Company registration number 03438849 (England and Wales)
TCK FRESH PRODUCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
TCK FRESH PRODUCE LIMITED
COMPANY INFORMATION
Directors
S Toor
K Singhtoor
Company number
03438849
Registered office
TCK House
Caxton Trading Estate
Printing House Lane
Hayes
Middlesex
United Kingdom
UB3 1BE
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
Bankers
The Royal Bank of Scotland Plc
1-4 Uxbridge High Street
Uxbridge
Middlesex
United Kingdom
UB8 1BP
TCK FRESH PRODUCE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
TCK FRESH PRODUCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Review of the business

TCK Fresh Produce Ltd operates in the wholesale fresh produce sector, supplying a range of fruits, vegetables and related items to customers across the UK. The business continued to operate in a competitive market during the year, with pressures from import costs, labour shortages and fluctuations in customer demand. Despite these challenges, the company delivered a solid financial performance, with improved profitability and stable trading activity.

Revenue for the year was £10.66m compared to £11.31m in the prior year. The reduction reflects variations in customer purchasing patterns and market conditions. However, the company improved its operational efficiency during the year, resulting in an increase in gross profit to £2.60 m (2024: £2.41m) and an increase in operating profit to £0.33m (2024: £0.22m). The directors believe these results demonstrate the continued resilience of the business.

The company employed an average of 115 staff during the year (2024: 110), reflecting investment in operational capacity and service delivery.

The directors monitor a range of financial KPIs to assess performance:

- Revenue: £10.66m (2024: £11.31m).

- Gross profit: £2.60 m (2024: £2.41m).

- Operating profit: £0.33m (2024: £0.22m).

- Gross profit margin: 24.4% (2024: 21.3%).

- Operating margin: 3.1% (2024: 1.9%).

- Revenue per employee: £0.09m (2024: £0.10m).

Although revenue decreased year on year, the improvement in margins reflects the company’s focus on procurement management and operating cost control. The directors continue to monitor these measures closely as part of their ongoing strategy.

Where appropriate, financial information included in this report should be read alongside the amounts presented in the annual financial statements.

Principal risks and uncertainties

The business is exposed to several principal risks and uncertainties:

Supply chain and pricing risk

The company sources products from both UK and international suppliers, and is therefore exposed to changes in availability, weather conditions and currency movements. These factors can affect purchase prices and product consistency.

Credit risk

The company extends credit to a wide customer base. There is a risk of default if customers experience financial difficulty. The company manages this through regular credit checks, active debtor monitoring and credit control procedures.

Liquidity risk

The business must ensure it maintains sufficient working capital to meet its obligations. Cash flow is monitored closely and the directors manage funding requirements through established banking facilities.

Operational and labour risk

The company relies heavily on an experienced workforce. Labour shortages or increased employment costs could impact operations. Management continuously reviews staffing needs and invests in retaining skilled employees.

Market competition

The fresh produce sector is highly competitive, with pressure on pricing and service levels. The company mitigates this through strong supplier relationships, quality control and responsive customer service.

TCK FRESH PRODUCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
Future developments

The directors expect market conditions to remain competitive in the short term. The business will continue to focus on improving operational efficiency, strengthening supplier relationships and maintaining high levels of service to customers. Investment in logistics, workforce development and technology will remain key priorities. The directors believe these initiatives will support long‑term growth and profitability.

Financial instruments

The company uses financial instruments such as trade debtors, trade creditors and bank facilities. The company’s financial risk management objectives are to maintain adequate liquidity, manage credit exposure and reduce the impact of market volatility where possible.

On behalf of the board

K Singhtoor
Director
9 March 2026
TCK FRESH PRODUCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be that of the processing and sale of fresh fruit and vegetables.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £229,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Toor
K Singhtoor
Auditor

In accordance with the company's articles, a deemed resolution proposing that Azets Audit Services be reappointed as auditor of the company as agreed between the Director.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
K Singhtoor
Director
9 March 2026
TCK FRESH PRODUCE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

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; and

- 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.

TCK FRESH PRODUCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TCK FRESH PRODUCE LIMITED
- 5 -

Basis for qualified opinion

We have audited the financial statements of TCK Fresh Produce Limited (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 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 qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained, except for the matter described below, is sufficient and appropriate to provide a basis for our qualified opinion.

Matter giving rise to the qualification (limitation of scope – stock)

In previous years, management represented that stock carried over each day was minimal and therefore no value was recognised in the accounts. During the current audit we identified evidence suggesting this may not be the case. As this was after the year end, and a stock‑tracking system is not present, we were unable to satisfy ourselves by alternative means concerning the stock quantities held at 29 February 2024 or 28 February 2025 by using other audit procedures. Consequently, we were unable to determine whether stock is stated materially correctly at nil value, or whether any resulting adjustments would have had a consequential effect on cost of sales and profit for the year.

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.

TCK FRESH PRODUCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TCK FRESH PRODUCE LIMITED (CONTINUED)
- 6 -

Other information

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.

The other information includes the strategic report which contains figures for gross profit, operating profit, gross profit margin and operating profit margin. These measures are all dependent on cost of sales. As noted in our qualified opinion, we were unable to obtain sufficient appropriate audit evidence regarding stock quantities at 29 February 2024 and 28 February 2025, and consequently we were unable to determine whether cost of sales is stated materially correctly. As these strategic report figures are derived from cost of sales, they may be materially affected by any unidentified misstatements arising from this limitation in audit evidence.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

However, as described in the Basis for Qualified Opinion paragraph, we were unable to obtain sufficient appropriate audit evidence regarding stock quantities at 29 February 2024 and 28 February 2025, and therefore we were unable to determine whether cost of sales is stated materially correctly. As the strategic report includes figures derived from cost of sales, such as gross profit, operating profit, gross profit margin and operating profit margin, we are unable to conclude whether this information is free from material misstatement to the extent it is affected by this limitation in audit evidence.

Matters on which we are required to report by exception

I n respect solely of the limitation on our work relating to stock described in the Basis for qualified opinion section:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained in relation to stock.

Except for the matter described in the basis for qualified opinion section of our report, 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 and the directors’ report.

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

- except as noted above in relation to stock, 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

- except as noted above in relation to stock, we have not received all the information and explanations we require for our audit.

TCK FRESH PRODUCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TCK FRESH PRODUCE LIMITED (CONTINUED)
- 7 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

TCK FRESH PRODUCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TCK FRESH PRODUCE LIMITED (CONTINUED)
- 8 -

Use of our report

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

David Green MA (Cantab) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
HP9 2JH
9 March 2026
TCK FRESH PRODUCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
10,657,491
11,311,903
Cost of sales
(8,061,326)
(8,899,641)
Gross profit
2,596,165
2,412,262
Administrative expenses
(2,268,290)
(2,194,538)
Operating profit
4
327,875
217,724
Interest payable and similar expenses
8
(22,599)
(54,256)
Profit before taxation
305,276
163,468
Tax on profit
9
(87,196)
-
0
Profit for the financial year
218,080
163,468

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TCK FRESH PRODUCE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
897,161
964,399
Current assets
Debtors
12
1,571,993
1,321,095
Cash at bank and in hand
83,499
155,442
1,655,492
1,476,537
Creditors: amounts falling due within one year
13
(1,600,984)
(1,616,963)
Net current assets/(liabilities)
54,508
(140,426)
Total assets less current liabilities
951,669
823,973
Creditors: amounts falling due after more than one year
14
(255,202)
(334,445)
Provisions for liabilities
Deferred tax liability
17
217,859
-
0
(217,859)
-
Net assets
478,608
489,528
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
478,508
489,428
Total equity
478,608
489,528

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
K Singhtoor
Director
Company registration number 03438849 (England and Wales)
TCK FRESH PRODUCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2023
100
430,960
431,060
Year ended 28 February 2024:
Profit and total comprehensive income
-
163,468
163,468
Dividends
10
-
(105,000)
(105,000)
Balance at 28 February 2024
100
489,428
489,528
Year ended 28 February 2025:
Profit and total comprehensive income
-
218,080
218,080
Dividends
10
-
(229,000)
(229,000)
Balance at 28 February 2025
100
478,508
478,608
TCK FRESH PRODUCE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
511,100
378,557
Interest paid
(22,599)
(54,256)
Net cash inflow from operating activities
488,501
324,301
Investing activities
Purchase of tangible fixed assets
(87,537)
(41,800)
Proceeds from disposal of tangible fixed assets
25,000
32,100
Net cash used in investing activities
(62,537)
(9,700)
Financing activities
Repayment of bank loans
(149,992)
(149,992)
Payment of finance leases obligations
(118,915)
(95,262)
Dividends paid
(229,000)
(105,000)
Net cash used in financing activities
(497,907)
(350,254)
Net decrease in cash and cash equivalents
(71,943)
(35,653)
Cash and cash equivalents at beginning of year
155,442
191,095
Cash and cash equivalents at end of year
83,499
155,442
TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 13 -
1
Accounting policies
Company information

TCK Fresh Produce Limited is a private company limited by shares incorporated in England and Wales. The registered office is TCK House, Caxton Trading Estate, Printing House Lane, Hayes Middlesex, United Kingdom, UB3 1BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

1.2
Turnover

The company recognises revenue from the processing and sale of fresh fruit and vegetables.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the customer has received the goods, which is typically upon delivery. At this point, the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
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.

1.11
Leases
As lessee

Assets held under finance leases and hire purchases contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments is charged to the profit and loss account over the period of the lease.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 17 -

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight-line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
10,657,491
11,311,903
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,657,491
11,311,903
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
153,523
231,858
Depreciation of tangible fixed assets held under finance leases
75,363
86,053
(Profit)/loss on disposal of tangible fixed assets
(9,412)
3,151
Operating lease charges
272,750
237,000
TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,000
19,610
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration, sales and finance
4
5
Management
2
2
Production and distribution
109
103
Total
115
110

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,330,731
3,264,173
Social security costs
311,808
288,128
Pension costs
63,569
63,935
3,706,108
3,616,236
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
67,922
40,598
Company pension contributions to defined contribution schemes
1,321
1,211
69,243
41,809
TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,998
39,079
Other finance costs:
Interest on finance leases and hire purchase contracts
7,601
15,177
22,599
54,256
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
87,196
-
0

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
305,276
163,468
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
58,002
31,059
Tax effect of expenses that are not deductible in determining taxable profit
3,920
(16)
Permanent capital allowances in excess of depreciation
11,714
37,860
Utilisation of tax losses brought forward from previous years
(73,636)
(68,903)
Deferred tax movements
87,196
-
0
Taxation charge for the year
87,196
-
10
Dividends
2025
2024
£
£
Interim paid
229,000
105,000
TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
11
Tangible fixed assets
Plant and machinery
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 29 February 2024
4,195,683
30,905
438,462
4,665,050
Additions
34,281
1,318
217,000
252,599
Disposals
(22,016)
-
0
(36,950)
(58,966)
At 28 February 2025
4,207,948
32,223
618,512
4,858,683
Depreciation and impairment
At 29 February 2024
3,430,167
26,348
244,136
3,700,651
Depreciation charged in the year
199,949
1,469
102,831
304,249
Eliminated in respect of disposals
(22,016)
-
0
(21,362)
(43,378)
At 28 February 2025
3,608,100
27,817
325,605
3,961,522
Carrying amount
At 28 February 2025
599,848
4,406
292,907
897,161
At 28 February 2024
765,516
4,557
194,326
964,399

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
226,089
258,158
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,198,246
1,188,018
Other debtors
109,218
15,975
Prepayments and accrued income
133,866
117,102
1,441,330
1,321,095
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
130,663
-
0
Total debtors
1,571,993
1,321,095

An expense of £48,414 (2024: £Nil) was recognised in relation to bad debts in the year.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 21 -
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
150,000
150,000
Obligations under finance leases
16
54,580
79,182
Trade creditors
840,579
862,300
Taxation and social security
66,493
55,434
Other creditors
23,773
14,309
Accruals and deferred income
465,559
455,738
1,600,984
1,616,963
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
87,522
237,514
Obligations under finance leases
16
167,680
96,931
255,202
334,445
15
Loans and overdrafts
2025
2024
£
£
Bank loans
237,522
387,514
Payable within one year
150,000
150,000
Payable after one year
87,522
237,514

The bank overdraft and bank loan are secured by fixed and floating charges over the assets of the company. The bank loan is a CBILS loan for £500,000 which is repayable over the period until July 2027. The interest rate on the loan is the Bank of England base rate plus 4.75% per annum.

16
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
54,580
79,182
In two to five years
167,680
96,931
222,260
176,113

The finance leases are secured against the assets to which they relate.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 22 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
217,859
-
-
-
Tax losses
-
-
130,663
-
217,859
-
130,663
-
2025
Movements in the year:
£
Liability at 29 February 2024
-
Charge to profit or loss
87,196
Liability at 28 February 2025
87,196

The deferred tax asset set out above is expected to reverse within 5 years and relates to the utilisation of tax losses against future expected profits of the same period.

The deferred tax liability set out above is expected to reverse within 5 years and relates to accelerated capital allowances.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,569
63,935

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date there was a pension creditor of £23,724 (2024: £14,106).

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
80
80
80
80
Ordinary B of £1 each
10
20
10
20
Ordinary C of £1 each
10
0
10
-
0
100
100
100
100
TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
19
Share capital
(Continued)
- 23 -

During the year, 10 Ordinary B shares were reclassified as 10 Ordinary C shares. This reclassification has been reflected in the above reconciliation.

Rights

Ordina r y shares entitle the holder to one vote per share together with full rights to dividend payments and any other distribution including a distribution arising from the winding up of the company.

Ordinary B shares entitle the holder to full rights to dividend payments and any other distribution including a distribution arising from the winding up of the company. These shares do not carry voting rights.

Ordinary C shares entitle the holder to full rights to dividend payments and any other distribution including a distribution arising from the winding up of the company. These shares do not carry voting rights.

20
Profit and loss reserves

The profit and loss reserves comprise accumulated realised profits and losses, including current year retained earnings. These reserves are available for distribution, subject to any restrictions set out in the company’s Articles of Association and applicable legislation.

21
Financial commitments, guarantees and contingent liabilities

There are no amounts contracted for but not provided in the financial statements for the current year or the prior year.

22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
214,000
214,000
Years 2-5
856,000
856,000
After 5 years
196,167
410,167
1,266,167
1,480,167

The operating lease represents leases of investment property to third parties. The lease commenced on 20 January 2015 and is for a term of 16 years. Rentals are fixed for the duration of the lease, with a provision for five-yearly upward rent reviews based on prevailing market conditions. There are no options in place for either party to extend the lease terms.

23
Related party transactions
Remuneration of key management personnel

The key management personnel of the company comprise the directors only.

TCK FRESH PRODUCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
24
Directors' transactions

Dividends totalling £229,000 (2024: £105,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Aggregate of directors loan account overdrawn / (liability)
-
(203)
229,154
(229,000)
(49)
(203)
229,154
(229,000)
(49)

The above balance is included within other creditors in the Creditors: amounts falling due within one year note. The balance is repayable on demand and is interest free.

25
Controlling party

The ultimate controlling party of the company is Mr S Toor, by virtue of his majority shareholding in the company.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
218,080
163,468
Adjustments for:
Taxation charged
87,196
-
0
Finance costs
22,599
54,256
(Gain)/loss on disposal of tangible fixed assets
(9,412)
3,151
Depreciation and impairment of tangible fixed assets
304,249
317,911
Movements in working capital:
Increase in debtors
(120,235)
(218,774)
Increase in creditors
8,623
58,545
Cash generated from operations
511,100
378,557
27
Analysis of changes in net debt
29 February 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
155,442
(71,943)
83,499
Borrowings excluding overdrafts
(387,514)
149,992
(237,522)
Lease liabilities
(176,113)
(46,147)
(222,260)
(408,185)
31,902
(376,283)
2025-02-28 2024-02-29 false false false CCH Software CCH Accounts Production 2025.300 S Toor K Singhtoor 03438849 2024-02-29 2025-02-28 03438849 bus:Director1 2024-02-29 2025-02-28 03438849 bus:Director2 2024-02-29 2025-02-28 03438849 bus:RegisteredOffice 2024-02-29 2025-02-28 03438849 bus:Agent1 2024-02-29 2025-02-28 03438849 2025-02-28 03438849 2023-03-01 2024-02-28 03438849 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-28 03438849 core:RetainedEarningsAccumulatedLosses 2024-02-29 2025-02-28 03438849 2024-02-28 03438849 core:PlantMachinery 2025-02-28 03438849 core:ComputerEquipment 2025-02-28 03438849 core:MotorVehicles 2025-02-28 03438849 core:PlantMachinery 2024-02-28 03438849 core:ComputerEquipment 2024-02-28 03438849 core:MotorVehicles 2024-02-28 03438849 core:WithinOneYear 2025-02-28 03438849 core:WithinOneYear 2024-02-28 03438849 core:AfterOneYear 2025-02-28 03438849 core:AfterOneYear 2024-02-28 03438849 core:CurrentFinancialInstruments 2025-02-28 03438849 core:CurrentFinancialInstruments 2024-02-28 03438849 core:Non-currentFinancialInstruments 2025-02-28 03438849 core:Non-currentFinancialInstruments 2024-02-28 03438849 core:ShareCapital 2025-02-28 03438849 core:ShareCapital 2024-02-28 03438849 core:RetainedEarningsAccumulatedLosses 2025-02-28 03438849 core:RetainedEarningsAccumulatedLosses 2024-02-28 03438849 core:ShareCapital 2023-02-28 03438849 core:RetainedEarningsAccumulatedLosses 2023-02-28 03438849 core:ShareCapitalOrdinaryShareClass1 2025-02-28 03438849 core:ShareCapitalOrdinaryShareClass1 2024-02-28 03438849 core:ShareCapitalOrdinaryShareClass2 2025-02-28 03438849 core:ShareCapitalOrdinaryShareClass2 2024-02-28 03438849 core:ShareCapitalOrdinaryShareClass3 2025-02-28 03438849 core:ShareCapitalOrdinaryShareClass3 2024-02-28 03438849 core:ShareCapitalOrdinaryShares 2025-02-28 03438849 core:ShareCapitalOrdinaryShares 2024-02-28 03438849 1 2024-02-29 2025-02-28 03438849 1 2023-03-01 2024-02-28 03438849 2024-02-28 03438849 2023-02-28 03438849 core:PlantMachinery 2024-02-29 2025-02-28 03438849 core:ComputerEquipment 2024-02-29 2025-02-28 03438849 core:MotorVehicles 2024-02-29 2025-02-28 03438849 core:UKTax 2024-02-29 2025-02-28 03438849 core:UKTax 2023-03-01 2024-02-28 03438849 2 2024-02-29 2025-02-28 03438849 2 2023-03-01 2024-02-28 03438849 core:PlantMachinery 2024-02-28 03438849 core:ComputerEquipment 2024-02-28 03438849 core:MotorVehicles 2024-02-28 03438849 core:BetweenTwoFiveYears 2025-02-28 03438849 core:BetweenTwoFiveYears 2024-02-28 03438849 bus:OrdinaryShareClass1 2024-02-29 2025-02-28 03438849 bus:OrdinaryShareClass2 2024-02-29 2025-02-28 03438849 bus:OrdinaryShareClass3 2024-02-29 2025-02-28 03438849 bus:OrdinaryShareClass1 2025-02-28 03438849 bus:OrdinaryShareClass1 2024-02-28 03438849 bus:OrdinaryShareClass2 2025-02-28 03438849 bus:OrdinaryShareClass2 2024-02-28 03438849 bus:OrdinaryShareClass3 2025-02-28 03438849 bus:OrdinaryShareClass3 2024-02-28 03438849 bus:AllOrdinaryShares 2025-02-28 03438849 bus:AllOrdinaryShares 2024-02-28 03438849 core:MoreThanFiveYears 2025-02-28 03438849 core:MoreThanFiveYears 2024-02-28 03438849 bus:PrivateLimitedCompanyLtd 2024-02-29 2025-02-28 03438849 bus:FRS102 2024-02-29 2025-02-28 03438849 bus:Audited 2024-02-29 2025-02-28 03438849 bus:FullAccounts 2024-02-29 2025-02-28 xbrli:pure xbrli:shares iso4217:GBP