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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the year ended 31 December 2024.
The Company was incorporated on 24 May 2024. On 15 November 2024, a group previously controlled by the directors through Fruitful Office Holdings Limited was restructured, resulting in the Company becoming the parent of all subsidiaries formerly held under Fruitful Office Holdings Limited. The transaction has been accounted for as a group reconstruction in accordance with the principles of merger accounting, as permitted by Section 19 of FRS 102. Accordingly, the consolidated financial statements present the results of the Company and its subsidiaries as if the group had always existed.
The Group continued to operate as a leading provider of fresh fruit to offices across the United Kingdom, Germany and the Benelux regions. Its core business model is centred around sourcing high quality produce and delivering it to workplace locations on a recurring basis.
During the year the Group achieved revenue of £39.0m (2023 - £33.8m) reflecting a 15.4% growth, despite challenging macroeconomic conditions: slow GDP growth in the UK and Netherlands, and negative GDP growth in Germany. This has been driven mainly by a growing client base and a higher customer retention. The Group was profitable, achieving earnings before interest, tax, depreciation and amortisation (''EBITDA'') of £3.3m (2023 - £3.3m). The directors consider the year’s performance to be positive, and are very confident in the Group’s prospects in the coming years to achieve continued top line growth, as well as a growing EBITDA margin. Impact on Sustainability and Community The directors proactively review packaging, waste, and sourcing to align with business strategies and meet regulatory requirements. The UK and Benelux divisions of the group were carbon neutral during the financial year (at Scope 1 and 2 level), and the Group is committed to reaching net zero (all scopes) by 2040 across the Group.
The directors have considered the principal risks and uncertainties facing the business and have implemented measures to mitigate them as far as possible. The key areas are as follows:
1. Economic and Market Conditions Changes in the macroeconomic environment, such as inflation, interest rates, and business spending, may impact demand for non-essential office services. The Group monitors customer trends closely and adjusts its pricing and product range to maintain competitiveness and value. 2. Supply Chain Disruption The Group is dependent on timely supply of fresh produce. Disruptions due to weather events, labour shortages, or transport issues could impact availability or increase costs. Flexible mix management, the diversification of suppliers and investment in local sourcing are used to mitigate this risk. 3. Customer Retention and Office Occupancy Fluctuations in office working patterns, including hybrid or remote models, may reduce the demand for regular fruit deliveries. The business responds through flexible delivery options and product diversification to suit smaller or variable workforce needs. 4. Competition The Group operates predominantly in the office fruit delivery market. There are a large number of competitors in this market, and changes to the competitive environment may reduce demand for the Group’s products. The Group mitigates this risk through the Group’s scale, strong brand, high service standards and strong client
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
relationships.
5. Health and Safety Compliance As a food handling business, failure to comply with hygiene and safety regulations could result in reputational damage or regulatory sanctions. Robust H&S procedures and staff training are in place, and regular audits are conducted to ensure compliance. The directors continue to monitor all relevant risks and uncertainties and take appropriate action to ensure the long-term success and sustainability of the Group.
The directors consider the key performance indicators of the business to be turnover and operating profit as set out in the Consolidated Statement of Comprehensive Income on page 9.
The directors consider customer satisfaction and re-order levels as their key non-financial performance indicators.
This report was approved by the board on 17 December 2025 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 who served during the year were:
The profit for the year, after taxation and minority interests, amounted to £1,710,839 (2023 - £1,585,290).
During the period dividends of £2,729,081 (2023 - £456,832) were paid to the ordinary shareholders as recommended by the directors.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There are no plans which will significantly change the activities and risks of the Group.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 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.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRUITFUL ENTERPRISES LIMITED
We have audited the financial statements of Fruitful Enterprises Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRUITFUL ENTERPRISES LIMITED (CONTINUED)
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 Group 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
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRUITFUL ENTERPRISES LIMITED (CONTINUED)
detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the food distribution sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the Group’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the Group’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRUITFUL ENTERPRISES LIMITED (CONTINUED)
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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CONSOLIDATED 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 on
The notes on pages 17 to 32 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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