Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 false 343 301 2024-01-01 false false false SC369372 2024-01-01 2024-12-31 SC369372 2023-01-01 2023-12-31 SC369372 2024-12-31 SC369372 2023-12-31 SC369372 2023-01-01 SC369372 3 2024-01-01 2024-12-31 SC369372 3 2023-01-01 2023-12-31 SC369372 4 2024-01-01 2024-12-31 SC369372 4 2023-01-01 2023-12-31 SC369372 5 2024-01-01 2024-12-31 SC369372 5 2023-01-01 2023-12-31 SC369372 d:CompanySecretary1 2024-01-01 2024-12-31 SC369372 d:Director1 2024-01-01 2024-12-31 SC369372 d:Director2 2024-01-01 2024-12-31 SC369372 d:RegisteredOffice 2024-01-01 2024-12-31 SC369372 e:Buildings 2024-01-01 2024-12-31 SC369372 e:Buildings 2024-12-31 SC369372 e:Buildings 2023-12-31 SC369372 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC369372 e:PlantMachinery 2024-01-01 2024-12-31 SC369372 e:PlantMachinery 2024-12-31 SC369372 e:PlantMachinery 2023-12-31 SC369372 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC369372 e:MotorVehicles 2024-01-01 2024-12-31 SC369372 e:MotorVehicles 2024-12-31 SC369372 e:MotorVehicles 2023-12-31 SC369372 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC369372 e:FurnitureFittings 2024-01-01 2024-12-31 SC369372 e:FurnitureFittings 2024-12-31 SC369372 e:FurnitureFittings 2023-12-31 SC369372 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC369372 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC369372 e:CurrentFinancialInstruments 2024-12-31 SC369372 e:CurrentFinancialInstruments 2023-12-31 SC369372 e:Non-currentFinancialInstruments 2024-12-31 SC369372 e:Non-currentFinancialInstruments 2023-12-31 SC369372 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 SC369372 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 SC369372 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 SC369372 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 SC369372 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 SC369372 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 SC369372 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 SC369372 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 SC369372 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-12-31 SC369372 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-12-31 SC369372 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 SC369372 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC369372 e:ReportableOperatingSegment2 2024-01-01 2024-12-31 SC369372 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 SC369372 e:UKTax 2024-01-01 2024-12-31 SC369372 e:UKTax 2023-01-01 2023-12-31 SC369372 e:ShareCapital 2024-12-31 SC369372 e:ShareCapital 2023-12-31 SC369372 e:ShareCapital 2023-01-01 SC369372 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC369372 e:RetainedEarningsAccumulatedLosses 2024-12-31 SC369372 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC369372 e:RetainedEarningsAccumulatedLosses 2023-12-31 SC369372 e:RetainedEarningsAccumulatedLosses 2023-01-01 SC369372 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC369372 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC369372 d:OrdinaryShareClass1 2024-01-01 2024-12-31 SC369372 d:OrdinaryShareClass1 2024-12-31 SC369372 d:OrdinaryShareClass1 2023-12-31 SC369372 d:OrdinaryShareClass2 2024-01-01 2024-12-31 SC369372 d:OrdinaryShareClass2 2024-12-31 SC369372 d:OrdinaryShareClass2 2023-12-31 SC369372 d:OrdinaryShareClass3 2024-01-01 2024-12-31 SC369372 d:OrdinaryShareClass3 2024-12-31 SC369372 d:OrdinaryShareClass3 2023-12-31 SC369372 d:OrdinaryShareClass4 2024-01-01 2024-12-31 SC369372 d:OrdinaryShareClass4 2024-12-31 SC369372 d:OrdinaryShareClass4 2023-12-31 SC369372 d:FRS102 2024-01-01 2024-12-31 SC369372 d:Audited 2024-01-01 2024-12-31 SC369372 d:FullAccounts 2024-01-01 2024-12-31 SC369372 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC369372 e:WithinOneYear 2024-12-31 SC369372 e:WithinOneYear 2023-12-31 SC369372 e:BetweenOneFiveYears 2024-12-31 SC369372 e:BetweenOneFiveYears 2023-12-31 SC369372 2 2024-01-01 2024-12-31 SC369372 6 2024-01-01 2024-12-31 SC369372 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: SC369372 CASTLETON FRUIT LTD. DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CASTLETON FRUIT LTD. COMPANY INFORMATION
Directors | Mr R J Mitchell
| Mr J J Waltham
Company secretary | Ms A Mitchell
Registered number | SC369372
Registered office | Castleton Farm
| Fordoun
| Laurencekirk
| AB30 1JX
Independent auditors | Sumer Auditco Limited
| Chartered Accountants & Statutory Auditors
| 14 City Quay
| Dundee
| DD1 3JA
CASTLETON FRUIT LTD. CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Statement of cash flows | 12
Analysis of net debt | 13
Notes to the financial statements | 14 - 28
CASTLETON FRUIT LTD. STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present the strategic report for the year ended 31 December 2024. Castleton Fruit Ltd is a vertically-integrated soft-fruit grower, packer and marketer based in Aberdeenshire, Scotland. We cultivate strawberries, raspberries, blueberries, blackberries and cherries across c.390 acres of protected production, operating our own grading, cooling and distribution facilities. Produce is supplied to UK multiple retailers, food-service wholesalers.
Business review
Revenue fell 5 % following the deliberate reduction of low-margin June-bearing strawberry volumes, a strategic choice which began in 2023, combined with a weather-related dip in early-season yields. These headwinds were partially offset by continued growth in Cherries (+8 %) and Blackberries (+21%). Cost-of-sales inflation persisted - in haulage, Seasonal Worker Scheme licence charges and energy - compressing gross margin from 8.0 % to 6.1 %. Proactive overhead control ensured that the decline in operating profit was limited to 33%, whilst the business continues to focus on off-setting inflationary impacts, retailer pricing still does not reflect the needs of the industry. Operating cash flow of £998k (2023 - £2,103k) funded £288k of maintenance cap-ex (mainly tunnel replacement and irrigation upgrades) and £448k of scheduled loan repayments, allowing net debt to fall to £726k (2023 - £1,392k).
Principal risks and uncertainties
Risk | 2024 Movement | Mitigation in place & planned 2025 actions
Seasonal labour availability & cost | Critical – quota tightened; wage floor +9 % | 68 % worker-return rate through Seasonal Worker Scheme; welfare charter in place; optical grader for cherry and blueberry. Targeting 22 % peak-labour reduction.
Energy price volatility | Moderate improving – wholesale prices down but still erratic | 500 kW battery (commissioned 2023) supplies 32 % site demand: New solar-PV added & second-battery feasibility study underway.
Extreme weather & yield risk | Elevated – early-season frost damage in April 2024 | 100 % acreage under tunnels; Continual investment in frost protection; varietal diversification to later-season blueberries & cherries.
Market price & retailer margin pressure | Stable to high – inflationary environment constrains retailer pricing | Shift toward premium varieties; Launch of direct-to-consumer “Castleton Fresh” boxes to capture additional margin.
Regulatory & trade policy change | Emerging – Seasonal Worker Scheme reforms pending | Active participation in NFU Scotland policy working group; scenario modelling for subsidy reforms; Sedex A-grade ethical-trading compliance maintained.
The Board keeps these risks under Quarterly review and believes the mitigation measures above maintain the Company’s ability to operate profitably while pursuing its growth and strategic-option objectives. Page 1
CASTLETON FRUIT LTD. STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial and other key performance indicators
Metric | 2024 | 2023 | Comment
Turnover (£m) | 15.34 | 16.19 | Strategic exit from low-margin wholesale strawberry lines; stronger blueberry sales partially offset.
Gross profit margin | 6.1% | 8.0% | Haulage, energy and licence cost inflation not fully recovered in pricing.
EBITDA margin | 8.1% | 10.0% | Margin impact cushioned by overhead savings and automation trials.
Net debt / EBITDA | 0.6x | 0.9x | Strong cash generation and scheduled debt repayments reduced leverage.
Future developments
Building on the 2023 strategy to pivot away from June bearing strawberries the company has engaged with a strategy of efficiency and improvements this includes:- ∙More energy resilience and solar array investments. ∙Continuing the accommodation upgrades to cabin style accommodation. ∙More brand development and local higher margin sales. ∙Investigating automation. ∙Long term sustainability, 3-year carbon reduction plan enabled. This report was approved by the board on 17 September 2025 and signed on its behalf.
Mr R J Mitchell Director
Page 2
CASTLETON FRUIT LTD. 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' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
Principal activity
The principal activity of the Company is the operation of a soft fruit farm.
Results and dividends
The profit for the year, after taxation, amounted to £406,907 (2023 - £451,477). Ordinary dividends were paid amounting to £60,000 (2023 - £170,200). The directors do not recommend payment of a final dividend in the current or prior year.
Directors
The directors who served during the year were:
Mr R J Mitchell
Mr J J Waltham
Future developments
Details of future developments can be found within the Strategic Report and form part of this report by the directors. Page 3
CASTLETON FRUIT LTD. DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Engagement with employees
The Company's policy is to consult and discuss with employees at team meetings and through one to one meetings, matters likely to affect employees' interests. Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment within the Company continues and that appropriate training and support is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 17 September 2025 and signed on its behalf.
Mr R J Mitchell Director
Page 4
CASTLETON FRUIT LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLETON FRUIT LTD.
Opinion
We have audited the financial statements of Castleton Fruit Ltd. (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
CASTLETON FRUIT LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLETON FRUIT LTD. (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CASTLETON FRUIT LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLETON FRUIT LTD. (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 7
CASTLETON FRUIT LTD. INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLETON FRUIT LTD. (CONTINUED) Douglas Rae (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants Statutory Auditors 14 City Quay Dundee DD1 3JA 17 September 2025 Page 8
CASTLETON FRUIT LTD. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  | As restated
| 2024 | 2023
| £ | £
Turnover | 4 | 15,335,180 | 16,187,423
Cost of sales |  | (14,399,454) | (14,890,332)
Gross profit |  | 935,726 | 1,297,091
Administrative expenses |  | (780,989) | (799,391)
Other operating income | 5 | 389,243 | 318,208
Operating profit | 6 | 543,980 | 815,908
Interest receivable and similar income | 10 | - | 1,806
Interest payable and similar expenses | 11 | (106,468) | (157,964)
Profit before tax |  | 437,512 | 659,750
Tax on profit | 12 | (30,605) | (208,273)
Profit for the financial year |  | 406,907 | 451,477
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 14 to 28 form part of these financial statements.
Page 9
CASTLETON FRUIT LTD. REGISTERED NUMBER: SC369372 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible Fixed Assets | 14 |  | 5,919,605 |  | 6,362,185
Investments | 15 |  | 50 |  | 50
|  |  | 5,919,655 |  | 6,362,235
Current assets |  |  |  |  |
Stocks | 16 | 1,392,973 |  | 1,474,819 |
Debtors: amounts falling due within one year | 17 | 1,339,912 |  | 1,011,830 |
Bank and cash balances |  | 93,215 |  | 794,336 |
|  | 2,826,100 |  | 3,280,985 |
Creditors: amounts falling due within one year | 18 | (1,187,094) |  | (2,021,464) |
Net current assets |  |  | 1,639,006 |  | 1,259,521
Total assets less current liabilities |  |  | 7,558,661 |  | 7,621,756
Creditors: amounts falling due after more than one year | 19 |  | (644,694) |  | (1,002,322)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (313,693) |  | (366,067) |
|  |  | (313,693) |  | (366,067)
Net assets |  |  | 6,600,274 |  | 6,253,367
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Profit and loss account | 23 |  | 6,600,174 |  | 6,253,267
|  |  | 6,600,274 |  | 6,253,367
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.
Mr R J Mitchell
Director
The notes on pages 14 to 28 form part of these financial statements. Page 10
CASTLETON FRUIT LTD. STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 100 | 5,971,990 | 5,972,090
Profit for the year | - | 451,477 | 451,477
Dividends: Equity capital | - | (170,200) | (170,200)
At 1 January 2024 | 100 | 6,253,267 | 6,253,367
Profit for the year | - | 406,907 | 406,907
Dividends: Equity capital | - | (60,000) | (60,000)
At 31 December 2024 | 100 | 6,600,174 | 6,600,274
| The notes on pages 14 to 28 form part of these financial statements.
Page 11
CASTLETON FRUIT LTD. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 406,907 | 451,477
Adjustments for: |  |
Depreciation of tangible assets | 701,039 | 806,597
Loss on disposal of tangible assets | 3,919 | (6,962)
Interest paid | 106,468 | 157,964
Interest received | - | (1,806)
Taxation charge | 30,605 | 208,273
Decrease in stocks | 81,846 | 119,467
(Increase)/decrease in debtors | (331,469) | 452,764
Decrease in amounts owed by associates | 3,387 | 3,432
Increase/(decrease) in creditors | 168,348 | (267,177)
Corporation tax (paid)/received | (172,879) | 179,175
Net cash generated from operating activities | 998,171 | 2,103,204
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (287,627) | (149,309)
Sale of tangible fixed assets | 25,249 | 10,148
Interest received | - | 1,806
Net cash from investing activities | (262,378) | (137,355)
Cash flows from financing activities |  |
Repayment of loans | (447,849) | (735,446)
Dividends paid | (60,000) | (170,200)
Interest paid | (106,468) | (157,964)
Net cash used in financing activities | (614,317) | (1,063,610)
Net increase in cash and cash equivalents | 121,476 | 902,239
Cash and cash equivalents at beginning of year | (28,261) | (930,500)
Cash and cash equivalents at the end of year | 93,215 | (28,261)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 93,215 | 794,336
Bank overdrafts | - | (822,597)
| 93,215 | (28,261)
The notes on pages 14 to 28 form part of these financial statements.
Page 12
CASTLETON FRUIT LTD. ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
| £ | £ | £
Cash at bank and in hand | 794,336 | (701,121) | 93,215
Bank overdrafts | (822,597) | 822,597 | -
Debt due after 1 year | (1,002,322) | 357,628 | (644,694)
Debt due within 1 year | (361,668) | 187,221 | (174,447)
| (1,392,251) | 666,325 | (725,926)
The notes on pages 14 to 28 form part of these financial statements.
Page 13
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Castleton Fruit Ltd. is a private company limited by shares, incorporated in Scotland with registration number SC369372. The registered office and principal place of business is Castleton Farm, Fordoun, Kincardineshire, AB30 1JX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 14
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 15
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 16
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 25 years straight line
|  |  |  | Plant and machinery | - | 20% reducing balance or 50% straight line
|  |  |  | Motor vehicles | - | 20% reducing balance
|  |  |  | Fixtures and fittings | - | 20% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Those estimates considered to involve a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows – Depreciation Depreciation is provided based on the estimated useful economic life of each class of assets, which is judgement exercised by management. Depreciation is taken to the profit and loss in order to write off the asset over its useful economic life. Stock valuation As set out in note 16, the Company has a year end crops in ground valuation of £462,057 (2023 - £544,395). This represents the valuation of crops growing in the ground at the year end and includes the cost of raw materials, labour and equipment for establishing these crops to the balance sheet date. The cost of raw materials is directly attributable to the costs associated with plants, bed polythene and coir. Expenditure incurred in bringing the crop to its current condition includes the labour of cultivating the land, sowing, planting and the husbandry of those crops. The cost of labour is based upon timesheet and payroll data, which is all allocated to developing these crops. Any impairment of the crop is also taken into account whereby any damaged or under-performing crops are removed and the valuation is impaired appropriately. It is not deemed practical to count the exact number of plants removed for these purposes and these plants are impaired over their useful estimated life. Page 18
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sale of goods | 14,556,869 | 15,365,641
| Rental income | 778,311 | 821,782
|  | 15,335,180 | 16,187,423
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 223,644 | 148,596
| Government grants receivable | 36,699 | 82,776
| Sundry income | 128,900 | 86,836
|  | 389,243 | 318,208
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 701,039 | 806,597
| Exchange differences | 590 | 515
| Other operating lease rentals | 19,820 | 19,480
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,700 | 13,000
Page 19
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 7,884,730 | 8,027,356
| Social security costs | 691,663 | 684,467
| Cost of defined contribution scheme | 84,337 | 182,095
|  | 8,660,730 | 8,893,918
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Direct Labour | 287 | 328
|  | Management | 2 | 2
|  | Administrative Staff | 12 | 13
|  |  | 301 | 343
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 15,570 | 15,570
| Company contributions to defined contribution pension schemes | 30,000 | 60,000
|  | 45,570 | 75,570
| During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.
Page 20
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | - | 1,806
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 106,468 | 157,964
|  | 106,468 | 157,964
Page 21
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 180,467 | 270,367
| Adjustments in respect of previous periods | (97,488) | (19,482)
| Deferred tax |  |
| Origination and reversal of timing differences | (52,374) | (42,612)
| Taxation on profit on ordinary activities | 30,605 | 208,273
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 437,512 | 659,750
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 109,378 | 155,041
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 377 | 501
| Capital allowances for year in excess of depreciation | 69,732 | 116,225
| Adjustments to tax charge in respect of prior periods | (97,488) | (19,482)
| Short-term timing difference leading to an increase (decrease) in taxation | - | 236
| Book profit on chargeable assets | 980 | (1,636)
| Changes in provisions leading to an increase (decrease) in the tax charge | (52,374) | (42,612)
| Total tax charge for the year | 30,605 | 208,273
| Factors that may affect future tax charges
The only factors affecting future tax charges are those imposed by HMRC. Page 22
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Ordinary shares - Class A | 25,000 | 42,600
| Ordinary shares - Class B | 25,000 | 50,600
| Ordinary shares - Class C | 5,000 | 38,000
| Ordinary shares - Class D | 5,000 | 39,000
|  | 60,000 | 170,200
14. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 4,012,944 | 7,730,727 | 346,665 | 41,011 | 12,131,347
| Additions | - | 238,171 | 46,550 | 2,906 | 287,627
| Disposals | - | (107,000) | (2,900) | - | (109,900)
| At 31 December 2024 | 4,012,944 | 7,861,898 | 390,315 | 43,917 | 12,309,074
| Depreciation |  |  |  |  |
| At 1 January 2024 | 448,977 | 5,068,545 | 224,511 | 27,129 | 5,769,162
| Charge for the year on owned assets | 77,451 | 590,000 | 30,556 | 3,032 | 701,039
| Disposals | - | (79,886) | (846) | - | (80,732)
| At 31 December 2024 | 526,428 | 5,578,659 | 254,221 | 30,161 | 6,389,469
| Net book value |  |  |  |  |
| At 31 December 2024 | 3,486,516 | 2,283,239 | 136,094 | 13,756 | 5,919,605
| At 31 December 2023 | 3,563,967 | 2,662,182 | 122,154 | 13,882 | 6,362,185
Page 23
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 January 2024 | 50
| At 31 December 2024 | 50
16. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and packaging stock | 859,050 | 880,683
| Crops in ground | 462,057 | 544,395
| Goods for resale | 71,866 | 49,741
|  | 1,392,973 | 1,474,819
17. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 118,645 | 252,299
| Amounts owed by associated undertakings | 308,360 | 311,747
| Other debtors | 333,460 | 129,335
| Prepayments and accrued income | 579,447 | 318,449
|  | 1,339,912 | 1,011,830
Page 24
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 822,597
| Bank loans | 138,447 | 228,668
| Trade creditors | 613,125 | 409,704
| Corporation tax | 180,467 | 270,367
| Other taxation and social security | 92,955 | 71,381
| Other creditors | 50,120 | 138,670
| Accruals and deferred income | 111,980 | 80,077
|  | 1,187,094 | 2,021,464
| The bank loans and overdraft are secured by a floating charge over the Company's assets and standard securities over certain assets held by the Company and a related party. All bank loans were drawn down in previous periods. Loan 1 was a loan of £375,688, repayable in instalments with a variable interest rate of base rate plus 1.75%. The final repayment for Loan 1 is due in March 2026, at the balance sheet date, the carrying amount the loan is £54,129 (2023 - £94,641). Loan 2 was a loan of £1,000,000, repayable in instalments with a fixed interest rate of 2.82%. The final repayment for Loan 2 is due in December 2031, at the balance sheet date, the carrying amount the loan is £729,012 (2023 - £821,854). Loan 3 was a loan of £1,000,000, repayable in instalments with a variable interest rate of base rate plus 1.75%. The final repayment for Loan 3 was due in December 2031, however, this was repaid in full during the year to 31 December 2024, therefore the carrying amount at the balance sheet date was £nil (2023 - £314,495).
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 644,694 | 1,002,322
Page 25
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 138,447 | 228,668
| Amounts falling due 1-2 years |  |
| Bank loans | 109,489 | 235,518
| Amounts falling due 2-5 years |  |
| Bank loans | 312,044 | 436,689
| Amounts falling due after more than 5 years |  |
| Bank loans | 223,161 | 330,115
|  | 783,141 | 1,230,990
21. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (366,067)
| Charged to profit or loss | 52,374
| At end of year | (313,693)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (313,693) | (366,067)
Page 26
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 80 (2023 - 80) Ordinary A shares of £1.00 each | 80 | 80
|  | 10 (2023 - 10) Ordinary B shares of £1.00 each | 10 | 10
|  | 5 (2023 - 5) Ordinary C shares of £1.00 each | 5 | 5
|  | 5 (2023 - 5) Ordinary D shares of £1.00 each | 5 | 5
|  |  | 100 | 100
23. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
24. | Prior year restatement
In prior years, income from contracted out labour has been netted off against the wages expense in cost of sales. Due to the increasing significance of this income, this has now been reallocated to 'other operating income.' This reallocation has been made in the current year and the prior year has been restated for comparative purposes. This restatement is solely a reallocation within the profit and loss account and does not impact the balance sheet or reserves brought forward.
25. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £84,337 (2023 - £182,095). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.
26. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 725 | 1,534
| Later than 1 year and not later than 5 years | 465 | -
|  | 1,190 | 1,534
Page 27
CASTLETON FRUIT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
27. | Related party transactions
| During the year, Castleton Fruit Ltd made sales of £161,494 (2023 - £105,008) to and purchases of £24,168 (2023 - £40,000) from partnerships in which Mr R J Mitchell holds an interest. The net amount due from the partnerships at the year end was £306,888 (2023 - £311,747). Key management personnel include the directors and senior managers who together have authority and responsibility for planning, directing and controlling the activities of the Company. The total compensation paid to key management personnel for services provided to the Company during the period, was £86,474 (2023 - £185,818). £8,504 (2023 - £9,577) of these services were provided by a company where Mr J Waltham holds a majority shareholding. The net amount due to that Company at the year end was £Nil (2023 - £720). At 31 December 2024, the Company owed a director £12,000 (2023 - £22,000) and owed other key management personnel £24,000 (2023 - £111,000).
28. | Controlling party
The ultimate controlling party is Mr R J Mitchell.
Page 28