Registered number |
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True World Foods (UK) Ltd | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2-3 |
Strategic report | 4-5 |
Independent auditor's report | 6-7 |
Income statement | 8 |
Statement of financial position | 9 |
Statement of cash flows | 10 |
Statement of changes in equity | 11 |
Notes to the financial statements | 12-20 |
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Company Information |
Directors |
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Auditors |
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Unit 4 |
17 Plumbers Row |
London |
England |
E1 1EQ |
Bankers |
HSBC |
50-52 Kilburn High Road |
London |
NW6 4HJ |
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1 Churchill Place |
London |
E14 5HP |
Registered office |
C/O Corporation Service Company (Uk) Limited |
5 Churchill Place |
10th Floor, London |
United Kingdom, E14 5HU |
Registered number |
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Registered number: |
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Directors' Report | |||||||
The directors present their report and financial statements for the year ended |
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Principal activities | |||||||
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Directors | |||||||
The following persons served as directors during the year: | |||||||
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Dividends | |||||||
No dividends will be distributed for the year ended 31 March 2022. | |||||||
Events since the balance sheet date | |||||||
We have implemented our growth policy of expansion by taking a lease of an additional space near our current premises. This will serve a dual purpose, as a retail facility and also for our online business hub. We recognise that the online business is here to stay so we need to take advantage of that and grow the business through this means. Sales have been very promising during this first quarter and we believe this current trend will continue. We have added on to our staff numbers over the last few months in anticipation of the opening of the new facility. We can also boast of being highly-rated in terms of support to our staff. We have secured several new customers and have also expanded into new markets stretching to places as far as Birmingham and Manchester. We strive to find more tangible and yet affordable ways to cut down on our carbon emission. We have introduced electric charging points for our staff and are using more energy-saving devices. |
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Directors' responsibilities |
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK 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. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the 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 auditor is aware of that information. |
This report was approved by the board on |
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B Jung | |||||||
Director | |||||||
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Strategic Report | ||
The directors present their strategic report for the year ended 31 March 2022. | ||
Review of Business | ||
The current year has seen a major surge of activities post-covid. We recorded nearly 88% increment over the previous year. Our financial performance for the current year was the strongest on record. Profitability was high as we continue to benefit from our strategic decision to open our online business earlier on during the pandemic. Growth has been swift as we resumed full trading in May 2021. We have continued to be active and taken advantage of supplying products which were not in the market. Our customer numbers have been enhanced as a result. Our margins (Gross and Net Profits) were proportionately lower (in percentages) than the previous year due to the high costs of sales, covid-related issues and post-Brexit trade regulations. We, however, still posted very encouraging ratios. Gross Profit (GP) was 22.6% and we managed to record Net Profit (NP) of over 7%, all the issues mentioned above notwithstanding. Our ability to withstand economic shocks continues to be strong as our cash reserves remain very positive. We have also expanded into the South East and to places like Birmingham and Manchester as part of our drive to grow into the other locations. |
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Principal risks and uncertainties | ||
We are faced with varying forms of risks (as all businesses do), notable amongst them are political, economic, socio technical and legal risks. Many rules and regulations have been introduced post Brexit. Most have rendered our ability to export to the EU ineffectual. In fact, we have stopped exporting. Another area of risk is economic. The Pounds Sterling (£) has been weak for over six months now and as a result, prices of products are rocketing. Inflation and interest rates are also very high which have added onto the financial strain suffering by everyone. Consumer taste and expectations can also change dramatically in favour or against a product or an issue. Social norms are therefore very difficult to predict. Technological changes and advancement can also be very important but risky at the same token. We have used this to our advantage when we set up our online business. The risks of legal action is also an area we keep close eye on and work hard to always make the right decisions. |
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Risk Management | ||
We have managed to minimise the impact of all risks by putting in place appropriate measures to help mitigate against any potential risky situation. To try and control currency fluctuations, we hedge funds especially on dollars, Euro and Yen. This helps us when the £ weakens against any of them. To mitigate against societal and technological risks, we partly subscribe and are members of most of the organisations working to achieve sustainable and responsible farming such as SALSA, MSC and ASC certifications. Our systems are also all updated periodically and educational supplements are provided to all concerned highlighting the need to be aware of online fraudulent and scamming activities. |
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KPI and the future | ||
We try to measure growth, performance and how efficient we have been as a business by using some Key Performance Indicators (KPI) which are relevant to our business. Some of these are GP, NP, AR days, AP days, Inventory days, Economic Value Added (EVA) and a few more. The margins help us to compare with previous years and also other businesses in the sector. We use the AR days to determine the length of time it takes our customers to settle their debts. This also helps us to strengthen on the debtor collection processes. Our bad debt to sales ratio has always been very low partly as a result of the use of the AR ratio analysis. Similarly, the AP shows how soon or otherwise we are paying our suppliers. Inventory days is measured to help determine how frequent we will have to replenish our stock, and also how soon we turn our materials into saleable conditions. The EVA has also helped in shaping how much value we place on investing in assets and processes. We have maintained a very strong cashflow position even when the economic conditions are not favourable. With the achievement of the SALSA, MSC and ASC certifications, the business is getting the benefits of having the ability and opportunity to bid for seafood supply contracts with retailers and potential major customers. We are also upgrading our operating systems by moving to the latest available version to help enhance and improve our efficiency levels. |
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Impact of current issues | ||
We acknowledge the many challenges currently impacting our performance as well as ahead, alongside the catastrophic suffering in Ukraine, there is likely to be long-lasting and significant economic fallout. There are increased energy costs, inflationary pressures, higher food prices and so on affecting everyone in the country and worldwide. On top of all these, we are still working through the impact of the pandemic as well as Brexit. Individuals and businesses are obviously reconsidering their priorities with social purpose, climate change and new ways of working and doing business becoming more and more important than ever before. |
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This report was approved by the board on 29 July 2022 and signed on its behalf. | ||
B Jung | ||
Director | ||
True World Foods (UK) Ltd | ||
Independent auditor's report | ||
to the members of True World Foods (UK) Ltd | ||
Opinion |
We have audited the financial statements of True World Foods (UK) Ltd for the year ended 31 March 2022 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 March 2022 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis of 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 is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: | ||
● | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or | |
● | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. | |
Other information | ||
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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. | ||
We have nothing to report in this regard. | ||
Opinions on other matters 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 the directors’ report 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. | |
Matters on which we are required to report by exception |
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 or the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which 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 directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit; or |
Responsibilities of directors | ||
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 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | ||
• dentified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; • agreeing financial statement disclosures to underlying supporting documentation; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | ||
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(Senior Statutory Auditor) | Unit 4 | |
for and on behalf of | 17 Plumbers Row | |
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London | |
Accountants and Statutory Auditors | England | |
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E1 1EQ | |
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Income Statement | ||||||||
for the year ended |
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Notes | 2022 | 2021 | ||||||
£ | £ | |||||||
Turnover | 2 |
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Cost of sales | ( |
( |
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Gross profit |
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Administrative expenses | ( |
( |
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Other operating income |
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Operating profit | 3 |
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Loss on sale of fixed assets | ( |
( |
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Interest receivable |
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Interest payable | 5 | ( |
( |
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Profit on ordinary activities before taxation |
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Tax on profit on ordinary activities | 6 | ( |
( |
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Profit for the financial year |
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Statement of Financial Position | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 7 |
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Current assets | |||||||
Stocks | 8 |
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Debtors | 9 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 10 | ( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 11 | ( |
( |
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Provisions for liabilities | |||||||
Deferred taxation | 14 | ( |
( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital | 15 |
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Share premium | 16 |
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Other reserves | 17 |
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Profit and loss account | 18 |
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Total equity |
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B Jung | |||||||
Director | |||||||
Approved by the board on |
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Statement of Cash Flows | |||||
for the year ended |
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Notes | 2022 | 2021 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 2,213,116 | 1,572,871 | |||
Adjustments for: | |||||
Loss on sale of fixed assets | 8,834 | 753 | |||
Interest receivable | (10) | (58) | |||
Interest payable | 16,186 | 19,494 | |||
Tax on profit on ordinary activities | 379,891 | 384,814 | |||
Depreciation | 280,398 | 254,948 | |||
(Increase)/decrease in stocks | (1,180,178) | 444,663 | |||
(Increase)/decrease in debtors | (2,407,145) | 988,075 | |||
Increase/(decrease) in creditors | 1,605,067 | (642,025) | |||
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Interest received |
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Interest paid | ( |
( |
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Interest element of finance lease payments | - | ( |
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Corporation tax paid | ( |
( |
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Cash generated by operating activities |
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Investing activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
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Proceeds from sale of tangible fixed assets |
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Cash used in investing activities | ( |
( |
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Financing activities | |||||
Repayment of loans | ( |
( |
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Capital element of finance lease payments | - | ( |
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Cash used in financing activities | ( |
( |
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Net cash (used)/generated | |||||
Cash generated by operating activities |
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Cash used in investing activities | ( |
( |
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Cash used in financing activities | ( |
( |
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Net cash (used)/generated | ( |
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Cash and cash equivalents at 1 April | 5,018,125 | 2,347,328 | |||
Cash and cash equivalents at 31 March | 4,376,122 | 5,018,125 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank |
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Statement of Changes in Equity | |||||||||
for the year ended |
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Share | Share | Profit | Total | ||||||
capital | premium | and loss | |||||||
account | |||||||||
£ | £ | £ | £ | ||||||
At 1 April 2020 |
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Profit for the financial year | 1,572,871 | 1,572,871 | |||||||
Gain on revaluation of land and buildings |
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Deferred taxation arising on the revaluation of land and buildings | ( |
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Other comprehensive income for the financial year | - | - | - |
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Total comprehensive income for the financial year | - | - | 1,572,871 | 2,266,330 | |||||
At 31 March 2021 | 3 | 164,157 | 9,383,509 | 10,241,128 | |||||
At 1 April 2021 |
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Profit for the financial year |
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Deferred taxation arising on the revaluation of land and buildings |
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Other comprehensive income for the financial year | - | - | - |
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Total comprehensive income for the financial year | - | - |
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At 31 March 2022 |
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True World Foods (UK) Ltd | |||||||||
Notes to the Accounts | |||||||||
for the year ended 31 March 2022 | |||||||||
1 | Summary of significant accounting policies | ||||||||
Basis of preparation | |||||||||
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Turnover | |||||||||
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Going concern | |||||||||
The directors have strategically assessed the ability of the company to continue as a going concern, and it's reviewed on a regular basis. Forecasts and cashflow projections for the period and beyond have been stressed-tested for severe constraints. The financial projections included the assessment on the impact on the liquidity (the ability of the business to meet all its financial obligations). Reasonable adjustments to how the business is ran have been implemented and all types of scenario considered, we believe that the company is sustainable. It will be able to meet its obligations as they fall due and continue in operating for the foreseeable future. We at True World Foods (UK) Ltd pride ourselves in embracing all challenges and have therefore secured a great position of strength with our forward-looking and proactive approach. Our finances, strong customer service record and our tried and tested staff are in great shape which we believe will stand us in good stead. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | |||||||||
Freehold buildings | 2% on costs | ||||||||
Plant and machinery | 20% reducing balance; 10% straight line | ||||||||
Fixtures, fittings, tools and equipment | 25% reducing balance |
Motor Vehicles | 20% reducing balance | ||||||||
Stocks | |||||||||
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Taxation | |||||||||
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Foreign currency translation | |||||||||
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets | |||||||||
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Pensions | |||||||||
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2 | Analysis of turnover | 2022 | 2021 | ||||||
£ | £ | ||||||||
Sale of goods |
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By geographical market: | |||||||||
UK |
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Europe |
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Rest of world |
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3 | Operating profit | 2022 | 2021 | ||||||
£ | £ | ||||||||
This is stated after charging: | |||||||||
Depreciation of owned fixed assets |
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Auditors' remuneration for audit services |
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Carrying amount of stock sold |
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4 | Staff costs | 2022 | 2021 | ||||||
£ | £ | ||||||||
Wages and salaries |
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Other pension costs |
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Average number of employees |
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5 | Interest payable | 2022 | 2021 | ||||||
£ | £ | ||||||||
Bank loans and overdrafts |
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Finance charges payable under finance leases and hire purchase contracts | - |
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6 | Taxation | 2022 | 2021 | ||||||
£ | £ | ||||||||
Analysis of charge in period | |||||||||
Current tax: | |||||||||
UK corporation tax on profits of the period |
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Deferred tax: | |||||||||
Origination and reversal of timing differences |
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( |
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Tax on profit on ordinary activities |
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Factors affecting tax charge for period | |||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | |||||||||
2022 | 2021 | ||||||||
£ | £ | ||||||||
Profit on ordinary activities before tax |
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£ | £ | ||||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax |
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Effects of: | |||||||||
Expenses not deductible for tax purposes | ( |
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Capital allowances for period in excess of depreciation |
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( |
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Current tax charge for period |
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Factors that may affect future tax charges | |||||||||
7 | Tangible fixed assets | ||||||||
Land and buildings | Plant and machinery | Motor Vehicles | Total | ||||||
At cost | At cost | At cost | |||||||
£ | £ | £ | £ | ||||||
Cost or valuation | |||||||||
At 1 April 2021 |
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Additions |
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Disposals | - | ( |
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( |
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At 31 March 2022 |
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Depreciation | |||||||||
At 1 April 2021 |
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Charge for the year |
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On disposals | - | - | ( |
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At 31 March 2022 |
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Carrying amount | |||||||||
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At 31 March 2021 |
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Furniture & Fixtures are included within the Plant and Machinery. | |||||||||
8 | Stocks | 2022 | 2021 | ||||||
£ | £ | ||||||||
Finished goods and goods for resale |
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9 | Debtors | 2022 | 2021 | ||||||
£ | £ | ||||||||
Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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10 | Creditors: amounts falling due within one year | 2022 | 2021 | ||||||
£ | £ | ||||||||
Bank loans |
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Obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax | - |
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Other taxes and social security costs |
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Other creditors |
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11 | Creditors: amounts falling due after one year | 2022 | 2021 | ||||||
£ | £ | ||||||||
Bank loans |
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12 | Loans | 2022 | 2021 | ||||||
£ | £ | ||||||||
Loans not wholly repayable within five years: | |||||||||
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The bank loan is secured by way of a fixed and floating charge over all assets of the business. | |||||||||
13 | Obligations under finance leases and hire purchase | 2022 | 2021 | ||||||
contracts | £ | £ | |||||||
Amounts payable: | |||||||||
Within one year |
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14 | Deferred taxation | 2022 | 2021 | ||||||
£ | £ | ||||||||
Accelerated capital allowances |
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2022 | 2021 | ||||||||
£ | £ | ||||||||
At 1 April |
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Charged/(credited) to the profit and loss account |
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( |
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(Credited)/charged to other comprehensive income | ( |
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At 31 March |
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15 | Share capital | Nominal | 2022 | 2022 | 2021 | ||||
value | Number | £ | £ | ||||||
Allotted, called up and fully paid: | |||||||||
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£ |
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16 | Share premium | 2022 | 2021 | ||||||
£ | £ | ||||||||
At 1 April |
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At 31 March |
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17 | Revaluation reserve | 2022 | 2021 | ||||||
£ | £ | ||||||||
At 1 April |
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- | |||||||
Gain on revaluation of land and buildings | - |
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Deferred taxation arising on the revaluation of land and buildings |
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( |
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At 31 March |
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18 | Profit and loss account | 2022 | 2021 | ||||||
£ | £ | ||||||||
At 1 April |
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Profit for the financial year |
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At 31 March |
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19 | Events after the reporting date | ||||||||
Sales have been very promising during this first quarter and we believe this current trend will continue. We have added on to our staff numbers over the last few months in anticipation of the opening of the new facility. We can also boast of being highly-rated in terms of support to our staff. We have secured several new customers and have also expanded into new markets stretching to places as far as Birmingham and Manchester. We strive to find more tangible and yet affordable ways to cut down on our carbon emission. We have introduced electric charging points for our staff and are using more energy-saving devices. |
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20 | Defined benefit pension plans | ||||||||
The pension charge amounted to £78,730 (2021: £67,809) during the year. Contributions amounting to £13,161 (2021: £9,887) were payable to the fund at the balance sheet date and are included in creditors. |
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21 | Related party transactions | ||||||||
True World Foods Limited | |||||||||
Parent company | |||||||||
Amount due (to)/from the related party | (7,835) | (7,835) | |||||||
True World Japan Inc | |||||||||
Fellow subsidiary | |||||||||
Purchase of fresh food and wholesale fish | 982,006 | 562,970 | |||||||
Amount due (to)/from the related party | (139,448) | (38,144) | |||||||
True World Foods Spain S.L. | |||||||||
Fellow subsidiary | |||||||||
Sale of wholesale fish | 42,826 | 415,010 | |||||||
Amount due (to)/from the related party | 510,833 | 670,455 | |||||||
INTERNATIONAL LOBSTER & MAGURO | |||||||||
Fellow subsidiary | |||||||||
Sale of wholesale fish | 238,544 | - | |||||||
Amount due (to)/from the related party | 157,171 | - | |||||||
IKKO International Trading LLC | |||||||||
Fellow subsidiary | |||||||||
Purchase of fresh food and whole fish | 16,912 | - | |||||||
Amount due (to)/from the related party | - | - | |||||||
True World Korea Co., Ltd | |||||||||
Fellow subsidiary | |||||||||
Purchase of frozen fish | 132,357 | - | |||||||
Amount due (to)/from the related party | - | - | |||||||
22 | Controlling party | ||||||||
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23 | Presentation currency | ||||||||
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24 | Legal form of entity and country of incorporation | ||||||||
True World Foods (UK) Ltd is a private company limited by shares and incorporated in England. | |||||||||
25 | Principal place of business | ||||||||
The address of the company's principal place of business is: | |||||||||
Unit 10B, Beaver Industrial Park | |||||||||
Brent Road, Southall | |||||||||
Middlesex, England | |||||||||
UB2 5FB |