Year Ended
Registration number:
Riviera Produce Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Riviera Produce Limited
Company Information
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Directors |
Mr D J Simmons Mrs S C Simmons Mr T G P Simmons Mr P Willis Mr S A Hayden |
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Company secretary |
Mrs S C Simmons |
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Registered office |
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Auditors |
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Riviera Produce Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is the wholesale of fruit and vegetables
Fair review of the business
On behalf of the board, we are pleased to report on a successful year for the business albeit despite challenging trading conditions.
As anticipated, turnover increased by 6.58% largely due to increased prices of product rather than volume. However, we note that whilst turnover growth is encouraging the increase in turnover has been offset by the increase in cost of sales.
Costs of produce and labour have increased significantly largely due to inflationary pressures. Our gross profit has reduced to 4.65% (2023: 5.00%), but we expect inflationary pressures to continue post year end.
We look to closely manage our administrative costs. In the current year these have increased by 26.16%.
Overall, the accounts show a reduced operating profit of £130,998 (2023: £222,008) and operating margin of 0.25% (2023: 0.46%).
Principal risks and uncertainties
The Board believes that it is dealing positively with the principal risks and uncertainties of the business as outlined below.
Operational and supplier risks
The principal risks and uncertainties of the business revolve around our relationship with our key customers and suppliers and the general demand for the products that we market and sell and ultimately the uncertainties as to changes to consumer tastes.
In terms of our customers we work hard to supply our customers the best quality of fresh products that they demand on a timely basis and in return we seek a fair price. We have always looked to build and maintain a close relationship with our key customers and maintain clear channels of communication which we see as essential.
Linked to this is the risk relating to our farm suppliers and their ability to provide us with continual supply of quality of crops. We work closely with our suppliers throughout the growing process to ensure every endeavor is made to grow the best crops possible in a cost effective manner, noting particular issues faced in relation to weather, crop failure, the growing price of input costs and the availability of labour to ensure continuity.
Inflation and interest rates have been steadily increasing, we are expecting this to continue in the short term but believe these pressures will slowly reduce through 2024 and 2025.
Riviera Produce Limited
Strategic Report for the Year Ended 30 September 2024
Approved and authorised by the
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Riviera Produce 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 of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise of retained reserves, bank balances, stock, trade debtors and trade creditors, invoice discounting creditor and redeemable preference shares, with the main purpose of these instruments being to raise funds to finance the company's on-going operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company there is minimal exposure to price risk.
The company manages its cash requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the day-to-day operating needs of the business.
The company maintains strong relationships with its key customers and actively manages credit risk by means of customer credit and credit control procedures.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Riviera Produce Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Riviera Produce Limited
Independent Auditor's Report to the Members of Riviera Produce Limited
Opinion
We have audited the financial statements of Riviera Produce Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, 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 September 2024 and of its loss 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Riviera Produce Limited
Independent Auditor's Report to the Members of Riviera Produce Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
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 5, 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 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.
Riviera Produce Limited
Independent Auditor's Report to the Members of Riviera Produce Limited
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement to due fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's licence to operate. In making this assessment we determined that the most significant elements of legislation include health and safety legislation, environmental legislation, food hygiene and safety standards legislation and employment laws and regulations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omission thereon of which there were none identified.
• Reviewing the most recent BRC audit inspection results, and where there had been recommendations made or non-conformance issues noted ensuring these were followed up appropriately and dealt with on a timely basis.
• Discussing with management compliance with health and safety legislation and where any incidents had occurred during the year establishing how they were dealt with, recorded, and identifying what actions were taken to prevent similar incidents in future.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Riviera Produce Limited
Independent Auditor's Report to the Members of Riviera 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 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.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Riviera Produce Limited
Statement of Income and Retained Earnings
Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar charges |
( |
( |
|
|
(162,622) |
(67,830) |
||
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
( |
( |
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Retained earnings brought forward |
3,930,276 |
3,831,562 |
|
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Retained earnings carried forward |
3,874,120 |
3,930,276 |
Riviera Produce Limited
Balance Sheet
30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 03456808
Riviera Produce Limited
Statement of Cash Flows
Year Ended 30 September 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase/(decrease) in deferred income, including government grants |
|
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
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Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
( |
|
|
Interest on preference shares |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
(26,830) |
51,634 |
|
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of business. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.
Government grants
The company has elected to account for grant income under the accruals model as permitted by FRS 102. Grants of a capital nature are released to "other income" within profit or loss in line with the depreciation policy of the related asset.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
Straight line over 10 years |
|
Plant and machinery |
15-30% reducing balance basis/20% straight line |
|
Fixtures, fittings and equipment |
33% reducing balance/10% straight line |
Investment property
No depreciation is charged on investment property. Changes in fair value are recognised in profit or loss.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Entitlements |
3 year straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Government grants |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
- |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
46,656 |
357,060 |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
|
|
|
|
|
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
- |
|
|
|
- |
|
|
2023 |
Asset |
Liability |
|
- |
|
|
|
- |
|
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Intangible assets |
|
Entitlements |
Total |
|
|
Cost or valuation |
||
|
At 1 October 2023 |
|
|
|
At 30 September 2024 |
|
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Amortisation |
||
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At 1 October 2023 |
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|
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At 30 September 2024 |
|
|
|
Carrying amount |
||
|
At 30 September 2024 |
- |
- |
|
At 30 September 2023 |
- |
- |
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Additions |
|
- |
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
||||
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At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £710,802 (2023 - £855,246) in respect of freehold land and buildings.
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Investment properties |
|
2024 |
|
|
At 1 October 2023 |
|
|
At 30 September 2024 |
|
The Directors have considered the value of the investment property in light of the requirement for a valuation under the accounting standard. In their opinion there is no reason for the value of the property to have materially differed from cost since acquisition and as such the valuation is considered to be £117,729 (2023 - £117,729).
There has been no valuation of investment property by an independent valuer.
|
Stocks |
|
2024 |
2023 |
|
|
Harvested crops and other stock |
|
|
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
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Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
(26,830) |
51,634 |
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
- |
|
|
|
Accruals |
|
|
|
|
Corporation tax |
20,018 |
86,204 |
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
- |
|
|
|
|
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Redeemable preference shares |
|
|
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
120 |
|
120 |
|
|
|
186,000 |
|
186,000 |
|
|
|
|
|
|
Redeemable preference shares
|
The |
The redeemable preference shares have both equity and liability elements, however the value of the equity component is deemed to be £nil, therefore the entire value of redeemable preference shares is recognised in liabilities.
The holders of the preference shares are entitled to interest at a rate of 8% per annum with no rights to additional profits.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
Riviera Produce Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £Nil (2023 - £
|
Related party transactions |
Summary of transactions with other related parties
The nature of transactions with related parties are purchases of produce and services including labour. All balances have arisen from trading relationships.
No guarantees, collateral or other securities have been given over outstanding balances between related parties.
Expenditure with and payables to related parties
|
2024 |
Other related parties |
|
Purchase of goods |
|
|
Rendering of services |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Other related |
|
Purchase of goods |
|
|
Rendering of services |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|