The directors present the strategic report for the year ended 25 April 2026.
The principal activity of the group during the year was the sale of soft fruit to UK, Europe and Asia retail, food service and wholesale sectors.
| 2026 | 2025 |
Group turnover | 183,404 | 166,311 |
Operating profit | 2,478 | 3,326 |
Profit before tax | 2,293 | 2,479 |
Shareholders’ funds | 12,347 | 10,252 |
The directors are pleased to report that group turnover has increased by £17m, driven by additional UK fruit volumes. Outside of the sales growth in the UK margins and volumes have been under pressure due to adverse climatic conditions in our main growing regions in Iberia, North Africa and South America. Despite these headwinds the group continued to generate profits in line with previous years. This EBITDA and improved cash management have helped reduce borrowing levels and financing costs. Shareholders’ funds as of 25 April 2026 stood at £12.3m, which represents a continuation of the strengthening of the balance sheet that provides the group with the financial strength to meet the challenges of the market and to continue to respond to the requirements of our customers.
Strategy and objectives
Using all of the group’s extensive expertise and resources our aim is to consistently deliver great tasting berries that will delight our customers. We continuously look to enhance our reputation for quality, professionalism and innovation and to foster the depth and quality of our long-term relationships with our customers. We endeavour to be recognised as the supplier of choice for soft fruit by the consumer.
We recognise the vital importance of our people in the achievement of these objectives. We are committed to sustaining a good working environment for employees and to ensure that their health and well-being are prominent on the list of our corporate values. We also require our suppliers to comply with our Ethical Trade and Human Rights Policy and to monitor the working conditions for the people who pick, pack and deliver our berries.
Current development and performance
The group has developed strong and long lasting relationships with our farming partners both in the UK and elsewhere to provide the quality of soft fruit demanded by our consumers. The group is also committed to buying locally sourced produce during the UK summer season. In addition, we continue to invest in the development of new fruit varieties through our teams located in the UK and Spain.
Although the majority of group sales are UK based, export opportunities continue to be pursued in Asia and the Middle East.
Sustainability
We continue to make strong progress in reducing the environmental impact of our packaging. Through close collaboration with our packaging suppliers, all of our packaging is now 100% recyclable across our customer range. Innovative punnet development has also enabled significant reductions in plastic use, including the removal of millions of non-recyclable bubble pads from our supply chain, helping to improve material circularity and reduce waste.
We are proud to work with our UK grower network, all of whom are LEAF Marque certified, demonstrating our commitment to sustainable farming practices and biodiversity enhancement. Across our international supply base, we continue to support growers in adopting LEAF principles and certification as part of our wider approach to responsible agriculture.
Reducing food waste remains a key priority. Our target is to reduce food waste across our operations by 50% by 2030, supported by continued investment in advanced packhouse technologies, improved forecasting capabilities and a right-first-time approach to field quality. We also work closely with redistribution partners, including Felix to redistribute surplus produce and since 2020 we’ve donated the equivalent of 200,000 meals.
Protecting natural resources and enhancing biodiversity are central to our sustainability strategy. Through our agronomy teams and grower partnerships, we continue to promote integrated pest management, increase the use of biological controls and support habitat creation initiatives that encourage biodiversity across our farming locations. Alongside this we’re also dedicated to sustainable water management across our supply chain. Working closely with our overseas growers, we are pursuing SPRING certification in high-risk areas and using third-party tools such as the WWF Water Risk Filter to deepen understanding of water-related risks.
We are also focused on reducing our carbon footprint across both our own operations and our wider supply chain. Our goal is to achieve Net Zero by 2045 across Scope 1, 2 and 3 and by 2026 we expect our SBTi targets to be verified and externally communicated - ensuring alignment with the latest climate science and the 1.5°C pathway.
The principal risks and uncertainties facing the group are as follows:
Interest rate risk
The group monitors interest rates closely in order to minimise its potential exposure to any interest rate movements.
Credit risk
The group monitors credit risk regularly using credit insurance where necessary to protect it from non-payment and considers that its current policy of credit insurance and checks meets its objectives of managing exposure in this area. Together with its bankers the group also monitors any significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event that other parties fail to perform their obligations under financial instruments.
Liquidity risk
The group's aim is to maintain a balance between continuity of funding and flexibility through maintaining a sustainable level of external borrowings.
Currency risk
The group has some exposure to foreign currency risk as it has transactions in Euros, US Dollars, Moroccan Dirhams and Chilean Pesos. Forward currency contracts are entered into as and when required to minimise the impact of fluctuations in exchange rates.
Fair values of financial assets and liabilities
Financial instruments included in the accounts have been reviewed and the carrying values per the accounts are considered to be the same as the fair value of these financial instruments.
The directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole in the decisions taken during the current year.
When making these decisions the directors have given regard to:
The likely consequences of any decisions in the long-term;
The interest of the group's employees;
The need to foster the group's business relationships with suppliers, customers and others;
The impact of the group's operations on the community and environment;
The desirability of the group maintaining a reputation for high standards of business conduct; and
The need to act fairly between shareholders of the group.
As Angus Soft Fruits Limited is a family business this is considered to be important in creating a sustainable business platform which enables management to plan over the longer term for the benefit of its customers, employees and the wider community. The majority of stakeholder engagement is carried out by the directors personally.
The directors consider information from across the organisation to help them understand the impact of the group's operations and the interests and views of our key stakeholders. They also review strategy and financial and operational performance as well as information covering areas such as key risks and legal and regulatory compliance.
As a result of these activities, the directors have an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
On behalf of the board
The directors present their annual report and financial statements for the year ended 25 April 2026.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend the payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company is committed to providing equal opportunities in employment and to avoiding unlawful discrimination in employment or any other facet of its business.
The organisation will strive to ensure that the work environment is free of harassment and bullying and that everyone is treated with dignity and respect.
The company operates policies that confirm staff should not discriminate directly or indirectly in recruitment or employment because of age, disability, sex, gender, pregnancy, maternity, race (which includes colour, nationality and ethnic or national origins), sexual orientation, religion or belief, or because someone is married or in a civil partnership.
Employee Involvement
The company believes that an organisation that communicates well with its workforce performs best. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group’s performance.
During the year, we saw further growth in our new new raspberry varieties, AVA Monet and AVA Dali which have been successful in the UK in the premium quality sector of the market.
The directors will continue to invest in people and facilities to ensure that the group remains a sustainable and world class supplier of soft fruits.
In accordance with the company's articles, a resolution proposing that Henderson Loggie LLP be reappointed as auditor of the group will be put at a General Meeting.
Greenhouse gas emissions, energy consumption and energy efficiency action
We fully recognise our responsibility to protect the environment and therefore we have environmental policies, objectives and guidelines in place which we review and update regularly. The group complies with all regulations covering the processing and disposal of toxic and non-toxic waste and uses qualified licensed contractors for the collection and disposal of waste where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely monitoring our emissions and waste.
The following disclosures refer to Angus Soft Fruits Limited as a standalone company as it is the only entity within the group that falls within the reporting thresholds. The data covers the financial year from 1 May to 30 April in each year and is converted to metric tons of carbon dioxide equivalents for comparison purposes.
| 2025-2026 | 2024-2025 | ||
|
| tCO2e |
| tCO2e |
Electricity | 1,475,359 kwh | 261 | 1,389,044 kwh | 288 |
Petrol/Diesel | 65,032 litres | 156 | 28,207 litres | 74 |
Total |
| 417 |
| 362 |
Energy efficiency action
We continue to have a long tradition of focusing priorities on high-quality natural produce in 2025-26, so the journey towards Net-Zero emissions remains a natural extension of this philosophy.
Intensity ratio and methodologies
An intensity ratio can be used to measure the relationship between CO2e emissions and productivity over time. The company uses the ratio of tonnes of CO2e per £m of turnover.
For the year ended 25 April 2026 there were 417t CO2e giving a ratio of 2.46t CO2e per £m of turnover. For the year ended 30 April 2025 there were 362t CO2e giving a ratio of 2.37t CO2e per £m of turnover. This is an increase of 0.09t CO2e per £m of turnover on the previous year.
Half hourly energy consumption data is gathered throughout the year for the main electricity supply so no estimated data is used in these calculations. Fuel records for company vehicles were as recorded in company expense records.
The information in this energy use statement is based on our Streamlined Energy and Carbon Reporting (SECR) document.
The financial statements have been prepared by the directors under the going concern basis.
The group continues to closely monitor and manage its funding position to ensure that it has access to sufficient funds to meet forecast cash requirements. The group’s solid equity base and headroom within its banking facilities, including the invoice financing facility, provides it with the financial strength to deal with the impact of any foreseeable business transactions.
As a result, the directors have a reasonable expectation that the group will continue in operation for the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing these financial statements.
Included within the strategic report is an indication of the principal risks and uncertainties including the risk associated with the market conditions, competition, foreign currency risk, and legislative and compliance risks.
United Kingdom company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Angus Soft Fruits Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 25 April 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud;
We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: Employment law (including payroll and pension regulations); health and safety; BRC requirements; GDPR; and compliance with the UK Companies Act;
We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and
Using our knowledge of the group, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing group board meeting minutes;
Reviewing key policies in place including the health and safety policy and BRC Certificates;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the carrying value of investments, and tangible fixed assets, along with the estimation of accruals; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,882,509 (2025 - £1,188,714 profit).
Angus Soft Fruits Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is East Seaton Farm, Arbroath, DD11 5SD.
The group consists of Angus Soft Fruits Limited and all of its subsidiaries and joint ventures and associates.
The company prepares its financial statements to the last Saturday of April each year, this year being 25 April. This is as permitted under section 390 of the Companies Act 2006 as it is within 7 days either side of the company's Accounting Reference Date of 30 April.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.
The consolidated group financial statements consist of the financial statements of the parent company Angus Soft Fruits Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All material financial statements are made up to 25 April 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The financial statements have been prepared by the directors under the going concern basis.
The group continues to closely monitor and manage its funding position to ensure that it has access to sufficient funds to meet forecast cash requirements. The group’s solid equity base and headroom within its banking facilities, including the invoice financing facility, provides it with the financial strength to deal with the impact of any foreseeable business transactions.
As a result, the directors have a reasonable expectation that the group will continue in operation for the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing these financial statements.
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.
Revenue from the sale of soft fruits is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the fruit). The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the sales of plants is recognised when the buyer takes title of the plants under a "bill and hold" arrangement. The sale of plants are recognised when delivery is probable, plants are identifiable, buyer acknowledges the delivery instructions and usual payment terms apply.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments 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. Amounts 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
New or revised Financial Reporting Standards
Amendments to FRS 102 introduced by the Period Review 2024
The amendments to FRS 102 are applicable for accounting periods commencing on or after 1 January 2026, with earlier adoption permitted. The directors have opted not to adopt these amendments early, as such, the amendments will be implemented for the accounting year ending 1 May 2027.
The most significant amendments are the replacement of Section 23, now renamed ‘Revenue from Contracts with Customers’, and Section 20 ‘Leases’. The other less significant changes are not currently expected to have a material impact. The new revenue and leasing requirements seek to provide greater consistency and alignment with International Financial Reporting Standards, namely IFRS 15 and IFRS 16.
The group is currently planning for the implementation of these changes.
Under the new lease accounting requirements these changes will be applied using the modified retrospective approach which avoids the restatement of comparative figures. The implementation of the changes would see leased assets recognised as Right-of-Use assets on-balance sheet, with a lease liability recognised based on the discounted value of any future commitments, plus payments related to optional extension periods if considered reasonably certain. Exemptions to this approach will be considered for certain short-term leases or low-value assets.
Under the new revenue accounting requirements, management expects these changes to be applied using the modified retrospective approach which avoids the restatement of comparative figures. Management are reviewing the current and expected future revenue transactions to determine the necessary performance obligations, transaction prices, and overall recognition and presentation to ensure compliance with the changes.
As at the date of signing the financial statements, and given the changes relate to future periods, it has been deemed impractical to determine the amounts involved.
In the application of the group’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.
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Management assesses whether impairment of investments are required. These estimates require the use of forecast results for future years, which are dependent on the assessment of annual revenue growth, discount rate and achievable margins. The actual results achieved may differ from the forecasts, and this may result in changes in the assessment of the valuation of investment balances.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods services provided by and to other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.
The turnover analysis by geographical market has been restated for the 2025 financial year to reflect a more accurate split and ensure consistency with the presentation of the current 2026 financial year. The total turnover remains consistent.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
Details of the company's subsidiaries at 25 April 2026 are as follows:
Details of joint ventures at 25 April 2026 are as follows:
Trade debtors include £14,055,000 (2025 - £15,125,000) assigned as security for the invoice financing facility, with an outstanding liability of £2,762,772 (2025 - £7,034,355)
Any bank borrowings are secured by a floating charge over the whole assets of Angus Soft Fruits Limited only.
There is a general assignation, in relation to the invoice financing facility, in which the company assigns to the bank the documents and the goods in security for the discharge and payment of the customer's liabilities.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.
Profit and loss reserves include all current and prior period retained profits and losses.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the current and previous financial year, the company was under the control of its majority shareholder, L M Porter.
Three directors, L M Porter, W H Porter, and J A G Gray, have businesses which have entered into transactions with Angus Soft Fruits Limited.
The purchases of goods and services made by Angus Soft Fruits Limited from these businesses amounted to £27,925,988 (2025 - £26,463,847).
The sales of goods and services made by Angus Soft Fruits Limited to these businesses amounted to £1,378,670 (2025 - £3,026,977).
At the year end, the company was due from L M Porter's business £1,338,321 (2025 - £1,034,373), from W H Porter's business £1,181 (2025 - £276,802) and from J A G Gray's business £45,374 (2025 - £815,992).
At the year end, the company was due to L M Porter £1,976,020 (2025 - £961,718), to W H Porter £nil (2025 - £320,574) and to J A G Gray £354,502 (2025 - £320,574).
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date: