PROVIDENCE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
Company Registration No. 05196811 (England and Wales)
PROVIDENCE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M R Cockerill
Mrs P A Cockerill
Mr S E Cockerill
Company number
05196811
Registered office
Providence Business Park
Stamford Bridge Road
Dunnington
York
YO19 5AE
Auditor
Hunter Gee Holroyd
Club Chambers
Museum Street
York
YO1 7DN
Bankers
Barclays Bank Plc
1 2 and 3 Parliament Street
York
YO1 1XD
PROVIDENCE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 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 - 34
PROVIDENCE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 1 -

The directors present the strategic report for the 53 weeks ended 29 June 2024.

Fair review of the business

The group's principal activities are the supply of potatoes to a discount retailer and to processing customers. In addition, value is created through related activities including the supply of seed potatoes, storage, washing and grading, transport and technical services to suppliers and to other UK potato producers. During the financial year the group acquired its own growing operation on the Yorkshire Wolds, enabling the in-house growing of our own seed and ware potatoes. This strengthens the group’s seed supply chain position.

The year ended 29th June 2024 was a particularly tough year for the potato industry and the group was not immune from this. A poor crop pushed the free-buy price of potatoes up by, in some cases, 400%. Margins, particularly in the retail business unit, saw a significant adverse effect as a result.

The retail division saw volumes and sales value increase despite the potato supply difficulties. This additional volume did, however, come at an increased cost to the business reducing margin in this business unit by 5%.

The processing division saw sales increase but a reduction in margin.

Overall, the combination of the activities of the business units created an operating loss of £1.027m and an after-tax loss of £628k. The board are confident that this performance will not continue into the following financial year and is as a result of exceptional trading conditions during the this financial year.

The on-going commitment to the development of the operational systems with regard to costs and quality is providing a solid base on which the group expect to enhance volumes and product offerings going forward. Further investment into ERP systems, operational efficiencies and cost reduction exercises are planned over the next year and this will help to further drive business performance. The business will continue to reinvest earnings over the next year and beyond.

 

Principal risks and uncertainties

Retail Potato Supply

The UK retail market for fresh potatoes is mature and continued concentration of the UK retail industry has put pressure on many of our retail and wholesale customers and created intense price competition. To address this trend we have focussed on supplying the growing discount retail sector where high unit volumes allow us to reduce our costs.

 

Processing Potato Supply

Our activities are focussed on managing the supply of potatoes to large crisp manufacturers. Our quality management and diversified approach to supplier contracting has minimised the risk and strengthened our relationships with both the growers and processors.

Development and performance

The results for the 53 weeks and the financial position at the 53 weeks end were considered satisfactory, given the industry operating conditions, by the directors who expect continued growth in the foreseeable future.

Key performance indicators

The directors consider the following to be the key performance indicators in measuring the success of the group:

29th June 2024
24th June 2023
25th June 2022
£
£
£
Turnover
87,385,430
58,403,522
51,325,670
Turnover Growth
49.82%
13.79%
(1.03)%
Gross Profit Margin
8.71%
16.10%
18.90%
Profit/(loss) before tax
(1,629,740)
1,309,870
1,725,793
Providence Holdings Limited: Stakeholder Engagement – Section 172(1) Statement

As the Board of Providence Holdings Limited group we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider to be the 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. This statement addresses the ways in which we as a board carry out this responsibility.

PROVIDENCE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 2 -
Promoting the group's success for its members

Cockerill’s has a legacy stretching back 80+ years and remains in family ownership. Second generation, Martin, continues to be heavily involved in the business as Chairperson. During its history Cockerill’s has, and continues to, provide employment opportunities within the local community and career progression for its employees.

We are proud of our position as one of the UK's leading suppliers and packers of potatoes. Our focus on quality, service and value has delivered sustained and profitable growth, and provided a solid foundation to meet the future needs of the retail, processing and food service industries we serve.

Our success rests upon the success of our customers, and we are constantly improving the value we deliver through innovations in our products, processes, quality systems and supply chain management.

Strategic decisions are made based on the long-term outcomes and the business’s long-term objectives. Recently this has been seen through significant financial reinvestment in the packhouse, IT systems and storage facilities, all of which lay solid foundations for future growth.

Engaging with stakeholders

The key Stakeholders and our engagement with them are as follows:

Employees

Our team of reliable and engaged employees ensure the business objectives are met and are highly motivated. They are critical to the long-term success of the business. We provide many training opportunities at all levels and are constantly looking to upskill all employees. They are rewarded with competitive pay rates as well as ad-hoc benefits throughout the year. Annual performance reviews and appraisals are carried out as a two-way process. Many team members have been with the business more than 30 years.

Customers and Suppliers

We have many long-term customer relationships in the Crisping market and a key strategic partner in the retail environment. We always prioritise the long term with these customers and work in partnership with all of them to ensure the long-term success of all involved and the industry as a whole. We are in constant communication with customers at all levels of the business and we are known for our loyalty and openness.

Our grower base and other suppliers are critical to the success of Cockerill’s and the industry. We engage with them through dedicated managers and fieldsmen. We are regularly on site with the growers and hold an annual grower conference. We have very long-standing relationships with many of our growers.

Our Community

We are always looking for ways to engage with our local community, whether that is in using local tradespeople and businesses or becoming more energy efficient to improve the local environment. A wind turbine and solar panels have already been installed and this project will be expanded and accelerated in the near future. Our local area is always at the forefront of our discussions when deciding on new ways of working or infrastructure changes. Cockerill’s put back into the community through sponsorships of local teams, providing free produce to the local foodbank and closing our operations once a year to allow the York Marathon which raises funds for many causes.

On behalf of the board

Mr M R Cockerill
Director
27 March 2025
PROVIDENCE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the 53 weeks ended 29 June 2024.

Principal activities

The principal activities of the group continued to be that of potato marketing and logistics and farming.

Results and dividends

The results for the 53 weeks are set out on page 10.

Ordinary dividends were paid amounting to £52,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the 53 weeks and up to the date of signature of the financial statements were as follows:

Mr M R Cockerill
Mrs P A Cockerill
Mr S E Cockerill
Financial instruments
Treasury operations and financial instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is shown below.

 

Trade and other debtors:

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

 

Cash and cash equivalents:

In respect of bank balances liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the potential use of overdrafts at floating rates of interest.

 

Interest-bearing loans and borrowings:

All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. Interest rates on the loans are variable but the repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

 

Trade creditors:

The liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Auditor

The auditor, Hunter Gee Holroyd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1 and 2 emissions. It contains appropriate intensity metrics, the total energy use of electricity, gas and transport fuel and a summary of energy efficiency actions taken during the financial year.

PROVIDENCE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 4 -

For YE 29th June 2024

 

2024

2023

Energy consumption used to calculate emissions: /kWh

3,936,309

3,912,827

Emissions from combustion of gas tCO 2e (Scope 1)

72

46

Emissions from combustion of fuel for transport purposes (Scope 1)

2,231

2,247

Emissions from business travel in rental cars or employee -owned vehicles where company is responsible for purchasing the fuel (Scope 3)

0

0

Emissions from purchased electricity (Scope 2, location -based)

764

745

Total gross CO 2e based on above

3,793

3,038

Intensity ratio: tCO2e gross figure based from mandatory fields above/ £100,000 revenue

0.044

0.066

 

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines.

Reporting Period – 25th June 2023 to 29th June 2024. SECR disclosure has been prepared in line with RS Cockerill (York) Limited annual accounts made up to 29th June 2024.

 

Emissions Factor Source - Greenhouse gas reporting: conversion factors 2024 - GOV.UK (www.gov.uk)

Intensity measurement

Reason for the intensity measurement choice – Following recommendations of the SECR legislation and based on the nature of the business we chose Thousand £ Revenue – (tCO2e / £’000 Revenue)

Measures taken to improve energy efficiency

The group achieves energy savings and efficiencies through the following methods:

PROVIDENCE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 5 -
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
Mr M R Cockerill
Director
27 March 2025
PROVIDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROVIDENCE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Providence Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the 53 weeks ended 29 June 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:

PROVIDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROVIDENCE HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

PROVIDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROVIDENCE HOLDINGS LIMITED
- 8 -

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 potato 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, taxation legislation, data protection, anti-bribery and employment legislation;

 

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries 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 enquiries 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 any unusual or unexpected relationships;

 

•tested journal entries to identify unusual transactions;

 

•assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

 

•investigated the rationale behind significant or unusual transactions;

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•agreeing financial statement disclosures to underlying supporting documentation;

 

•reading the minutes of meetings of those charged with governance; and

 

•enquiring of management as to actual and potential litigation and claims;

 

 

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.

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

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.

Mark Grewer
For and on behalf of
28 March 2025
Hunter Gee Holroyd
Chartered Accountants
Statutory Auditor
Club Chambers
Museum Street
York
YO1 7DN
PROVIDENCE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 10 -
53 weeks
52 weeks
ended
ended
29 June
24 June
2024
2023
Notes
£
£
Turnover
3
87,385,430
58,403,522
Cost of sales
(79,766,734)
(49,009,825)
Gross profit
7,618,696
9,393,697
Distribution costs
(4,245,819)
(3,987,727)
Administrative expenses
(5,019,377)
(4,910,785)
Other operating income
686,783
719,946
Operating (loss)/profit
4
(959,717)
1,215,131
Interest receivable and similar income
8
248,901
97,899
Interest payable and similar expenses
9
(18,986)
(1,170)
Amounts written off investments
10
(899,938)
-
(Loss)/profit before taxation
(1,629,740)
1,311,860
Tax on (loss)/profit
11
167,833
(273,970)
(Loss)/profit for the financial 53 weeks
(1,461,907)
1,037,890
(Loss)/profit for the financial 53 weeks is all attributable to the owners of the parent company.
Total comprehensive income for the 53 weeks is all attributable to the owners of the parent company.

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

PROVIDENCE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 29 JUNE 2024
29 June 2024
- 11 -
29 June 2024
24 June 2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
26,643
69,029
Tangible assets
15
11,998,805
10,357,517
Investments
16
-
0
899,938
12,025,448
11,326,484
Current assets
Stocks
19
5,973,587
4,321,261
Debtors
20
13,112,088
11,476,658
Investments
21
50
50
Cash at bank and in hand
4,123,771
3,936,066
23,209,496
19,734,035
Creditors: amounts falling due within one year
22
(15,166,559)
(10,006,380)
Net current assets
8,042,937
9,727,655
Total assets less current liabilities
20,068,385
21,054,139
Creditors: amounts falling due after more than one year
23
(1,133,371)
(431,484)
Provisions for liabilities
Deferred tax liability
25
429,787
603,521
(429,787)
(603,521)
Net assets
18,505,227
20,019,134
Capital and reserves
Called up share capital
27
9,074
9,074
Share premium account
4,767,950
4,767,950
Profit and loss reserves
13,728,203
15,242,110
Total equity
18,505,227
20,019,134
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr M R Cockerill
Director
Company registration number 05196811 (England and Wales)
PROVIDENCE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 29 JUNE 2024
29 June 2024
- 12 -
29 June 2024
24 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
7,117,865
6,511,997
Investments
16
4,777,014
5,676,952
11,894,879
12,188,949
Current assets
Debtors
20
1,141,906
1,094,882
Cash at bank and in hand
347,778
339,745
1,489,684
1,434,627
Creditors: amounts falling due within one year
22
(1,868,605)
(1,222,525)
Net current (liabilities)/assets
(378,921)
212,102
Total assets less current liabilities
11,515,958
12,401,051
Provisions for liabilities
Deferred tax liability
25
78,185
80,875
(78,185)
(80,875)
Net assets
11,437,773
12,320,176
Capital and reserves
Called up share capital
27
9,074
9,074
Share premium account
4,767,950
4,767,950
Profit and loss reserves
6,660,749
7,543,152
Total equity
11,437,773
12,320,176

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £830,403 (2023 - £246,242 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr M R Cockerill
Director
Company registration number 05196811 (England and Wales)
PROVIDENCE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 26 June 2022
9,074
4,767,950
14,253,720
19,030,744
Period ended 24 June 2023:
Profit and total comprehensive income for the period
-
-
1,037,890
1,037,890
Dividends
12
-
-
(49,500)
(49,500)
Balance at 24 June 2023
9,074
4,767,950
15,242,110
20,019,134
Period ended 29 June 2024:
Loss and total comprehensive income for the period
-
-
(1,461,907)
(1,461,907)
Dividends
12
-
-
(52,000)
(52,000)
Balance at 29 June 2024
9,074
4,767,950
13,728,203
18,505,227
PROVIDENCE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 26 June 2022
9,074
4,767,950
7,346,410
12,123,434
Period ended 24 June 2023:
Profit and total comprehensive income for the period
-
-
246,242
246,242
Dividends
12
-
-
(49,500)
(49,500)
Balance at 24 June 2023
9,074
4,767,950
7,543,152
12,320,176
Period ended 29 June 2024:
Profit and total comprehensive income
-
-
(830,403)
(830,403)
Dividends
12
-
-
(52,000)
(52,000)
Balance at 29 June 2024
9,074
4,767,950
6,660,749
11,437,773
PROVIDENCE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,226,293
4,132,316
Interest paid
(18,986)
(1,170)
Income taxes paid
(172,051)
(362,492)
Net cash inflow from operating activities
2,035,256
3,768,654
Investing activities
Purchase of tangible fixed assets
(2,331,962)
(1,511,666)
Proceeds from disposal of tangible fixed assets
358,695
107,516
Interest received
248,901
97,899
Net cash used in investing activities
(1,724,366)
(1,306,251)
Financing activities
Repayment of bank loans
-
(344,390)
Payment of finance leases obligations
(71,185)
(54,740)
Dividends paid to equity shareholders
(52,000)
(49,500)
Net cash used in financing activities
(123,185)
(448,630)
Net increase in cash and cash equivalents
187,705
2,013,773
Cash and cash equivalents at beginning of 53 weeks
3,936,066
1,922,293
Cash and cash equivalents at end of 53 weeks
4,123,771
3,936,066
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 16 -
1
Accounting policies
Company information

Providence Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Providence Business Park, Stamford Bridge Road, Dunnington, York, YO19 5AE.

 

The group consists of Providence Holdings Ltd and all of its subsidiaries.

1.1
Reporting period

Accounts are prepared on a 52 week basis to the last Saturday in June each year, rather than annually.

1.2
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:

 

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.3
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.

1.4
Basis of consolidation

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

 

All financial statements are made up to 29 June 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.

1.5
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.

1.6
Turnover

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

Revenue from the sale of 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.

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.7
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.

 

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.

1.8
Tangible fixed assets

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

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

Freehold land and buildings
Nil 2% 2.5% 5% 10% and 20% straight line
Packhouse
10% 20% and 25% straight line and 25% reducing balance
Plant and machinery
20% and 25% reducing balance and 10% and 20% straight line
Fixtures fittings and equipment
10% 20% and 25% straight line and 25% reducing balance
Motor vehicles tractors and trailers
10% 12.5% 16.6% 17% and 20% straight line and 25% reducing balance

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

1.9
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.

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

1.10
Impairment of fixed assets

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

 

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

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

 

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

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

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.11
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.12
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.

1.13
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

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

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.14
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.

1.15
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.

1.16
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.

1.17
Retirement benefits

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

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.18
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.

1.19
Government grants

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

 

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

1.20
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Potato merchants
87,385,430
58,403,522
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Other revenue
Interest income
248,901
97,899
Grants received
126,030
183,121
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the period is stated after charging/(crediting):
Exchange losses
20,374
68,415
Government grants
(126,030)
(183,121)
Depreciation of owned tangible fixed assets
1,629,369
1,389,699
Profit on disposal of tangible fixed assets
(237,418)
(68,672)
Amortisation of intangible assets
42,386
42,386
Operating lease charges
110,023
113,008
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
4,000
3,000
Audit of the financial statements of the company's subsidiaries
10,000
9,000
14,000
12,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the 53 weeks was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operational
139
120
-
-
Management
32
29
3
3
171
149
3
3
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,356,484
3,325,379
-
0
2,526
Pension costs
127,846
112,770
-
0
-
0
3,415,749
3,765,887
-
0
2,526
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
2,526
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
189,887
42,995
Other interest income
59,014
54,904
Total income
248,901
97,899
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
18,743
-
Other interest
243
1,170
Total finance costs
18,986
1,170
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
(899,938)
-
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 26 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
82,700
Adjustments in respect of prior periods
-
0
4,322
Total UK current tax
-
0
87,022
Foreign current tax on profits for the current period
5,901
5,490
Total current tax
5,901
92,512
Deferred tax
Origination and reversal of timing differences
(173,734)
181,458
Total tax (credit)/charge
(167,833)
273,970

The actual (credit)/charge for the 53 weeks can be reconciled to the expected (credit)/charge for the 53 weeks based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,629,740)
1,311,860
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(407,435)
268,931
Tax effect of expenses that are not deductible in determining taxable profit
271,270
7,896
Tax effect of income not taxable in determining taxable profit
(68,925)
(37,533)
Unutilised tax losses carried forward
612,027
-
0
Group relief
(64,179)
-
0
Permanent capital allowances in excess of depreciation
(342,718)
(151,054)
Under/(over) provided in prior years
-
0
4,322
Deferred tax adjustments in respect of prior years
(173,734)
181,458
Other
(40)
(50)
Foreign tax charge
5,901
-
0
Taxation (credit)/charge
(167,833)
273,970
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
52,000
49,500
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 27 -
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
16
899,938
-
Recognised in:
Amounts written off investments
899,938
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

14
Intangible fixed assets
Group
Goodwill
£
Cost
At 25 June 2023 and 29 June 2024
847,713
Amortisation and impairment
At 25 June 2023
778,684
Amortisation charged for the 53 weeks
42,386
At 29 June 2024
821,070
Carrying amount
At 29 June 2024
26,643
At 24 June 2023
69,029
The company had no intangible fixed assets at 29 June 2024 or 24 June 2023.
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 28 -
15
Tangible fixed assets
Group
Freehold land and buildings
Packhouse
Plant and machinery
Fixtures fittings and equipment
Motor vehicles tractors and trailers
Total
£
£
£
£
£
£
Cost
At 25 June 2023
9,697,635
2,970,734
11,110,702
478,389
3,607,131
27,864,591
Additions
1,017,678
-
0
1,012,361
26,024
1,335,871
3,391,934
Disposals
-
0
-
0
(429,214)
-
0
(251,869)
(681,083)
At 29 June 2024
10,715,313
2,970,734
11,693,849
504,413
4,691,133
30,575,442
Depreciation and impairment
At 25 June 2023
4,053,360
2,888,350
7,428,891
387,493
2,748,980
17,507,074
Depreciation charged in the 53 weeks
248,199
23,494
1,032,643
31,696
293,337
1,629,369
Eliminated in respect of disposals
-
0
-
0
(373,034)
-
0
(186,772)
(559,806)
At 29 June 2024
4,301,559
2,911,844
8,088,500
419,189
2,855,545
18,576,637
Carrying amount
At 29 June 2024
6,413,754
58,890
3,605,349
85,224
1,835,588
11,998,805
At 24 June 2023
5,644,275
82,384
3,681,811
311,055
637,992
10,357,517
Company
Freehold land and buildings
Plant and machinery
Total
£
£
£
Cost
At 25 June 2023
8,392,517
899,534
9,292,051
Additions
911,031
-
0
911,031
Disposals
-
0
(3,130)
(3,130)
At 29 June 2024
9,303,548
896,404
10,199,952
Depreciation and impairment
At 25 June 2023
2,379,499
400,555
2,780,054
Depreciation charged in the 53 weeks
254,014
51,149
305,163
Eliminated in respect of disposals
-
0
(3,130)
(3,130)
At 29 June 2024
2,633,513
448,574
3,082,087
Carrying amount
At 29 June 2024
6,670,035
447,830
7,117,865
At 24 June 2023
6,013,018
498,979
6,511,997
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 29 -
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
4,777,014
4,777,014
Listed investments
-
0
899,938
-
0
899,938
-
0
899,938
4,777,014
5,676,952

Listed investments included above:

Market value if different from carrying amount
-
1,155,212
-
1,155,212
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 25 June 2023 and 29 June 2024
899,938
Impairment
At 25 June 2023
-
Impairment losses
899,938
At 29 June 2024
899,938
Carrying amount
At 29 June 2024
-
At 24 June 2023
899,938
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 25 June 2023 and 29 June 2024
4,777,014
899,938
5,676,952
Impairment
At 25 June 2023
-
-
-
Impairment losses
-
899,938
899,938
At 29 June 2024
-
899,938
899,938
Carrying amount
At 29 June 2024
4,777,014
-
4,777,014
At 24 June 2023
4,777,014
899,938
5,676,952
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 30 -
17
Subsidiaries

Details of the company's subsidiaries at 29 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
R S Cockerill (Farms) Limited
England
Farming
Ordinary
100.00
0
R S Cockerill (York) Limited
England
Potato merchants
Ordinary
100.00
0
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
50
50
-
-
19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,119,243
845,174
-
-
Finished goods and goods for resale
3,854,344
3,476,087
-
0
-
0
5,973,587
4,321,261
-
-
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,758,175
8,827,092
-
0
-
0
Corporation tax recoverable
268,405
-
0
-
0
-
0
Other debtors
2,463,040
1,723,132
1,089,126
1,094,882
Prepayments and accrued income
1,855,819
926,434
52,780
-
0
13,112,088
11,476,658
1,141,906
1,094,882
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 31 -
21
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
50
50
-
-
22
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
24
214,331
30,982
-
0
-
0
Trade creditors
13,746,241
8,682,279
-
0
-
0
Amounts owed to group undertakings
(233,351)
-
0
1,863,195
1,191,315
Corporation tax payable
-
0
(102,255)
-
0
26,150
Other taxation and social security
177,881
115,980
-
-
Other creditors
529,051
460,483
-
0
-
0
Accruals and deferred income
732,406
818,911
5,410
5,060
15,166,559
10,006,380
1,868,605
1,222,525
23
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
24
805,438
-
0
-
0
-
0
Government grants
327,933
431,484
-
0
-
0
1,133,371
431,484
-
-
24
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
214,331
30,982
-
0
-
0
In two to five years
805,438
-
0
-
0
-
0
1,019,769
30,982
-
-

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

PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 32 -
25
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
888,901
603,521
Tax losses
(459,114)
-
429,787
603,521
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
78,185
80,875
Group
Company
2024
2024
Movements in the 53 weeks:
£
£
Liability at 25 June 2023
603,521
80,875
Credit to profit or loss
(266,441)
(2,690)
Liability at 29 June 2024
337,080
78,185
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,846
112,770

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.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
5,898
5,898
9,074
5,898
B Ordinary shares of £1 each
2,722
2,722
-
2,722
C Ordinary shares of £1 each
454
454
-
454
9,074
9,074
9,074
9,074
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 33 -
28
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
132,034
288,261
-
-
Between two and five years
81,735
213,770
-
-
213,769
502,031
-
-
29
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the 53 weeks after tax
(1,461,907)
1,037,890
Adjustments for:
Taxation (credited)/charged
(167,833)
273,970
Finance costs
18,986
1,170
Investment income
(248,901)
(97,899)
Gain on disposal of tangible fixed assets
(237,418)
(68,672)
Amortisation and impairment of intangible assets
42,386
42,386
Depreciation and impairment of tangible fixed assets
1,629,369
1,389,699
Other gains and losses
899,938
-
Movements in working capital:
Increase in stocks
(1,652,326)
(1,862,444)
(Increase)/decrease in debtors
(1,367,025)
903,168
Increase in creditors
4,874,575
2,634,067
Decrease in deferred income
(103,551)
(121,019)
Cash generated from operations
2,226,293
4,132,316
30
Analysis of changes in net funds - group
25 June 2023
Cash flows
New finance leases
29 June 2024
£
£
£
£
Cash at bank and in hand
3,936,066
187,705
-
4,123,771
Obligations under finance leases
(30,982)
71,185
(1,059,972)
(1,019,769)
3,905,084
258,890
(1,059,972)
3,104,002
PROVIDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 34 -
31
Analysis of changes in net funds - company
25 June 2023
Cash flows
29 June 2024
£
£
£
Cash at bank and in hand
339,745
8,033
347,778
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