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REGISTERED NUMBER: 09360931 (England and Wales)














Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2024

for

Fountain Fresh Imports Ltd and it's
subsidiaries

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024










Page

Company information 1

Group strategic report 2 to 3

Report of the directors 4 to 5

Report of the independent auditors 6 to 9

Consolidated income statement 10

Consolidated other comprehensive income 11

Consolidated statement of financial position 12

Company statement of financial position 13

Consolidated statement of changes in equity 14

Company statement of changes in equity 15

Consolidated statement of cash flows 16

Notes to the consolidated statement of cash flows 17 to 18

Notes to the consolidated financial statements 19 to 36


Fountain Fresh Imports Ltd and it's
subsidiaries

Company Information
for the Year Ended 31 July 2024







Directors: A Lawrence
J Hanson
J Lawrence
K Lawrence





Registered office: Fountain House
Walton Road
Walsoken
Wisbech
Cambs
PE14 7AG





Registered number: 09360931 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Group Strategic Report
for the Year Ended 31 July 2024


We aim to present a balanced and comprehensive report of the development and performance of our business during the year and its position at the year end. Our report is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business
The group's activities continue to involve the importation and sale of fresh fruit, vegetables and salad.

In early 2023 there was an unprecedented cold snap in Spain ,one of the main importation regions for the group. This caused a short term gap in the supply of product and overall a shortage of product for the remainder of the season. There was a loss of crops and yields lowered on the remaining crop for the rest of the season, the effects of this were felt into the 2024 financial year as we recovered from the financial impact on cashflow and credit insurance cover.

The company remained resilient and with the support of our suppliers and financiers we have managed to trade out of this unprecedented situation of which we had no control over and wasn't a reflection on the performance of the business and our people.

As a company we took the approach in 2024 to not take risks and to do the basics well to deliver steady consistent profits and we believe this is reflected in the results delivered, we have continued the same ethos into the 2025 financial year and have capitalised on this seeing and improved performance over the 2024 year.

It is an exciting time for the group with lots of potential for continued good trade and lots of opportunity for expansion and growth, all of which will be only be taken on if it continues to help deliver the steady consistent results.

Principal risks and uncertainties
As for many businesses of our size, the economic climate in which we operate will have an impact on the group's operations for the forthcoming period.

Raw material prices are dictated by the growing season which affects availability of product, where possible the group fixes the required tonnages at a fixed price back to back with a fixed sales price from our customers to protect margin throughout the year.

Where raw material for contracts are purchased in Euros, the group fix the exchange rate at the point of signing the contract to protect against any adverse movements in exchange rates.

Two key issues have affected the group in 2024:

Brexit posed many unmeasurable risks to the business, however we are confident that the strategies we have in place are allowing us to comfortably deal with every issue that has arisen.

The Coronavirus Pandemic hit the UK in March 2020 and led to the shutdown of the majority of the UK economy, with numerous countrywide lockdowns throughout the year and since the year end. Due to the line of our business being food, demand for our products has remained unchanged We have put in place various new procedures to protect our staff and ensure the storage and distribution of our products remain at the high standards that we expect.

Development and performance
We continue to look to diversify in the market by new product lines into our basket of products be in the same product from a new region of the world or a new product we are not currently trading.

The directors are confident that the business is well placed to continue taking advantage of opportunities as they arise and planning for longer term product innovation.


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Group Strategic Report
for the Year Ended 31 July 2024

Financial key performance indicators
The group uses a number of financial measures to monitor progress against its aims and objectives. These include turnover, gross profit and net profit.

On behalf of the board:





J Lawrence - Director


3 July 2025

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Report of the Directors
for the Year Ended 31 July 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

Principal activity
The principal activity of the group in the year under review was that of the importation and sale of fresh fruit and vegetables.

Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.

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

A Lawrence
J Hanson
J Lawrence
K Lawrence

Statement of directors' responsibilities
The directors are responsible for preparing the Group strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Report of the Directors
for the Year Ended 31 July 2024


Auditors
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





J Lawrence - Director


3 July 2025

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


Opinion
We have audited the financial statements of Fountain Fresh Imports Ltd and it's subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, 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 group's and of the parent company affairs as at 31 July 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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.

Emphasis of matter
We draw your attention to the going concern note within note 3 in the financial statements which describes the reason for the poor results suffered in the year ended 31 July 2023 which has carried through to the year ended 31 July 2024. The company is recovering from this and is optimistic on the results going forward. Our opinion is is not modified in respect of this matter.

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


Other information
The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group strategic report and the Report of the directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the client Group's sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;
- tested journal entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the Group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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

Report of the Independent Auditors to the Members of
Fountain Fresh Imports Ltd and it's
subsidiaries


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




Mark Hildred (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

14 July 2025

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

Turnover 55,224,787 55,578,101

Cost of sales 50,645,670 52,582,045
Gross profit 4,579,117 2,996,056

Administrative expenses 3,988,291 4,294,381
590,826 (1,298,325 )

Other operating income 28,700 7,338
Operating profit/(loss) 5 619,526 (1,290,987 )

Interest receivable and similar income 7 1,557
619,533 (1,289,430 )

Interest payable and similar expenses 7 510,168 374,706
Profit/(loss) before taxation 109,365 (1,664,136 )

Tax on profit/(loss) 8 254,720 (628,911 )
Loss for the financial year (145,355 ) (1,035,225 )
Loss attributable to:
Owners of the parent (161,094 ) (1,082,536 )
Non-controlling interests 15,739 47,311
(145,355 ) (1,035,225 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

Loss for the year (145,355 ) (1,035,225 )


Other comprehensive income
Foreign currency translation 1,282 (307 )
Gain on revaluation of properties 170,000 140,791
Income tax relating to components of
other comprehensive income

(53,900

)

(35,198

)
Other comprehensive income for the
year, net of income tax

117,382

105,286
Total comprehensive income for the
year

(27,973

)

(929,939

)

Total comprehensive income attributable to:
Owners of the parent (43,711 ) (977,250 )
Non-controlling interests 15,738 47,311
(27,973 ) (929,939 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 28,978 141,219
Tangible assets 12 4,051,622 4,797,463
Investments 13 4,618 4,618
Investment property 14 840,000 -
4,925,218 4,943,300

Current assets
Stocks 15 520,793 731,668
Debtors 16 5,366,102 6,335,947
Investments 17 - 861
Cash at bank and in hand 442,879 292,423
6,329,774 7,360,899
Creditors
Amounts falling due within one year 18 8,394,563 9,525,785
Net current liabilities (2,064,789 ) (2,164,886 )
Total assets less current liabilities 2,860,429 2,778,414

Creditors
Amounts falling due after more than one
year

19

(2,265,788

)

(2,584,182

)

Provisions for liabilities 24 (428,382 ) -
Net assets 166,259 194,232

Capital and reserves
Called up share capital 25 100 100
Revaluation reserve 26 375,593 259,493
Capital redemption reserve 26 13,408 13,408
Other reserves 26 1,998 1,998
Retained earnings 26 (295,648 ) (135,836 )
Shareholders' funds 95,451 139,163

Non-controlling interests 70,808 55,069
Total equity 166,259 194,232

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by:




J Lawrence - Director


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Company Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 27,700 146,515
Tangible assets 12 3,874,387 4,668,506
Investments 13 18,913 18,913
Investment property 14 840,000 -
4,761,000 4,833,934

Current assets
Stocks 15 472,615 276,767
Debtors 16 5,166,909 6,190,910
Cash at bank and in hand 382,555 281,826
6,022,079 6,749,503
Creditors
Amounts falling due within one year 18 8,375,689 9,403,238
Net current liabilities (2,353,610 ) (2,653,735 )
Total assets less current liabilities 2,407,390 2,180,199

Creditors
Amounts falling due after more than one
year

19

(2,207,159

)

(2,513,905

)

Provisions for liabilities 24 (428,382 ) -
Net liabilities (228,151 ) (333,706 )

Capital and reserves
Called up share capital 25 100 100
Revaluation reserve 26 375,593 259,493
Retained earnings 26 (603,844 ) (593,299 )
Shareholders' funds (228,151 ) (333,706 )

Company's loss for the financial year (10,545 ) (1,567,097 )

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by:





J Lawrence - Director


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Capital
share Retained Revaluation redemption
capital earnings reserve reserve
£    £    £    £   
Balance at 1 August 2022 100 997,007 153,900 13,408

Changes in equity
Dividends - (50,000 ) - -
Total comprehensive income - (1,082,843 ) 105,593 -
Balance at 31 July 2023 100 (135,836 ) 259,493 13,408

Changes in equity
Total comprehensive income - (159,812 ) 116,100 -
Balance at 31 July 2024 100 (295,648 ) 375,593 13,408
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 August 2022 1,998 1,166,413 7,758 1,174,171

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - (977,250 ) 47,311 (929,939 )
Balance at 31 July 2023 1,998 139,163 55,069 194,232

Changes in equity
Total comprehensive income - (43,712 ) 15,738 (27,974 )
Balance at 31 July 2024 1,998 95,451 70,807 166,258

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 100 1,023,798 153,900 1,177,798

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - (1,567,097 ) 105,593 (1,461,504 )
Balance at 31 July 2023 100 (593,299 ) 259,493 (333,706 )

Changes in equity
Total comprehensive income - (10,545 ) 116,100 105,555
Balance at 31 July 2024 100 (603,844 ) 375,593 (228,151 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,603,003 (629,134 )
Interest paid (416,291 ) (280,793 )
Interest element of hire purchase
payments paid

(93,877

)

(93,913

)
Tax paid 311,216 (34,732 )
Net cash from operating activities 1,404,051 (1,038,572 )

Cash flows from investing activities
Purchase of intangible fixed assets (6,750 ) (37,400 )
Purchase of tangible fixed assets (517,644 ) (1,148,453 )
Sale of tangible fixed assets - 257,929
Interest received 7 1,557
Net cash from investing activities (524,387 ) (926,367 )

Cash flows from financing activities
New loans in year - 1,528,692
Loan repayments in year (636,187 ) -
Capital repayments in year (33,006 ) 98,370
Amount introduced by directors 3,486 76,549
Amount withdrawn by directors (72,000 ) -
Grant income 8,499 6,610
Equity dividends paid - (50,000 )
Net cash from financing activities (729,208 ) 1,660,221

Increase/(decrease) in cash and cash equivalents 150,456 (304,718 )
Cash and cash equivalents at
beginning of year

2

292,423

597,141

Cash and cash equivalents at end of
year

2

442,879

292,423

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024


1. Reconciliation of profit/(loss) before taxation to cash generated from operations

2024 2023
£    £   
Profit/(loss) before taxation 109,365 (1,664,136 )
Depreciation charges 712,474 738,241
Profit on disposal of fixed assets - (69,456 )
(Gain)/loss on foreign exchange 1,282 (307 )
Reclassification of current invesment 863 -
Government grants (8,499 ) (6,610 )
Finance costs 510,168 374,706
Finance income (7 ) (1,557 )
1,325,646 (629,119 )
Decrease/(increase) in stocks 210,875 (319,838 )
Decrease/(increase) in trade and other debtors 777,801 (877,331 )
(Decrease)/increase in trade and other creditors (711,319 ) 1,197,154
Cash generated from operations 1,603,003 (629,134 )

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 442,879 292,423
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 292,423 597,141


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024


3. Analysis of changes in net debt

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 292,423 150,456 442,879
292,423 150,456 442,879

Liquid resources
Current asset investments 861 (861 ) -
861 (861 ) -
Debt
Finance leases (1,509,214 ) 33,006 (1,476,208 )
Debts falling due within 1 year (2,927,113 ) 429,654 (2,497,459 )
Debts falling due after 1 year (1,507,511 ) 206,533 (1,300,978 )
(5,943,838 ) 669,193 (5,274,645 )
Total (5,650,554 ) 818,788 (4,831,766 )

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024


1. Statutory information

Fountain Fresh Imports Ltd and it's subsidiaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Going concern
During the year ended 31 July 2023 the company suffered from an unforeseen deterioration in the Spanish weather resulting in very poor crops being produced. This resulted in the company suffering from large losses fulfilling the contracts which they were committed to. The company also suffered from investing overseas to production of a tomato crop which failed and also resulted in large losses and some of these costs were still being settled in the year ended 31 July 2024. During the year ended 31 July 2024 the company recovered from the prior poor year. The directors are committed to supporting the company and ensuring it succeeds in the future.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and it's subsidiary undertakings drawn up to 31st July each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary , adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions , balances, income and expenses are eliminated on consolidation.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Invoice financing
Certain trade debtors are subject to a invoice financing agreement whereby an advance of funds is received and secured upon them.

Where the company has retained significant benefits and risks relating to these debts, separate presentation is adopted whereby the gross trade debts and a corresponding liability in respect of the advance received are shown in the balance sheet. The interest element of the factors charges are charged to the profit and loss over the term to which they relate.

Goodwill
Goodwill is recognised as the amount paid in connection with the acquisition of two companies in 2022. The assets are being amortised evenly over their estimated useful life of 3 years

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at valued amounts, are recorded at the fair value at the date of revaluation as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Market business- 20% straight line
Computer software- 25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Property improvements - 25% on reducing balance
Plant & equipment - 25% on reducing balance and 20% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rage ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in ‘sterling’, which is the company’s functional and the group’s presentation currency.

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date, including any goodwill in relation to that entity. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Transactions and balances
Foreign currency transactions are translated into the group entity’s functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using he effective interest method. Finance charges are allocate to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

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

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then it is classed as an equity instrument. Dividends and distributions relating equity instruments are debited directly to equity.

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment test, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whichever other assets or liabilities of the company are assigned to those units.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Profit and Loss Account by equal annual instalments over the expected useful lives of the relevant assets.

4. Employees and directors
2024 2023
£    £   
Wages and salaries 3,313,459 3,276,123
Social security costs 400,144 374,876
Other pension costs 52,985 56,017
3,766,588 3,707,016

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

Production staff 77 81
Administrative staff 24 24
Number of directors 4 4
105 109

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


4. Employees and directors - continued

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration 170,841 149,661
Directors' pension contributions to money purchase schemes 2,642 1,690

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

Money purchase schemes 2 2

5. Operating profit/(loss)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 254,899 273,773
Depreciation - owned assets 593,485 621,620
Profit on disposal of fixed assets - (69,456 )
Goodwill amortisation 115,264 116,667
Market intangible assets amortisation 1,600 1,600
Computer software amortisation 8,776 9,426
Goodwill on subsidiary amortisation (6,649 ) (6,649 )
Auditors' remuneration 23,690 23,690
Foreign exchange differences (678,536 ) (822,668 )

6. Exceptional items
2024 2023
£    £   
Exceptional items (875,308 ) (1,068,479 )

The exceptional item for the year ended 31 July 2024 and 31 July 2023 relates to an investment in growing tomatoes overseas. Significant investment were made during the year ended 31 July 2023, however the crop produced was very poor and resulted in large losses being incurred which carried into the 31 July 2024 year end.

7. Interest payable and similar expenses
2024 2023
£    £   
Bank loan interest 416,291 280,793
Interest on hire purchase 93,877 93,913
510,168 374,706

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


8. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 33,164 16,175
Over provision of corporation
tax (295,794 ) (276,466 )
Total current tax (262,630 ) (260,291 )

Deferred tax 517,350 (368,620 )
Tax on profit/(loss) 254,720 (628,911 )

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

2024 2023
£    £   
Profit/(loss) before tax 109,365 (1,664,136 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 25 %)

27,341

(416,034

)

Effects of:
Expenses not deductible for tax purposes 3,664 (30,332 )
Capital allowances in excess of depreciation - (5,307 )
Depreciation in excess of capital allowances 50,902 -
Utilisation of tax losses (107,319 ) 434,312

Movement in deferred tax increase/(decrease) 517,350 (333,422 )
Spanish tax and group transactions 58,576 (1,662 )
Over provision in prior year (295,794 ) (276,466 )
Total tax charge/(credit) 254,720 (628,911 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Foreign currency translation 1,282 - 1,282
Gain on revaluation of properties 170,000 (53,900 ) 116,100
171,282 (53,900 ) 117,382


Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


8. Taxation - continued
2023
Gross Tax Net
£    £    £   
Foreign currency translation (307 ) - (307 )
Gain on revaluation of properties 140,791 (35,198 ) 105,593
140,484 (35,198 ) 105,286

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of comprehensive income of the parent company is not presented as part of these financial statements.


10. Dividends
2024 2023
£    £   
Ordinary shares shares of £1 each
Interim - 50,000

11. Intangible fixed assets

Group
Market Goodwill
intangible Computer on
Goodwill assets software subsidiary Totals
£    £    £    £    £   
Cost
At 1 August 2023 347,897 33,284 38,869 (19,947 ) 400,103
Additions - - 6,750 - 6,750
At 31 July 2024 347,897 33,284 45,619 (19,947 ) 406,853
Amortisation
At 1 August 2023 232,633 30,084 9,465 (13,298 ) 258,884
Amortisation for year 115,264 1,600 8,776 (6,649 ) 118,991
At 31 July 2024 347,897 31,684 18,241 (19,947 ) 377,875
Net book value
At 31 July 2024 - 1,600 27,378 - 28,978
At 31 July 2023 115,264 3,200 29,404 (6,649 ) 141,219

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


11. Intangible fixed assets - continued

Company
Market
intangible Computer
Goodwill assets software Totals
£    £    £    £   
Cost
At 1 August 2023 347,897 33,284 37,400 418,581
Additions - - 6,750 6,750
At 31 July 2024 347,897 33,284 44,150 425,331
Amortisation
At 1 August 2023 232,632 30,084 9,350 272,066
Amortisation for year 115,265 1,600 8,700 125,565
At 31 July 2024 347,897 31,684 18,050 397,631
Net book value
At 31 July 2024 - 1,600 26,100 27,700
At 31 July 2023 115,265 3,200 28,050 146,515

12. Tangible fixed assets

Group
Freehold Property Plant &
property improvements equipment
£    £    £   
Cost or valuation
At 1 August 2023 2,836,665 1,314,190 562,424
Additions - 19,564 98,263
Revaluations 170,000 - -
Reclassification/transfer (840,000 ) - -
At 31 July 2024 2,166,665 1,333,754 660,687
Depreciation
At 1 August 2023 - 744,406 236,334
Charge for year - 147,339 80,085
At 31 July 2024 - 891,745 316,419
Net book value
At 31 July 2024 2,166,665 442,009 344,268
At 31 July 2023 2,836,665 569,784 326,090

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


12. Tangible fixed assets - continued

Group

Office Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Cost or valuation
At 1 August 2023 42,435 1,838,946 79,656 6,674,316
Additions - 378,997 20,820 517,644
Revaluations - - - 170,000
Reclassification/transfer - - - (840,000 )
At 31 July 2024 42,435 2,217,943 100,476 6,521,960
Depreciation
At 1 August 2023 24,130 829,635 42,348 1,876,853
Charge for year 4,576 346,952 14,533 593,485
At 31 July 2024 28,706 1,176,587 56,881 2,470,338
Net book value
At 31 July 2024 13,729 1,041,356 43,595 4,051,622
At 31 July 2023 18,305 1,009,311 37,308 4,797,463


Company
Freehold Property Plant &
property improvements equipment
£    £    £   
Cost or valuation
At 1 August 2023 2,836,666 1,314,189 418,609
Additions - 19,565 24,809
Revaluations 170,000 - -
Reclassification/transfer (840,000 ) - -
At 31 July 2024 2,166,666 1,333,754 443,418
Depreciation
At 1 August 2023 - 744,406 221,474
Charge for year - 147,339 54,911
At 31 July 2024 - 891,745 276,385
Net book value
At 31 July 2024 2,166,666 442,009 167,033
At 31 July 2023 2,836,666 569,783 197,135

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


12. Tangible fixed assets - continued

Company

Office Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Cost or valuation
At 1 August 2023 42,435 1,838,945 79,656 6,530,500
Additions - 378,997 20,820 444,191
Revaluations - - - 170,000
Reclassification/transfer - - - (840,000 )
At 31 July 2024 42,435 2,217,942 100,476 6,304,691
Depreciation
At 1 August 2023 24,130 829,636 42,348 1,861,994
Charge for year 4,576 346,951 14,533 568,310
At 31 July 2024 28,706 1,176,587 56,881 2,430,304
Net book value
At 31 July 2024 13,729 1,041,355 43,595 3,874,387
At 31 July 2023 18,305 1,009,309 37,308 4,668,506

The freehold properties were purchased at a cost of £1,470,205 and re-valued on an open market basis on 05 May 2022 by Allied Surveyors & Valuers for one property. A further valuation on 9 October 2024 was completed by Eddisons for the factory, the directors consider the valuation at 31 July 2024 to be in line with the Eddisons valuation. This valuation has been reflected in the accounts for the year ended 31 July 2024 as the market value.


13. Fixed asset investments

Group
Investments
£   
Cost
At 1 August 2023
and 31 July 2024 4,618
Net book value
At 31 July 2024 4,618
At 31 July 2023 4,618

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


13. Fixed asset investments - continued

Company
Shares in
group
undertaking
£   
Cost
At 1 August 2023
and 31 July 2024 18,913
Net book value
At 31 July 2024 18,913
At 31 July 2023 18,913


The company's investments at the Statement of financial position date in the share capital of companies include the following:

Company Registered office Class of shares % holding

Fountain Fresh Spain SL
Plaza de los tres Reyes, 1-1, Cartagena,
30201, Murcia

Ordinary shares

90

Moon & Evison Limited
The Factory, New Road, Upwell, Wisbech,
England, PE14 9AB

Ordinary shares

100

During the year, Moon & Evison Limited was subject to audit exemption under section 479a of the Companies Act 2006 as a result of the parent company, Fountain Fresh Imports Limited, providing a guarantee over the subsidiary.

14. Investment property

Group
Total
£   
Fair value
Reclassification/transfer 840,000
At 31 July 2024 840,000
Net book value
At 31 July 2024 840,000

Company
Total
£   
Fair value
Reclassification/transfer 840,000
At 31 July 2024 840,000
Net book value
At 31 July 2024 840,000

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


14. Investment property - continued

Company

During the year two properties were reclassified from freehold properties to investment properties. The original cost of these properties was £818,970. These properties had a professional valuation carried out on the 19 February 2024 by Eddisons, the directors consider the valuation at 31 July 2024 to be in line with the Eddisons valuation. This valuation has been reflected in the accounts for the year ended 31 July 2024 as the market value.

15. Stocks

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 520,793 731,668 472,615 276,767

16. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,679,954 5,205,484 4,571,124 5,193,858
Other debtors 64,959 168,325 - 128,560
Amounts owed from related
parties 39,910 40,367 39,910 40,367
Directors' current accounts - 590 - 590
Corporation tax 372,896 421,482 359,559 408,146
VAT 14,753 88,706 6,974 16,995
Deferred tax asset - 142,868 - 142,868
Prepayments and accrued income 193,630 268,125 189,342 259,526
5,366,102 6,335,947 5,166,909 6,190,910

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax - 142,868 - 142,868

17. Current asset investments

Group
2024 2023
£    £   
Current investments - 861

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


18. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 20) 304,849 243,208 206,533 206,533
Other loans (see note 20) 2,192,610 2,683,905 2,192,610 2,683,905
Hire purchase contracts (see note 21) 511,398 432,543 454,797 402,564
Trade creditors 4,756,590 5,218,031 4,650,065 5,103,579
Amounts owed to group
companies - - 267,843 110,838
Social security and other taxes 60,572 70,124 60,572 70,124
Other creditors 57,260 84,516 35,185 33,812
Amounts owed to related
parties 10,860 231,063 10,860 231,063
Directors' current accounts 2,896 72,000 2,896 72,000
Accruals and deferred income 497,528 488,506 494,328 486,931
Deferred government grants - 1,889 - 1,889
8,394,563 9,525,785 8,375,689 9,403,238

19. Creditors: amounts falling due after more than one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 20) 1,300,978 1,507,511 1,300,978 1,507,511
Hire purchase contracts (see note 21) 964,810 1,076,671 906,181 1,006,394
2,265,788 2,584,182 2,207,159 2,513,905

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


20. Loans

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 304,849 243,208 206,533 206,533
Invoice financing 2,192,610 2,683,905 2,192,610 2,683,905
2,497,459 2,927,113 2,399,143 2,890,438
Amounts falling due between one and two years:
Bank loans - 1-2 years 206,533 206,533 206,533 206,533
Amounts falling due between two and five years:
Bank loans - 2-5 years 522,378 564,044 522,378 564,044
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 572,067 736,934 572,067 736,934

21. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 511,398 432,543
Between one and five years 964,810 1,076,671
1,476,208 1,509,214

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 454,797 402,564
Between one and five years 906,181 1,006,394
1,360,978 1,408,958

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


21. Leasing agreements - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 36,264 39,758
Between one and five years 60,675 35,203
96,939 74,961

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 36,264 39,758
Between one and five years 60,675 35,203
96,939 74,961

22. Secured debts

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 1,605,827 1,750,719 1,507,511 1,714,044
Hire purchase contracts 1,476,208 1,509,214 1,360,978 1,408,958
Invoice financing 2,192,610 2,683,905 2,192,610 2,683,905
5,274,645 5,943,838 5,061,099 5,806,907

Obligations under finance lease and hire purchase contracts are secured against the relevant asset it is financing.

The invoice financing liability is secured by a fixed and floating charge over the company's assets.

The bank loan is secured by a fixed and floating charge over the freehold property owned by the company.

23. Financial instruments

Financial assets measured at fair value through profit and loss comprise cash at bank and in hand.

The company entered into foreign currency forward contracts to mitigate the exchange rate risk for certain foreign currency transactions.

As at 31 July 2024, the company had various contracts in place with an option to purchase as follows:

€5,196,875 at a rate of 1.1750
€6,000,000 at a rate of 1.1900

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


24. Provisions for liabilities

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 428,382 - 428,382 -

Group
Deferred
tax
£   
Balance at 1 August 2023 (142,868 )
Provided during year 571,250
Balance at 31 July 2024 428,382

Company
Deferred
tax
£   
Balance at 1 August 2023 (142,868 )
Provided during year 571,250
Balance at 31 July 2024 428,382

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate to from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

25. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

26. Reserves

Group
Capital
Retained Revaluation redemption Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 August 2023 (135,836 ) 259,493 13,408 1,998 139,063
Deficit for the year (161,094 ) (161,094 )
Foreign currency translation 1,282 116,100 - - 117,382
At 31 July 2024 (295,648 ) 375,593 13,408 1,998 95,351

Fountain Fresh Imports Ltd and it's
subsidiaries (Registered number: 09360931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


26. Reserves - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2023 (593,299 ) 259,493 (333,806 )
Deficit for the year (10,545 ) (10,545 )
Foreign currency translation - 116,100 116,100
At 31 July 2024 (603,844 ) 375,593 (228,251 )


27. Directors' advances, credits and guarantees

The following advances and credits to the directors subsisted during the year ended 31 July 2024 and the period ended 31 July 2023.

2024 2023
£ £
Director
Balance outstanding at start of period (71,140 ) 5,140
Amounts advanced 108,514 65,495
Amounts repaid (40,000 ) (142,095 )
Balance outstanding at end of period (2,896 ) (71,410 )

No interest was charged to the directors loan accounts during the year. The amounts repaid and advanced disclosed were aggregated figures.

28. Related party disclosures

The following transactions occurred with companies in which the directors have participating interests:

£   

Sales 56,952
Amounts due from related parties 39,910
Purchases 69,066
Amounts owed to related parties 10,860

All of the above transactions are carried out at arms length.