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Registered number: 05224709









NATURE'S CHOICE CATERING GREENGROCERS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
COMPANY INFORMATION


Directors
M A Dykes 
A Glasgow (resigned 17 July 2024)
F Dykes (appointed 18 July 2024)




Company secretary
F Dykes



Registered number
05224709



Registered office
1 The Green

Richmond

Surrey

TW9 1PL




Independent auditors
Feltons
Chartered Accountants & Registered Auditors

1 The Green

Richmond

Surrey

TW9 1PL





 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditors' report
 
 
4 - 7
Statement of comprehensive income
 
 
8
Balance sheet
 
 
9 - 10
Statement of changes in equity
 
 
11 - 12
Statement of cash flows
 
 
13 - 14
Analysis of net debt
 
 
15
Notes to the financial statements
 
 
16 - 28


 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report of the company for the year ended 30 September 2023.

Business review
 
The Company's principal activity for the year has continued to be the wholesale of fruit and vegatables.
The results for the year show that turnover has decreased by £1,538,652 to £15,866,607.  Pre-tax profits are £1,233,539, a £449,877 decrease compared to the previous year.

Principal risks and uncertainties
 
The Company is exposed to financial risks including credit risk, liquidity risk and market risk arising from the Company's normal business activities.
The Company's customers include a number of businesses operating in the hospitality sector where their is a higher than normal risk of insolvency.  The Company operates credit control procedures to mitigate against this risk.
Liquidity risk is the risk that insufficient working capital will be generated by the Company's business activities and that in this event suitable sources of funding may not be available.  The Company ensures that sufficient cash is available to fund ongoing operations and has sufficient cash reserves for its operations.
Market risk is the risk posed by competitors.  The Company ensures that its products are of a quality and price level that is attractive to its customer base.

Financial key performance indicators
 
The directors of the Company use a variety of financial performance indicators, including turnover, gross profit margins, operating profit, trade debtors and bank and cash balances. These are monitored on a regular basis.
The key performance indicators for the year were as follows:
Turnover £15,866,607 (2023 - £17,405,259)
Gross margin 18.9% (2023 - 21.0%)
Operating profit £1,233,539 (2023 - £1,683,416)
Trade debtors £1,589,471 (2023 - £2,440,118)
Bank and cash £3,177,968 (2023 - £3,086,711)


This report was approved by the board on 16 April 2025 and signed on its behalf.



................................................
M A Dykes
Director

Page 1

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £912,787 (2023 - £1,313,268).

Dividends of £299,081 were paid in the year.

Directors

The directors who served during the year were:

M A Dykes 
A Glasgow (resigned 17 July 2024)
F Dykes (appointed 18 July 2024)

Future developments

The directors plan to continue the growth of the company through the taking on of new customers and the acquisition of similar businesses.

Page 2

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsFeltonswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M A Dykes
Director

Date: 16 April 2025

Page 3

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

Opinion


We have audited the financial statements of Nature's Choice Catering Greengrocers Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 September 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 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.


Page 4

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATURE'S CHOICE CATERING GREENGROCERS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATURE'S CHOICE CATERING GREENGROCERS LIMITED (CONTINUED)


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


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

• We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those charged
with governance.
• We obtained an understanding of laws and regulations that could reasonably be expected to have a material
effect on the financial statements through discussion with management and those charged with governance,
including financial reporting and taxation legislation. We considered that extent of compliance with those laws
and regulations as part of our procedures on the related financial statement items.
• We inquired of management and those charged with governance as to any known instances of non-compliance
or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance
throughout the audit.
• We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of
journal entries and other adjustments; assessing whether the judgements made in making key accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business that we come across throughout the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and
those charged with governance of the company. Our examination should not be relied upon to disclose all such
material misstatements or frauds, errors or instances of non-compliance as may exist.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 6

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATURE'S CHOICE CATERING GREENGROCERS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Robert Carter (Senior statutory auditor)
  
for and on behalf of
Feltons
 
Chartered Accountants
Registered Auditors
  
1 The Green
Richmond
Surrey
TW9 1PL

17 April 2025
Page 7

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
15,866,607
17,405,259

Cost of sales
  
(12,864,828)
(13,753,048)

Gross profit
  
3,001,779
3,652,211

Administrative expenses
  
(1,768,240)
(1,971,044)

Other operating income
 4 
-
2,249

Operating profit
  
1,233,539
1,683,416

Interest receivable and similar income
 8 
5,831
1,599

Interest payable and similar expenses
 9 
(1,400)
(1,777)

Profit before tax
  
1,237,970
1,683,238

Tax on profit
 10 
(325,183)
(369,970)

Profit for the financial year
  
912,787
1,313,268

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 28 form part of these financial statements.

Page 8

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
REGISTERED NUMBER: 05224709

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
88,000
112,000

Tangible assets
 13 
92,409
96,551

  
180,409
208,551

Current assets
  

Stocks
  
202,391
198,839

Debtors: amounts falling due within one year
 14 
1,786,475
2,596,523

Cash at bank and in hand
 15 
3,177,968
3,086,711

  
5,166,834
5,882,073

Creditors: amounts falling due within one year
 16 
(2,093,112)
(2,740,638)

Net current assets
  
 
 
3,073,722
 
 
3,141,435

Total assets less current liabilities
  
3,254,131
3,349,986

Provisions for liabilities
  

Deferred tax
 18 
(23,102)
(24,138)

  
 
 
(23,102)
 
 
(24,138)

Net assets
  
3,231,029
3,325,848


Capital and reserves
  

Called up share capital 
 19 
1
1

Share premium account
  
52,941
52,941

Capital redemption reserve
  
1
1

Profit and loss account
  
3,178,086
3,272,905

  
3,231,029
3,325,848


Page 9

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
REGISTERED NUMBER: 05224709
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M A Dykes
................................................
F Dykes
Director
Director


Date: 16 April 2025
Date:16 April 2025

The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2023
1
52,941
1
3,272,905
3,325,848


Comprehensive income for the year

Profit for the year

-
-
-
912,787
912,787


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
912,787
912,787


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(299,081)
(299,081)

Purchase of own shares
-
-
-
(708,525)
(708,525)


Total transactions with owners
-
-
-
(1,007,606)
(1,007,606)


At 30 September 2024
1
52,941
1
3,178,086
3,231,029


The notes on pages 16 to 28 form part of these financial statements.

Page 11

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
1
52,941
1
2,159,493
2,212,436


Comprehensive income for the year

Profit for the year

-
-
-
1,313,268
1,313,268


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,313,268
1,313,268


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(199,856)
(199,856)


Total transactions with owners
-
-
-
(199,856)
(199,856)


At 30 September 2023
1
52,941
1
3,272,905
3,325,848


The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
912,787
1,313,268

Adjustments for:

Amortisation of intangible assets
24,000
8,000

Depreciation of tangible assets
45,906
78,454

Loss on disposal of tangible assets
(8,749)
-

Interest paid
1,400
1,777

Interest received
(5,831)
(1,599)

Taxation charge
325,183
369,970

(Increase) in stocks
(3,552)
(78,839)

Decrease in debtors
851,360
22,010

(Decrease)/increase in creditors
(376,820)
166,899

Corporation tax (paid)
(624,508)
(321,154)

Net cash generated from operating activities

1,141,176
1,558,786


Cash flows from investing activities

Purchase of intangible fixed assets
-
(120,000)

Purchase of tangible fixed assets
(46,000)
(72,740)

Sale of tangible fixed assets
12,986
-

Interest received
5,831
1,599

HP interest paid
(1,400)
(1,777)

Net cash from investing activities

(28,583)
(192,918)

Cash flows from financing activities

Purchase of ordinary shares
(708,525)
-

Repayment of/new finance leases
(13,730)
(17,299)

Dividends paid
(299,081)
(199,856)

Net cash used in financing activities
(1,021,336)
(217,155)

Net increase in cash and cash equivalents
91,257
1,148,713

Cash and cash equivalents at beginning of year
3,086,711
1,937,998

Cash and cash equivalents at the end of year
3,177,968
3,086,711


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,177,968
3,086,711
Page 13

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£


3,177,968
3,086,711


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

3,086,711

91,257

3,177,968


-

-

-

Finance leases

(19,461)

13,730

(5,731)


3,067,250
104,987
3,172,237

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Nature's Choice Catering Greengrocers Limited is a company incorporated in the United Kingdom under the Companies Act.  The company is a private company limited by shares and is registered in England and Wales.  The address of the registered office is shown on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
20% straight line
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 18

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for
Page 19

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,866,607
17,405,259

15,866,607
17,405,259



4.


Other operating income

2024
2023
£
£

Insurance claims receivable
-
2,249

-
2,249



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
9,000
Page 21

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Employees

2024
2023
£
£

Wages and salaries
1,992,417
2,064,030

Social security costs
192,726
206,492

Cost of defined contribution scheme
33,093
35,693

2,218,236
2,306,215


The average monthly number of employees, including directors, during the year was 62 (2023 - 60).


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
124,808
100,000

124,808
100,000



8.


Interest receivable

2024
2023
£
£


Other interest receivable
5,831
1,599

5,831
1,599


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
1,400
1,777

1,400
1,777

Page 22

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
317,119
371,399

Adjustments in respect of previous periods
9,100
-


326,219
371,399


Total current tax
326,219
371,399

Deferred tax


Origination and reversal of timing differences
(1,036)
(1,429)

Total deferred tax
(1,036)
(1,429)


Tax on profit
325,183
369,970

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,237,970
1,683,238


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
309,493
370,312

Effects of:


Non-tax deductible amortisation of goodwill and impairment
6,000
1,760

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
599
373

Capital allowances for year in excess of depreciation
3,223
(1,185)

Adjustments to tax charge in respect of prior periods
9,100
-

Book profit on chargeable assets
(2,187)
-

Changes in provisions leading to an increase (decrease) in the tax charge
(1,036)
(1,429)

Other differences leading to an increase (decrease) in the tax charge
(9)
139

Total tax charge for the year
325,183
369,970

Page 23

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
299,081
199,856

299,081
199,856


12.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
245,000



At 30 September 2024

245,000



Amortisation


At 1 October 2023
133,000


Charge for the year on owned assets
24,000



At 30 September 2024

157,000



Net book value



At 30 September 2024
88,000



At 30 September 2023
112,000



Page 24

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
5,220
557,034
47,485
19,192
628,931


Additions
-
46,000
-
-
46,000


Disposals
-
(64,691)
-
-
(64,691)



At 30 September 2024

5,220
538,343
47,485
19,192
610,240



Depreciation


At 1 October 2023
5,063
462,147
46,323
18,847
532,380


Charge for the year on owned assets
157
44,242
1,162
345
45,906


Disposals
-
(60,455)
-
-
(60,455)



At 30 September 2024

5,220
445,934
47,485
19,192
517,831



Net book value



At 30 September 2024
-
92,409
-
-
92,409



At 30 September 2023
157
94,887
1,162
345
96,551

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
12,925
25,850

12,925
25,850

Page 25

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
1,589,471
2,440,118

Other debtors
87,482
46,170

Prepayments and accrued income
109,522
110,235

1,786,475
2,596,523



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,177,968
3,086,711

3,177,968
3,086,711



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,835,295
2,173,779

Corporation tax
114,422
371,399

Other taxation and social security
88,725
49,082

Obligations under finance lease and hire purchase contracts
5,731
19,461

Other creditors
15,939
96,917

Accruals and deferred income
33,000
30,000

2,093,112
2,740,638



17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,177,968
3,086,711



Page 26

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(24,138)
(25,567)


Charged to profit or loss
1,036
1,429



At end of year
(23,102)
(24,138)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(23,102)
(24,138)

(23,102)
(24,138)

Page 27

 
NATURE'S CHOICE CATERING GREENGROCERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



102 (2023 - 136) Ordinary shares of £0.01 each
1
1


On 17 July 2024, the company purchased 34 ordinary shares of £0.01 each of its own share capital for a consideration of £705,000.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £33,093 (2023 - £35,693).  Contributions totalling £5,057 (2023 - £6,879) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
106,568
85,839

Later than 1 year and not later than 5 years
371,839
343,354

Later than 5 years
42,919
128,758

521,326
557,951

 
Page 28