REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Global Berry Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Global Berry Ltd |
Global Berry Ltd (Registered number: 08828704) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Global Berry Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Global Berry Ltd (Registered number: 08828704) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Global Berry Ltd (Registered number: 08828704) |
Balance Sheet - continued |
30 June 2024 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Global Berry Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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" including the provisions of section 1A "Small Entities" and the Companies Act 2006. |
On 24 May 2023, Global Berry Limited entered into a Company Voluntary Arrangement or "CVA". |
As part of the CVA process, the final dividend was declared payable to the creditors on 15 April 2024 and the resulting adjustments are reflected within the accounts at the balance sheet date, 30 June 2024. The CVA had not been concluded at the balance sheet date. |
The Director considers it appropriate to prepare the accounts on a going concern basis, as a plan is in place, through the CVA, to enable the company to continue to trade. The accounts therefore do not include any of the adjustments which would be required if the going concern basis of accounting was not adopted. |
Turnover |
Turnover represents rental income, recharge income and income received from renewable heat incentives. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of four years. |
Tangible fixed assets |
Freehold property | - |
Property improvements | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost, with the exception of freehold properties which are stated at fair value, with movements in fair value being recognised in the income statement in the year of revaluation. |
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. |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Prior period adjustment |
Where corrections are required to comparative figures, these are adjusted in the earliest period to which they relate. Details of such restatements are included in note 6. |
Prepayments and accrued income |
Expenditure and income are recognised in the year to which they relate. Where expenditure has been paid but not yet incurred or income has been earned and not yet received, a prepayment or accrued income adjustment is recognised accordingly. |
Transactions arising from creditors' voluntary arrangement |
During the year, a final dividend was declared payable to the creditors on 15 April 2024. As a result, the following transactions have been recognised at the balance sheet date, 30 June 2024: |
£3,369,039 has been recognised within other operating income, which relates to creditor balances written off as part of the final dividend distribution. |
£94,934 has been recognised within administrative expenses and relates to expenditure incurred during the CVA process. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | TANGIBLE FIXED ASSETS |
Assets |
Freehold | Property | under |
property | improvements | construction |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Freehold | Property | Plant and |
property | improvements | machinery |
£ | £ | £ |
Valuation in 2021 | 935,920 | - | - |
Cost | 9,966,836 | 251,621 | 5,651,862 |
10,902,756 | 251,621 | 5,651,862 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2021 | - | - | 935,920 |
Cost | 155,591 | 36,180 | 16,062,090 |
155,591 | 36,180 | 16,998,010 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by related parties | 423,194 | 658,337 |
Other debtors |
Prepayments and accrued income |
The company had the following amounts receivable from related parties at the balance sheet date: |
Isle Fruits (Somerset) Limited | £413,144 |
Essendon Capital Limited | £25 |
Lavendar Group Limited | £25 |
Richburns Limited | £10,000 |
Included within prepayments and accrued income is an accrued income amount totalling £1,210,749 (2023: £1,120,749) which relates to recharge income that is due to be invoiced post year-end to Isle Fruits Limited, a related party company. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to related parties | 300,003 | 61,562 |
Tax |
Social security and other taxes |
VAT | 10,178 | 6,440 |
Loans and borrowings | 2,052,200 | 1,811,420 |
Other creditors | 37,425 | 65,818 |
Deferred consideration | 1,200,000 | 1,200,000 |
Directors' current accounts | 250,000 | 250,000 |
Accrued expenses |
The company had an amount payable to Angus Soft Fruits Limited of £300,003 (2023: £NIL), a related party company. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
Amounts owed to related parties | 4,062,313 | 4,062,313 |
Deferred consideration | 1,800,000 | 1,800,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,482,515 | 2,802,895 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,482,515 | 2,802,895 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 95,885 | 286,146 |
Bank loans | 5,088,940 | 5,376,445 |
Deferred consideration | 3,000,000 | 3,000,000 |
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company. |
Deferred consideration is secured against the land and buildings at Bradon Farm. |
Obligations under finance leases and hire purchase contracts are secured on the underlying assets. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax |
Other timing differences |
Accelerated capital allowances | 756,236 | 716,953 |
990,236 | 950,953 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Prior year adjustment |
As restated | 950,953 |
Provided during year |
Balance at 30 June 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
A Shares | £1 | 100 | 100 |
B Shares | £1 | 3,053,472 | 3,053,472 |
3,053,572 | 3,053,572 |
Global Berry Ltd (Registered number: 08828704) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | RELATED PARTY DISCLOSURES |
During the year companies which are under the control of a shareholder in the company provided loans to the company totalling £1,315,200 (2023: £1,315,200). At the balance sheet date £1,315,200 (2023: £1,315,200) was outstanding. |
At the year-end, an amount totalling £413,144 (2023: £NIL) was owed by the company to Isle Fruits (Somerset) Limited which is shown within debtors due within one year. An amount totalling £4,062,313 (2023: £4,062,313) was owed from the company to Bradon Soft Fruit Farm Limited which is shown within creditors due after one year. Both are related party companies. |
The company also received loans from it's director of £250,000 which remained outstanding at the balance sheet date. |
15. | TRADING SUBSIDIARY IN LIQUIDATION |
The company's main trading subsidiary, Bradon Soft Fruit Farm Limited, entered into liquidation in March 2023. The liquidation was not concluded at the balance sheet date, 30 June 2024, and therefore the amounts owed by the company to Bradon Soft Fruit Farm Limited remain recognised in full in these accounts. |