First Choice Fruit and Produce Ltd

Strategic Report for the Year Ended 31 October 2025

The director presents his strategic report for the year ended 31 October 2025.

Principal activity

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

Fair review of the business

The results for the year and financial position of the company are shown in the annexed financial statements.

During the year, the company achieved turnover of £16,995,771 (2024: £19,028,353), representing a decrease of 10.7%. Gross profit amounted to £4,875,130 (2024: £5,373,664), with the gross profit marginally improving to 28.68% (2024: 28.24%).

Administrative expenses decreased to £4,972,933 (2024: £5,713,638), contributing to an improvement in operating performance. The loss before taxation reduced to £141,313 (2024: £294,046). Following a taxation credit of £174,976, the company reported a profit after taxation of £33,663 (2024: loss of £536,785).

At the year end, the company maintained a positive net asset position of £1,908,795 (2024: £2,039,570) and net current assets of £1,031,168 (2024: £1,178,539).

The director continues to focus on managing operating costs, maintaining adequate working capital and strengthening relationships with customers and suppliers to support the company's long-term performance.

Whilst turnover declined during the year, the company maintained a consistent gross profit margin and achieved a reduction in administrative expenses. The director continues to monitor trading performance, commission costs and operating efficiency to support sustainable profitability.

Principal risks and uncertainties

The principal risks and uncertainties facing the company, together with the measures adopted to manage them, are outlined below.

Management risks

The director oversees the company's strategic and operational management, including business performance, risk management and future development. Appropriate procedures are maintained to support effective decision-making and business continuity.

Credit risks

The company is exposed to credit risk arising from amounts owed by customers. This risk is managed through credit controls, regular monitoring of outstanding balances and reviews of customer accounts.

Liquidity risks

The director regularly monitors cash flow, working capital requirements and available financing facilities to ensure the company can meet its financial obligations as they fall due.

Supply risks

The availability and pricing of fresh produce can be affected by seasonal conditions, weather and supply chain disruptions. The company maintains relationships with a broad supplier base to reduce dependency on individual suppliers.

First Choice Fruit and Produce Ltd

Strategic Report for the Year Ended 31 October 2025

Commercial risks

The wholesale fruit and vegetable market remains highly competitive. The company seeks to mitigate this risk by maintaining a diversified customer base and focusing on product quality, reliable service and customer relationships.

Regulatory risks

The company is subject to various regulatory requirements, including food safety, health and safety and employment legislation. Management maintains policies and procedures designed to ensure compliance with applicable regulations.

Cyber security risks
The company recognises the importance of protecting its information systems and business data. Management continues to review its technology infrastructure and security measures to mitigate potential cybersecurity threats.

Financial risks

See Financial Instruments under director's report.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Gross Profit to turnover	%	28.68	28.24
Loss before taxation as a percentage of turnover	%	(.83)	(1.54)
Trade debtors to sales	days	47	51
Trade creditors to cost of sales	days	57	68
Current assets: current liabilities	times	1.36	1.34
Cash and cash equivalents	£	455,518	815,610

The improvement in gross profit margin and reduction in the loss before taxation reflect an improvement in operating performance despite lower turnover. The company continues to monitor debtor collection, creditor payments and liquidity to maintain effective working capital management.

Supplier relationships
The company recognises the importance of maintaining strong and reliable supplier relationships to ensure continuity of supply, product quality and competitive pricing.

Customer satisfaction
Customer satisfaction remains a key business priority. The company seeks to maintain long-term customer relationships through consistent product quality, competitive pricing and reliable service.

Employee relationships
The company recognises the importance of its employees to the successful operation of the business. Management promotes equal opportunities, appropriate training and safe working practices.

Health and safety policies and procedures are maintained, particularly in relation to the handling of fresh produce, heavy goods and the operation of machinery. The company continues to encourage positive communication between employees and management.

First Choice Fruit and Produce Ltd

Strategic Report for the Year Ended 31 October 2025

Approved and authorised by the director on 27 October 2026
 

......................................... Mr Daniel McCullough Director

First Choice Fruit and Produce Ltd

Director's Report for the Year Ended 31 October 2025

The director presents his report and the financial statements for the year ended 31 October 2025.

Director of the company

The director who held office during the year was as follows:

Mr Daniel McCullough

Results and dividends

Turnover for the year amounted to £16,995,771 (2024: £19,028,353). The company reported a loss before taxation of £141,313 (2024: £294,046) and a profit after taxation of £33,663 (2024: loss of £536,785).

Dividends totalling £164,438 were paid during the year (2024: £225,500).The director does not recommend the payment of any further dividend in respect of the year.

Financial instruments and risk management
The company finances its operations through retained earnings, bank facilities, hire purchase agreements and related-party funding.
The principal financial risks include credit risk, liquidity risk, interest rate risk and foreign currency exposure.

Price risk

The company is exposed to fluctuations in produce prices arising from seasonal conditions, weather patterns and changes in supply and demand. This risk is managed through established supplier relationships and regular monitoring of market conditions.

Interest rate and foreign currency risk

Management monitors interest rates and foreign exchange movements to minimise their potential impact on financing costs and trading activities.

Credit risk

The company manages credit risk through established credit control procedures and regular monitoring of customer balances.

Future developments

The company intends to maintain its established customer and supplier relationships, continue improving operational efficiency and explore opportunities for business development and expansion into new markets.

Related Party Transaction

Details of transactions with the director and other related parties are disclosed in Note 23 to the financial statements. Dividends paid to the director are disclosed in Note 22.

Taxation Status

The Company is a close company within the meaning of the Corporation Tax Act 2010.

Post balance sheet events

The director is not aware of any material events occurring after the balance sheet date that require adjustment or disclosure in the financial statements.

Fixed assets

Details of movements in tangible and intangible fixed assets are disclosed in Notes 12 and 13 to the financial statements.

First Choice Fruit and Produce Ltd

Director's Report for the Year Ended 31 October 2025

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mehta & Tengra as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Approved and authorised by the director on 27 October 2026
 

......................................... Mr Daniel McCullough Director

First Choice Fruit and Produce Ltd

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

•	select suitable accounting policies and 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 company will continue in business.

First Choice Fruit and Produce Ltd

Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd

Opinion

We have audited the financial statements of First Choice Fruit and Produce Ltd (the 'company') for the year ended 31 October 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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:

•	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

First Choice Fruit and Produce Ltd

Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

•	the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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 Director's 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:

•	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 director's remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 7], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

First Choice Fruit and Produce Ltd

Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and
non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
include the UK Companies Act, pension legislation and tax legislation.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, 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.

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.

First Choice Fruit and Produce Ltd

Independent Auditor's Report to the Members of First Choice Fruit and Produce Ltd

........................................................................
J J Mehta (Senior Statutory Auditor)
For and on behalf of Mehta & Tengra,
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

27 October 2026

First Choice Fruit and Produce Ltd

Profit and Loss Account for the Year Ended 31 October 2025

	Note	2025 £	2024 £
Turnover	3	16,995,771	19,028,353
Cost of sales		(12,120,641)	(13,654,689)
Gross profit		4,875,130	5,373,664
Administrative expenses		(4,972,933)	(5,713,638)
Other operating income	4	50,000	31,333
Operating loss	5	(47,803)	(308,641)
Other interest receivable and similar income	6	11,697	46,333
Interest payable and similar expenses	7	(105,207)	(31,738)
		(93,510)	14,595
Loss before tax		(141,313)	(294,046)
Tax on loss	11	174,976	(242,739)
Profit/(loss) for the financial year		33,663	(536,785)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

First Choice Fruit and Produce Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2025

	2025 £	2024 £
Profit/(loss) for the year	33,663	(536,785)
Total comprehensive income for the year	33,663	(536,785)

First Choice Fruit and Produce Ltd

(Registration number: 04565179)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	12	2	2
Tangible assets	13	1,780,313	2,198,841
		1,780,315	2,198,843
Current assets
Stocks	14	427,779	323,291
Debtors	15	2,988,868	3,530,881
Cash at bank and in hand		455,518	815,610
		3,872,165	4,669,782
Creditors: Amounts falling due within one year	17	(2,840,997)	(3,491,243)
Net current assets		1,031,168	1,178,539
Total assets less current liabilities		2,811,483	3,377,382
Creditors: Amounts falling due after more than one year	17	(591,665)	(944,890)
Provisions for liabilities	18	(311,023)	(392,922)
Net assets		1,908,795	2,039,570
Capital and reserves
Called up share capital		1	1
Retained earnings		1,908,794	2,039,569
Shareholders' funds		1,908,795	2,039,570

Approved and authorised by the director on 27 October 2026
 

......................................... Mr Daniel McCullough Director

First Choice Fruit and Produce Ltd

Statement of Changes in Equity for the Year Ended 31 October 2025

	Share capital £	Retained earnings £	Total £
At 1 November 2024	1	2,039,569	2,039,570
Profit for the year	-	33,663	33,663
Dividends	-	(164,438)	(164,438)
At 31 October 2025	1	1,908,794	1,908,795