REGISTERED NUMBER: 12576618 (England and Wales) |
FRESH HUB GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
REGISTERED NUMBER: 12576618 (England and Wales) |
FRESH HUB GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 4 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 27 |
FRESH HUB GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 November 2024. |
REVIEW OF BUSINESS |
Fresh Hub Group Limited (FHG) serves as the holding company for Parallel UK Ltd, APG Produce, Hilton Wholesale Ltd, and Radiare SL. The Group's primary function is to integrate these independent businesses, allowing them to operate autonomously while receiving strategic guidance to ensure sustained growth and success. |
The principal activities of the Group include the growing, export, import, and supply of fresh produce to UK and EU retailers, the Fresh Prepared Sector, Food Service, and Wholesale channels. |
During the year, the Group recorded a revenue increase of 19.7%, achieving a turnover of £92.1 million (2023: £76.9 million). Profit before tax rose to £1.75 million, reflecting a 28.9% increase from £1.36 million in the previous financial year. |
FINANCIAL KEY PERFORMANCE INDICATORS (KPIs) |
The Directors assess the Group's performance using key financial metrics: |
- | Turnover: Increased by 19.7% to £92.1 million (2023: £76.9 million). |
- | Overheads: Maintained at 3% of total Group turnover, a significant performance metric for the Board. |
- | Net Profit Before Tax: Increased by 28.9% to £1.75 million (2023: £1.36 million). |
- | Working Capital: Cash at bank and in hand increased by 19% to £3.9 million (2023: £3.3 million). |
PRINCIPAL RISKS AND UNCERTAINTIES |
FHG remains committed to adapting to dynamic market conditions while ensuring that customers' needs are met and sustainable returns are delivered to stakeholder farms and strategic growers. |
Supply Chain Risk |
Supply chain risk is mitigated through diversified sourcing strategies, including procurement from the Group's own farms and carefully selected third-party farms. This approach enables the Group to negotiate favourable pricing and volumes in response to market trends. |
Foreign Exchange Risk |
Given the Group's international sourcing model, transactions are conducted in multiple currencies, including Euros (€) and US Dollars ($). The Group actively employs foreign exchange instruments and hedging strategies to minimize the financial impact of currency fluctuations. |
Liquidity and Cash Flow Management |
The Board closely monitors liquidity and working capital, with senior management convening weekly to ensure effective financial management. The Group remains cash generative and maintains a robust bank balance. |
Customer and Market Diversification |
The Group actively monitors its customer portfolio to mitigate financial exposure to specific sectors. Diversification in sales channels and alignment of customer specifications with farm outputs contribute to reducing food waste and maintaining operational efficiency. |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
SECTION 172(1) STATEMENT |
The Board at Fresh Hub Group have a legal responsibility under section 172 of the Companies Act 2006 to ensure that we act in good faith, and in a way that would be most likely to promote the company's success for the benefit of its members. To have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we, as a Board performed this responsibility. |
Engaging with stakeholders |
Our key stakeholders, and the ways in which we engager with them, are as follows: |
- | Quarterly Management Account Issued |
- |
Each Trading Entity / Business Unit provides in-depth commentary reviewing recent performance and updating on risks and opportunities as they move forward. |
- | Annual stakeholder meetings held in October |
Our Employees |
The Group recognizes its employees as its most valuable asset. Success is underpinned by strong leadership and employee engagement. In response to rising living costs, the Board has undertaken salary reviews to support staff. The attraction, retention, and development of talent remain central to the Group's growth strategy. |
Our Customers and Suppliers |
Customers: Continuous engagement through market analysis, feedback mechanisms, and service enhancements ensures high-quality offerings and customer satisfaction. |
Suppliers: FHG upholds ethical sourcing, sustainability, and long-term partnerships to foster mutual growth. |
Our Community |
FHG is committed to corporate social responsibility through: |
- | Supporting local charities and community projects. |
- | Reducing our environmental footprint through sustainable operations. |
- | Encouraging employee involvement in volunteer programs. |
Our Planet |
Sustainability is a fundamental priority for FHG. The Group adopts a vertically integrated approach to managing environmental and social impacts throughout the supply chain. Key sustainability initiatives include: |
- | Implementation of a Climate Action Review. |
- | Conduct Carbon Footprint Mapping and implement a long-term Decarbonisation Strategy. |
- | Continue to assure Ethical Sourcing Practices across our supply chain. |
- | Support our customers commitments to Reduce Plastic Packaging and Food Waste. |
- | Engage our Teams to foster and strengthen the Fresh Hub Culture across the group. |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FUTURE DEVELOPMENTS |
The Board and shareholders have set a strategic objective to achieve annual growth of 10-15% over the next five years. This growth will be driven by: |
- | Expansion of own production capabilities. |
- | Diversification of product portfolio. |
- | Organic growth within the Groups existing customer base. |
- |
Expanding our footprint in Europe, grower shareholders evaluating opportunities to establish a stronger operational presence in key European markets to enhance access to key EU customers. |
- | Targeted acquisitions to strengthen market presence. |
Acquisition of Fruit Forever Limited |
On 1 December 2024, the Group completed the acquisition of Fruit Forever Limited (Company No: 11206536). This acquisition aligns with the Group's growth strategy, with Fruit Forever Limited playing a pivotal role in enhancing market reach. As a leading citrus importer, the company has experienced significant expansion and now supplies multiple blue-chip retailers. With a projected 2025 turnover of £37 million, the company is on a trajectory towards stable and sustainable profitability. The strategic integration of Fruit Forever into Fresh Hub Group Limited is expected to unlock further synergies and efficiencies. |
Innovation and Brand Development |
Innovation remains a key driver of the Group's expansion. Recent initiatives include: |
- | Expansion of the Explore brand portfolio, reinforcing premium fresh produce positioning. |
- | Rebranding the Group from Fresh Hub Holdings to Fresh Hub Group. |
- |
Leveraging data and market insights to drive decision making across the business and provide customers with actionable insight. |
Operational Efficiency |
The Group's low-cost operational model, spanning farm to shelf, will continue to underpin long-term growth. |
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY |
The Group is classified as a low energy user, consuming less than 40MWh per annum and therefore its energy and carbon information is not disclosed for that reason. |
CONCLUSION |
The Board and Directors are satisfied with the Group's performance in 2024 and remain optimistic about future growth opportunities in 2025 and beyond. |
ON BEHALF OF THE BOARD: |
25 March 2025 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024. |
DIVIDENDS |
The total distribution of dividends during the year ended 30 November 2024 was £866,266, paid on 4 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRESH HUB GROUP LIMITED |
Opinion |
We have audited the financial statements of Fresh Hub Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRESH HUB GROUP LIMITED |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRESH HUB GROUP LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may have not detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. 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 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRESH HUB GROUP LIMITED |
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 a Report of the Auditors 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 |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 92,160,915 | 76,946,262 |
Cost of sales | 86,616,268 | 72,544,677 |
GROSS PROFIT | 5,544,647 | 4,401,585 |
Administrative expenses | 3,883,656 | 3,060,903 |
1,660,991 | 1,340,682 |
Other operating income | 130,283 | 9,555 |
GROUP OPERATING PROFIT | 4 | 1,791,274 | 1,350,237 |
Share of operating profit in |
Associates | 11,472 | 13,221 |
Exceptional items | 5 | 35,591 | - |
1,767,155 | 1,363,458 |
Interest receivable and similar income | 297 | - |
1,767,452 | 1,363,458 |
Interest payable and similar expenses | 6 | 8,989 | - |
PROFIT BEFORE TAXATION | 1,758,463 | 1,363,458 |
Tax on profit | 7 | 470,911 | 331,765 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,287,552 | 1,031,693 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,287,552 | 1,031,693 |
OTHER COMPREHENSIVE INCOME |
Currency translation difference | 12,509 | 6,320 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
12,509 |
6,320 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,300,061 | 1,038,013 |
Total comprehensive income attributable to: |
Owners of the parent | 1,300,061 | 1,038,013 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | 123,125 |
Tangible assets | 11 | 115,253 | 272,769 |
Investments | 12 |
Interest in associate | 24,694 | 13,222 |
139,947 | 409,116 |
CURRENT ASSETS |
Debtors | 13 | 17,848,335 | 15,977,963 |
Cash at bank and in hand | 3,974,640 | 3,332,019 |
21,822,975 | 19,309,982 |
CREDITORS |
Amounts falling due within one year | 14 | 15,851,849 | 13,996,847 |
NET CURRENT ASSETS | 5,971,126 | 5,313,135 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,111,073 | 5,722,251 |
PROVISIONS FOR LIABILITIES | 16 | 28,323 | 73,296 |
NET ASSETS | 6,082,750 | 5,648,955 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 152,369 | 152,369 |
Share premium | 18 | 171,184 | 171,184 |
Other reserves | 18 | 18,477 | 5,968 |
Retained earnings | 18 | 5,740,720 | 5,319,434 |
SHAREHOLDERS' FUNDS | 6,082,750 | 5,648,955 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by: |
R Landymore - Director |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,017,566 | 877,439 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 December 2022 | 152,369 | 5,292,431 | 171,184 | (352 | ) | 5,615,632 |
Changes in equity |
Dividends | - | (1,004,690 | ) | - | - | (1,004,690 | ) |
Total comprehensive income | - | 1,031,693 | - | 6,320 | 1,038,013 |
Balance at 30 November 2023 | 152,369 | 5,319,434 | 171,184 | 5,968 | 5,648,955 |
Changes in equity |
Dividends | - | (866,266 | ) | - | - | (866,266 | ) |
Total comprehensive income | - | 1,287,552 | - | 12,509 | 1,300,061 |
Balance at 30 November 2024 | 152,369 | 5,740,720 | 171,184 | 18,477 | 6,082,750 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2022 |
Changes in equity |
Profit for the year | - | 877,439 | 877,439 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Total transactions with owners, recognised directly in equity |
- |
(1,004,690 |
) |
(1,004,690 |
) |
Balance at 30 November 2023 |
Changes in equity |
Profit for the year | - | 1,017,566 | 1,017,566 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Total transactions with owners, recognised directly in equity |
- |
(866,266 |
) |
(866,266 |
) |
Balance at 30 November 2024 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,090,686 | 1,891,040 |
Interest paid | (8,989 | ) | - |
Tax paid | (515,883 | ) | (320,732 | ) |
Net cash from operating activities | 1,565,814 | 1,570,308 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (57,224 | ) | (104,400 | ) |
Interest received | 297 | - |
Net cash from investing activities | (56,927 | ) | (104,400 | ) |
Cash flows from financing activities |
Equity dividends paid | (866,266 | ) | (1,004,690 | ) |
Net cash from financing activities | (866,266 | ) | (1,004,690 | ) |
Increase in cash and cash equivalents | 642,621 | 461,218 |
Cash and cash equivalents at beginning of year | 2 | 3,332,019 | 2,870,801 |
Cash and cash equivalents at end of year | 2 | 3,974,640 | 3,332,019 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 1,287,552 | 1,031,693 |
Depreciation charges | 231,101 | 98,598 |
Loss on disposal of fixed assets | 106,764 | - |
Share of operating profit in associate | (11,472 | ) | (13,221 | ) |
Finance costs | 8,989 | - |
Finance income | (297 | ) | - |
Taxation | 470,911 | 331,765 |
2,093,548 | 1,448,835 |
Increase in trade and other debtors | (1,857,863 | ) | (4,970,967 | ) |
Increase in trade and other creditors | 1,855,001 | 5,413,172 |
Cash generated from operations | 2,090,686 | 1,891,040 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 November 2024 |
30.11.24 | 1.12.23 |
£ | £ |
Cash and cash equivalents | 3,974,640 | 3,332,019 |
Year ended 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 3,332,019 | 2,870,801 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.23 | Cash flow | At 30.11.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,332,019 | 642,621 | 3,974,640 |
3,332,019 | 642,621 | 3,974,640 |
Total | 3,332,019 | 642,621 | 3,974,640 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
1. | STATUTORY INFORMATION |
Fresh Hub Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the Group is importing and supplying fresh produce to the UK Retail, freshly prepared and wholesale markets. |
The financial statements have been rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). |
Basis of consolidation |
The consolidated financial statements presents the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements have been presented using the merger accounting method, where the consolidated group position is stated as if the group has always existed. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. |
Key sources of estimates include depreciation and accruals. |
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Financial instruments |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement. |
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. Accounts 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,047,606 | 1,787,561 |
Social security costs | 172,922 | 151,004 |
Other pension costs | 138,783 | 66,238 |
2,359,311 | 2,004,803 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees |
2024 | 2023 |
£ | £ |
Directors' remuneration | 93,000 | 93,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 1,300 | 4,432 |
Other operating leases | 44,925 | 33,903 |
Depreciation - owned assets | 107,976 | 83,600 |
Loss on disposal of fixed assets | 106,764 | - |
Goodwill amortisation | 123,125 | 15,000 |
Auditors' remuneration | 37,600 | 35,500 |
Auditors' remuneration for non audit work | 5,860 | 36,437 |
Foreign exchange differences | 6,513 | 7,991 |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | (35,591 | ) | - |
Exceptional items relate to costs incurred as part of the acquisition of a subsidiary. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest paid | 8,989 | - |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 512,700 | 320,732 |
Adjustment re previous years | 3,185 | - |
Total current tax | 515,885 | 320,732 |
Deferred tax | (44,974 | ) | 11,033 |
Tax on profit | 470,911 | 331,765 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,758,463 | 1,363,458 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
439,616 |
340,865 |
Effects of: |
Expenses not deductible for tax purposes | 52,866 | 12,781 |
Capital allowances in excess of depreciation | (1,592 | ) | - |
Depreciation in excess of capital allowances | - | 8,321 |
Adjustments to tax charge in respect of previous periods | 3,245 | - |
Effects of foreign taxes | (23,150 | ) | 15,650 |
Effects of changes in tax rates | - | (45,852 | ) |
NTLR | (74 | ) | - |
Total tax charge | 470,911 | 331,765 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation difference | 12,509 | - | 12,509 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation difference | 6,320 | - | 6,320 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
'A' Ordinary shares of £1 each |
Interim | 90,505 | 92,593 |
'B' Ordinary shares of £1 each |
Interim | 49,590 | 86,342 |
'C' Ordinary shares of £1 each |
Interim | 133,080 | 171,773 |
'D' Ordinary shares of £1 each |
Interim | 170,000 | 211,400 |
'E' Ordinary shares of £1 each |
Interim | 144,000 | 183,917 |
'F' Ordinary shares of £1 each |
Interim | 137,000 | 176,304 |
'G' Ordinary shares of £1 each |
Interim | 54,346 | 60,509 |
'H' Ordinary shares of £1 each |
Interim | 87,745 | 21,852 |
866,266 | 1,004,690 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 December 2023 |
and 30 November 2024 | 150,000 |
AMORTISATION |
At 1 December 2023 | 26,875 |
Amortisation for year | 123,125 |
At 30 November 2024 | 150,000 |
NET BOOK VALUE |
At 30 November 2024 | - |
At 30 November 2023 | 123,125 |
Company |
Goodwill |
£ |
COST |
At 1 December 2023 |
and 30 November 2024 |
AMORTISATION |
At 1 December 2023 |
Amortisation for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2023 | 535,734 | 41,474 | 42,000 | 256,118 | 875,326 |
Additions | 1,195 | 42,293 | - | 13,702 | 57,190 |
Disposals | (166,861 | ) | (6,383 | ) | - | (10,964 | ) | (184,208 | ) |
At 30 November 2024 | 370,068 | 77,384 | 42,000 | 258,856 | 748,308 |
DEPRECIATION |
At 1 December 2023 | 390,841 | 26,792 | 23,593 | 161,331 | 602,557 |
Charge for year | 39,100 | 5,776 | 15,026 | 48,074 | 107,976 |
Eliminated on disposal | (61,468 | ) | (6,382 | ) | - | (9,628 | ) | (77,478 | ) |
At 30 November 2024 | 368,473 | 26,186 | 38,619 | 199,777 | 633,055 |
NET BOOK VALUE |
At 30 November 2024 | 1,595 | 51,198 | 3,381 | 59,079 | 115,253 |
At 30 November 2023 | 144,893 | 14,682 | 18,407 | 94,787 | 272,769 |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 December 2023 | 13,222 |
Share of profit/(loss) | 11,472 |
At 30 November 2024 | 24,694 |
NET BOOK VALUE |
At 30 November 2024 | 24,694 |
At 30 November 2023 | 13,222 |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 December 2023 | 155,140 |
Additions | 43,898 |
At 30 November 2024 | 199,038 |
NET BOOK VALUE |
At 30 November 2024 | 199,038 |
At 30 November 2023 | 155,140 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Parallel UK Limited |
Registered office: United Kingdom |
Nature of business: Importing and supplying fresh produce |
% |
Class of shares: | holding |
Multiple | 100.00 |
APG Produce Limited |
Registered office: United Kingdom |
Nature of business: Importing and supplying fresh produce |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Hilton Wholesale Limited |
Registered office: United Kingdom |
Nature of business: Wholesale of fruit and vegetables |
% |
Class of shares: | holding |
Ordinary | 100.00 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Radiare S.L. |
Registered office: Spain |
Nature of business: Importing and supplying fresh produce |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Hilton Wholesale Limited is exempt from the requirements to obtain an audit of its financial statements by virtue of section 479A of the Companies Act 2006. Fresh Hub Group Limited guarantees the liabilities of Hilton Wholesale Limited under section 479C of the Companies Act 2006 in respect of the financial year ended 30 November 2024. |
Fresh Forever Limited exists as a 75% subsidiary at the year end but was dormant and has been excluded from the consolidation. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 17,005,409 | 14,724,109 |
Amounts owed by participating interests | - | 160,026 | - | 83,250 |
Other debtors | 142,547 | 105,481 |
Amounts owed by group | - | - | 2,282,563 | 1,988,402 |
Directors' current accounts | 140,390 | 84,571 | 138,215 | 79,839 |
VAT | 535,772 | 549,639 |
Prepayments and accrued income | 24,217 | 354,137 |
17,848,335 | 15,977,963 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 9,127,937 | 7,299,540 |
Amounts owed to group undertakings | - | - |
Taxation | 362,537 | 264,423 |
Other taxes and social security | 435,767 | 388,021 |
Other creditors | 21,181 | 47,283 |
Accruals and deferred income | 5,904,427 | 5,997,580 |
15,851,849 | 13,996,847 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
16. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 28,323 | 73,296 | 12,323 | 1,769 |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2023 | 73,296 |
Credit to Income Statement during year | (44,973 | ) |
Balance at 30 November 2024 | 28,323 |
Company |
Deferred |
tax |
£ |
Balance at 1 December 2023 |
Charge to Income Statement during year |
Balance at 30 November 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal Value: | 2024 | 2023 |
£1 | £ | £ |
41,369 | 'A' Ordinary | £1 | 41,369 | 41,369 |
3,047 | 'B' Ordinary | £1 | 3,047 | 3,047 |
30.474 | 'C' Ordinary | £1 | 30,474 | 30,474 |
17,170 | 'D' Ordinary | £1 | 17,170 | 17,170 |
9,690 | 'E' Ordinary | £1 | 9,690 | 9,690 |
7,619 | 'F' Ordinary | £1 | 7,619 | 7,619 |
7,619 | 'G' Ordinary | £1 | 7,619 | 7,619 |
35,381 | 'H' Ordinary | £1 | 35,381 | 35,381 |
152,369 | 152,369 |
FRESH HUB GROUP LIMITED (REGISTERED NUMBER: 12576618) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
18. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 December 2023 | 5,319,434 | 171,184 | 5,968 | 5,496,586 |
Profit for the year | 1,287,552 | 1,287,552 |
Dividends | (866,266 | ) | (866,266 | ) |
Translation differences | - | - | 12,509 | 12,509 |
At 30 November 2024 | 5,740,720 | 171,184 | 18,477 | 5,930,381 |
Company |
Retained |
earnings |
£ |
At 1 December 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2024 |
19. | RELATED PARTY DISCLOSURES |
At 30 November 2024, R W Landymore, a Director, owed £138,215 to the Company (2023 - £161 was owed from the Company). £140,390 was owed to the Group (2023 - £10,822). There is interest charged on the balance and no set terms of repayment. |
R W Landymore is a director of Oak Activities Limited. During the year the group made sales to Oak Activities Limited of £10,911 (2023 - £3,264). At the year end Oak Activities Limited owed £1,083 (2023 - £3,917) to the group. During the year the company made sales to Oak Activities Limited of £10,911 (2023 - £2,857). At the year end Oak Activities Limited owed £1,083 (2023 - £3,428) to the company. |
20. | POST BALANCE SHEET EVENTS |
On 1 December 2024, the group acquired 100% of the shares of Fruit Forever Limited. |