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Registered number: 01336601










DIRECT PRODUCE SUPPLIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
COMPANY INFORMATION


Directors
P Beaumont 
J P Beynon 
N Laister 
R Moser 
F Amores 
S Francis 
K Sands 
S Baxter 




Registered number
01336601



Registered office
14th Floor
33 Cavendish Square

London

W1G 0PW




Independent auditors
Old Mill Audit Limited

Unit 2, Greenways Business Park

Bellinger Close

Chippenham

Wiltshire

England

SN15 1BN





 
DIRECT PRODUCE SUPPLIES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 28


 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report, which is followed by the directors' report, together with the audited
financial statements for the year ended 30 September 2024 for Direct Produce Supplies Limited "DPS".

Business review
 
During this reporting period the business focus was to continue to evolve the robustness of our global supply chains to deliver enhanced resilience in all product areas in which we operate. These changes inevitably had consequences that affected the investments decisions that we undertook as a Company to support the re modelling of the long-standing process of supply consolidation that had been prescient for over a decade. 
Inevitably, the complexity of delivering resilience was manifest in the increase in the number and diversity of our both our grower base and source countries. This was compounded by the significant increase in climate related events that further impacted supply and consequent availability. 
To manage the increased complexity, the Company undertook a significant round of investment in our IT infrastructure, ECR systems and the evolution of AI data interrogation tools. This is a journey that is iterative and extends beyond this reporting period. As our systems evolve to be fully integrated and across all Group functions, it was also essential to significantly upscale our cyber security. Another impact of our enhanced resilience in our supply chain was the necessity to increase capacity for packing within the UK. This has proven a challenge given the inherent competition for warehousing and factory space in the UK. We have managed our growth and resilience with some of our supplier partners; however, a longer-term solution is still being sought. These structural changes presented a suite of new challenges for our management team, who performed at the highest level and managed these changes with a consummate level of professionalism. It is once again prescient to recognise and congratulate the team who work in our organisation. Not only have they all worked incredibly hard; their professionalism and commitment have allowed our Company to thrive through a different type of adversity. The core of the Company is its people and they have shown more than ever that they are the difference between its success and failure. 
As mentioned above, the challenges presented during these times catalysed our thinking with regards to our integrated supply chain and how we could further enhance its resilience. This has resulted in an expanded supply base, contingency planning and a reset on how we will manage the increased level of volatility caused by climate change and the geopolitical unrest around the globe. Notwithstanding these challenges, the Company has continued to pursue its long-term strategy of diversifying its global interests coupled with risk mitigation; to deliver a long-term sustainable business structure. Despite the challenge of a fragmented and fractured global and local supply chain, the Company has continued to succeed in its core activities and has continued to invest. By working in partnership with our customers, we reset our model to one of resilience whilst continually pursuing efficiency.
The current reporting period has seen the business once again grow in turnover, cash generation and the delivery of an enhanced asset base. 
Our transparent and fully integrated fresh produce supply model has had a successful year as our open, direct to grower model has been proven again to provide exceptional insight for our customers and our growers. This has allowed the Company to take increasing market share from its competition and has further accelerated consolidation in some categories in the fresh produce market. However, as stated above, the pivot to a more resilient model has taken time to assimilate and will be more complex to manage. Consequently, our cost will grow and there is likely to be continued inflation driven by supply interruptions, the development of more expensive contingency source countries and the expansion of our produce packing infrastructure.
During the period, we integrated our purchase of a major packing hub and invested significantly in the capability of the factory and the supporting IT infrastructure. Additionally, we have changed the management team who have delivered a culture of continuous improvement and beginning the journey of establishing a business of shared values with our key customers. We are pleased that we are now moving at pace to a well-managed
Page 1

 
DIRECT PRODUCE SUPPLIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

efficient supply solution. As we operate in the world of efficient resilience, we are aware that more cost-effective capacity has become a critical requirement in our business and our team are working hard to fulfil this goal.  
Whilst risk is ever present in the markets and countries that the Company operates, we undertake continuous analysis of said risk and implement iterative processes to mitigate this. It is evident as previously stated that the portfolio of companies in the group and our intrinsic values have proven to be intimately aligned with our customers and have served us incredibly well in a very challenging period. Demand for our services over the period have increased rapidly and this has continued post the year end and as of writing this report we continue to experience this. As always, our extremely talented management team is closely monitoring the situation and will act accordingly to mitigate any potential change in market conditions. 
The Company has grown significantly in the period and its continued evolution is above the plan set by the board. The Company’s financial position is very robust with excellent backing from the shareholders and financial institutions. 
The Company continues to be run by a talented, focussed, and dedicated team of management who continue to deliver exceptional performance. We are extremely positive about how the Company is positioned and that the current performance and outlook for the future remains very encouraging.    

Principal risks and uncertainties
 
The directors consider the principal risk to the Company to be the impact on the supply chain due to climate change.
The Company's financial instruments principally comprise of trade debtors, cash at bank, trade creditors and intercompany loans, the main purpose of which is to finance the Company's operations. In addition, the Company has various other financial assets and liabilities arising directly from operations. It is, and has been throughout the period under review, the Company's policy that there should be no speculative trading in financial instruments shall be undertaken. 
The main risks arising from the Company's financial instruments are interest, liquidity, credit, and foreign exchange risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period.
Liquidity risk
The Company manages its cash requirements to ensure the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers with credit facilities are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and provisions are made for doubtful debts when necessary.
Foreign currency risk
The Company is exposed to exchange rate fluctuations particularly where goods are purchased in Euros and USD. This is largely managed through hedging via use of currency forward contracts.

Section 172 Companies Act 2006 Statement
 
The directors consider that the decisions taken during the financial year comply with the requirements of s172(1) of the Companies Act 2006.

Page 2

 
DIRECT PRODUCE SUPPLIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The success of our business is dependent on the support of all our stakeholders. It is imperative that our stakeholders share and live our values, working towards our goals to deliver long-term sustainable success for the business.
The directors of DPS are mindful of the impact their decision may have on all our stakeholders and the consequent actions that are undertaken. DPS has individual management and board meetings where applicable. These teams then report into the Group board.
The board is well informed about the views of our stakeholders through many communication structures and uses this information to access the impact of the board decisions on each stakeholder Group.
The key stakeholders in the Group and how we engage with them is detailed in the directors' report.
Financial Key performance indicators
The key performance indicators of the Company are turnover, gross profit, profit before tax and net assets. A brief analysis of these is shown below:




2024
2023
        £
        £

Turnover

623,066,950

456,127,619

Gross profit

31,018,243

24,062,448

Profit before tax

8,216,414

5,415,599

Net assets

30,100,467

23,894,678



 
 
This report was approved by the board on
 26 June 2025 and signed on its behalf.



P Beaumont
Director

Page 3

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Principal activity

The principal activity of the Company is that of importer and wholesalers of fruit.

Results and dividends

The profit for the year, after taxation, amounted to £6,205,789 (2023 - £4,415,599).

The directors did not propose or pay a dividend in the current or prior year.
The directors have highlighted in the strategic report on pages 1 - 3, a review of the current year results, future outlook expectations, risks and key performance indicators for the Company.

Page 4

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Directors

The directors who served during the year were:

P Beaumont 
D Price (resigned 16 September 2024)
J P Beynon 
N Laister 
R Moser 
F Amores 
S Francis (appointed 22 April 2024)
K Sands (appointed 22 April 2024)

S Baxter was appointed after the year end, on 1 October 2024

Engagement with suppliers, customers and others

Communities 
Our food redistribution programme supports people and communities across the UK at the highest risk of food insecurity. Our teams are committed to ensuring that no edible food is wasted across our UK manufacturing operations and during the current reporting year, donated several million portions of fresh produce, working closely with national redistribution partners, such as FareShare, who have now recognised us as a Leading Food Partner and regional charities including City Harvest focused on serving diverse communities in London
Inclusion & Development
We are committed to ensure that all people are protected, respected, and treated fairly. Our ethical trade and human rights approach ensures trust by implementing the highest standards of ethical compliance and increases transparency through supply chain mapping and our new ethical risk assessment, which enables us to identify hot-spots and enhance supply chain best-practice through stakeholder engagement. 
Our commitment to nurture talent at all levels to develop the best people includes a new commitment to advocate for 30% of leadership positions to be occupied by women within our direct operations and upstream supply chain. Our plan for the forthcoming year is to build our awareness and increase understanding of gender sensitive issues across the global supply chain through a series of internal and stakeholder engagement activities. 
Operating Responsibly
Through our value and commitment to operate responsibly, we aim to minimise the potential negative environmental impacts that may arise from our associated activities and to maximise our positive social, ethical impacts throughout our direct operations and wider, global supply-chain.
Social & Ethical Impacts 
Our Modern Slavery statements act as our public commitment to recognise the need to progress our approach beyond a sole reliance on audit to reduce endemic forced labour, modern slavery and human trafficking risks that exist within fresh produce supply chains. We have maintained our Stronger Together Advanced Business Partner status for the third consecutive year and continue to participate in multiagency collective action groups including the Food Network for Ethical Trade.
To monitor and improve conditions for workings within our supply chains; all of our high-risk suppliers are third party audited annually. In response to an increase in Critical Non-Conformances we have increased the scope
Page 5

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

of our bespoke risk assessment process, to identify and respond to the most salient risks within our direct supply chain. 
Environmental Impacts
Our environmental commitments aim to contribute directly to the following UN Sustainable Development Goals: Clean Water and Sanitation, Affordable and Clean Energy, Responsible Consumption and Production, Climate Action, Life on Land, and Partnership for the Goals.
We have updated our environmental sustainability commitments over the last two years, focused on reducing our end-to-end food waste, removing plastic packaging and improving recyclability, protecting and restoring biodiversity, implementing water stewardship practices, minimising office, manufacturing, and agricultural waste through the principles of circular economy. Creating a roadmap to achieve Net Zero by 2035 across our own operations and a greenhouse gas emission reduction target aligned to Science Based Target initiative (SBTi).
We have completed our fourth year of Streamlined Energy and Carbon Reporting, which outlines our commitment to transiting to renewable energy by site and setting further emissions reductions targets by operation aligned through to the SBTi verification process by the end of 2024. 
Our achievements against our commitments over the last year include a reduction in the percentage of food wasted in our manufacturing operations. Through our 4R packaging strategy, (to remove, reduce, replace and reuse unnecessary or hard to recycle packaging) we have been able to remove and/or replace several million pieces of plastic with fully recyclable alternatives. The move to renewable electricity sourced through renewable energy guarantee of origin certificates across our manufacturing sites has delivered over a 99.5% reduction in carbon emissions since 2016. 
Our global supply chain is directly impacted by the effects of climate change, and we recognise the importance of collective action to protect natural resources. In November 2021 DPS joined the WRAP Water Road Map as supporting suppliers to increase resilience in water stressed areas by improving water quality and availability, and working in collaboration with other businesses, aim to achieve a shared target of sourcing 50% of the UK’s fresh food from areas with sustainable water management.
Our continued focus over the forthcoming year is to support sustainable farming through a commitment to achieving LEAF Marque certification (and equivalent environmental standard) across our global agricultural supply chains by 2025. 100% of our UK supply chain achieved LEAF certification in 2021 – 2022; the next phase in working towards global environmental stewardship through the implementation in practice and certification serves as a crucial step in protecting and restoring the environment for future generations to come.

Greenhouse gas emissions, energy consumption and energy efficiency action

The disclosures are not required in these accounts as the Company is a subsidiary undertaking and the information is included in the consolidated group accounts, Terradace Holdings Limited, drawn up to the same period end date in which the group directors’ report includes the required disclosures.

Disclosure of information to auditors

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

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

Page 6

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Post balance sheet events

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

Auditors

During the year, the Company appointed Old Mill Audit Limited as auditors, who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





P Beaumont
Director

Page 7

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT PRODUCE SUPPLIES LIMITED
 

Opinion


We have audited the financial statements of Direct Produce Supplies Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 8

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT PRODUCE SUPPLIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT PRODUCE SUPPLIES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We recognised specific food safety standards, external customer accreditations, environmental, health and safety standards to be significant laws and regulations to adhere to. Our tests included: 
- Agreeing the financial statement disclosures to underlying supporting documentation.
- Enquiries of management and those charged with governance.
- Review of meeting minutes
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
 
Page 10

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT PRODUCE SUPPLIES LIMITED (CONTINUED)




Use of our report
 

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





Philip Mills MSc BA ACA 
 Senior Statutory Auditor
for and on behalf of
Old Mill Audit Limited
Statutory Auditor
 
Unit 2, Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
England
SN15 1BN

26 June 2025
Page 11

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
623,066,950
456,127,619

Cost of sales
  
(592,048,707)
(432,065,171)

Gross profit
  
31,018,243
24,062,448

Administrative expenses
  
(24,348,389)
(19,287,133)

Other operating income
 5 
1,083,394
389,896

Operating profit
 6 
7,753,248
5,165,211

Interest receivable and similar income
  
463,179
251,232

Interest payable and similar expenses
  
(13)
(844)

Profit before tax
  
8,216,414
5,415,599

Tax on profit
 10 
(2,010,625)
(1,000,000)

Profit for the year
  
6,205,789
4,415,599

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

The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
DIRECT PRODUCE SUPPLIES LIMITED
REGISTERED NUMBER: 01336601

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
497,511
708,874

  
497,511
708,874

Current assets
  

Stocks
 13 
2,605,918
1,538,438

Debtors: amounts falling due within one year
 14 
69,212,038
53,282,997

Cash at bank and in hand
  
16,609,516
12,988,282

  
88,427,472
67,809,717

Creditors: amounts falling due within one year
 15 
(58,784,278)
(44,583,675)

Net current assets
  
 
 
29,643,194
 
 
23,226,042

Total assets less current liabilities
  
30,140,705
23,934,916

Provisions for liabilities
  

Deferred tax
 16 
(40,238)
(40,238)

  
 
 
(40,238)
 
 
(40,238)

Net assets
  
30,100,467
23,894,678


Capital and reserves
  

Called up share capital 
 17 
136,392
136,392

Profit and loss account
 18 
29,964,075
23,758,286

  
30,100,467
23,894,678


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




P Beaumont
Director

The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
DIRECT PRODUCE SUPPLIES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
136,392
19,342,687
19,479,079


Comprehensive income for the year

Profit for the year
-
4,415,599
4,415,599



At 1 October 2023
136,392
23,758,286
23,894,678


Comprehensive income for the year

Profit for the year
-
6,205,789
6,205,789


At 30 September 2024
136,392
29,964,075
30,100,467


The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The principal trading address is 57-63 Church Road, Wimbledon, London, SW19 5SB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Terradace Holdings Limited  as at 30 September 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

Page 15

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The financial statements are prepared in GBP, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within interest received or payable. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover 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. Turnover is recognised when goods have been dispatched. 

 
2.5

Pensions

Defined contribution pension plan

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

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

Page 16

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

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

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


 
2.7

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
8 or 10 years
Fixtures and fittings
-
10 years or 15% reducing balance
Computer equipment
-
1 to 3 years

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

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

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Stocks

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

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 90 days.

 
2.11

Financial instruments

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

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 18

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

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

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

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

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


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 19

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
2.12

Forward contracts

The Company uses derivative financial instruments, in particular forward currency contracts, to manage the financial risks associated with the Company's activities and the financing of those activities. The Company does not undertake any speculative trading activities in financial instruments.
Forward exchange contracts are used to hedge foreign exchange exposures arising on forecast payments in foreign currencies. At maturity or settlement, gains and losses are taken to the profit and loss account. 
At each period end forward exchange contracts are fair valued by comparing the position of the contract to the fair value. Gains or losses are taken to the profit and loss account. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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. 
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Tangible fixed asset depreciation
 
The company depreciates its tangible fixed assets over their estimated useful lives, to an estimated residual value. Management use their knowledge of market conditions, historic experience and estimates of future market conditions to asses the expected useful lives and residual values of their assets.


4.


Turnover

The whole of the turnover is attributable to the company’s principal activity.

Page 20

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Other operating income

2024
2023
£
£

Management fees receivable
1,083,394
389,896



6.


Operating profit

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

2024
2023
£
£

Foreign exchange differences
89,013
(870,067)

Depreciation of tangible fixed assets
400,506
292,060


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
45,000
65,000

Page 21

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
10,627,508
8,448,145

Social security costs
964,660
767,058

Pension contributions
413,332
328,665

12,005,500
9,543,868


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Technical, procurement and sales
91
70



Management and administration
23
22

114
92


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,646,203
639,785

Company contributions to defined contribution pension schemes
41,120
15,960

1,687,323
655,745


During the year retirement benefits were accruing to 4 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £704,901 (2023 - £348,297).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,835 (2023 - £6,727).

Page 22

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,009,444
1,000,000

Adjustments in respect of previous periods
1,181
-


Total current tax
2,010,625
1,000,000


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
8,216,414
5,415,599


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
2,054,104
1,191,432

Effects of:


Expenses not deductible for tax purposes
56,143
28,363

Capital allowances for year in excess of depreciation
36,007
(28,458)

Adjustments to tax charge in respect of prior periods
1,181
-

Other differences leading to an increase in the tax charge
67,334
(51,565)

Short term timing differences
(204,144)
(139,772)

Total tax charge for the year
2,010,625
1,000,000


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 October 2023
19,951
184,759
1,996,392
2,201,102


Additions
-
127,755
61,388
189,143



At 30 September 2024

19,951
312,514
2,057,780
2,390,245



Depreciation


At 1 October 2023
8,245
139,327
1,344,656
1,492,228


Charge for the year on owned assets
3,721
46,611
350,174
400,506



At 30 September 2024

11,966
185,938
1,694,830
1,892,734



Net book value



At 30 September 2024
7,985
126,576
362,950
497,511



At 30 September 2023
11,706
45,432
651,736
708,874

Page 24

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Fixed asset investments





Unlisted investments

£



Cost 


At 1 October 2023
260,000



At 30 September 2024

260,000



Impairment


At 1 October 2023
260,000



At 30 September 2024

260,000



Net book value



At 30 September 2024
-



At 30 September 2023
-


13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,605,918
1,538,438

2,605,918
1,538,438



14.


Debtors

2024
2023
£
£


Trade debtors
48,247,325
37,714,549

Amounts owed by group undertakings
16,056,256
11,015,721

Other debtors
3,339,174
3,537,721

Prepayments and accrued income
1,569,283
1,015,006

69,212,038
53,282,997


Page 25

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
48,806,015
36,641,837

Amounts owed to group undertakings
-
2,806,186

Other taxation and social security
187,045
165,488

Other creditors
4,531,321
230,180

Accruals and deferred income
5,259,897
4,739,984

58,784,278
44,583,675



16.


Deferred taxation




2024
2023


£

£






At beginning of year
40,238
40,238



At end of year
40,238
40,238

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
40,238
40,238

Page 26

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



136,392 (2023 - 136,392) Ordinary shares of £1.00 each
136,392
136,392

There is a single class of Ordinary shares. There are no restrictions on distribution of dividends and the
repayment of capital.



18.


Reserves

Profit and loss account

This comprises profits available for distribution.


19.


Financial guarantee

At the balance sheet date the company had entered into group bank cross guarantees in respect of loans
and overdrafts. At the balance sheet date the total group facility amounted to £30,954,195 (2023 - £26,364,050).


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £413,322 (2023 - £328,665). Contributions totalling £52,612 (2023 - £34,473) were payable to the fund at the balance sheet date and are included in creditors.


21.Other financial commitments

The Company has entered into forward currency contracts amounting to £162,399,529 (2023 - £74,321,127) as at the balance sheet date.

Page 27

 
DIRECT PRODUCE SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Related party transactions

During the year fees of £65,158 (2023 -  £123,464) were charged by a fellow subsidiary undertaking.
During the year purchases of £5,975,008 (2023 - £999,763) were made from a fellow subsidiary undertaking.
During the year management charges of £1,067,750 (2023 - £NIL) were made to fellow subsidiary undertakings.
At the balance sheet date, included within trade debtors is an amount owed by group undertakings of £555,511 (2023 - £391,623)
At the balance sheet date, included within trade creditors is an amount owed to group undertakings of £4,521,911 (2023 - £4,224,371)


23.


Controlling party

B Fresh Group Limited is considered to be the Company's immediate parent undertaking in both the current and prior year. Terradace Holdings Limited is considered to be the Company's ultimate parent undertaking during the current and prior year. 
P Beaumont is considered to be the ultimate controlling party by virtue of his shareholding in Terradace Holdings Limited during the current and prior year. 
The results of the Company are included within the consolidated accounts of Terradace Holdings Limited which are available to the public and may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
Page 28