Registration number:
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All World Foods Limited
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Brebners
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All World Foods Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Statement of Cash Flows |
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Notes to the Financial Statements |
All World Foods Limited
Company Information
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Directors |
L D Alfonso G C Sanquirgo |
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Registered office |
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Auditor |
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All World Foods Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
As a trader, agent and service provider, the company's main activity has focused on the distribution and handling of a wide range of products, including fertilisers (especially ammonia), iron and zinc gluconates, rice, wheat, corn and dairy products.
In line with its growth strategy, the company is continuing to expand its product portfolio and develop initiatives to enter new markets. These actions aim to strengthen the company's commercial presence and improve profit margins in the medium and long term.
Fair review of the business
Profit before tax decreased by 97.5% on 2023 with the gross profit margin also decreasing from 9.4% to 5.7%.
Turnover was down by 38%. The decrease in ammonia product sales was directly related to the breakdown in the fertilizer production plant, which prevented sales in December 2024. Additionally , the financial difficulties experienced by key customers in the dairy products sector had a negative impact on the company's sales. As part of the adopted commercial and financial strategy, priority was given to sales with guaranteed collection, which enabled us to keep accounts receivable under control.
However, price volatility in the international market has posed a significant challenge in recent years. High procurement costs have limited the company's ability to offer highly competitive prices to certain strategic customers, particularly when competing with large international producers who also supply these markets. This situation has forced the company to increase its focus on operational efficiency and negotiation in order to maintain its competitiveness.
Future developments
Commercial Trading operations
The company expects a decrease in ammonia sales for the current year compared to the previous year. This is due to reduced fertiliser production by customers and the slow turnover of stored products. However , as part of a strategy aimed at not increasing accounts receivable, the company is working on the introduction of new products that guarantee 100% secure collection.
The company will continue to issue quotations for food products and has started implementing strategies to market new products in different markets.
Agency and services
In agency mode, we expect a decrease in operations between our client and its suppliers of products such as cereals, grains, fats and meats. This is due to a lack of financing for the supply of these products, resulting in a low expected volume of contracts for 2025.
However, the company is actively working to attract new clients through agency contracts and service models. Its goal is to offer new services and generate new business opportunities.
Strengths
The company's ability to start new businesses is a testament to its robust financial position, which enables it to undertake operations with its own capital. This financial strength enables the company to maintain stable and professional relationships with customers and suppliers alike.
All World Foods Limited
Strategic Report for the Year Ended 31 December 2024
Financial KPI's
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
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Turnover |
£ |
21,942,999 |
35,584,877 |
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Profit before tax |
£ |
45,536 |
2,039,907 |
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Gross Profit |
% |
6 |
9 |
Non-financial KPI's
There are numerous non-financial performance indicators used by the director but none are considered to be key.
Principal risks and uncertainties
The principal risks and uncertainties facing the company are - foreign exchange risk, price risk, credit risk, liquidity and cash flow risk.
The company manages risks and exercises control through the production of monthly management accounts, detailed contract analysis & control reports, cash flow forecasting, credit control procedures and maintaining good relationships with customers. Furthermore, with reference to new market business, the company looks to receive payment in advance.
In the process of fixing contracts, prices and managing funds the Managing Director regularly reviews the foreign currency markets to eliminate or mitigate the effects of any significant unforeseen negative exchange movements.
• Foreign exchange currency risk
The company is exposed to currency exchange rate risk due to trading with overseas companies in foreign currency with the risk of adverse exchange rate movements both in respect of foreign currency cash balances and credit purchases and sales between the date of the transactions and the payment dates.
The company mitigates the foreign currency exposure by including exchange rate impact scenarios in the cost sheets of international operations and periodic monitoring of exchange rate fluctuations to activate hedging strategies.
• Price risk
The company buys and sells ammonia and food commodities. There is a risk exposure in respect of changes in the market prices of these commodities. The company manages the risk by constantly monitoring the prices of marked products through specialised sources and platforms, by ensuring a diverse portfolio through the incorporation of new products, clients and suppliers that provide access to more competitive markets.
The company also mitigates the risk by granting financial facilities to strategic suppliers through prepayments which reduced their dependence on bank financing and enables them to obtain more favourable prices.
• Credit risk
The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The company is at risk in a particular transaction to the extent that a customer may be unable to pay the debt on the specified due date. The company manages this by performing regular reviews of outstanding debtors, by executing active collection efforts and reconciling with delinquent customers to avoid generating uncollectible accounts that negatively impact the financial statements and by performing monthly evaluations of the exchange rate and its impact on the financial statements.
All World Foods Limited
Strategic Report for the Year Ended 31 December 2024
• Liquidity and cash flow risks
The company exposure to liquidity and cash flows risks arises primarily from mismatches of the maturities of financial assets and liabilities, and unexpected future market and business changes.
The risks are managed through the use of bank current and deposit accounts, loans, matching payments and receipts, managing resources with a view to shortening the working capital cycle, monitoring the company’s cash position on a regular basis and preparing management reports.
The director continuously monitors for and responds to changes in the company's risk environment, so ensuring that the company remains well placed to address operational, financial, and business risks in a timely and appropriate manner.
Follow-up and control
The company's general management conducts monthly analyses of the economic results in coordination with the work team. In addition, the company's main problems are evaluated at regular meetings of the Board of Directors.
Current economic climate
The current economic climate has led to a decrease in demand for our customers' products. This has prompted the company to engage in new business and to acquire external financing when required.
The director is confident and positive about trading and that the company will continue meeting its obligations as they fall due.
The company continues to operate effectively and there has been no material impact on its activities.
Approved by the
.........................................
Director
All World Foods Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
No interim dividends were paid during the year (2023: £259,965). No final dividend is proposed.
Branches outside the United Kingdom
The company has a branch that operates outside of the UK.
Disclosure of information to the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
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G C Sanquirgo
Director
All World Foods Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
All World Foods Limited
Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2024
Opinion
We have audited the financial statements of All World Foods Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
All World Foods Limited
Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
All World Foods Limited
Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2024
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:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws and regulations specific to soft commodities trading. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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 auditor's report.
All World Foods Limited
Independent Auditor's Report to the Members of All World Foods Limited
for the Year Ended 31 December 2024
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
All World Foods Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(51,030) |
(228,518) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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|
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Retained earnings brought forward |
19,424,580 |
18,131,939 |
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Dividends paid |
- |
( |
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Retained earnings carried forward |
19,461,458 |
19,424,580 |
All World Foods Limited
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Other financial assets |
125,181 |
129,404 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
50,000 |
50,000 |
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Retained earnings |
19,461,458 |
19,424,580 |
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Shareholders' funds |
19,511,458 |
19,474,580 |
Approved and authorised by the
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G C Sanquirgo
Director
Company registration number: 02942848
All World Foods Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
28 |
- |
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Profit on investment funds |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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Decrease in trade and other debtors |
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(Decrease)/increase in trade and other creditors |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
( |
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
( |
- |
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Proceeds from sale of tangible assets |
( |
- |
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Proceeds from the disposal of fixed income securities |
1,604 |
1,875 |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
- |
( |
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Dividends paid |
- |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
4,239,165 |
4,768,354 |
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All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the international trade of ammonia and food products, acting as both principal and agent.
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 31 December 2024 and had net assets of £19,802,045 at that date, including cash at bank of £4,239,165.
After careful assessment of the company's operating income and expenditure forecasts, reviewing projections of future contracted revenues, order enquiries, financing arrangements, the directors are satisfied that the company will continue to generate cash from operations and have adequate financial resources at least in the 12 month period from the date when the financial statements are approved, to meet its obligations as and when they fall due.
Accordingly, the directors have a reasonable expectation that the company has adequate resources to remain in operational existence and considers that it is appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.
The company recognises revenue from the sale of goods and commission where acting as agent, once they have been discharged from the vessel and have been delivered to or collected by the customer or principal, once the risks and rewards of ownership have been transferred to the customer or principal.
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
Investments
Investments in fixed income securities which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Interest income on debt securities is recognised in income using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of stock comprises direct purchase cost plus attributable vessel hire costs and bunkers together with those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Judgements
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. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the director considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
The director has assessed the recoverable value of trade debtors at 31 December 2024. At the date of approval of the financial statements an amount of £12,072,320 in respect of certain trade debtors remains unpaid although these debts have been acknowledged as due by the debtors and the company is taking action to recover the amounts due. The director believes the company will ultimately make a full collection of the amounts due and no provision for impairment is required.
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
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Commissions as agent |
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Other fees |
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The geographical analysis of revenue is as follows:
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2024 |
2023 |
|
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Markets outside the United Kingdom |
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|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2024 |
2023 |
|
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Gain/loss on disposal of property, plant and equipment |
28 |
- |
|
Gain/loss from disposals of investments |
( |
( |
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(3,287) |
(1,223) |
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Bank and other interest receivable |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Other interest payable and similar charges |
|
|
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Overseas agency staff |
(259) |
6,475 |
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Social security costs |
|
|
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Other employee expense |
|
|
|
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
|
Administration and support |
|
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Sales |
|
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|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
8,658 |
487,300 |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK tax from adjustment for prior periods |
( |
- |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase/(decrease) from other tax effects |
|
( |
|
Total tax charge |
|
|
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Other financial assets (current and non-current) |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2024 |
129,404 |
129,404 |
|
Fair value adjustments |
(2,619) |
(2,619) |
|
Disposals |
(1,604) |
(1,604) |
|
At 31 December 2024 |
125,181 |
125,181 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 December 2024 |
|
125,181 |
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Stock of consumables |
|
|
|
Stock for resale |
|
|
|
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Corporation tax asset |
|
- |
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
- |
347,262 |
|
|
|
The amount due to group undertakings is unsecured, interest free and payable on demand.
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £ |
|
50,000 |
|
50,000 |
There are no restrictions on the distribution of dividends or the repayment of capital.
|
Reserves |
The profit and loss account records retained earnings and accumulated losses.
|
Commitments, Guarantees and contingencies |
The total of future minimum lease payments under operating leases is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
|
2024 |
2023 |
|||
|
Interim dividend of £Nil (2023: £ |
- |
|
||
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
4,768,354 |
(529,189) |
4,239,165 |
|
|
( |
|
|
|
|
|||
All World Foods Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.
Key management compensation
Key management comprises solely the director of the company.
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Non adjusting events after the financial period |
Subsequent to 31 December 2024 the company entered into an operating lease commitment for an amount of £165,000.
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is
The registered office of Rivière Blanche Anstalt SA is: c/o Invest and Services SA, Aulestrasse 60, PO Box 1226 FL - 9490 Vaduz, Lichtenstein.