Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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SARA (EU) LIMITED
COMPANY INFORMATION
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SARA (EU) LIMITED
CONTENTS
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SARA (EU) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The principal activity of the Company during the year continues to be that of a holding company for its trading subsidiaries, Wanis Limited, Lumen House Limited and Wanis Management Services LLP. Wanis International Foods Limited and Tropical Sun Foods Limited also form part of the Group, however, these companies remained dormant throuhgout the period.
Wanis Limited’s principal activities continue to be that of a specialist international foods distributor, together with the operation of a cash and carry centre for international and general foods. The principal activity of Lumen House Limited was that of property rental and holding. The principal activity of Wanis Management Services LLP continues to be that of the provision of personnel services.
The Directors are satisfied with results for the year achieved by the Group's main trading subsidiary, Wanis Limited, in the face of tough trading conditions. Turnover rose for a number of factors including the impact of the food inflation, new product launches and increased distribution. The Group also faced ongoing challenges including post Brexit trading conditions, and global supply chain availability and exchange rate volatility.
The Group maintained a similar gross margin to the prior year, which remains in-line with expectations. The members are satisfied with the results of Wanis Management Services LLP and Lumen House Limited.
The principal risks faced by the business continue to be the global economic climate and the fluctuations in the commodity and currency markets. However, the Directors believe with their careful management there will continue to be opportunities to grow the business. The global economic climate and the fluctuations in the commodity and currency markets continue to provide opportunities if managed correctly.
We will carefully monitor the company’s trading results over the course of the next financial year, together with the business risks with aim of providing stability and ensuring growth. The Directors recognise that the grocery market place is very competitive and price sensitive and that the Company must consistently adapt and improve its supply chain and internal processes to meet the needs of customers to maintain presence and a broad market space.
The Directors monitor the success of the Group by its ability to achieving a controlled increase in sales that delivers sufficient gross profit to cover operating costs and generates cash flow from managing working capital to ensure that it can invest in new resources for the future.
The Group’s KPIs are Turnover, Gross Profit, Net Profit and Cash Conversion Cycle.
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SARA (EU) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The 3 key resources of the business are its customers, its suppliers and its staff.
The Directors review statistics to measure customer retention, volume of activity with suppliers and measures to ensure long term retention of the skilled and trained workforce. Section 172 (1) statement As the Directors of Sara (EU) Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders and in doing so must have regard to the following: • the likely consequences of any decision in the long term, • the interests of the company’s employees, • the need to foster the company’s business relationships with suppliers, customers and others, • the impact of the company’s operations on the community and the environment, • the desirability of the company maintaining a reputation for high standards of business conduct, and • the need to act fairly between members of the company. Our key stakeholders, and the ways in which we engage with them, are as follows: Employees Our business success is strongly linked to the skills and qualifications of its management and employees and this is reflected in the high levels of service that we provide. To ensure that we maintain these high standards, the well-being and development of our employees is critical and we therefore provide appropriate levels of training and support. Regular updates are provided to employees on all aspects of company business including performance, employee events and opportunities. Employee opinions and suggestions are encouraged at staff meetings and suggestions boxes are placed in the company’s premises. The Board welcomes ideas and comments from all employees and operates an informal open- door policy. Customers and Suppliers We are aware that that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships. Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted. Community As a company we are active in the local communities where we operate and support local charities and not-for-profit organisations. We participate in charity-organised events as well as those what we organise ourselves. This year we have continued to be particularly focused on food-bank charities and local authorities. Environment The Company continues to monitor its impact in the fields of climate protection, energy management and waste avoidance. In the coming years Wanis will continue to work to further reduce or compensate for the effects and influences of its economic activities.
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SARA (EU) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Standards of Business Conduct The Company is committed to conduct business with the highest integrity and the compliance with the law and have Standards in place which must be adhered to by everyone who represents the Company. These Standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the Company's policies but also with laws and regulations applicable.
This report was approved by the board on 17 March 2025 and signed on its behalf.
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SARA (EU) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Director presents his report and the financial statements for the year ended 30 June 2024.
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £10,691,041 (2023 - £9,040,129).
During the year company declared dividends of £5,400,000 (2023 - £8,300,000).
The Director does not recommend payment of a final dividend.
The Director who served during the year was:
The Director's aim is to maintain the management policies which have resulted in the Group's sustainability and growth in recent years.
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SARA (EU) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
TThe Group's greenhouse gas emissions and energy consumption for the year are 1,487,513 Kwh (2023 - 1,511,696 Kwh), 68,823 litres (2023 - 63,242 litres) and associated greenhouse gas emissions for the year are 308,189 Kg CO2 (2023 - 313,183 Kg CO2).
The usage was calculated from third party billing information recieved in the year.
CO2 per £'000 revenue amounted to 2.21Kg/CO2 £'000 (2023 - 2.49Kg/CO2 £'000).
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SARA (EU) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARA (EU) LIMITED
We have audited the financial statements of Sara (EU) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
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SARA (EU) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARA (EU) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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SARA (EU) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARA (EU) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; - We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards; - We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify and unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures 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.
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SARA (EU) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SARA (EU) LIMITED (CONTINUED)
Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
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SARA (EU) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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SARA (EU) LIMITED
REGISTERED NUMBER: 08116493
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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SARA (EU) LIMITED
REGISTERED NUMBER: 08116493
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.
The notes on pages 19 to 42 form part of these financial statements.
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SARA (EU) LIMITED
REGISTERED NUMBER: 08116493
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 42 form part of these financial statements.
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