Company registration number 12744973 (England and Wales)
LEN WRIGHT SALADS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LEN WRIGHT SALADS GROUP LIMITED
COMPANY INFORMATION
Directors
C Wright
L Wright
J Baybutt
I Torley
Company number
12744973
Registered office
Hazeldene Distribution Centre
Taylors Meanygate
Tarleton
Preston
Lancashire
PR4 6XB
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
LEN WRIGHT SALADS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
LEN WRIGHT SALADS GROUP 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

2023/24 has been another busy year with LWS and other food manufacturers with continuing challenges of National Minimum wage and other inflationary cost increases in raw materials, supplies and energy impacted upon by a number of external factors including the continuing conflict in Ukraine/Russia. Inflation thankfully has dropped from the peak of 11.1% in October 2022 and reduced steadily since to 2.3% by April 2024. During the period the business saw an increase in turnover, which is again a testament to the strength and efficiency of the group. Our customer feedback continues to show that the group continues to perform well in both the supply chain, service to customers and quality of products offered.

 

During the period, the group continued further investment in new production equipment, enabling increased productivity, efficiency without compromising on safety which allowed the company to expand on its current operations and will further increase turnover in the coming years.

 

The group has once again passed all of its external audits from BRC, Red Tractor, F2F, Leaf Marque along with all of the audits carried out by customers. The group was subjected to its annual ethical audit, which it met and again passed all the standards set down.

Principal risks and uncertainties

The business has limited control over the prices of raw materials and their availability and Minimum Wage. We have seen in the current year the impact of bad weather not just in the UK but also in Europe which has caused us to look at alternative suppliers to strengthen our supply chain. The ongoing conflict in Ukraine/Russia has also impacted the cost of some raw materials and the cost of Transport and Energy. This in turn affects the company’s sales both quantifiably and financially. Despite this, the directors remain confident that the company is in a good position and is introducing additional mixes and lines to the sales in order to counteract any decline in volumes. As usual the group’s focus remains strong by providing and meeting the customers’ needs within its varied business lines and its strong customer relationships.

 

The group continues its expansion growing its own produce which will help to minimise crop related risk as well as expansion in sourcing produce from additional suppliers overseas further reducing any potential risks in the supply chain.

Key performance indicators

As noted below, the financial key performance indicators monitored this year are sales values and gross margin due to significant investment and the continued expansion of the group. Other important financial key performance indicators are also noted above and include performance at all external audits in relation to the group's processes and procedures. All were passed with no issues noted.

 

2024               

Turnover             £57.6m                

Gross profit            £10.53m        

Gross profit margin      18.3%         

Other information and explanations

During 2024/25 we will be investing in our site to not only expand our whole produce offering but also to provide the building block for future growth and further development. This year’s performance is testament to the hard work and dedication of our staff. We have no doubt there will be more changes in the years to come but we are equally confident in the skills and commitment of our employees to adapt and deliver for our customers and our shareholders during 2024/25 and beyond.

LEN WRIGHT SALADS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Promoting the success of the company

The directors of Len Wright Salads Group Limited consider 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 (having regard to the stakeholders and matters set out in S172(1) (a) - (f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024:

On behalf of the board

I Torley
Director
30 January 2025
LEN WRIGHT SALADS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the group is the growing and distribution of salad produce and provision of haulage services.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend 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:

C Wright
L Wright
J Baybutt
I Torley
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

LEN WRIGHT SALADS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

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.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Business relationships

 

Stakeholder

Why it is important to engage

Ways to engage

Stakeholders key interest

Customers

Engagement with our customers enables us to understand our customers’ needs, empowers us to deliver relevant produce along with an excellent level of service whilst retaining existing customers and attracting new ones.

Social media, website and satisfaction surveys. Regular meetings to build long-term relationships and product updates.

Availability of a range of products and prices.

Employees

Our employees are fundamental in delivering the customer experience and the key to our business success.

Recognition and reward environment, regular training and apprenticeship programmes along with bonus schemes. Group forums and completion of annual surveys.

Career progression, remuneration and benefits, training and development, employee interaction and well-being.

Suppliers

Engagement with our supply chain ensures that we are able to supply our customers with the products they desire whilst maintaining supply security as much as possible.

Regular supplier meetings, in some cases daily, and discussions to enable us to build long term relationships and assess continuity and security of supply.

Logistical efficiencies, cost efficiencies, maintenance of quality product supply and good working relationships.

Government

Policies and regulatory changes may provide opportunities or pose risks to our operations.

Engaging with HMRC and HSE etc. Submission of tax returns and payment of all taxes.

Payment of the correct tax at the correct times. Compliance with laws and regulations.

 

Future developments

The group continues to aim for consistent growth in revenues and profits.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

LEN WRIGHT SALADS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Energy and carbon report

This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 May 2023 to 30 April 2024, pursuant to the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the Government's Streamlined Energy and Carbon Reporting (SECR) policy.

 

The statement of carbon emissions is in compliance with Streamlined Energy and Carbon Reporting (SECR) covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions.

 

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

 

The table below provides a summary of all energy consumption for the relevant scope and associated carbon emissions.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
4,498,430
4,017,316
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
211.54
20.02
- Fuel consumed for owned transport
8.13
7.86
219.67
27.88
Scope 2 - indirect emissions
- Electricity purchased
345.59
500.94
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
565.26
528.82
Intensity ratio
Tonnes CO2e per average employee
2.6
2.6
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

LEN WRIGHT SALADS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Measures taken to improve energy efficiency

We have installed 100kw PV solar energy panels and are in negotiations to install a further 600Kwh. We have replaced our lighting throughout the building with LED lighting and we have installed a number of electric vehicle hook-up points. We monitor and promote car sharing with staff who travel by car to work. We are reducing water consumption by installing remote electronic measuring equipment. We have engaged a consultancy company, “Made Smarter”, who provide assistance with manufacturers to develop technology to improve efficiency in their processes.

 

We are also in the process of utilising Heat produced by our on site CHP which will be used to provide heat and hot water across the site including our two houses – thus reducing use of Gas for heating and hot water.

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.

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
I Torley
Director
30 January 2025
LEN WRIGHT SALADS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEN WRIGHT SALADS GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Len Wright Salads Group 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.

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:

LEN WRIGHT SALADS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEN WRIGHT SALADS GROUP LIMITED
- 8 -
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 included within the directors' report, 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.

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

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax, employment and pension law, food and hygiene and Health & Safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and risk of fraudulent revenue recognition.

 

 

LEN WRIGHT SALADS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEN WRIGHT SALADS GROUP LIMITED
- 9 -

Our procedures to respond to risks identified included the following:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Peter Atkinson F.C.A.
Senior Statutory Auditor
For and on behalf of
30 January 2025
JS. Audit Limited
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
LEN WRIGHT SALADS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Year
2 months
ended
ended
30 April
30 April
2024
2023
Notes
£
£
Turnover
3
57,556,665
6,833,252
Cost of sales
(47,025,040)
(6,885,067)
Gross profit/(loss)
10,531,625
(51,815)
Administrative expenses
(9,748,729)
(701,672)
Other operating income
265,148
26,588
Operating profit/(loss)
4
1,048,044
(726,899)
Interest receivable and similar income
8
40,986
1,728
Interest payable and similar expenses
9
(471,590)
(118,091)
Profit/(loss) before taxation
617,440
(843,262)
Tax on profit/(loss)
10
(20,319)
-
0
Profit/(loss) for the financial year
597,121
(843,262)
Profit/(loss) 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.
LEN WRIGHT SALADS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,320,979
3,697,882
Tangible assets
12
10,280,773
12,903,787
Investments
13
119,649
119,649
13,721,401
16,721,318
Current assets
Stocks
15
1,457,883
1,117,306
Debtors
16
5,028,908
4,835,064
Cash at bank and in hand
3,025,254
1,739,207
9,512,045
7,691,577
Creditors: amounts falling due within one year
17
(8,281,006)
(7,693,769)
Net current assets/(liabilities)
1,231,039
(2,192)
Total assets less current liabilities
14,952,440
16,719,126
Creditors: amounts falling due after more than one year
18
(5,106,053)
(6,598,193)
Provisions for liabilities
Deferred tax liability
21
13,487
703,238
(13,487)
(703,238)
Government grants
22
(1,246,309)
(1,428,225)
Net assets
8,586,591
7,989,470
Capital and reserves
Called up share capital
24
106
106
Other reserves
25
8,832,626
8,832,626
Profit and loss reserves
25
(246,141)
(843,262)
Total equity
8,586,591
7,989,470
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
I Torley
Director
Company registration number 12744973 (England and Wales)
LEN WRIGHT SALADS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
10,082,729
10,082,729
Current assets
Cash at bank and in hand
3
3
Creditors: amounts falling due within one year
17
(277,800)
(240,000)
Net current liabilities
(277,797)
(239,997)
Total assets less current liabilities
9,804,932
9,842,732
Creditors: amounts falling due after more than one year
18
(763,950)
(1,010,000)
Net assets
9,040,982
8,832,732
Capital and reserves
Called up share capital
24
106
106
Other reserves
25
8,832,626
8,832,626
Profit and loss reserves
25
208,250
-
Total equity
9,040,982
8,832,732

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 £208,250 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
I Torley
Director
Company registration number 12744973 (England and Wales)
LEN WRIGHT SALADS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
3
-
-
0
3
Period ended 30 April 2023:
Loss and total comprehensive income
-
-
(843,262)
(843,262)
Issue of share capital
24
103
-
-
103
Transfers
-
8,832,626
-
8,832,626
Balance at 30 April 2023
106
8,832,626
(843,262)
7,989,470
Period ended 30 April 2024:
Profit and total comprehensive income
-
-
597,121
597,121
Balance at 30 April 2024
106
8,832,626
(246,141)
8,586,591
LEN WRIGHT SALADS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
3
-
-
0
3
Period ended 30 April 2023:
Profit and total comprehensive income for the period
-
-
-
-
0
Issue of share capital
24
103
-
-
103
Transfers
-
8,832,626
-
8,832,626
Balance at 30 April 2023
106
8,832,626
-
0
8,832,732
Period ended 30 April 2024:
Profit and total comprehensive income
-
-
208,250
208,250
Balance at 30 April 2024
106
8,832,626
208,250
9,040,982
LEN WRIGHT SALADS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,576,208
661,793
Interest paid
(471,590)
(118,091)
Income taxes paid
(169,027)
-
Net cash inflow from operating activities
2,935,591
543,702
Investing activities
Purchase of subsidiary
-
1,527,027
Purchase of tangible fixed assets
(439,377)
(142,160)
Interest received
40,986
1,728
Net cash (used in)/generated from investing activities
(398,391)
1,386,595
Financing activities
Repayment of borrowings
(280,285)
(46,725)
Repayment of bank loans
(959,915)
(150,950)
Payment of finance leases obligations
(3,743)
(625)
Net cash used in financing activities
(1,243,943)
(198,300)
Net increase in cash and cash equivalents
1,293,257
1,731,997
Cash and cash equivalents at beginning of year
1,731,997
-
0
Cash and cash equivalents at end of year
3,025,254
1,731,997
Relating to:
Cash at bank and in hand
3,025,254
1,739,207
Bank overdrafts included in creditors payable within one year
-
(7,210)
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Len Wright Salads Group Limited (“the company”) is a private limited company limited by shares and incorporated in England and Wales. The registered office is Hazeldene Distribution Centre, Taylors Meanygate, Tarleton, Preston, Lancashire, PR4 6XB.

 

The group consists of Len Wright Salads Group Limited and all of its subsidiaries.

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.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Len Wright Salads Group Limited together with all entities controlled by the parent company, its subsidiaries.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of packaged fresh produce and the provision of haulage 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 goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
2% per annum straight line basis
Plant and equipment
10% to 33% per annum straight line basis
Fixtures and fittings & equipment
20% and 33% per annum straight line basis
Motor vehicles
25% per annum reducing balance basis

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.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs 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.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

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.

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.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
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.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

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.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -

The directors consider there to be the following area of significant estimation:

 

Estimated useful lives and residual value of fixed assets - depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors.

 

Estimated useful lives intangible fixed assets - amortisation of goodwill has been based on estimated useful lives deemed appropriate by the directors.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Produce sales
47,568,864
5,310,685
Handling distribution and transport
5,295,973
589,262
Haulage
4,691,828
933,305
57,556,665
6,833,252
2024
2023
£
£
Turnover analysed by geographical market
UK
55,287,347
6,619,539
Europe
2,269,318
213,713
57,556,665
6,833,252
2024
2023
£
£
Other revenue
Interest income
40,986
1,382
Grants received
181,915
8,902
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the period is stated after charging/(crediting):
Exchange gains
(31,528)
(6,354)
Government grants
(181,915)
(8,902)
Depreciation of owned tangible fixed assets
3,062,391
291,703
Amortisation of intangible assets
376,903
61,151
Operating lease charges
836,087
166,678

The depreciation has increased in the year due to a change in estimate. The Directors have revised the useful economic life of factory machinery to between 3 and 10 years straight line. This is based on previous experience of replacing and repairing machinery which indicated that the policy previously in place should be revised to reflect the more accurate life of assets held.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
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
3,750
-
Audit of the financial statements of the company's subsidiaries
35,280
6,250
39,030
6,250
For other services
Taxation compliance services
2,000
1,800
All other non-audit services
5,500
3,965
7,500
5,765
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
76
80
-
-
Production
184
173
-
-
Total
260
253
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,403,540
1,630,664
-
0
-
0
Social security costs
783,607
156,331
-
-
Pension costs
202,134
41,143
-
0
-
0
9,389,281
1,828,138
-
0
-
0
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
155,841
46,521
Company pension contributions to defined contribution schemes
31,666
4,929
187,507
51,450

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
40,986
1,728
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
215,395
64,711
Interest on finance leases and hire purchase contracts
547
120
Other interest
255,648
53,260
Total finance costs
471,590
118,091
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
754,465
-
0
Adjustments in respect of prior periods
(44,395)
-
0
Total current tax
710,070
-
0
Deferred tax
Origination and reversal of timing differences
(458,329)
-
0
Adjustment in respect of prior periods
(231,422)
-
0
Total deferred tax
(689,751)
-
0
Total tax charge
20,319
-
0
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 25 -

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

2024
2023
£
£
Profit/(loss) before taxation
617,440
(843,262)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
154,360
(164,436)
Tax effect of expenses that are not deductible in determining taxable profit
7,390
4,727
Tax effect of income not taxable in determining taxable profit
(10,818)
(4,445)
Unutilised tax losses carried forward
-
0
125,597
Adjustments in respect of prior years
(44,395)
18,187
Depreciation on assets not qualifying for tax allowances
51,029
6,496
Amortisation on assets not qualifying for tax allowances
94,175
13,874
Deferred tax adjustments in respect of prior years
(231,422)
-
0
Taxation charge
20,319
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
3,769,033
Amortisation and impairment
At 1 May 2023
71,151
Amortisation charged for the year
376,903
At 30 April 2024
448,054
Carrying amount
At 30 April 2024
3,320,979
At 30 April 2023
3,697,882
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
8,205,836
9,661,673
724,631
1,141,553
19,733,693
Additions
8,750
422,131
8,496
-
0
439,377
At 30 April 2024
8,214,586
10,083,804
733,127
1,141,553
20,173,070
Depreciation and impairment
At 1 May 2023
959,527
5,053,164
497,495
319,720
6,829,906
Depreciation charged in the year
164,292
2,584,604
89,287
224,208
3,062,391
At 30 April 2024
1,123,819
7,637,768
586,782
543,928
9,892,297
Carrying amount
At 30 April 2024
7,090,767
2,446,036
146,345
597,625
10,280,773
At 30 April 2023
7,246,309
4,608,509
227,136
821,833
12,903,787
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,082,729
10,082,729
Unlisted investments
119,649
119,649
-
0
-
0
119,649
119,649
10,082,729
10,082,729
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2023 and 30 April 2024
119,649
Carrying amount
At 30 April 2024
119,649
At 30 April 2023
119,649
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
10,082,729
Carrying amount
At 30 April 2024
10,082,729
At 30 April 2023
10,082,729
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
Indirect
Len Wright Salads Limited
Hazeldene Distribution Centre, Taylors Meanygate, Tarleton, Preston, Lancashire PR4 6XB
Growing and distribution of salad produce
Ordinary
100.00
-
T. Wilson & Sons (Transport) Limited
Hazeldene Distribution Centre, Taylors Meanygate, Tarleton, Preston, Lancashire PR4 6XB
Haulage
Ordinary
-
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,457,883
1,117,306
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,548,014
4,378,925
-
0
-
0
Other debtors
153,997
163,278
-
0
-
0
Prepayments and accrued income
326,897
292,861
-
0
-
0
5,028,908
4,835,064
-
-
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
959,914
912,896
-
0
-
0
Obligations under finance leases
20
-
0
3,743
-
0
-
0
Other borrowings
19
253,546
301,884
-
0
-
0
Trade creditors
3,422,675
4,053,858
-
0
-
0
Corporation tax payable
754,465
213,422
-
0
-
0
Other taxation and social security
128,349
192,889
-
-
Other creditors
281,963
244,368
277,800
240,000
Accruals and deferred income
2,480,094
1,770,709
-
0
-
0
8,281,006
7,693,769
277,800
240,000
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
4,071,740
5,085,883
-
0
-
0
Other borrowings
19
270,363
502,310
-
0
-
0
Other creditors
763,950
1,010,000
763,950
1,010,000
5,106,053
6,598,193
763,950
1,010,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,113,560
1,485,963
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
5,031,654
5,991,569
-
0
-
0
Bank overdrafts
-
0
7,210
-
0
-
0
Other loans
523,909
804,194
-
0
-
0
5,555,563
6,802,973
-
-
Payable within one year
1,213,460
1,214,780
-
0
-
0
Payable after one year
4,342,103
5,588,193
-
0
-
0
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Loans and overdrafts
(Continued)
- 29 -

Bank loans and certain other loans are secured by way of a fixed and floating charge over the assets of the company. The bank loans are due to be repaid in full by 2038 and have an interest rate of 2.05% over base or 4.5% fixed. The other loans have an interest rate of 4.75% fixed.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
3,743
-
0
-
0

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. 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.

Obligations under finance leases are secured on the assets to which they relate.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
26,200
703,238
Short term timing differences
(12,713)
-
13,487
703,238
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
703,238
-
Credit to profit or loss
(689,751)
-
Liability at 30 April 2024
13,487
-

The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
22
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
1,246,309
1,428,225
-
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
202,134
41,143

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
106
106
106
106
25
Reserves
Profit and loss reserves

Includes all current and prior period profits and losses, less any distributions to owners.

 

Other reserves

This represents the difference between the nominal value of the shares issued and the value of the shares received in exchange on a group reconstruction.

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
189,355
321,229
-
-
Between two and five years
131,846
261,100
-
-
321,201
582,329
-
-
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
269,433
42,893
2,503,477
513,007

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
100,829
245,435

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
19,232
61,601
28
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
597,121
(843,262)
Adjustments for:
Taxation charged
20,319
-
0
Finance costs
471,590
118,091
Investment income
(40,986)
(1,728)
Amortisation and impairment of intangible assets
376,903
61,151
Depreciation and impairment of tangible fixed assets
3,062,391
291,703
Decrease in deferred income
(181,916)
(8,902)
Movements in working capital:
(Increase)/decrease in stocks
(340,577)
207,979
(Increase)/decrease in debtors
(193,844)
364,937
(Decrease)/increase in creditors
(194,793)
471,824
Cash generated from operations
3,576,208
661,793
LEN WRIGHT SALADS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
29
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,739,207
1,286,047
3,025,254
Bank overdrafts
(7,210)
7,210
-
0
1,731,997
1,293,257
3,025,254
Borrowings excluding overdrafts
(6,795,763)
1,240,200
(5,555,563)
Obligations under finance leases
(3,743)
3,743
-
(5,067,509)
2,537,200
(2,530,309)
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