalation in the Middle East.

 

In the year of 2023-24 we have seen the following events affect our business.

  1. Global temperatures shattering records due to climate change.- pushing farmers towards more profitable stable crops and away from high risk options.

  2. India surpassing China as the world’s most populous country. India putting restrictions on crops available for export.

  3. Hamas attacks on Israel.- Shipping has come down from China but then increased again due to the attacks on the ships in the red sea. Vessels are facing extra costs to avoid the risk now sailing around the Cape of Good Hope 3500 nautical miles more.

  4. Ukraine’s counter offensive. We have still seen Energy/fuel prices stabilizing.

Principal risks and uncertainties

Risk

Currency fluctuation and crops are always a risk to our industry due to multiple supply origins, which is why we have a wide supplier base to minimise these risks. We have introduced new supply paths to sustain demand which inherently hold more risk than the long-term relationships forged over time.

Competitive Risk

The group operates in a competitive environment, to mitigate this risk, we ensure that the services provided are in line with our customers’ needs, and that strong relationships are maintained with our key customers. We are holding cash reserves by maintaining a healthy cashflow which should offer our suppliers and customers peace of mind especially with commercial borrowing at its highest in a decade.

Technical Risk

The group is BRC accredited, and these reflect our quality management principles. The group ensures that it has appropriate professional indemnity insurance.

FOODNET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Future developments

In the coming year we aim to maintain market share adding as many new clients as we possibly can. We will continue to develop our relationships with customers, generating new business where possible and maintaining retention levels.

 

We would aim to maintain our turnover year on year balancing growth against inflationary changes.

ESG

We are committed to a move to a sustainable, low carbon economy. We are aiming to reduce and ultimately eliminate the impact to the environment from our operations. Foodnet Holdings Limited recognises that a healthy environment is fundamental to the prosperity and wellbeing of, not only our employees, but also our local communities. Our company acknowledges that whilst our activities may have adverse effects on the environment, we can take steps to minimise those negative impacts. We recognise that policies to protect the environment are crucial and will ensure we comply with all environmental regulations, laws, and codes of practice, as applicable.

 

Our commitment:

We have moved our company cars fleet to 84% Electric and have installed chargers at our premises, we will be aiming to get this to 100% in the next three years.

 

Foodnet Limited as an ethical, responsible trading company is committed to ensuring modern slavery and human trafficking does not exist within our organisation or supply chain. We encourage all our suppliers to hold BRC (British Retail Consortium) accreditation or equivalent GFSI (Global Food Safety Initiative) standard. We are a member of SEDEX (Supplier Ethical Data Exchange) and are actively encouraging all suppliers to register and connect. Our aim is that 100% of our suppliers are members. We use BRC, SEDEX or equivalent accreditation as part of our due diligence with suppliers. We also undertake our own supplier audits where we feel there is a higher risk.

Events after the reporting date

Post year end the following dividends have been declared:

 

FOODNET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Promoting the success of the group

In accordance with Section 172 of the Companies Act 2006, the directors consider that, during the year ended 30 April 2024, they have acted in a way that they consider, in good faith, would most likely promote the success of the group for its members as a whole, having regard to the likely impact of any decisions in the long term, and the broader interest of the stakeholders, as required by the act, as highlighted below:

 

Employees:

As an employer, Foodnet provides an effective training program to ensure that all staff members are trained to the required standard, and in line with any regulatory requirements.

 

Our business is relatively non-hierarchical with only two levels, the directors and the employees all of whom are permanent and with employment contracts. We support our team encouraging growth for mutual benefit. Our office has been dedicated to reducing our carbon footprint by encouraging the use of Electric cars, office recycling and replacing old equipment like lighting to energy efficient LED’s. Our computers are new energy efficient micro form factor PC’s. We foster a collaborative and inclusive environment.

Suppliers:

We value our suppliers immensely as trading partners. Since Brexit unfortunately Britain has not been the customer of choice for many of our European sites so we have had to work hard at maintaining the important historical relationships we are lucky to have formed. We have regular meetings and carry out quality audits and checks to maintain standards and encourage best practices and environmental impacts. We have encouraged the need to record and reduce their carbon footprint utilizing the large roof areas of stores with Solar and where possible Wind Turbines. Our suppliers are encouraged to be involved with Sedex, Smeta, Valid IT, Global Gap Vega plan & Red Tractor where possible.

Customers:

Being in the industry for over 40 years we have managed to build strong relationships with most of the manufacturing industry that is using frozen ingredients. We continue to support NPD with our historical partners and encourage new relationships. We have dedicated account managers who regularly check customer satisfaction including performance reports. We also carry out quality testing surpassing the industry expectations. We have encouraged our clients to look at their factory requirements around packaging and encouraged a move from cartons to sacks or bulk octabins to improve unnecessary waste.

Community & Environment:

To help our local community we support Amersham in Bloom who win awards each year for the way they keep the local memorial garden and hanging baskets providing a nicer environment for staff and visitors to the area.

We continue to support Thames Fareshare helping charities and beneficiaries in our region with positive & social impacts whilst helping us to reduce our food waste, putting to good use any surplus food that we have through our business.

Significant decisions made during the year, such as investing in new equipment and launching sustainable packaging initiatives, have been made with these considerations in mind. These decisions are expected to have positive long-term impacts on our efficiency, product quality, and environmental footprint.

FOODNET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

Signed on behalf of the directors

Mr. R. A. Owen
Director
17 January 2025
FOODNET HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -

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

Principal activities

The principal activity of the parent continued to be that of a holding company. The principal activity of the group during the year was that of wholesale import and export of frozen foods.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were declared amounting to £1,771,384 (2023: £1,909,854).

Directors

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

Mr. R. A. Owen
Mr. S. Castle
Auditor

In accordance with the company's articles, a resolution proposing that Verallo be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

FOODNET HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Statement of directors' responsibilities

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.

Strategic report

The Group has chosen, in accordance with section 414c(11) of the Companies Act 2006, and as noted in this Directors' report, to include certain additional matters in its strategic report, that would otherwise be required to be disclosed in this Directors' report:true

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.

On behalf of the board
Mr. R. A. Owen
Director
17 January 2025
FOODNET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOODNET HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Foodnet Holdings 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 the directors with respect to going concern are described in the relevant sections of this report.

FOODNET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOODNET HOLDINGS LIMITED
- 9 -

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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of 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 report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

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 directors 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.

FOODNET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOODNET HOLDINGS LIMITED
- 10 -

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

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

 

 

FOODNET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOODNET HOLDINGS LIMITED
- 11 -

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.

Michelle Hewitt-Dutton FCCA (Senior Statutory Auditor)
For and on behalf of Verallo
Statutory Auditor
Office: Henley-on-Thames
20 January 2025
FOODNET HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
56,250,029
52,364,561
Cost of sales
(47,974,324)
(47,205,084)
Gross profit
8,275,705
5,159,477
Administrative expenses
(2,000,516)
(1,290,475)
Operating profit
5
6,275,189
3,869,002
Interest receivable and similar income
7
141,245
20,367
Interest payable and similar expenses
8
-
0
(30)
Profit before taxation
6,416,434
3,889,339
Tax on profit
10
(1,610,184)
(778,097)
Profit and total comprehensive income
4,806,250
3,111,242
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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 18 to 34 form part of these financial statements
FOODNET HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
237,190
245,932
Current assets
Stocks
15
6,395,774
5,691,242
Debtors
16
8,675,398
9,320,778
Cash at bank and in hand
5,436,481
3,878,017
20,507,653
18,890,037
Creditors: amounts falling due within one year
17
(7,318,566)
(8,744,558)
Net current assets
13,189,087
10,145,479
Total assets less current liabilities
13,426,277
10,391,411
Provisions for liabilities
Deferred tax liability
19
12,230
12,230
(12,230)
(12,230)
Net assets
13,414,047
10,379,181
Capital and reserves
Called up share capital
21
110
110
Share premium account
90
90
Other reserves
22
1,075,127
1,075,127
Profit and loss reserves
12,338,720
9,303,854
Total equity
13,414,047
10,379,181
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
17 January 2025
Mr. R. A. Owen
Director
The notes on pages 18 to 34 form part of these financial statements
FOODNET HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
185,887
191,198
Investments
13
100
100
185,987
191,298
Current assets
Debtors
16
1,092,221
1,243,272
Cash at bank and in hand
200,076
76
1,292,297
1,243,348
Creditors: amounts falling due within one year
17
(243,759)
(562,391)
Net current assets
1,048,538
680,957
Net assets
1,234,525
872,255
Capital and reserves
Called up share capital
21
110
110
Share premium account
90
90
Profit and loss reserves
1,234,325
872,055
Total equity
1,234,525
872,255

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,133,655 (2023 - £1,916,762 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
17 January 2025
Mr. R. A. Owen
Director
Company Registration No. 04593826
The notes on pages 18 to 34 form part of these financial statements
FOODNET HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
110
90
1,075,127
8,102,466
9,177,793
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
3,111,242
3,111,242
Dividends
11
-
-
-
(1,909,854)
(1,909,854)
Balance at 30 April 2023
110
90
1,075,127
9,303,854
10,379,181
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
4,806,250
4,806,250
Dividends
11
-
-
-
(1,771,384)
(1,771,384)
Balance at 30 April 2024
110
90
1,075,127
12,338,720
13,414,047
The notes on pages 18 to 34 form part of these financial statements
FOODNET HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
110
90
865,146
865,346
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,916,763
1,916,763
Dividends
11
-
-
(1,909,854)
(1,909,854)
Balance at 30 April 2023
110
90
872,055
872,255
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
2,133,654
2,133,654
Dividends
11
-
-
(1,771,384)
(1,771,384)
Balance at 30 April 2024
110
90
1,234,325
1,234,525
The notes on pages 18 to 34 form part of these financial statements
FOODNET HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
4,874,683
3,252,689
Interest paid
-
0
(30)
Income taxes paid
(1,673,367)
(809,447)
Net cash inflow from operating activities
3,201,316
2,443,212
Investing activities
Purchase of tangible fixed assets
(12,713)
(5,852)
Proceeds on disposal of tangible fixed assets
-
202,849
Interest received
141,245
20,367
Net cash generated from investing activities
128,532
217,364
Financing activities
Dividends paid to equity shareholders
(1,771,384)
(1,909,854)
Net cash used in financing activities
(1,771,384)
(1,909,854)
Net increase in cash and cash equivalents
1,558,464
750,722
Cash and cash equivalents at beginning of year
3,878,017
3,127,295
Cash and cash equivalents at end of year
5,436,481
3,878,017
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
1
Accounting policies
Company information

Foodnet Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales, company registration no. 04593826. The registered office is The Old Grammar School, 3 - 7 Market Square, Amersham, Buckinghamshire, HP7 0DF.

 

The group consists of Foodnet Holdings Limited and its subsidiary Foodnet Limited.

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 parent has taken advantage of the following disclosure exemptions available in FRS102:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Foodnet Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All 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.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

The financial statements have been prepared on a going concern basis, which assumes the group and company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.

 

The directors have reviewed the continued impact of the global economy on the operations and financial position of the group and company and have a reasonable expectation that the group and company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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 goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), 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.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
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:

Leasehold land and buildings
over the life of the lease
Fixtures, fittings and equipment
15% reducing balance
Computer equipment
33% reducing balance
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.

1.7
Fixed asset investments

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.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

At the year end, where the transfer of the rights and obligations of stock has occurred, however the physical stock has not yet been received by the company, this is included in Goods in Transit.

1.10
Cash at bank and in hand

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.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.11
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.

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.

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.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.12
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.

1.13
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.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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.

1.17
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.

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.

 

Each year, the directors review the stock for slow moving and obsolete items, to see if any provision is required. Where a provision is required, it is based on the use by dates of the stock line.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
UK
53,913,715
49,834,202
Europe
2,307,255
2,479,524
Rest of the world
29,059
50,835
56,250,029
52,364,561
2024
2023
£
£
Other revenue
Interest income
141,245
20,367
4
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
6,000
4,620
Audit of the financial statements of the company's subsidiaries
18,000
15,255
24,000
19,875
For other services
All other non-audit services
15,940
3,800
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(124,614)
551,715
Research and development costs
9,008
7,830
Depreciation of owned tangible fixed assets
20,344
22,311
Loss on disposal of tangible fixed assets
1,111
65,850
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
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
Administration
16
16
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,136,803
546,705
-
0
-
0
Social security costs
147,027
73,972
-
-
Pension costs
207,657
152,424
-
0
-
0
1,491,487
773,101
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
112,914
15,890
Other interest income
28,331
4,477
Total income
141,245
20,367

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
112,914
15,890
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
30

All the interest payable relates to financial liabilities measured at amortised cost.

9
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
293,487
75,256
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
217,436
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,610,184
777,347
Deferred tax
Origination and reversal of timing differences
-
0
750
Total tax charge
1,610,184
778,097
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 27 -

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
6,416,434
3,889,339
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
1,604,109
758,032
Tax effect of expenses that are not deductible in determining taxable profit
6,181
3,822
Unutilised tax losses carried forward
-
0
13,239
Effect of change in corporation tax rate
-
3,147
Group relief
(106)
-
0
Deferred tax adjustments in respect of prior years
-
0
55
Super-deduction
-
0
(198)
Taxation charge
1,610,184
778,097
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,771,384
1,909,854
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
265,553
104,531
50,086
53,002
473,172
Additions
-
0
2,132
10,581
-
0
12,713
Disposals
-
0
-
0
(15,393)
-
0
(15,393)
At 30 April 2024
265,553
106,663
45,274
53,002
470,492
Depreciation and impairment
At 1 May 2023
74,355
85,694
33,564
33,627
227,240
Depreciation charged in the year
5,311
2,896
7,293
4,844
20,344
Eliminated in respect of disposals
-
0
-
0
(14,282)
-
0
(14,282)
At 30 April 2024
79,666
88,590
26,575
38,471
233,302
Carrying amount
At 30 April 2024
185,887
18,073
18,699
14,531
237,190
At 30 April 2023
191,198
18,837
16,522
19,375
245,932
Company
Leasehold land and buildings
£
Cost
At 1 May 2023 and 30 April 2024
265,553
Depreciation and impairment
At 1 May 2023
74,355
Depreciation charged in the year
5,311
At 30 April 2024
79,666
Carrying amount
At 30 April 2024
185,887
At 30 April 2023
191,198
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
100
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
Foodnet Limited
The Old Grammar School, 3-7 Market Square, Amersham, Buckinghamshire, HP7 0DF
Wholesale import and export of frozen foods
Ordinary
100
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
2,281,343
1,604,020
-
-
Finished goods and goods for resale
4,114,431
4,087,222
-
0
-
0
6,395,774
5,691,242
-
-
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
16
Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
7,939,757
9,013,476
-
0
-
0
Corporation tax recoverable
34,258
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
749,262
1,243,272
Other debtors
571,349
189,265
342,959
-
0
Prepayments and accrued income
130,034
118,037
-
0
-
0
8,675,398
9,320,778
1,092,221
1,243,272
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
6,966,197
8,027,538
-
0
-
0
Amounts due to related companies
-
0
65,691
-
0
65,691
Corporation tax payable
-
0
28,925
-
0
-
0
Other creditors
232,959
492,080
232,959
492,080
Accruals and deferred income
119,410
130,324
10,800
4,620
7,318,566
8,744,558
243,759
562,391
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,296,532
9,013,576
1,092,221
1,243,272
Carrying amount of financial liabilities
Measured at amortised cost
7,318,566
8,715,633
243,759
562,391
FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
12,230
12,230
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,657
152,424

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.

21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
39 Ordinary shares of £1 each
39
39
42 Ordinary A shares of £1 each
42
42
9 Ordinary B shares of £1 each
9
9
5 Ordinary C shares of £1 each
5
5
5 Ordinary D shares of £1 each
5
5
10 Ordinary E shares of £1 each
10
10
110
110

The Ordinary, Ordinary A, Ordinary B and Ordinary E shares rank pari passu in relation to voting rights. Each class of share is entitled to dividend distribution. The Ordinary C and Ordinary D shares are not entitled to vote and are only entitled to a distribution upon sale or winding up of the company.

 

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
22
Other reserves

The merger reserve represents amounts recognised on the acquisition of Foodnet Limited in 2002, being the difference between the fair value of the consideration and the nominal value of the shares issued as consideration.

23
Financial commitments, guarantees and contingent liabilities

The group purchased forward foreign currency contracts to hedge currency exposure on its future payments to suppliers. At the balance sheet date the group had commitments to purchase $500,000 over the next seven months at rates of 1.256797 - 1.259848 $/£. The directors estimate there to be no significant difference between the fair value of these financial instruments and the underlying commitments at the balance sheet date.

24
Operating lease commitments

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
37,730
16,525
-
-
Between two and five years
62,448
6,281
-
-
100,178
22,806
-
-
25
Events after the reporting date

Post year end the following dividends have been declared:

 

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
630,029
115,174
Other information

The directors have assessed that four employees are considered key management personnel.

 

The directors maintain a loan account with the parent company. At the beginning of the year the company owed the directors £257,810. During the year £511,191 was drawn by the directors and dividends of £366,671 were declared. As at the balance sheet date the company owed the directors £113,290, as shown within Other Creditors. The amounts owed to the directors are interest-free, unsecured and repayable on demand.

 

At the balance sheet date the company owed close family members £100,357 (2023: £178,849), as shown in Other Creditors - dividends of £180,131 were declared and £258,623 was drawn during the year. The amounts owed to close family members are interest-free, unsecured and repayable on demand.

 

At the balance sheet date the company owed key management personnel £19,577 (2023: £55,422), as shown in Other Creditors - dividends of £262,597 were declared and £298,442 was drawn during the year. The amounts owed to key management personnel are interest-free, unsecured and repayable on demand.

 

During the year, the company paid dividends of £961,984 to a company related by mutual control. At the balance sheet date the company related by mutual control owed Foodnet Holdings Limited£342,958 (2023: £69,691), as shown within Other Creditors. The amounts owed to the company related by mutual control are interest-free, unsecured and repayable on demand.

27
Controlling party

On 24 January 2022, the ultimate controlling party became Mr. R. A. Owen, as the majority shareholder in the parent company Foodnet Holdings Limited.

FOODNET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 34 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,806,250
3,111,242
Adjustments for:
Taxation charged
1,610,184
778,097
Finance costs
-
0
30
Investment income
(141,245)
(20,367)
Loss on disposal of tangible fixed assets
1,111
65,850
Depreciation and impairment of tangible fixed assets
20,344
22,311
Movements in working capital:
Increase in stocks
(704,532)
(518,034)
Decrease/(increase) in debtors
679,638
(876,626)
(Decrease)/increase in creditors
(1,397,067)
690,186
Cash generated from operations
4,874,683
3,252,689
29
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
3,878,017
1,558,464
5,436,481
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