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REGISTERED NUMBER: 07354231 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

PACIFIC PRODUCE LIMITED

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


PACIFIC PRODUCE LIMITED

COMPANY INFORMATION
for the year ended 30 November 2024







DIRECTORS: R A Cullum
E Masias Malaga
L W Parkinson





SECRETARY: R A Cullum





REGISTERED OFFICE: Network House
Station Yard
Thame
Oxfordshire
OX9 3UH





REGISTERED NUMBER: 07354231 (England and Wales)





AUDITORS: HB&O Ltd
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

STRATEGIC REPORT
for the year ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
The principal activity of the company during the year was that of importers and wholesalers of fresh fruit and vegetables. The directors are pleased with the increase in revenue of around £7.8 million. This is especially pleasing as 2024 was a challenging year.

Market conditions are likely to remain extremely competitive in 2025, with stubborn inflationary risks pervasive throughout the supply chain, whilst continuing to predominantly service the UK market where there are commercial pressures to keep prices competitive for the consumer.

We believe we are well placed to cope with any headwinds, given our business model.

PRINCIPAL RISKS AND UNCERTAINTIES
The industry seems to be in a permanent stated of change and that brings a number of risks to the company. The main risks outside our control (and that of our competitors) are:-

- Currency fluctuations, weather patterns and high inflation in the supply chain.

- The current USA tariff proposal has the potential to re-draw the map of supply countries to that important market and the follow on implications can affect all markets.

- Global logistics - potential changes in rates at short notice and the increasing problem of poor service from shipping lines and ports.

- Where possible currency is purchased forward and the majority of our supply base is from more stable climates (Peru).

- The company is exposed to changes in consumer behaviour, in terms of preference for certain varieties of products or products driven by flavour, health benefits or health scares.

- To combat inflation we aim to save costs where possible and our main suppliers should be able to prove themselves as the most efficient in the industry.

- Political risk is always in the background, it is difficult to think of a stable political country anywhere in the world, change is probably the only certainty, we mitigate part of this risk by having a multi country supply chain.

- Bankruptcies within the industry are a risk as insurance companies reduce their risk. Defaults are becoming more common with some large companies leaving a damaging legacy to the suppliers.

The company is in a good position to deal with supply chain savings that are being implemented by key customers and as a young company our strategy from inception was a very lean business model.

Remaining close to the market and making good predictions and changing crops early enough is part of every strategic meeting that takes place twice per year, where future plantations are discussed. This is part of modern agriculture and our suppliers are world experts.


PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

STRATEGIC REPORT
for the year ended 30 November 2024

KEY PERFORMANCE INDICATORS
- Turnover increased by over £7.8 million to just over £88 million.

- Continued profit retention to aid with cash flow is the objective, whilst maintaining an attractive dividend to shareholders, with the intention of re-investing in farms.

ON BEHALF OF THE BOARD:





R A Cullum - Director


25 April 2025

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

REPORT OF THE DIRECTORS
for the year ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the wholesale of produce.

DIVIDENDS
An interim ordinary dividend was paid amounting to £1,058,597 (2023: £718,232). The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS
The directors are to continue building supplier and client relationships and to expand produce on offer by securing new supplies of produce where there is a identified gap in the market. The changing business model of direct selling requires greater working capital. Therefore, the company continues to build profit reserves to continue the subsequent growth reported and will continue to look for opportunities to invest in farms or operations that complement the existing business.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

R A Cullum
E Masias Malaga
L W Parkinson

Other changes in directors holding office are as follows:

I Crispin - resigned 15 December 2023
M Infantes - resigned 15 December 2023

CHARITABLE DONATIONS AND EXPENDITURE
During the period the company made charitable donations of £8,035 (2023: £10,605).

PURCHASE OF OWN SHARES
On 5 January 2024, as part of a wider group restructure, the company purchased 2,082 (out of 3,123 in total) £1 Ordinary C shares for consideration of £369,491, from retained profit.

The overall reduction in total share capital amounted to 3.9%.

DISCLOSURE IN THE STRATEGIC REPORT
Information on the company's review of the business and principal risks and uncertainties is not shown in the directors' report as it is shown in the strategic report.


PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

REPORT OF THE DIRECTORS
for the year ended 30 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R A Cullum - Director


25 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PACIFIC PRODUCE LIMITED

Opinion
We have audited the financial statements of Pacific Produce Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PACIFIC PRODUCE LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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

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

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PACIFIC PRODUCE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gregg Olner MPhil BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of HB&O Ltd
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

25 April 2025

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

INCOME STATEMENT
for the year ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 3 88,000,521 80,153,258

Cost of sales 81,634,221 75,147,702
GROSS PROFIT 6,366,300 5,005,556

Administrative expenses 2,998,866 2,530,980
OPERATING PROFIT 5 3,367,434 2,474,576

Interest receivable and similar income 151,029 83,027
3,518,463 2,557,603

Interest payable and similar expenses 6 - 6,647
PROFIT BEFORE TAXATION 3,518,463 2,550,956

Tax on profit 7 915,699 551,961
PROFIT FOR THE FINANCIAL YEAR 2,602,764 1,998,995

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

OTHER COMPREHENSIVE INCOME
for the year ended 30 November 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,602,764 1,998,995


OTHER COMPREHENSIVE INCOME
Purchase of own shares (367,409 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(367,409

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,235,355

1,998,995

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

BALANCE SHEET
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,245,212 1,444,141
Investments 10 37,274 37,274
1,282,486 1,481,415

CURRENT ASSETS
Stocks 11 1,279,907 224,613
Debtors 12 12,307,266 6,258,145
Cash at bank 3,439,299 6,648,686
17,026,472 13,131,444
CREDITORS
Amounts falling due within one year 13 6,334,241 3,769,376
NET CURRENT ASSETS 10,692,231 9,362,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,974,717

10,843,483

PROVISIONS FOR LIABILITIES 14 93,474 136,916
NET ASSETS 11,881,243 10,706,567

CAPITAL AND RESERVES
Called up share capital 15 51,041 53,123
Share premium 16 133,560 133,560
Capital redemption reserve 16 2,082 -
Retained earnings 16 11,694,560 10,519,884
SHAREHOLDERS' FUNDS 11,881,243 10,706,567

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





R A Cullum - Director


PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 November 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 December 2022 53,123 9,239,121 133,560 - 9,425,804

Changes in equity
Dividends - (718,232 ) - - (718,232 )
Total comprehensive income - 1,998,995 - - 1,998,995
Balance at 30 November 2023 53,123 10,519,884 133,560 - 10,706,567

Changes in equity
Purchase of own shares (2,082 ) - - - (2,082 )
Dividends - (1,058,597 ) - - (1,058,597 )
Total comprehensive income - 2,233,273 - 2,082 2,235,355
Balance at 30 November 2024 51,041 11,694,560 133,560 2,082 11,881,243

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2024

1. STATUTORY INFORMATION

Pacific Produce Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

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 £1.

Going concern
The company's underlying performance has met the expectations of the directors, with sales increasing significantly during the year. The directors expect the company to increase sales, profits and generate positive cash inflows for the foreseeable future, and see no adverse events or circumstances that would change the directors' assessment over the company's ability to trade over the next 12 months. Therefore, the directors have adopted the going concern basis of accounting.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible assets
The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic life and residual values of recognised assets. These estimate are annually reviewed for an amendment in the adopted policy in the assets that are typically exposed to technological advancement, future investments, changes in economic utilisation, and the physical condition of the asset. See note 9 for the carrying value of these assets.

Turnover
Turnover represents amounts receivable for wholesale produce and related services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of produce have passed to the buyer (usually on satisfactory delivery of produce), 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 5% on cost
Fixtures & fittings - 20% on cost
Motor vehicles - 20% on reducing balance

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold land is not depreciated, as its recoverable value is deemed to be equal to or greater than its original cost.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises cost of produce and, where applicable, import and transportation costs 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 replacement cost and 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.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 72,192,865 70,301,173
Europe 15,807,656 9,852,085
88,000,521 80,153,258

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,392,289 1,094,947
Social security costs 168,876 131,912
Other pension costs 133,456 190,162
1,694,621 1,417,021

The average number of employees during the year was as follows:
2024 2023

Administration 4 3
Operatives 13 10
Management 2 4
19 17

2024 2023
£    £   
Directors' remuneration 240,926 325,932
Directors' pension contributions to money purchase schemes 75,359 139,161

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 223,835 131,001
Pension contributions to money purchase schemes 7,000 6,971

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 282,764 264,471
Profit on disposal of fixed assets - (103 )
Foreign exchange differences 96,195 55,141
Auditor's remuneration 15,180 9,000
Operating lease charges 1,868 16,121

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest payable - 6,647

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 959,141 477,259
Corporation tax adjustment - (56,483 )
Total current tax 959,141 420,776

Deferred tax (43,442 ) 131,185
Tax on profit 915,699 551,961

UK corporation tax has been charged at 25% (2023 - 23%).

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,518,463 2,550,956
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23%)

879,616

586,720

Effects of:
Expenses not deductible for tax purposes 32,888 800
Capital allowances in excess of depreciation - (110,261 )
Depreciation in excess of capital allowances 3,195 -
Adjustments to tax charge in respect of previous periods - (56,483 )
Other tax adjustments - 131,185
Total tax charge 915,699 551,961

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Purchase of own shares (367,409 ) - (367,409 )

During the year to 30 November 2024 the UK corporation tax rate remained at 25% and is set to remain so for the foreseeable future.

8. DIVIDENDS

20242023
££
Ordinary shares of £1 each
Interim1,058,597718,232

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

9. TANGIBLE FIXED ASSETS
Freehold
land and Fixtures Motor
buildings & fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 739,658 917,558 54,840 1,712,056
Additions - 30,545 53,290 83,835
At 30 November 2024 739,658 948,103 108,130 1,795,891
DEPRECIATION
At 1 December 2023 24,113 232,834 10,968 267,915
Charge for year 24,113 237,025 21,626 282,764
At 30 November 2024 48,226 469,859 32,594 550,679
NET BOOK VALUE
At 30 November 2024 691,432 478,244 75,536 1,245,212
At 30 November 2023 715,545 684,724 43,872 1,444,141

10. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 December 2023
and 30 November 2024 37,274
NET BOOK VALUE
At 30 November 2024 37,274
At 30 November 2023 37,274

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Sun Pack SAS
Registered office: cr 12 No.79-43 piso 5, Bogota. Colombia
Nature of business: Farming
%
Class of shares: holding
Ordinary 40.00

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

11. STOCKS
2024 2023
£    £   
Finished goods and goods for
resale 1,279,907 224,613

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 9,236,256 5,312,800
Amounts owed by group undertakings 764,407 -
Other debtors 6,471 9,219
VAT 560,186 569,049
Prepayments and accrued income 739,946 367,077
11,307,266 6,258,145

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,000,000 -

Aggregate amounts 12,307,266 6,258,145

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,179,491 3,049,278
Amounts owed to group undertakings 6,954 -
Tax 634,141 172,547
Accruals and deferred income 513,655 547,551
6,334,241 3,769,376

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 93,474 136,916

Deferred
tax
£   
Balance at 1 December 2023 136,916
Credit to Income Statement during year (43,442 )
Balance at 30 November 2024 93,474

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
37,500 Ordinary A £1 37,500 37,500
12,500 Ordinary B £1 12,500 12,500
1,041 Ordinary C £1 1,041 3,123
51,041 53,123

During the year, the company purchased 2,082 Ordinary C shares for £369,491 from retained earnings.

All Ordinary A and B shares rank pari passu with respect to voting rights, the rights to distribution of dividends and the repayment of capital.

Ordinary C shares are non-voting, but rank pari passu with respect to the rights to distribution of dividends and the repayment of capital.

16. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 December 2023 10,519,884 133,560 - 10,653,444
Profit for the year 2,602,764 2,602,764
Dividends (1,058,597 ) (1,058,597 )
Purchase of own shares (369,491 ) - 2,082 (367,409 )
At 30 November 2024 11,694,560 133,560 2,082 11,830,202

Retained earnings
This reserve represents all current and prior year retained profits and losses.

Share premium
This reserve represents the amount above the nominal value received for shares issued, less transaction costs.

Capital redemption reserve
This reserve represents the nominal value of shares repurchased by the company.

17. PENSION COMMITMENTS

During the year under review £133,456 (2023: £190,162) was charged to the profit and loss account in respect of pension costs. The were outstanding contributions of £Nil (2023: £Nil) at the year end.

PACIFIC PRODUCE LIMITED (REGISTERED NUMBER: 07354231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

18. ULTIMATE PARENT COMPANY

Goldcup Fresh Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The largest group in which the results of the company are consolidated is that headed by Goldcup Fresh Holdings Limited, the consolidated financial statements of which are available to the public at its registered office or from Companies House.

19. CONTINGENT LIABILITIES

There is a debenture and cross guarantee dated 15 February 2024 in place, given by the company in favour of Barclays Security Trustee Limited.

20. RELATED PARTY DISCLOSURES

During the year the company traded with other related parties that are under the same ultimate controlling party.

The purchases during the year amounted to £24,126,851 (2023: £15,715,430).

At the reporting date, these related parties were owed £903,239 (2023: £443,772).

Key management are considered to be the directors, whose remuneration is disclosed in the preceding notes to these financial statements.

21. CONTROLLING INTERESTS

The company is controlled by Goldcup Fresh Holdings Limited, which acquired 100% of the company's shares on 5 February 2024.

Goldcup Fresh Holdings Limited is controlled by E Masias Malaga.