Company registration number: 05694172
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report of the Company for the year ended 31 December 2024
The principal activity of the Company in the year under review was that of a specialist soft fruit grower.
The principal activity of the Company in the year under review was that of a specialist soft fruit grower.
Turnover increased to £23.1m in 2024 from a disappointing £19.4 million in 2023. This is a year-on-year increase of 19.1% as a result of improved weather and harvest conditions. Asparagus production continues to expand, with sales increasing by 22% in 2024.
An operating profit of £2.5 million is seen in 2024 (£50,000 operating loss in 2023). This represents a very encouraging recovery after the poor harvest of 2023. Costs of sale increased by only 4.1% compared to the 19.1% increase in turnover showing strong control of labour and other direct costs despite significant increases in minimum wage.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are very aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
Net Assets increased in the year to £9.9M.
An operating profit of £2.5 million is seen in 2024 (£50,000 operating loss in 2023). This represents a very encouraging recovery after the poor harvest of 2023. Costs of sale increased by only 4.1% compared to the 19.1% increase in turnover showing strong control of labour and other direct costs despite significant increases in minimum wage.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are very aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
Net Assets increased in the year to £9.9M.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Weather
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. This is seen from the effect of the weather on the 2023 turnover from which the business has recovered in 2024.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
Labour Costs
A recurring challenge for the industry is the increase in labour rate. The minimum wage increased to £11.44 and further conditions relating to workers’ hours and pay are often imposed by supermarkets and the Home Office.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. We continue to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. We constantly scrutinise activities & processes to find savings. We measure all tasks, monitor, and perform detailed analysis of the data available to us.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. We were reassured by the government’s announcement in 2024 that this scheme will continue until at least 2029. We continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work.
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but the average rate in 2024 was improved compared to 2023. The company monitors the euro exchange rate regularly and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. This is seen from the effect of the weather on the 2023 turnover from which the business has recovered in 2024.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
Labour Costs
A recurring challenge for the industry is the increase in labour rate. The minimum wage increased to £11.44 and further conditions relating to workers’ hours and pay are often imposed by supermarkets and the Home Office.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. We continue to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. We constantly scrutinise activities & processes to find savings. We measure all tasks, monitor, and perform detailed analysis of the data available to us.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. We were reassured by the government’s announcement in 2024 that this scheme will continue until at least 2029. We continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work.
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but the average rate in 2024 was improved compared to 2023. The company monitors the euro exchange rate regularly and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
During 2024 we have continued our studies into the utilisation of robots. The results continue to be promising and are improving gradually. Our aim is to have a team of robots able to complete a variety of tasks, thereby reducing our dependency on a labour force that is increasing in cost and decreasing in availability.
The business strives to innovate wherever possible with developments continually sought throughout the farm. This year saw significant developments in grape production, asparagus production, and water management.
As a soft fruit business, waste is unavoidable at times when the market for fruit does not match the volumes produced. To reduce the waste in our business we have been developing an innovative technique for drying and preserving fruit to create a marketable strawberry snack. We aim that this process will reduce waste in the business and provide a further income stream.
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing up to the minute management information that is used to monitor performance against budget and previous years and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to management staff on a weekly basis.
The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, we focus strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed monthly, alongside profit projections. Individual managers receive expenditure reports for their relevant areas, giving actual vs budget comparisons and a line-by-line breakdown of the current month. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.
The business strives to innovate wherever possible with developments continually sought throughout the farm. This year saw significant developments in grape production, asparagus production, and water management.
As a soft fruit business, waste is unavoidable at times when the market for fruit does not match the volumes produced. To reduce the waste in our business we have been developing an innovative technique for drying and preserving fruit to create a marketable strawberry snack. We aim that this process will reduce waste in the business and provide a further income stream.
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing up to the minute management information that is used to monitor performance against budget and previous years and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to management staff on a weekly basis.
The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, we focus strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed monthly, alongside profit projections. Individual managers receive expenditure reports for their relevant areas, giving actual vs budget comparisons and a line-by-line breakdown of the current month. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.
This report was approved by the board and signed on its behalf.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's 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.
The profit for the year, after taxation, amounted to £1,778,782 (2023 - loss £141,664).
The total distribution of dividends for the year ended 31 December 2024 was £116,200 (2023 - £441,621).
The directors who served during the year were:
The commitment and enthusiasm of senior and middle management is excellent, as witnessed by longevity of service.
Regarding our general staff relations, we take all our statutory responsibilities very seriously and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have three dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.
Regarding our general staff relations, we take all our statutory responsibilities very seriously and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have three dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information Required by Schedule 7
of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the Company) when performing their duties and do so appropriately.
of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the Company) when performing their duties and do so appropriately.
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 and Group's auditors are aware of that information.
• 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 and Group's auditors are aware of that information.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED
We have audited the financial statements of The New Forest Fruit Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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).
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 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)
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.
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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation, and general regulations such as health and safety, general data protection regulation and copyright law.
There are no industry specific laws and regulations which would be deemed to have a significant impact on the
financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our
procedures on the related financial statement items.
legislation, and general regulations such as health and safety, general data protection regulation and copyright law.
There are no industry specific laws and regulations which would be deemed to have a significant impact on the
financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our
procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, and those responsible for legal and compliance procedures. We corroborated our inquiries through ourreview of Board minutes.
management, and those responsible for legal and compliance procedures. We corroborated our inquiries through ourreview of Board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and
°Manipulation of amounts subject to significant judgement or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NEW FOREST FRUIT COMPANY LIMITED (CONTINUED)
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
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 11
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The New Forest Fruit Company Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as the Company's trading address, is disclosed on the company information page.
The New Forest Fruit Company Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as the Company's trading address, is disclosed on the company information page.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Booth Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight-line and reducing balance methods.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
The directors have prepared and reviewed budgets & forecasts for the 12 month period from the date that these financial statements are authorised for issue. They have concluded that the Company remains a going concern and there is no material uncertainty surrounding this. Accordingly, the accounts have been drawn up on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Fixed asset residual values:
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.
Impairment of stocks:
The directors have assessed stocks held at the reporting date for impairment and have concluded the basis of valuation is appropriate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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