REGISTERED NUMBER: 01486489 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

FERRYFAST PRODUCE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

R J Byrd

N J Gorin

S J Houghton

D B Byrd

REGISTERED OFFICE:

Ascot Road

Pershore

Worcestershire

WR10 2JJ

REGISTERED NUMBER:

01486489 (England and Wales)

AUDITORS:

Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

The company achieved a pre-tax profit of £478,957 compared with £863,844 in the previous year. At 31 January 2025 shareholders funds were £2,186,639 compared with £2,176,562 last year.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks and uncertainties facing the company include: the ongoing conflicts in Ukraine and Gaza and the resulting economic impact and the impact on product availability; the general difficult trading conditions the economy presents; and the uncertainty of exchange rate variations, affecting the price of some of the company's purchases.

KEY PERFORMANCE INDICATORS

Key performance indicators that are focused on by management include Turnover, Direct costs, and Overheads. Each of these are reviewed regularly by management against the budget and prior periods. The directors are pleased with the performance of the company during the year with regard the indicators above.

ON BEHALF OF THE BOARD:

S J Houghton - Director

13 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the marketing and distribution of fruit and vegetables.

DIVIDENDS

**PLEASE COMPLETE CLIENT SCREEN - DIVIDENDS - WITH DETAILS OF DIVIDEND

An interim dividend of per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2025 will be £ 300,000 .

FUTURE DEVELOPMENTS

Demand for fresh produce continues to increase. The trading results for the current year remain profitable. The company continues to invest in new equipment and vehicles.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

R J Byrd

N J Gorin

S J Houghton

D B Byrd

FINANCIAL INSTRUMENTS

The company's financial instruments comprise long term bank loans, bank overdraft and cash deposits. The main purpose of these financial instruments is to raise finance to fund the company's operations. The company has other financial instruments such as trade debtors and trade creditors which arise directly from its operations.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have included information relating to the review of business, principal risks and uncertainties, and performance indicators in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Houghton - Director

13 October 2025

Opinion

We have audited the financial statements of Ferryfast Produce Limited (the 'company') for the year ended 31 January 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 January 2025 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Company's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: food safety, health and safety, GDPR, and employment laws and regulations, recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Robert Harris FCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

13 October 2025

TURNOVER

3

33,191,496

31,422,171

Cost of sales

(27,793,548

)

(26,074,709

)

GROSS PROFIT

5,397,948

5,347,462

Administrative expenses

(4,972,254

)

(4,509,299

)

425,694

838,163

Other operating income

19,200

19,200

OPERATING PROFIT

5

444,894

857,363

Interest receivable and similar income

66,303

16,682

511,197

874,045

Interest payable and similar expenses

6

(32,240

)

(10,201

)

PROFIT BEFORE TAXATION

478,957

863,844

Tax on profit

7

(168,880

)

(246,417

)

PROFIT FOR THE FINANCIAL YEAR

310,077

617,427

PROFIT FOR THE YEAR

310,077

617,427

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

310,077

617,427

FIXED ASSETS

Intangible assets

9

233,700

302,100

Tangible assets

10

1,661,918

838,533

1,895,618

1,140,633

CURRENT ASSETS

Stocks

11

283,487

296,996

Debtors

12

3,051,347

3,306,387

Cash at bank and in hand

2,422,890

2,255,862

5,757,724

5,859,245

CREDITORS

Amounts falling due within one year

13

(4,732,626

)

(4,509,666

)

NET CURRENT ASSETS

1,025,098

1,349,579

TOTAL ASSETS LESS CURRENT LIABILITIES

2,920,716

2,490,212

CREDITORS

Amounts falling due after more than one year

14

(467,247

)

(215,700

)

PROVISIONS FOR LIABILITIES

17

(266,830

)

(97,950

)

NET ASSETS

2,186,639

2,176,562

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Retained earnings

19

2,176,639

2,166,562

SHAREHOLDERS' FUNDS

2,186,639

2,176,562

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2025 and were signed on its behalf by:

D B Byrd - Director

S J Houghton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

10,000

2,149,135

2,159,135

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

617,427

617,427

Balance at 31 January 2024

10,000

2,166,562

2,176,562

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

310,077

310,077

Balance at 31 January 2025

10,000

2,176,639

2,186,639

1.	STATUTORY INFORMATION

Ferryfast Produce Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

No significant judgements or estimations are used in preparing the financial statements, as transactions are not complex and policies requiring estimation are limited.

Turnover

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

Produce sales are recognised when orders leave the warehouse. Haulage sales are recognised when the delivery is made.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Produce wholesale

28,555,989

27,591,790

Transport and logistics

4,635,507

3,830,381

33,191,496

31,422,171

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

33,191,496

31,422,171

33,191,496

31,422,171

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,016,917

4,572,569

Social security costs

456,271

513,418

Other pension costs

764

1,167

5,473,952

5,087,154

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

2025

2024

Administration, office and sales

58

52

Distribution

90

100

148

152

2025

2024

£

£

Directors' remuneration

71,515

71,537

Directors' pension contributions to money purchase schemes

764

1,167

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

Money purchase schemes

2

2

The directors are considered to be the key management of the business.

5.	OPERATING PROFIT

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

2025

2024

£

£

Vehicle hire

171,431

249,773

Other operating leases

575,764

575,764

Depreciation - owned assets

168,306

227,189

Depreciation - assets on hire purchase contracts

274,630

76,669

Loss on disposal of fixed assets

4,147

2,416

Goodwill amortisation

68,400

39,900

Foreign exchange differences

(64,310

)

(61,254

)

Auditor's remuneration - audit of the financial statements

13,175

12,995

Auditor's remuneration - non audit services

3,000

3,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

32,240

10,201

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

252,127

Deferred tax

168,880

(5,710

)

Tax on profit

168,880

246,417

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

478,957

863,844

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.030%)

119,739

207,582

Effects of:

Expenses not deductible for tax purposes

10,334

11,025

Utilisation of tax losses

21,707

-

Other differences

17,100

27,810

Total tax charge

168,880

246,417

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

300,000

600,000

9.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 February 2024

and 31 January 2025

341,997

3

342,000

AMORTISATION

At 1 February 2024

39,900

-

39,900

Amortisation for year

68,400

-

68,400

At 31 January 2025

108,300

-

108,300

NET BOOK VALUE

At 31 January 2025

233,697

3

233,700

At 31 January 2024

302,097

3

302,100

In 2023 the company acquired the trade of a complimentary business. Deferred consideration of £120,000 has been recognised on the transaction, which will be paid over within the next year.

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2024

947,813

387,328

2,737,545

4,072,686

Additions

-

18,163

1,281,889

1,300,052

Disposals

-

-

(515,057

)

(515,057

)

At 31 January 2025

947,813

405,491

3,504,377

4,857,681

DEPRECIATION

At 1 February 2024

817,688

360,179

2,056,286

3,234,153

Charge for year

19,517

6,555

416,864

442,936

Eliminated on disposal

-

-

(481,326

)

(481,326

)

At 31 January 2025

837,205

366,734

1,991,824

3,195,763

NET BOOK VALUE

At 31 January 2025

110,608

38,757

1,512,553

1,661,918

At 31 January 2024

130,125

27,149

681,259

838,533

At the balance sheet date, assets held under Hire Purchase contracts had a cost of £1,419,428 (2024 - £313,200) and accumulated depreciation of £357,824 (2024 - £83,194).

11.

STOCKS

2025

2024

£

£

Stocks

283,487

296,996

Stocks are comprised of finished goods.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,818,116

3,045,100

Other debtors

152,613

187,419

Prepayments and accrued income

80,618

73,868

3,051,347

3,306,387

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 15)

460,204

104,400

Trade creditors

2,398,516

2,561,189

Amounts owed to group undertakings

900,000

600,000

Tax

-

214,519

Social security and other taxes

125,910

246,691

Other creditors

412,466

389,101

Accrued expenses

435,530

393,766

4,732,626

4,509,666

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 15)

467,247

95,700

Other creditors

-

120,000

467,247

215,700

15.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

460,204

104,400

Between one and five years

467,247

95,700

927,451

200,100