Company registration number 11891267 (England and Wales)
ONUBAFRUIT UK LIMITED
Financial Statements
For The Year Ended 31 August 2024
Pages For Filing With Registrar
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Contents
Page
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Independent Auditor's Report
To The Members Of Onubafruit UK Limited
- 1 -
Opinion
We have audited the financial statements of Onubafruit UK Limited (the 'company') for the year ended 31 August 2024 which comprise , the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 August 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.
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 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.
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:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Independent Auditor's Report
To The Members Of Onubafruit UK Limited (Continued)
- 2 -
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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
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 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.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit include: to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Independent Auditor's Report
To The Members Of Onubafruit UK Limited (Continued)
- 3 -
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the most significant laws and regulations were most significant: employment law, FRS 102, the Companies Act 2006, tax compliance legislation and regulations in relation to food.
We obtained an understanding of how the company is complying with these legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through inquiries of management and review of available documentation.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the design-effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Identifying and testing journal entries, in particular any journal entries posted outside of the financial team; and
Assessing the extent of compliance with the relevant laws and regulations.
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.
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.
Iain D Morris FCA
Senior Statutory Auditor
For and on behalf of Chavereys Audit Limited
21 February 2025
Chartered Accountants
Statutory Auditor
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Balance Sheet
As At 31 August 2024
31 August 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
146
982
Current assets
Debtors
5
763,585
765,013
Cash at bank and in hand
51,712
133,692
815,297
898,705
Creditors: amounts falling due within one year
6
(563,771)
(761,504)
Net current assets
251,526
137,201
Net assets
251,672
138,183
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
251,572
138,083
Total equity
251,672
138,183
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
Mr AT Gomez
Director
Company registration number 11891267 (England and Wales)
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Statement Of Changes In Equity
For The Year Ended 31 August 2024
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
100
87,954
88,054
Year ended 31 August 2023:
Profit and total comprehensive income
-
137,629
137,629
Dividends
-
(87,500)
(87,500)
Balance at 31 August 2023
100
138,083
138,183
Year ended 31 August 2024:
Profit and total comprehensive income
-
113,489
113,489
Balance at 31 August 2024
100
251,572
251,672
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Notes To The Financial Statements
For The Year Ended 31 August 2024
- 6 -
1
Accounting policies
Company information
Onubafruit UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
1.2
Turnover
Turnover, for both the sale of fruit and the provision of cross-border services in relation to the sale of fruit, is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
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:
Office equipment
25% straight line
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 credited or charged to profit or loss.
1.4
Taxation
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
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.
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Onubafruit S. Coop. as at 31 August 2023 and these financial statements may be obtained from P.E. Mirador del Odiel, C/ Lentisco s/n, Portal 3, Oficina 17, 21001, Huelva.
1.8
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.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Other staff
4
6
Total
6
8
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 8 -
4
Tangible fixed assets
Office equipment
£
Cost
At 1 September 2023 and 31 August 2024
6,436
Depreciation and impairment
At 1 September 2023
5,454
Depreciation charged in the year
836
At 31 August 2024
6,290
Carrying amount
At 31 August 2024
146
At 31 August 2023
982
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
711,448
654,706
Other debtors
52,137
110,307
763,585
765,013
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,764
8,632
Amounts owed to group undertakings
476,453
699,610
Corporation tax
37,846
33,354
Other taxation and social security
4,540
Other creditors
15,708
15,368
563,771
761,504
7
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 £2,484 (2023 - £3,225). Employer contributions totalling £172 (2023 - £266) were payable to the fund at the balance sheet date and are included in creditors.
Onubafruit UK Limited
ONUBAFRUIT UK LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 9 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Iain D Morris FCA
Statutory Auditor:
Chavereys Audit Limited
Date of audit report:
21 February 2025
10
Events after the reporting date
After the end of the Onubafruit UK Limited accounting year, the directors declared a final dividend in respect of the year ended 31 August 2023 of £1,370 per share. The dividend is not included as a liability at the reporting date of 31 August 2024 and has therefore not been recognised in these financial statements.
11
Related party transactions
Transactions with related parties
During the year, the company made purchases of goods from the parent entity of £6,016,125 (2023 - £16,607,790) and services of £nil (2023 - £57,786). Also during the year, the company made sales to the parent entity of £163,093 (2023 - £nil). Dividends were declared in respect of shares owned by the parent entity of £nil (2023 - £87,500). At the year end, the amount owed in respect of these intergroup transactions were £476,453 (2023 - £699,610). This amount is under normal trading credit terms.
12
Parent company
The immediate and ultimate parent company is Onubafruit S. Coop. And, an entity registered in Spain. The smallest and largest group consolidating the results of this company is Onubafruit. S. Coop. And. Accounts for Onubafruit S. Coop. And can be obtained from the registered office of the entity at P.E. Mirador del Odiel, C/ Lentisco s/n,Portal 3, Oficina 17, 21001, Huelva. In the opinion of the directors, there is no single ultimate controlling party.