Riviera Produce Limited

Contents

Riviera Produce Limited

Company Information

Riviera Produce Limited

Strategic Report for the Year Ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

Principal activity

The principal activity of the company is the wholesale of fruit and vegetables.

Fair review of the business

On behalf of the board, we are pleased to report on a successful year for the business albeit despite challenging trading conditions.

As anticipated, turnover increased by 0.76% largely due to increased prices of product rather than volume. However, we note that whilst turnover growth is encouraging the increase in turnover has been offset by the increase in cost of sales.

Costs of produce and labour have decreased. Our gross profit has increased to 7.22% (2024: 4.65%), but we expect inflationary pressures to continue post year end.

We look to closely manage our administrative costs. In the current year these have increased by 48.27%.

Overall, the accounts show an increased operating profit of £443,912 (2024: £130,998) and operating margin of 0.85% (2024: 0.25%).

Principal risks and uncertainties

The Board believes that it is dealing positively with the principal risks and uncertainties of the business as outlined below.

Operational and supplier risks

The principal risks and uncertainties of the business revolve around our relationship with our key customers and suppliers and the general demand for the products that we market and sell and ultimately the uncertainties as to changes to consumer tastes.

In terms of our customers we work hard to supply our customers the best quality of fresh products that they demand on a timely basis and in return we seek a fair price. We have always looked to build and maintain a close relationship with our key customers and maintain clear channels of communication which we see as essential.

Linked to this is the risk relating to our farm suppliers and their ability to provide us with continual supply of quality of crops. We work closely with our suppliers throughout the growing process to ensure every endeavor is made to grow the best crops possible in a cost effective manner, noting particular issues faced in relation to weather, crop failure, the growing price of input costs and the availability of labour to ensure continuity.

Inflation and interest rates have risen significantly in recent years and, while there are early signs of stabilisation, they remain elevated in the UK and across major global economies. We expect pressures to persist in the near term as markets adjust to ongoing geopolitical uncertainty and cost volatility, with a more gradual easing anticipated over the medium term.


 

Riviera Produce Limited

Strategic Report for the Year Ended 30 September 2025

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:
 

Riviera Produce Limited

Directors' Report for the Year Ended 30 September 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr D J Simmons

Mrs S C Simmons

Mr T G P Simmons

Mr P Willis

Mr S A Hayden (ceased 31 October 2025)

Financial instruments

Objectives and policies

The company's principal financial instruments comprise of retained reserves, bank balances, stock, trade debtors and trade creditors, invoice discounting creditor and redeemable preference shares, with the main purpose of these instruments being to raise funds to finance the company's on-going operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is minimal exposure to price risk.

The company manages its cash requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the day-to-day operating needs of the business.

The company maintains strong relationships with its key customers and actively manages credit risk by means of customer credit and credit control procedures.

Disclosure of information to the auditors

Reappointment of auditors

The auditors Francis Clark LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:
 

Riviera Produce Limited

Statement of Directors' Responsibilities

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:

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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Opinion

We have audited the financial statements of Riviera Produce Limited (the 'company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, 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:

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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

We have nothing to report in this regard.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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.

Auditor 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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement to due fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and 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 or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's licence to operate. In making this assessment we determined that the most significant elements of legislation include health and safety legislation, environmental legislation, food hygiene and safety standards legislation and employment laws and regulations.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omission thereon of which there were none identified.
• Reviewing the most recent BRC audit inspection results, and where there had been recommendations made or non-conformance issues noted ensuring these were followed up appropriately and dealt with on a timely basis.
• Discussing with management compliance with health and safety legislation and where any incidents had occurred during the year establishing how they were dealt with, recorded, and identifying what actions were taken to prevent similar incidents in future.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

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.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
Francis Clark LLP, Statutory Auditor

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

23 June 2026

Riviera Produce Limited

Statement of Income and Retained Earnings

Year Ended 30 September 2025

Riviera Produce Limited

Balance Sheet

30 September 2025

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:
 

Company Registration Number: 03456808

Riviera Produce Limited

Statement of Cash Flows

Year Ended 30 September 2025

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Higher Trevaskis Farm
14 Gwinear Road
Connor Downs
Cornwall
TR27 5JQ

These financial statements were authorised for issue by the Board on 23 June 2026.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Government grants

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Tangible assets

Depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties on an annual basis. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

No depreciation is charged on investment property. Changes in fair value are recognised in profit or loss.

Intangible assets

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Amortisation

Stocks

Leases

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
 

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

The analysis of the company's Turnover for the year from continuing operations is as follows:

The analysis of the company's Turnover for the year by market is as follows:

The analysis of the company's other operating income for the year is as follows:

Arrived at after charging/(crediting)

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

The aggregate payroll costs (including directors' remuneration) were as follows:

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Tax charged/(credited) in the profit and loss account

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Deferred tax

Deferred tax assets and liabilities

	Land and buildings £	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 October 2024	3,007,685	65,415	2,389,078	5,462,178
Additions	265,000	-	1,295,170	1,560,170
At 30 September 2025	3,272,685	65,415	3,684,248	7,022,348
Depreciation
At 1 October 2024	2,296,883	62,621	1,945,516	4,305,020
Charge for the year	277,948	931	372,973	651,852
At 30 September 2025	2,574,831	63,552	2,318,489	4,956,872
Carrying amount
At 30 September 2025	697,854	1,863	1,365,759	2,065,476
At 30 September 2024	710,802	2,794	443,562	1,157,158

Included within the net book value of land and buildings above is £697,854 (2024 - £710,802) in respect of freehold land and buildings.
 

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Current loans and borrowings

Non-current loans and borrowings

Other borrowings

Other borrowings is denominated in pounds sterling, £ with a nominal interest rate of 7.22%, and the final instalment is due on 14 February 2032. The carrying amount at year end is £710,734 (2024 - £nil). The other borrowings are secured against the assets to which the borrowings relate.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Operating leases

The total of future minimum lease payments is as follows:

The amount of non-cancellable operating lease payments recognised as an expense during the year was £182,886 (2024 - £145,984).

Allotted, called up and fully paid shares

Redeemable preference shares

The redeemable preference shares have both equity and liability elements, however the value of the equity component is deemed to be £nil, therefore the entire value of redeemable preference shares is recognised in liabilities.

The holders of the preference shares are entitled to interest at a rate of 8% per annum with no rights to additional profits.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Summary of transactions with other related parties

During the year the company has transacted with various business which are all classified as 'other related parties' of Riviera Produce Limited under FRS102 paragraph 33.10, each identified by virtue of common control or control by a close family member.

The nature of transactions with related parties are purchases of produce and services including labour. All balances have arisen from trading relationships.

The company provided a guarantee to one of the related party companies post year end. No other guarantees, collateral or other securities have been given over outstanding balances between related parties.

Income and receivables from related parties

Expenditure with and payables to related parties

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £170,000 (2024 - £Nil).

The ownership of the company changed on 28 October 2024 from Mr DJ Simmons & Mrs SC Simmons to Mr & Mrs Simmons Discretionary Trust 2024.

 The ultimate controlling party is Mr and Mrs Simmons Discretionary Trust 2024.